Aim Tax Exempt Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-07890

AIM Tax-Exempt Funds (InvescoTax-Exempt Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Sheri Morris

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713)626-1919

Date of fiscal year end: December 31

Date of reporting period: 6/30/2019

Item 1. Reports to Stockholders.

	Semiannual Report	6/30/2019
	Invesco Oppenheimer Rochester® Municipals Fund*
	Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. *Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Rochester Fund Municipals. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at800-959-4246.

Table of Contents

Top Holdings and Allocations	5
Fund Expenses	9
Statement of Investments	11
Statement of Assets and Liabilities	33
Statement of Operations	35
Statements of Changes in Net Assets	36
Statement of Cash Flows	37
Financial Highlights	38
Notes to Financial Statements	42
Approval of Investment Advisory andSub-Advisory Contracts	58
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	63
Shareholder Proxy	64
Invesco’s Privacy Notice	65

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 6/30/19

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays   Municipal Bond Index
6-Month	9.74%	5.09%	5.09%
1-Year	10.32	5.62	6.71
5-Year	7.12	6.19	3.64
10-Year	7.73	7.26	4.72

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com for the most recentmonth-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 4.25% maximum applicable sales charge except where “without sales charge” is indicated. As the result of a reorganization after the close of business on May 24, 2019, the returns of the Fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from those of the predecessor fund as they have different expenses. Performance for Class A shares has been restated to reflect the Fund’s applicable

3       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

sales charge. Returns for periods of less than one year are not annualized. Returns do not consider capital gains or income taxes on an individual’s investment. See Fund prospectus and summary prospectus for more information on share classes and sales charges. Fund literature is available at invesco.com.

4       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Top Holdings and Allocations

TOP TEN CATEGORIES

Tobacco Master Settlement Agreement	11.9%
Highways/Commuter Facilities	11.2
Special Tax	8.5
Higher Education	8.4
Sales Tax Revenue	7.6
Marine/Aviation Facilities	7.0
General Obligation	6.2
Electric Utilities	5.7
Water Utilities	4.1
Hospital/Healthcare	4.0

Holdings are subject to change and are not buy/sell recommendations. Percentages are as of June 30, 2019 and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated		Adviser- Rated		Total
AAA		3.9%		0.6%		4.5%
AA		37.2		0.0		37.2
A		13.9		0.0		13.9
BBB		13.2		6.6		19.8
BB or lower		9.5		15.1		24.6
Total		77.7%		22.3%		100.0%

The percentages above are based on the market value of the securities as of June 30, 2019 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs’ four highest categories – AAA, AA, A and BBB – are investment-grade securities. For further details, please consult the Fund’s prospectus or Statement of Additional Information.

For more current Fund holdings, please visit invesco.com.

5       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Performance

DISTRIBUTION YIELDS

As of 6/30/19

	Without Sales Charge	With Sales Charge
Class A	3.26%	3.12%
Class C	2.60	N/A
Class Y	3.48	N/A
Class R6	3.52	N/A

STANDARDIZED YIELDS

For the 30 Days Ended 6/30/19
Class A	2.58	%
Class C	1.95
Class Y	2.95
Class R6	2.99

TAXABLE EQUIVALENT YIELDS

As of 6/30/19
Class A	4.81	%
Class C	3.64
Class Y	5.50
Class R6	5.57

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 6/30/19

	Inception Date		6-Month			1-Year			5-Year			10-Year			Since Inception
Class A (RMUNX)		5/15/86		9.74	%		10.32	%		7.12	%		7.73	%		6.44	%
Class C (RMUCX)		3/17/97		9.30			9.45			6.25			6.83			5.10
Class Y (RMUYX)		4/28/00		9.94			10.65			7.33			7.91			5.90
Class R6 (IORUX)*		5/24/19		9.74			10.32			7.12			7.73			N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 6/30/19

	Inception Date		6-Month			1-Year			5-Year			10-Year			Since Inception
Class A (RMUNX)		5/15/86		5.09	%		5.62	%		6.19	%		7.26	%		6.30	%
Class C (RMUCX)		3/17/97		8.30			8.45			6.25			6.83			5.10
Class Y (RMUYX)		4/28/00		9.94			10.65			7.33			7.91			5.90
Class R6 (IORUX)*		5/24/19		9.74			10.32			7.12			7.73			N/A

^*Class R6 shares’ performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund’s Class A shares at net asset value (NAV) and includes the12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com for the most recentmonth-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicablefront-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 4.25%, and the contingent deferred sales charge for Class

6       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

C shares is 1% for the1-year period. Class Y shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C, and Class Y shares of the predecessor fund were reorganized into Class A, Class C, and Class Y shares, respectively, of the Fund. Class R6 shares’ performance shown prior to the inception date is that of the predecessor fund’s Class A shares at NAV and includes the12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown for Class A, Class C, Class Y, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund’s performance is compared to the performance of the Bloomberg Barclays Municipal Bond Index, which is an index of a broad range of investment-grade municipal bonds that measures the performance of the general municipal bond market. The index is unmanaged, and an investment cannot be made into an index. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Distribution yields for Class A shares are based on dividends of $0.0450 for the28-day accrual period ended June 25, 2019. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value (NAV) on June 25, 2019; for the yield with charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class C and Y are annualized based on dividends of $0.0359 and $0.0480, respectively, for the28-day accrual period ended June 25, 2019 and on the corresponding net asset values on that date.

Standardized yield is based on anSEC-standardized formula designed to approximate the Fund’s annualized hypothetical current income from securities less expenses for the30-day period ended June 30, 2019 and that date’s maximum offering price (for Class A shares) or net asset value (for all other share classes). Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. The unsubsidized standardized yield is computed under anSEC-standardized formula based on net income earned for the30-day period ended June 30, 2019. The calculation excludes any expense reimbursements and thus may result in a lower yield.

Taxable equivalent yield is based on the standardized yield and the 2019 top combined federal and New York State tax rate of 46.36%. (The top combined rate for New York City residents is 48.80%.) Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. Capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; Invesco does not offer tax advice. Please consult your tax adviser for information regarding your own personal tax situation.

This Report must be preceded or accompanied by a Fund prospectus.

Before investing in any of the Invesco funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses

7       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting invesco.com or calling 1.800.AIM.LINE(246-5463). Read prospectuses and summary prospectuses carefully before investing.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency and involve investment risks, including the possible loss of the principal amount invested.

8       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended June 30, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended June 30, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such asfront-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

9       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Actual	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During 6 Months Ended June 30, 20191,2
Class A	$	1,000.00	$	1,097.40	$	5.89
Class C		1,000.00		1,093.00		9.85
Class Y		1,000.00		1,099.40		4.64
Class R6		1,000.00		1,097.40		0.85
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.19		5.67
Class C		1,000.00		1,015.42		9.49
Class Y		1,000.00		1,020.38		4.47
Class R6		1,000.00		1,020.83		4.02

1. Actual expenses paid for Class A, C and Yare equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365(to reflect theone-half year period). Actual expenses paid for Class R6 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 37/365to reflect the period from after the close of business on May 24, 2019 (inception of offering) to June 30, 2019.

2.Hypothetical expenses paid for all classes are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365(to reflect theone-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended June 30, 2019 for Classes A, C and Yand for the period from after the close of business on May 24, 2019 (inception of offering) to June 30, 2019 for Class R6 are as follows:

Class	Expense Ratios
Class A		1.13	%
Class C		1.89
Class Y		0.89
Class R6		0.80

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

10       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF INVESTMENTSJune 30, 2019 Unaudited

Principal Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—106.2%
	New York—87.8%
	$335,000	Albany County, NY Airport Authority		5.000	%		12/15/2033	$	400,777
	250,000	Albany County, NY Airport Authority		5.000			12/15/2034		297,925
	1,750,000	Albany County, NY Airport Authority		5.000			12/15/2043		2,081,362
	2,585,000	Albany County, NY Airport Authority		5.000			12/15/2048		3,064,130
	255,000	Albany County, NY IDA (Wildwood Programs)1		4.900			07/01/2021		255,102
	1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)		5.375			07/01/2026		1,592,298
	1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)		5.625			07/01/2031		1,369,231
	8,165,000	Albany, NY Capital Resource Corp. (College Saint Rose)		5.875			07/01/2041		8,475,188
	300,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)		5.000			05/01/2027		364,797
	400,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)		5.000			05/01/2028		484,636
	550,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)		5.000			05/01/2029		663,806
	350,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)		5.000			05/01/2030		420,465
	350,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)		5.000			05/01/2031		418,624
	200,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)		5.000			05/01/2032		237,894
	320,000	Albany, NY IDA (Albany Rehabilitation)		8.375			06/01/2023		320,560
	1,760,000	Albany, NY IDA (Sage Colleges)		5.300			04/01/2029		1,659,979
	315,000	Albany, NY Parking Authority		5.000			07/15/2025		370,512
	2,575,000	Amherst, NY Devel. Corp. (Daemen College)		4.000			10/01/2037		2,671,717
	2,345,000	Amherst, NY Devel. Corp. (Daemen College)		5.000			10/01/2043		2,642,440
	2,000,000	Amherst, NY Devel. Corp. (Daemen College)		5.000			10/01/2048		2,245,240
	1,000,000	Amherst, NY Devel. Corp. Student Hsg. (UBF Faculty-Student Hsg. Corp.)		5.000			10/01/2045		1,179,950
	2,735,000	Brookhaven, NY IDA (Enecon Corp.)		6.300			11/01/2033		2,745,065
	1,235,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)		5.250			11/01/2036		1,425,005
	2,750,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)		5.000			07/15/2026		3,295,627
	2,250,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)		5.000			07/15/2028		2,689,312
	7,500,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)		5.000			07/15/2030		8,867,100
	77,535,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)		5.000			07/15/2042		89,730,480
	1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)		5.375			10/01/2041		1,884,147
	870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)		6.000			10/01/2031		936,859
	500,000	Buffalo & Erie County, NY Industrial Land Devel. (CathHS/KMHosp/SOCHOB Obligated Group)		5.250			07/01/2035		582,945

11       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,500,000	Buffalo & Erie County, NY Industrial Land Devel. (Charter School for Applied Technologies)		4.500	%		06/01/2027	$	1,653,330
	840,000	Buffalo & Erie County, NY Industrial Land Devel. (Charter School for Applied Technologies)		5.000			06/01/2035		926,940
	140,000	Buffalo & Erie County, NY Industrial Land Devel. (Global Concepts Charter School)		5.000			10/01/2032		167,653
	150,000	Buffalo & Erie County, NY Industrial Land Devel. (Global Concepts Charter School)		5.000			10/01/2033		179,032
	500,000	Buffalo & Erie County, NY Industrial Land Devel. (Global Concepts Charter School)		5.000			10/01/2037		588,355
	300,000	Buffalo, NY Municipal Water Finance Authority		5.000			07/01/2029		353,904
	150,000	Buffalo, NY Municipal Water Finance Authority		5.000			07/01/2030		176,392
	210,000	Buffalo, NY Municipal Water Finance Authority		5.000			07/01/2031		245,746
	245,000	Buffalo, NY Municipal Water Finance Authority		5.000			07/01/2032		285,528
	1,525,000	Build NYC Resource Corp. (Bronx Lighthouse Charter School)		5.000			06/01/2038		1,677,942
	2,415,000	Build NYC Resource Corp. (Bronx Lighthouse Charter School)		5.000			06/01/2048		2,627,278
	8,000,000	Build NYC Resource Corp. (Chapin School)		5.000			11/01/2047		11,254,800
	880,000	Build NYC Resource Corp. (Manhattan College)		5.000			08/01/2032		1,053,017
	1,500,000	Build NYC Resource Corp. (Manhattan College)		5.000			08/01/2036		1,771,380
	4,430,000	Build NYC Resource Corp. (Manhattan College)		5.000			08/01/2047		5,167,772
	1,100,000	Build NYC Resource Corp. (New Dawn Charter Schools)		5.625			02/01/2039		1,163,349
	1,330,000	Build NYC Resource Corp. (New Dawn Charter Schools)		5.750			02/01/2049		1,401,288
	1,100,000	Build NYC Resource Corp. (New York Methodist Hospital)		5.000			07/01/2026		1,262,162
	500,000	Build NYC Resource Corp. (New York Methodist Hospital)		5.000			07/01/2030		564,560
	1,500,000	Build NYC Resource Corp. (Pratt Paper)		4.500			01/01/2025		1,654,050
	3,250,000	Build NYC Resource Corp. (Pratt Paper)		5.000			01/01/2035		3,551,015
	860,000	Build NYC Resource Corp. (YMCA of Greater New York)		5.000			08/01/2032		925,532
	2,585,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)		5.750			11/01/2030		2,585,000
	510,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)		5.000			05/01/2030		583,093
	540,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)		5.000			05/01/2031		611,842
	200,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)		5.000			05/01/2034		221,466
	250,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)		5.000			05/01/2039		274,787
	185,000	Cattaraugus County, NY IDA (St. Bonaventure University)		5.450			09/15/2019		185,690
	95,000	Chautauqua, NY Utility District		5.000			06/01/2023		95,182
	105,000	Chautauqua, NY Utility District		5.000			06/01/2025		105,181

12       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$400,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		4.850	%		07/01/2023	$	401,568
	1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)		5.000			07/01/2033		1,519,621
	2,335,000	Dutchess County, NY IDA (Marist College)		5.000			07/01/2036		2,697,929
	1,255,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)		5.000			07/01/2030		1,491,279
	2,715,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)		5.000			07/01/2035		3,162,405
	1,195,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)		5.000			07/01/2044		1,320,296
	25,775,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)		5.000			07/01/2046		29,379,891
	650,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)		5.750			07/01/2040		679,763
	840,000	Dutchess County, NY Local Devel. Corp. (Vassar College)		5.000			07/01/2034		1,011,746
	840,000	Dutchess County, NY Local Devel. Corp. (Vassar College)		5.000			07/01/2036		1,006,320
	1,205,000	Dutchess County, NY Local Devel. Corp. (Vassar College)		5.000			07/01/2037		1,437,878
	2,535,000	Dutchess County, NY Local Devel. Corp. (Vassar College)		5.000			07/01/2042		3,003,823
	1,000,000	Dutchess County, NY Water & Wastewater Authority		5.392	2		06/01/2027		849,030
	1,565,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)		6.750			03/01/2030		1,565,094
	2,290,000	Elmira, NY Hsg. Authority (Eastgate Apartments)		6.250			06/01/2044		2,291,740
	95,000	Erie County, NY IDA (The Episcopal Church Home)		6.000			02/01/2028		95,274
	5,000,000	Erie County, NY Tobacco Asset Securitization Corp.		5.000			06/01/2038		5,000,050
	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.190	2		06/01/2055		10,915,774
	1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.645	2		06/01/2060		33,843,200
	910,000	Franklin County, NY Solid Waste Management Authority		4.000			06/01/2025		1,002,984
	950,000	Franklin County, NY Solid Waste Management Authority		4.000			06/01/2026		1,055,839
	985,000	Franklin County, NY Solid Waste Management Authority		4.000			06/01/2027		1,101,831
	300,000	Franklin County, NY Solid Waste Management Authority		5.000			06/01/2025		347,229
	55,000	Genesee County, NY IDA (United Memorial Medical Center)		5.000			12/01/2032		55,063
	5,495,000	Glen Cove, NY Local Assistance Corp. (Tiegerman School)		5.500			07/01/2044		5,688,534

13       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,800,000	Hempstead, NY Local Devel. Corp. (Adelphi University)		4.000	%		02/01/2039	$	1,992,762
	9,400,000	Hempstead, NY Local Devel. Corp. (Evergreen School)1		6.800			12/01/2044		9,440,091
	475,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2029		570,755
	1,700,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2029		1,925,522
	425,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2030		506,217
	390,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2031		459,775
	700,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2032		822,024
	1,500,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2034		1,662,630
	730,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2035		848,603
	570,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2036		661,160
	650,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2038		749,684
	1,250,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2039		1,373,350
	1,000,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2044		1,094,090
	11,000,000	Hudson Yards, NY Infrastructure Corp.		5.000			02/15/2038		13,107,710
	15,705,000	Hudson Yards, NY Infrastructure Corp.		5.000			02/15/2039		18,648,117
	26,500,000	Hudson Yards, NY Infrastructure Corp.3		5.000			02/15/2042		31,268,013
	20,000,000	Hudson Yards, NY Infrastructure Corp.		5.000			02/15/2042		23,749,400
	19,880,000	Hudson Yards, NY Infrastructure Corp.		5.000			02/15/2042		23,469,930
	30,750,000	Hudson Yards, NY Infrastructure Corp.		5.000			02/15/2045		36,222,885
	13,125,000	Hudson Yards, NY Infrastructure Corp.		5.750			02/15/2047		14,000,044
	4,000,000	Jefferson County, NY Civic Facility Devel. Corp. (Samaritan Medical Center/Samaritan Medical Practice Obligated Group)		5.000			11/01/2037		4,595,680
	1,000,000	L.I., NY Power Authority		5.000			09/01/2028		1,257,760
	750,000	L.I., NY Power Authority		5.000			09/01/2029		937,350
	1,500,000	L.I., NY Power Authority		5.000			09/01/2030		1,861,935
	2,815,000	L.I., NY Power Authority		5.000			09/01/2032		3,515,907
	8,195,000	L.I., NY Power Authority		5.000			09/01/2033		10,194,498
	2,000,000	L.I., NY Power Authority		5.000			09/01/2036		2,455,700
	3,405,000	L.I., NY Power Authority		5.000			09/01/2037		4,096,147
	7,000,000	L.I., NY Power Authority		5.000			09/01/2037		8,558,200
	5,000,000	L.I., NY Power Authority		5.000			09/01/2038		6,087,350
	4,000,000	L.I., NY Power Authority		5.000			09/01/2039		4,857,480
	14,000,000	L.I., NY Power Authority		5.000			09/01/2042		16,819,180
	12,925,000	L.I., NY Power Authority		5.000			09/01/2047		15,334,995
	25,000,000	L.I., NY Power Authority		5.000			09/01/2047		29,865,500

14       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$29,735,000	L.I., NY Power Authority, Series A		5.000	%		09/01/2037	$	32,520,575
	12,315,000	L.I., NY Power Authority, Series A		5.000			09/01/2039		14,039,593
	20,000,000	L.I., NY Power Authority, Series A		5.000			09/01/2042		21,803,000
	14,530,000	L.I., NY Power Authority, Series A		5.000			09/01/2044		16,442,874
	6,280,000	L.I., NY Power Authority, Series B		5.000			09/01/2035		7,474,958
	3,750,000	L.I., NY Power Authority, Series B		5.000			09/01/2036		4,448,887
	12,335,000	L.I., NY Power Authority, Series B		5.000			09/01/2041		14,475,246
	8,760,000	L.I., NY Power Authority, Series B		5.000			09/01/2046		10,226,336
	435,000	Lockport City, NY GO		5.000			10/15/2020		455,101
	455,000	Lockport City, NY GO		5.000			10/15/2021		490,981
	480,000	Lockport City, NY GO		5.000			10/15/2022		533,237
	505,000	Lockport City, NY GO		5.000			10/15/2023		575,049
	530,000	Lockport City, NY GO		5.000			10/15/2024		618,377
	2,230,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)		6.500			12/01/2042		2,230,580
	5,000,000	Monroe County, NY IDA (Rochester General Hospital)		5.000			12/01/2046		5,720,100
	1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)		5.000			05/01/2030		1,189,850
	1,500,000	Monroe County, NY IDA (Rochester Schools Modernization)		5.000			05/01/2031		1,775,220
	180,000	Monroe County, NY IDA (University of Rochester)		5.000			07/01/2028		216,652
	2,570,000	Monroe County, NY IDA (Volunteers of America)1		5.750			08/01/2028		2,571,773
	375,000	Monroe County, NY Industrial Devel. Corp. (Highland Hospital of Rochester)		5.000			07/01/2034		427,852
	890,000	Monroe County, NY Industrial Devel. Corp. (Monroe Community College)		5.000			01/15/2038		989,048
	850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)		5.000			10/01/2026		921,187
	500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)		5.250			10/01/2031		544,640
	1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)		5.500			10/01/2041		2,014,432
	50,000	Monroe County, NY Industrial Devel. Corp. (Rochester General Hospital)		5.000			12/01/2037		54,683
	2,010,000	Monroe County, NY Industrial Devel. Corp. (Rochester General Hospital)		5.000			12/01/2042		2,187,865
	500,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.000			06/01/2029		569,945
	1,515,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.000			06/01/2044		1,690,588
	960,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.500			06/01/2034		1,113,869
	850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.625			06/01/2026		912,203
	1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		6.000			06/01/2034		1,616,304
	5,000,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)		5.500			08/15/2040		5,312,600

15       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$15,100,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)		5.750	%		08/15/2035	$	16,179,801
	1,500,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)		5.000			07/01/2032		1,776,945
	1,000,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)		5.000			07/01/2033		1,180,840
	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.699	2		06/01/2061		20,332,000
	802,824	Municipal Assistance Corp. for Troy, NY		5.732	2		07/15/2021		776,628
	1,218,573	Municipal Assistance Corp. for Troy, NY		5.740	2		01/15/2022		1,168,490
	4,025,000	Nassau County, NY GO		5.000			04/01/2030		4,606,250
	6,475,000	Nassau County, NY GO		5.000			04/01/2031		7,386,356
	7,045,000	Nassau County, NY GO		5.000			04/01/2032		8,006,924
	6,625,000	Nassau County, NY GO		5.000			04/01/2037		7,712,295
	1,000,000	Nassau County, NY GO		5.000			01/01/2038		1,155,910
	6,965,000	Nassau County, NY GO		5.000			04/01/2038		8,084,902
	3,335,000	Nassau County, NY GO		5.000			04/01/2040		4,006,402
	6,050,000	Nassau County, NY GO		5.000			07/01/2040		7,295,029
	16,665,000	Nassau County, NY GO		5.000			04/01/2043		19,936,839
	8,510,000	Nassau County, NY GO		5.000			07/01/2045		10,198,895
	12,765,000	Nassau County, NY GO		5.000			07/01/2049		15,209,753
	50,000	Nassau County, NY IDA (ACDS)		5.950			11/01/2022		50,013
	2,101,661	Nassau County, NY IDA (Amsterdam at Harborside)4		2.000			01/01/2049		341,520
	110,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950			11/01/2022		110,033
	135,000	Nassau County, NY IDA (Life’s WORCA)		5.950			11/01/2022		135,036
	145,000	Nassau County, NY IDA (PLUS Group Home)		6.150			11/01/2022		145,081
	75,000	Nassau County, NY IDA, SeriesA-A		6.000			06/01/2021		75,033
	160,000	Nassau County, NY IDA, SeriesA-D		6.000			06/01/2021		160,070
	300,000	Nassau County, NY Local Economic Assistance Corp. (CHSLI/SCSMC/CHS/SANCSAR/SAR/SJRH/ SJR/VMNRC/CHFTEH/VMHCS/CHHSB Obligated Group)		5.000			07/01/2033		333,168
	1,585,000	Nassau County, NY Local Economic Assistance Corp. (Hispanic Counseling Center)		5.200			12/01/2037		1,636,195
	1,000,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		5.250	5		06/01/2026		982,350
	1,055,215,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		5.644	2		06/01/2060		31,994,119
	105,975,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		6.219	2		06/01/2046		12,408,613
	40,000,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		6.349	2		06/01/2060		1,057,200
	17,100,000	New Rochelle, NY Corp. Local Devel. (70 Nardozzi/City Dept. of Public Works)		5.125			08/01/2050		17,875,827
	500,000	Niagara, NY Area Devel. Corp. (Niagara University)		5.000			05/01/2035		537,665

16       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$850,000	Niagara, NY Area Devel. Corp. (Niagara University)		5.000	%		05/01/2042	$	907,766
	280,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)		5.000			04/01/2021		296,134
	780,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)		5.000			04/01/2035		934,775
	750,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)		5.000			04/01/2037		892,373
	720,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)		5.000			04/01/2039		851,040
	1,010,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)		7.375			12/15/2021		1,091,406
	5,105,000	NY Counties Tobacco Trust I		6.500			06/01/2035		5,107,348
	19,230,000	NY Counties Tobacco Trust I		6.625			06/01/2042		19,237,692
	2,745,000	NY Counties Tobacco Trust II (TASC)		5.625			06/01/2035		2,754,635
	9,025,000	NY Counties Tobacco Trust II (TASC)		5.750			06/01/2043		9,154,509
	15,000	NY Counties Tobacco Trust III (TASC)		6.000			06/01/2043		15,023
	66,335,000	NY Counties Tobacco Trust IV		4.900	2		06/01/2050		9,237,149
	154,690,000	NY Counties Tobacco Trust IV		5.391	2		06/01/2055		7,623,123
	608,700,000	NY Counties Tobacco Trust IV		5.822	2		06/01/2060		16,666,206
	1,790,900,000	NY Counties Tobacco Trust V		6.732	2		06/01/2060		63,272,497
	248,195,000	NY Counties Tobacco Trust V		6.845	2		06/01/2055		17,393,506
	4,000,000	NY Counties Tobacco Trust VI		5.750			06/01/2043		4,596,960
	3,105,000	NY Counties Tobacco Trust VI		6.000			06/01/2043		3,410,594
	1,195,000	NY Counties Tobacco Trust VI		6.250			06/01/2025		1,215,757
	3,005,000	NY Counties Tobacco Trust VI		6.450			06/01/2040		3,429,336
	1,000,000	NY Counties Tobacco Trust VI (TASC)		5.000			06/01/2036		1,096,710
	870,000	NY Counties Tobacco Trust VI (TASC)		5.000			06/01/2041		941,157
	3,750,000	NY Counties Tobacco Trust VI (TASC)		5.000			06/01/2045		3,976,762
	13,875,000	NY Counties Tobacco Trust VI (TASC)		5.000			06/01/2051		14,316,086
	3,000,000	NY GO		5.000			10/01/2037		3,621,360
	15,000,000	NY GO		5.000			04/01/2045		17,970,750
	25,000,000	NY MTA3		5.000			11/15/2036		29,853,637
	3,955,000	NY MTA		5.000			11/15/2036		4,726,423
	23,860,000	NY MTA3		5.250			11/15/2056		27,666,547
	18,000,000	NY MTA (Green Bond)		5.000			11/15/2031		22,394,340
	24,700,000	NY MTA (Green Bond)		5.000			11/15/2034		30,276,272
	14,900,000	NY MTA (Green Bond)		5.000			11/15/2044		17,905,032
	10,345,000	NY MTA (Green Bond)		5.000			11/15/2056		12,013,028
	6,090,000	NY MTA (Green Bond)		5.250			11/15/2057		7,159,282
	3,570,000	NY MTA (Green Bond)		5.250			11/15/2057		4,282,465
	21,000,000	NY MTA (Green Bond)3		5.250			11/15/2057		25,173,330
	63,245,000	NY MTA Hudson Rail Yards		5.000			11/15/2056		69,549,262
	5,000,000	NY MTA, Series B		5.000			11/15/2037		5,891,650
	5,135,000	NY MTA, Series B		5.250			11/15/2039		5,864,889
	9,000,000	NY MTA, Series B		5.250			11/15/2055		10,352,250
	15,000,000	NY MTA, SeriesB-1		5.000			05/15/2022		16,506,300
	4,000,000	NY MTA, Series C		5.000			11/15/2038		4,401,400
	16,170,000	NY MTA, Series C		5.000			11/15/2056		18,601,645

17       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$6,540,000	NY MTA, SeriesC-1		5.250	%		11/15/2030	$	7,872,460
	20,830,000	NY MTA, SeriesC-1		5.250			11/15/2056		24,383,598
	100,000	NY MTA, Series D		4.000			11/15/2032		105,714
	27,675,000	NY MTA, Series D		5.000			11/15/2030		30,562,333
	13,665,000	NY MTA, Series D		5.000			11/15/2031		16,850,995
	2,150,000	NY MTA, Series D		5.000			11/15/2032		2,368,010
	2,295,000	NY MTA, Series D		5.000			11/15/2033		2,800,887
	10,000,000	NY MTA, Series D		5.000			11/15/2034		12,257,600
	5,695,000	NY MTA, Series D		5.000			11/15/2035		6,891,064
	3,500,000	NY MTA, SeriesD-1		5.000			11/01/2028		3,868,760
	10,000,000	NY MTA, SeriesD-1		5.000			11/15/2033		11,730,100
	21,670,000	NY MTA, Series F		5.000			11/15/2030		23,930,831
	1,350,000	NY MTA, Series H		5.000			11/15/2025		1,501,861
	940,000	NY MTA, Series H		5.000			11/15/2033		1,033,530
	400,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2028		447,808
	3,200,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2029		3,620,288
	4,350,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2033		5,322,399
	2,790,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2034		3,397,550
	5,270,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2035		6,573,166
	12,260,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2037		14,757,239
	4,455,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2037		5,362,439
	1,515,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2038		1,818,106
	9,100,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2038		10,920,637
	10,000,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2041		11,763,500
	25,870,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2042		31,084,875
	20,000,000	NY Triborough Bridge & Tunnel Authority3		5.000			11/15/2044		24,139,500
	3,000,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2044		3,626,550
	4,000,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2046		4,693,160
	10,000,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2046		12,055,400
	17,095,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2047		20,253,472
	4,000,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2049		4,884,280
	5,300,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2041		5,778,643
	10,000,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2045		9,680,700
	14,195,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2048		13,652,893
	3,000,000	NYC GO		5.000			08/01/2029		3,313,860
	2,500,000	NYC GO		5.000			10/01/2029		2,775,750
	350,000	NYC GO		5.000			10/01/2030		388,157
	3,300,000	NYC GO		5.000			10/01/2033		3,647,160
	10,000,000	NYC GO3		5.000			10/01/2034		10,760,525
	1,915,000	NYC GO		5.000			10/01/2034		2,120,824
	10,000,000	NYC GO		5.000			06/01/2035		11,670,500
	4,000,000	NYC GO		5.000			08/01/2038		4,714,640
	5,200,000	NYC GO		5.000			12/01/2038		6,164,860
	18,815,000	NYC GO		5.000			12/01/2041		22,190,975
	25,000,000	NYC GO		5.000			03/01/2044		29,932,750
	230,000	NYC GO		5.250			06/01/2027		230,683
	5,000	NYC GO		5.320	5		01/15/2028		5,015
	380,000	NYC GO		5.375			06/01/2032		381,170

18       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$10,000	NYC GO		5.500	%		11/15/2037	$	10,032
	5,000	NYC GO		7.750			08/15/2028		5,039
	5,030,000	NYC HDC (Multifamily Hsg.)		4.300			11/01/2047		5,285,776
	730,000	NYC IDA (Allied Metal)		7.125			12/01/2027		731,423
	730,000	NYC IDA (Amboy Properties)		6.750			06/01/2020		730,183
	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		6.200			10/01/2022		24,843,256
	200,000	NYC IDA (Community Resource Center for the Developmentally Disabled)1		5.250			07/01/2022		200,062
	1,130,000	NYC IDA (Comprehensive Care Management)		6.000			05/01/2026		1,132,554
	2,900,000	NYC IDA (Comprehensive Care Management)		6.125			11/01/2035		2,900,232
	2,585,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		2,586,603
	1,025,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		1,025,574
	5,250,000	NYC IDA (Cool Wind Ventilation)		6.075			11/01/2027		5,360,985
	130,000	NYC IDA (EIISFAC/SFUMP/YAI/AFSFBM/SNP Obligated Group)1		4.750			07/01/2020		129,962
	1,170,000	NYC IDA (Gourmet Boutique)		10.000			05/01/2021		1,131,881
	6,900,000	NYC IDA (Guttmacher Institute)		5.750			12/01/2036		6,955,407
	200,000	NYC IDA (Independent Living Assoc.)1		6.200			07/01/2020		200,106
	9,385,000	NYC IDA (MediSys Health Network)		6.250			03/15/2024		9,385,094
	230,000	NYC IDA (Special Needs Facilities Pooled Program)1		6.650			07/01/2023		230,403
	7,800,000	NYC IDA (The Child School)		7.550			06/01/2033		7,899,372
	5,000,000	NYC IDA (United Jewish Appeal-Federation of Jewish Philanthropies of New York)		5.000			07/01/2034		5,412,200
	195,000	NYC IDA (World Casing Corp.)		6.700			11/01/2019		195,084
	6,800,000	NYC IDA (Yankee Stadium)6		2.836			03/01/2022		6,920,632
	170,000	NYC IDA (Yankee Stadium)		5.000			03/01/2031		171,285
	270,000	NYC IDA (Yankee Stadium)		5.000			03/01/2036		270,629
	18,110,000	NYC IDA (Yankee Stadium)		5.000			03/01/2046		18,204,172
	16,500,000	NYC IDA (Yankee Stadium)		7.000			03/01/2049		16,580,685
	23,605,000	NYC IDA (Yeled Yalda Early Childhood)		5.725			11/01/2037		23,639,227
	20,000,000	NYC Municipal Water Finance Authority3		5.000			06/15/2037		24,016,000
	515,000	NYC Municipal Water Finance Authority		5.000			06/15/2037		618,654
	15,440,000	NYC Municipal Water Finance Authority		5.000			06/15/2038		18,453,888
	10,000,000	NYC Municipal Water Finance Authority		5.000			06/15/2038		11,975,200
	10,000,000	NYC Municipal Water Finance Authority		5.000			06/15/2039		11,611,600
	22,660,000	NYC Municipal Water Finance Authority		5.000			06/15/2040		27,224,630
	38,115,000	NYC Municipal Water Finance Authority		5.000			06/15/2046		45,082,422
	6,000,000	NYC Municipal Water Finance Authority		5.000			06/15/2047		7,081,020
	20,000,000	NYC Municipal Water Finance Authority3		5.000			06/15/2048		23,768,500
	1,000,000	NYC Municipal Water Finance Authority		5.000			06/15/2048		1,180,110
	5,485,000	NYC Municipal Water Finance Authority		5.250			06/15/2047		6,629,006
	21,570,000	NYC Municipal Water Finance Authority3		5.375			06/15/2043		22,790,511
	31,750,000	NYC Municipal Water Finance Authority3		5.500			06/15/2043		33,743,589
	650,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2029		784,524
	6,500,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2034		7,542,990
	8,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2034		9,393,040
	5,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2035		6,043,650

19       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$5,405,000	NYC Transitional Finance Authority (Building Aid)		5.000	%		07/15/2035	$	6,330,336
	6,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2036		7,011,300
	25,000,000	NYC Transitional Finance Authority (Building Aid)3		5.000			07/15/2037		27,343,750
	5,410,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2040		5,757,971
	44,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2043		53,001,080
	7,500,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2043		9,034,275
	7,165,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2043		8,336,979
	15,000,000	NYC Transitional Finance Authority (Building Aid)3		5.250			07/15/2037		16,081,013
	11,165,000	NYC Transitional Finance Authority (Building Aid)		5.250			07/15/2045		13,754,945
	25,000,000	NYC Transitional Finance Authority (Future Tax)		1.970	7		11/01/2029		25,000,000
	30,000,000	NYC Transitional Finance Authority (Future Tax)		1.970	7		05/01/2034		30,000,000
	20,335,000	NYC Transitional Finance Authority (Future Tax)3		5.000			02/01/2030		22,756,986
	5,180,000	NYC Transitional Finance Authority (Future Tax)		5.000			11/01/2033		6,279,041
	15,000,000	NYC Transitional Finance Authority (Future Tax)3		5.000			05/01/2034		16,249,650
	10,000,000	NYC Transitional Finance Authority (Future Tax)		5.000			02/01/2039		11,835,900
	7,310,000	NYC Transitional Finance Authority (Future Tax)		5.000			05/01/2039		8,687,423
	2,388,000	NYC Transitional Finance Authority (Future Tax)		5.000			02/01/2040		2,793,076
	34,035,000	NYC Transitional Finance Authority (Future Tax)3		5.000			05/01/2040		39,975,447
	5,695,000	NYC Transitional Finance Authority (Future Tax)		5.000			02/01/2041		6,543,783
	30,000,000	NYC Transitional Finance Authority (Future Tax)3		5.000			02/01/2043		35,268,700
	5,000,000	NYC Transitional Finance Authority (Future Tax)		5.000			02/01/2043		5,882,250
	2,105,000	NYC Transitional Finance Authority (Future Tax)		5.250			02/01/2030		2,232,479
	6,370,000	NYC Trust for Cultural Resources (The Juilliard School)		4.000			01/01/2039		7,173,639
	1,645,000	NYC Trust for Cultural Resources (The Juilliard School)		5.000			01/01/2033		2,080,580
	1,745,000	NYC Trust for Cultural Resources (The Juilliard School)		5.000			01/01/2034		2,198,962
	2,250,000	NYC Trust for Cultural Resources (The Juilliard School)		5.000			01/01/2037		2,804,287
	1,830,000	NYC Trust for Cultural Resources (The Juilliard School)		5.000			01/01/2038		2,273,281
	6,935,000	NYS Convention Center Devel. Corp. (Hotel Unit)		5.000			11/15/2040		8,106,946
	4,220,000	NYS Convention Center Devel. Corp. (Hotel Unit)		5.000			11/15/2041		4,970,147
	4,500,000	NYS Convention Center Devel. Corp. (Hotel Unit)		5.000			11/15/2045		5,216,940
	3,420,000	NYS DA (ALIA-PSCH)		4.800			12/01/2023		3,487,613
	10,325,000	NYS DA (ALIA-PSCH)		5.350			12/01/2035		10,694,635
	4,800,000	NYS DA (ALIA-PSCH)		6.175			12/01/2031		4,870,464
	850,000	NYS DA (Brooklyn Law School)		5.000			07/01/2027		944,546
	850,000	NYS DA (Brooklyn Law School)		5.000			07/01/2028		944,546
	430,000	NYS DA (Brooklyn Law School)		5.000			07/01/2029		477,829
	430,000	NYS DA (Brooklyn Law School)		5.000			07/01/2030		477,829
	500,000	NYS DA (Catholic Health System)		5.000			07/01/2032		532,390
	260,000	NYS DA (Catholic Health System)		5.000			07/01/2032		276,843
	25,000	NYS DA (City University)		5.250			07/01/2030		31,017
	115,000	NYS DA (Columbia University)		5.000			10/01/2045		169,385
	300,000	NYS DA (Culinary Institute of America)		5.000			07/01/2034		325,071
	200,000	NYS DA (Fordham University)		5.000			07/01/2030		229,388
	650,000	NYS DA (Fordham University)		5.000			07/01/2030		798,116

20       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$800,000	NYS DA (Fordham University)		5.000	%		07/01/2031	$	973,504
	750,000	NYS DA (Fordham University)		5.000			07/01/2032		908,475
	1,200,000	NYS DA (Fordham University)		5.000			07/01/2041		1,393,164
	150,000	NYS DA (Icahn School of Medicine at Mount Sinai)		5.000			07/01/2034		173,312
	2,800,000	NYS DA (Icahn School of Medicine at Mount Sinai)		5.000			07/01/2040		3,184,468
	5,200,000	NYS DA (Interagency Council)1		7.000			07/01/2035		5,474,716
	3,000,000	NYS DA (Iona College)		5.000			07/01/2032		3,230,220
	16,140,000	NYS DA (Jawonio/United Cerebral Palsy Assoc. of NYC Obligated Group)		5.500			12/01/2047		16,357,890
	5,570,000	NYS DA (Montefiore Medical Center)		4.000			08/01/2036		6,055,091
	2,050,000	NYS DA (Montefiore Medical Center)		4.000			08/01/2037		2,222,118
	30,000	NYS DA (Municipal Health Facilities)		4.500			05/15/2036		30,068
	1,000,000	NYS DA (New School University)		5.750			07/01/2050		1,045,380
	2,100,000	NYS DA (New School)		5.000			07/01/2040		2,383,353
	1,515,000	NYS DA (NHlth / LIJMC / NSUH / FrankHosp / SIUH / NSUHSFCEC&R / HHA / Shosp / LHH / GCH / FHH / PlainH / NHlthcare Obligated Group)		5.000			05/01/2033		1,753,249
	2,475,000	NYS DA (NYU Hospitals Center)		5.000			07/01/2036		2,801,527
	5,000,000	NYS DA (NYU)		4.000			07/01/2036		5,591,400
	10,115,000	NYS DA (NYU)		4.000			07/01/2037		11,385,747
	2,500,000	NYS DA (NYU)		5.000			07/01/2035		3,002,775
	1,680,000	NYS DA (NYU)		5.000			07/01/2038		2,050,944
	4,260,000	NYS DA (NYU)		5.000			07/01/2042		5,239,076
	5,890,000	NYS DA (NYU)		5.000			07/01/2045		6,822,328
	25,540,000	NYS DA (NYU)		5.000			07/01/2049		31,134,537
	3,200,000	NYS DA (Orange Regional Medical Center)		5.000			12/01/2029		3,798,656
	1,900,000	NYS DA (Orange Regional Medical Center)		5.000			12/01/2030		2,242,380
	1,200,000	NYS DA (Orange Regional Medical Center)		5.000			12/01/2032		1,405,608
	1,700,000	NYS DA (Orange Regional Medical Center)		5.000			12/01/2033		1,982,557
	1,300,000	NYS DA (Orange Regional Medical Center)		5.000			12/01/2035		1,504,425
	800,000	NYS DA (Orange Regional Medical Center)		5.000			12/01/2036		923,024
	800,000	NYS DA (Orange Regional Medical Center)		5.000			12/01/2037		920,368
	1,000,000	NYS DA (Pratt Institute)		5.000			07/01/2034		1,133,940
	500,000	NYS DA (Pratt Institute)		5.000			07/01/2046		575,415
	39,540,000	NYS DA (Sales Tax)3		5.000			03/15/2033		47,731,051
	39,995,000	NYS DA (Sales Tax)3		5.000			03/15/2035		48,049,619
	20,000,000	NYS DA (Sales Tax)		5.000			03/15/2038		23,944,200
	2,970,000	NYS DA (Sales Tax)		5.000			03/15/2041		3,532,132
	33,330,000	NYS DA (Sales Tax)		5.000			03/15/2044		39,873,679
	10,835,000	NYS DA (Sales Tax)		5.000			03/15/2048		13,015,002
	9,535,000	NYS DA (School District Bond Financing Program), Series A		5.000			08/01/2034		11,450,295
	6,695,000	NYS DA (School District Bond Financing Program), Series A		5.000			08/01/2035		8,011,706
	270,000	NYS DA (St. John’s University)		5.000			07/01/2028		300,032
	20,000	NYS DA (St. John’s University)		5.000			07/01/2030		22,225
	5,600,000	NYS DA (St. John’s University)		5.000			07/01/2030		6,154,456

21       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$400,000	NYS DA (St. John’s University)		5.000	%		07/01/2034	$	464,360
	39,300,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		40,763,532
	10,000,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2033		12,055,200
	15,915,000	NYS DA (State Personal Income Tax Authority)3		5.000			03/15/2034		16,824,271
	10,000,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2036		12,061,500
	5,000,000	NYS DA (State Personal Income Tax Authority)		5.000			03/15/2036		5,878,650
	2,145,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2037		2,554,459
	9,000,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2038		10,689,840
	27,995,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2040		33,019,263
	11,025,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2041		13,135,075
	11,710,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2042		13,458,771
	1,585,000	NYS DA (State University of New York)		5.000			07/01/2035		1,638,415
	3,000,000	NYS DA (State University of New York)		5.000			07/01/2040		3,098,130
	4,000,000	NYS DA (State University of New York)		5.000			07/01/2045		4,594,360
	22,500,000	NYS DA (State University of New York)		5.000			07/01/2048		25,993,800
	2,875,000	NYS DA (TCUS/TColl/TU/TUN/NYMC Obligated Group)		5.000			01/01/2033		3,308,119
	4,045,000	NYS DA (TCUS/TColl/TU/TUN/NYMC Obligated Group)		5.000			01/01/2038		4,595,848
	5,050,000	NYS DA (The New School)		4.000			07/01/2043		5,393,602
	1,545,000	NYS DA (The New School)		5.000			07/01/2030		1,863,409
	4,395,000	NYS DA (The New School)		5.000			07/01/2031		4,672,720
	3,490,000	NYS DA (The New School)		5.000			07/01/2035		4,115,722
	2,490,000	NYS DA (The New School)		5.000			07/01/2036		2,928,464
	6,535,000	NYS DA (The New School)		5.000			07/01/2037		7,657,060
	2,905,000	NYS DA (The New School)		5.000			07/01/2041		3,375,000
	6,330,000	NYS DA (The New School)		5.000			07/01/2046		7,346,535
	4,375,000	NYS DA (Touro College and University System)		5.500			01/01/2039		4,885,519
	5,135,000	NYS DA (Touro College and University System)		5.500			01/01/2044		5,703,958
	20,000	NYS DA (UCPHCA/Jawonio/FRC/CPW/UCPANYS/ UCP Obligated Group)		5.000			07/01/2034		20,059
	25,010,000	NYS DA (United Cerebral Palsy Assoc. of NYS)		5.375			09/01/2050		25,753,797
	7,540,000	NYS DA (United Cerebral Palsy Assoc. of Putnam & Southern Dutchess Counties)		5.375			10/01/2042		7,876,812
	135,000	NYS DA (University of Rochester)		5.750	5		07/01/2039		135,443
	865,000	NYS DA (University of Rochester)		5.750	5		07/01/2039		865,000
	2,785,000	NYS DA (Yeshiva University)		5.000			09/01/2034		2,794,553
	100,000	NYS DA (Yeshiva University)		5.000			09/01/2034		100,610
	615,000	NYS DA (Yeshiva University)		5.000			09/01/2034		618,752
	5,220,000	NYS DA (Yeshiva University)		5.000			09/01/2038		5,236,078
	1,315,000	NYS EFC (Clean Water & Drinking Revolving Funds)		5.000			06/15/2029		1,318,564
	1,000,000	NYS EFC (Clean Water & Drinking Revolving Funds)		5.000			06/15/2032		1,217,560
	5,470,000	NYS EFC (Clean Water & Drinking Revolving Funds)		5.000			06/15/2043		6,658,686
	20,000,000	NYS EFC (Clean Water & Drinking Revolving Funds)3		5.000			06/15/2047		23,868,650

22       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$2,900,000	NYS EFC (Clean Water & Drinking Revolving Funds)		5.250	%		06/15/2026	$	2,908,613
	5,000,000	NYS EFC (Green Bond)		5.000			08/15/2047		5,993,200
	19,030,000	NYS EFC (NYC Municipal Water Finance Authority)		5.000			06/15/2046		22,766,731
	3,080,000	NYS HFA (Affordable Hsg.)		4.000			05/01/2047		3,186,784
	2,295,000	NYS HFA (Affordable Hsg.)		4.150			05/01/2048		2,407,065
	2,000,000	NYS HFA (Affordable Hsg.)		5.000			11/01/2042		2,033,080
	840,000	NYS HFA (Friendship)		5.100			08/15/2041		841,184
	910,000	NYS HFA (Golden Age Apartments)		5.000			02/15/2037		911,301
	145,000	NYS HFA (Highland Avenue Senior Apartments)		5.000			02/15/2039		145,699
	120,000	NYS HFA (Horizons at Wawayanda)		5.150			11/01/2040		120,191
	2,080,000	NYS HFA (Multifamily Hsg.)		5.375			02/15/2035		2,083,619
	1,710,000	NYS HFA (Multifamily Hsg.)		5.650			02/15/2034		1,713,420
	310,000	NYS HFA (Tiffany Gardens)		5.125			08/15/2037		311,156
	7,340,000	NYS HFA, Series C		4.000			11/01/2046		7,546,915
	1,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)		5.000			11/15/2031		1,081,300
	15,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)		5.750			11/15/2051		16,444,050
	4,000,000	NYS Liberty Devel. Corp. (7 World Trade Center)		5.000			09/15/2043		4,318,160
	62,345,000	NYS Liberty Devel. Corp. (Bank of America Tower at One Bryant Park)3		5.625			01/15/2046		63,750,455
	52,615,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)		5.250			10/01/2035		69,788,010
	10,375,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)		5.500			10/01/2037		14,219,456
	15,000,000	NYS Liberty Devel. Corp. (One Bryant Park)3		5.125			01/15/2044		15,270,900
	50,000	NYS Power Authority		4.500			11/15/2047		50,097
	16,700,000	NYS Power Authority		5.000			11/15/2047		16,745,925
	7,340,000	NYS Thruway Authority		5.000			01/01/2030		8,636,244
	7,650,000	NYS Thruway Authority		5.000			01/01/2032		8,290,076
	1,055,000	NYS Thruway Authority		5.000			01/01/2033		1,304,497
	1,860,000	NYS Thruway Authority		5.000			01/01/2034		2,292,171
	2,115,000	NYS Thruway Authority		5.000			01/01/2035		2,597,135
	37,465,000	NYS Thruway Authority		5.000			01/01/2046		43,467,642
	38,695,000	NYS Thruway Authority		5.250			01/01/2056		44,728,711
	8,000,000	NYS Transportation Devel. Corp. (Delta Air Lines/ LaGuardia Airport Terminals)		5.000			01/01/2030		9,632,240
	5,000,000	NYS Transportation Devel. Corp. (Delta Air Lines/ LaGuardia Airport Terminals)		5.000			01/01/2032		5,955,700
	5,565,000	NYS Transportation Devel. Corp. (Delta Air Lines/ LaGuardia Airport Terminals)		5.000			01/01/2034		6,586,011
	11,600,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)		4.000			07/01/2035		12,331,148
	3,500,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)		4.000			07/01/2036		3,711,750
	5,375,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)		4.000			07/01/2037		5,687,610
	36,250,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)		5.000			07/01/2041		39,927,200

23       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$30,345,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)		5.000	%		07/01/2046	$	33,324,879
	79,650,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)		5.250			01/01/2050		88,245,032
	4,000,000	NYS UDC (State Personal Income Tax Authority)		5.000			03/15/2035		4,737,720
	5,000,000	NYS UDC (State Personal Income Tax Authority)		5.000			03/15/2036		6,068,200
	19,200,000	NYS UDC (State Personal Income Tax Authority)		5.000			03/15/2037		23,194,368
	18,040,000	NYS UDC (State Personal Income Tax Authority)		5.000			03/15/2041		21,537,054
	20,000,000	NYS UDC (State Personal Income Tax Authority)		5.000			03/15/2043		24,146,200
	1,110,000	Onondaga County, NY IDA (Free Library)		5.125			03/01/2030		1,116,527
	1,115,000	Onondaga County, NY IDA (Free Library)		5.125			03/01/2037		1,121,445
	1,300,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)		5.000			05/01/2033		1,542,177
	840,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)		5.000			05/01/2034		993,115
	1,150,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)		5.000			05/01/2037		1,347,168
	650,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)		5.000			05/01/2040		755,684
	1,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)		5.000			07/01/2032		1,074,930
	2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)		5.375			07/01/2040		2,062,720
	3,465,000	Onondaga, NY Civic Devel. Corp. (Upstate Properties)		5.250			12/01/2041		3,759,075
	4,150,000	Orange County, NY Funding Corp. (Hamlet at Wallkill)		6.500			01/01/2046		4,306,040
	1,320,000	Orange County, NY Funding Corp. (Mount St. Mary College)		5.000			07/01/2037		1,403,464
	1,435,000	Orange County, NY Funding Corp. (Mount St. Mary College)		5.000			07/01/2042		1,518,775
	1,085,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2021		1,087,962
	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2026		6,350,446
	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2026		2,240,431
	3,205,000	Otsego County, NY Capital Resource Corp. (Hartwick College)		5.000			10/01/2030		3,416,915
	2,000,000	Otsego County, NY Capital Resource Corp. (Hartwick College)		5.000			10/01/2035		2,108,340
	8,065,000	Otsego County, NY Capital Resource Corp. (Hartwick College)		5.000			10/01/2045		8,370,905
	10,805,000	Oyster Bay, NY GO		3.250			02/01/2031		11,139,955
	5,000,000	Oyster Bay, NY GO		3.250			02/01/2032		5,120,900
	9,585,000	Oyster Bay, NY GO		4.000			02/01/2033		10,332,726
	21,860,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2022		22,657,453

24       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$32,175,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750	%		12/01/2025	$	33,397,972
	1,000,000	Port Authority NY/NJ (JFK International Air Terminal)		6.000			12/01/2036		1,056,790
	345,000	Port Authority NY/NJ (JFK International Air Terminal)		6.500			12/01/2028		360,142
	10,300,000	Port Authority NY/NJ (KIAC)		6.750			10/01/2019		10,518,772
	21,515,000	Port Authority NY/NJ, 166th Series3		5.000			01/15/2041		22,534,466
	15,000,000	Port Authority NY/NJ, 166th Series3		5.250			07/15/2036		15,837,300
	2,720,000	Port Authority NY/NJ, 169th Series		5.000			10/15/2036		2,911,352
	400,000	Port Authority NY/NJ, 172nd Series		5.000			10/01/2034		432,804
	8,340,000	Port Authority NY/NJ, 186th Series		5.000			10/15/2033		9,566,230
	9,170,000	Port Authority NY/NJ, 186th Series		5.000			10/15/2034		10,492,773
	7,000,000	Port Authority NY/NJ, 197th Series		5.000			11/15/2035		8,273,650
	5,550,000	Port Authority NY/NJ, 197th Series		5.000			11/15/2036		6,541,341
	10,000,000	Port Authority NY/NJ, 197th Series		5.000			11/15/2041		11,667,200
	28,000,000	Port Authority NY/NJ, 198th Series3		5.250			11/15/2056		33,223,399
	3,000,000	Port Authority NY/NJ, 200th Series		5.000			10/15/2047		3,565,710
	10,000,000	Port Authority NY/NJ, 207th Series		4.000			03/15/2035		11,115,500
	1,700,000	Port Authority NY/NJ, 211th Series		4.000			09/01/2038		1,903,473
	12,475,000	Port Authority NY/NJ, 211th Series		5.000			09/01/2048		15,113,213
	20,250,000	Port Authority NY/NJ, 331st Series Floaters3		5.000			07/15/2039		20,957,692
	2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)		6.000			08/01/2032		2,763,182
	2,525,000	Ramapo, NY Local Devel. Corp.		5.000			03/15/2033		2,658,674
	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)		5.375			12/01/2036		1,503,555
	1,000,000	Riverhead, NY IDA (Riverhead Charter School)		7.000			08/01/2048		1,119,040
	50,000	Rochester, NY GO		4.000			10/01/2021		50,108
	3,515,000	Saratoga County, NY Capital Resource Corp. (Skidmore College)		5.000			07/01/2048		4,178,491
	10,720,000	Schenectady County, NY Capital Resource Corp. (Union College)		5.000			01/01/2047		12,515,064
	1,510,000	St. Lawrence County, NY IDA (Clarkson University)		5.000			09/01/2041		1,610,944
	4,775,000	St. Lawrence County, NY IDA (Clarkson University)		5.375			09/01/2041		5,090,628
	520,000	St. Lawrence County, NY IDA (Clarkson University)		6.000			09/01/2034		563,961
	4,120,000	St. Lawrence County, NY IDA (Curran Renewable Energy)		7.250			12/01/2029		3,617,978
	1,280,000	St. Lawrence County, NY IDA (St. Lawrence University)		5.000			07/01/2030		1,416,691
	1,355,000	St. Lawrence County, NY IDA (St. Lawrence University)		5.000			07/01/2031		1,497,627
	540,000	St. Lawrence County, NY IDA (St. Lawrence University)		5.000			07/01/2036		634,581
	205,000	Suffern, NY GO		5.000			03/15/2020		209,569
	560,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)		6.750			06/01/2027		574,095

25       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$4,200,000	Suffolk County, NY Economic Devel. Corp., Series A		7.375	%		12/01/2040	$	4,385,556
	6,405,000	Suffolk County, NY EDC (CHSLI/SCSMC/CHS/ SANCSAR/SAR/SJRH/SJR/VMNRC/CHFTEH/ VMHCS/CHHSB Obligated Group)		5.000			07/01/2028		6,838,747
	15,000	Suffolk County, NY IDA (ACLD)		6.000			12/01/2019		15,007
	575,000	Suffolk County, NY IDA (ALIA-ACLD)		5.950			10/01/2021		575,661
	840,000	Suffolk County, NY IDA (ALIA-Adelante)		6.500			11/01/2037		843,293
	785,000	Suffolk County, NY IDA(ALIA-DDI)		5.950			10/01/2021		785,903
	220,000	Suffolk County, NY IDA (ALIA-FREE)		5.950			10/01/2021		220,253
	160,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			10/01/2021		160,184
	180,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			11/01/2022		180,130
	280,000	Suffolk County, NY IDA (ALIA-IGHL)		6.000			10/01/2031		280,101
	100,000	Suffolk County, NY IDA(ALIA-NYS ARC)		5.950			11/01/2022		100,380
	535,000	Suffolk County, NY IDA (ALIA-UCPAGS)		5.950			10/01/2021		535,615
	90,000	Suffolk County, NY IDA (ALIA-WORCA)		5.950			11/01/2022		90,377
	30,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000			12/01/2019		30,014
	55,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000			10/01/2020		55,007
	13,585,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)		5.500			01/01/2023		13,593,287
	120,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		6.000			12/01/2019		120,055
	210,000	Suffolk County, NY IDA (WORCA)		6.000			10/01/2020		210,273
	69,295,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.625	5		06/01/2044		72,991,195
	227,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		7.996	2		06/01/2048		23,071,943
	40,865,000	Sullivan County, NY Infrastructure (Adelaar)		5.350			11/01/2049		40,021,138
	5,830,000	Sullivan County, NY Infrastructure (Adelaar)		5.350			11/01/2049		5,709,611
	5,760,000	Sullivan County, NY Infrastructure (Adelaar)		5.350			11/01/2049		5,641,056
	3,780,000	Sullivan County, NY Infrastructure (Adelaar)		5.350			11/01/2049		3,701,943
	13,865,000	Sullivan County, NY Infrastructure (Adelaar)		5.350			11/01/2049		13,578,688
	1,500,000	Syracuse, NY IDA (Carousel Center)		5.000			01/01/2028		1,659,510
	3,475,000	Syracuse, NY IDA (Carousel Center)		5.000			01/01/2029		3,847,416
	2,000,000	Syracuse, NY IDA (Carousel Center)		5.000			01/01/2030		2,209,800
	2,000,000	Syracuse, NY IDA (Carousel Center)		5.000			01/01/2031		2,199,020
	6,250,000	Syracuse, NY IDA (Carousel Center)		5.000			01/01/2032		6,871,875
	14,400,000	Syracuse, NY IDA (Carousel Center)		5.000			01/01/2033		15,768,144
	10,050,000	Syracuse, NY IDA (Carousel Center)		5.000			01/01/2034		10,974,198
	16,100,000	Syracuse, NY IDA (Carousel Center)		5.000			01/01/2035		17,531,290
	3,800,000	Syracuse, NY IDA (Carousel Center)		5.000			01/01/2036		4,101,188
	1,875,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)		5.000			07/01/2032		1,871,456
	17,465,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)		5.000			09/01/2030		18,116,270
	1,440,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)		5.125			09/01/2040		1,494,662
	4,437,000	Westchester County, NY Healthcare Corp., Series A		5.000			11/01/2044		4,868,587

26       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,700,000	Westchester County, NY Healthcare Corp., Series B		5.125	%		11/01/2041	$	1,788,247
	930,000	Westchester County, NY IDA (Clearview School)1		7.250			01/01/2035		930,121
	2,165,000	Westchester County, NY Local Devel. Corp. (Sarah Lawrence College)		4.000			06/01/2030		2,344,782
	2,190,000	Westchester County, NY Local Devel. Corp. (Sarah Lawrence College)		4.000			06/01/2031		2,361,302
	1,500,000	Westchester County, NY Local Devel. Corp. (Wartburg Senior Hsg.)		5.000			06/01/2030		1,553,475
	18,410,000	Westchester County, NY Local Devel. Corp. (Westchester County Healthcare Corp.)		5.000			11/01/2046		20,471,736
	14,450,000	Westchester County, NY Tobacco Asset
		Securitization Corp.		5.000			06/01/2045		14,665,594
	1,040,000	Yonkers, NY Parking Authority		6.000			06/15/2024		1,042,465
									4,722,945,316
	U.S. Possessions—18.4%
	24,895,000	Employees Retirement System of the Government of the Commonwealth of Puerto Rico4		6.150			07/01/2038		11,949,600
	7,500,000	Employees Retirement System of the Government of the Commonwealth of Puerto Rico4		6.300			07/01/2037		3,600,000
	1,735,000	Guam Government Waterworks Authority & Wastewater System		5.250			07/01/2025		1,941,049
	345,000	Guam Hsg. Corp. (Single Family Mtg.)		5.750			09/01/2031		351,869
	1,230,000	Guam Power Authority, Series A		5.000			10/01/2023		1,364,513
	1,560,000	Guam Power Authority, Series A		5.000			10/01/2024		1,728,355
	2,790,000	Guam Power Authority, Series A		5.000			10/01/2030		3,063,420
	935,000	Northern Mariana Islands Commonwealth, Series A		5.000			10/01/2022		917,188
	16,585,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2030		15,548,437
	5,485,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		5,210,805
	49,000,000	Puerto Rico Aqueduct & Sewer Authority, AGC		5.125			07/01/2047		49,956,480
	1,580,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		1,605,675
	5,885,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2042		5,951,206
	25,135,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		25,386,350
	3,250,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		3,343,437
	22,680,000	Puerto Rico Aqueduct & Sewer Authority		6.125	5		07/01/2024		23,502,150
	2,844,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.622	2		05/15/2057		127,223,034
	2,709,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.372	2		05/15/2057		76,345,256
	2,000,000	Puerto Rico Commonwealth GO4		5.000			07/01/2033		1,490,000
	15,820,000	Puerto Rico Commonwealth GO4		5.000			07/01/2041		9,294,250
	2,200,000	Puerto Rico Commonwealth GO4		5.250			07/01/2026		1,639,000
	2,500,000	Puerto Rico Commonwealth GO4		5.250			07/01/2032		1,862,500
	5,000,000	Puerto Rico Commonwealth GO4		5.375			07/01/2033		3,725,000
	42,700,000	Puerto Rico Commonwealth GO4		5.500			07/01/2032		31,811,500
	5,000,000	Puerto Rico Commonwealth GO4		5.500			07/01/2039		2,937,500
	3,205,000	Puerto Rico Commonwealth GO4		5.625			07/01/2033		2,299,587

27       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$3,000,000	Puerto Rico Commonwealth GO4		5.750	%		07/01/2028	$	1,762,500
	25,000,000	Puerto Rico Commonwealth GO4		5.750			07/01/2036		17,562,500
	770,000	Puerto Rico Commonwealth GO4		5.875			07/01/2036		573,650
	1,000,000	Puerto Rico Commonwealth GO4		6.000			07/01/2028		717,500
	1,270,000	Puerto Rico Commonwealth GO, NPFGC		6.000			07/01/2028		1,288,986
	2,700,000	Puerto Rico Commonwealth GO4		6.000			07/01/2035		1,937,250
	390,000	Puerto Rico Commonwealth GO4		6.000			07/01/2039		290,550
	3,670,000	Puerto Rico Commonwealth GO4		6.000			07/01/2040		2,633,225
	1,500,000	Puerto Rico Electric Power Authority, SeriesA-4		10.000			07/01/2019		1,327,500
	1,500,000	Puerto Rico Electric Power Authority, SeriesB-4		10.000			07/01/2019		1,327,500
	1,500,000	Puerto Rico Electric Power Authority, SeriesE-1		10.000			01/01/2021		1,327,500
	1,500,000	Puerto Rico Electric Power Authority, SeriesE-2		10.000			07/01/2021		1,327,500
	500,000	Puerto Rico Electric Power Authority, SeriesE-2		10.000			01/01/2022	��	442,500
	500,000	Puerto Rico Electric Power Authority, SeriesE-4		10.000			07/01/2022		442,500
	510,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000			07/01/2024		515,467
	4,820,000	Puerto Rico Electric Power Authority, Series TT		5.000			07/01/2032		3,783,700
	3,700,000	Puerto Rico Electric Power Authority, Series WW		5.000			07/01/2028		2,904,500
	9,515,000	Puerto Rico Highway & Transportation Authority4		5.000			07/01/2028		1,129,906
	4,945,000	Puerto Rico Highway & Transportation Authority4		5.300			07/01/2035		4,091,987
	270,000	Puerto Rico Highway & Transportation Authority4		5.750			07/01/2020		32,062
	8,980,000	Puerto Rico Highway & Transportation Authority, Series G4		5.000			07/01/2033		3,098,100
	1,840,000	Puerto Rico Highway & Transportation Authority, Series G4		5.000			07/01/2042		634,800
	1,120,000	Puerto Rico Highway & Transportation Authority, Series H4		5.450			07/01/2035		386,400
	6,500,000	Puerto Rico Highway & Transportation Authority, Series K4		5.000			07/01/2027		2,242,500
	1,145,000	Puerto Rico Highway & Transportation Authority, Series K4		5.000			07/01/2030		395,025
	2,600,000	Puerto Rico Highway & Transportation Authority, Series L, NPFGC		5.250			07/01/2023		2,752,230
	915,000	Puerto Rico Highway & Transportation Authority, Series L, FGIC8		5.250			07/01/2030		766,312
	78,610,000	Puerto Rico Highway & Transportation Authority, Series M4		5.000			07/01/2046		27,120,450
	3,190,000	Puerto Rico Highway & Transportation Authority, Series N, NPFGC		5.250			07/01/2032		3,464,212
	25,255,000	Puerto Rico Infrastructure4		5.000			07/01/2031		5,177,275
	675,000	Puerto Rico Infrastructure4		5.000			07/01/2037		138,375
	17,490,000	Puerto Rico Infrastructure4		5.000			07/01/2037		3,585,450
	141,985,000	Puerto Rico Infrastructure4		5.000			07/01/2041		29,106,925
	41,740,000	Puerto Rico Infrastructure4		5.000			07/01/2046		8,556,700
	1,680,000	Puerto Rico Infrastructure (Mepsi Campus)4		6.500			10/01/2037		340,200
	6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			03/01/2036		6,228,121
	875,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		878,360
	530,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			12/01/2021		530,488
	1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		1,203,000

28       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$780,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625	%		06/01/2026	$	800,475
	650,000	Puerto Rico ITEMECF (International American University)		5.000			10/01/2031		678,262
	3,045,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)		6.700			05/01/2024		2,461,517
	200,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2042		189,000
	5,490,000	Puerto Rico ITEMECF (University Plaza), NPFGC		5.000			07/01/2033		5,497,961
	80,355,000	Puerto Rico Public Buildings Authority4		5.000			07/01/2036		68,603,081
	7,500,000	Puerto Rico Public Buildings Authority4		5.000			07/01/2037		6,403,125
	9,450,000	Puerto Rico Public Buildings Authority4		5.375			07/01/2033		8,115,188
	850,000	Puerto Rico Public Buildings Authority4		5.500			07/01/2037		729,938
	4,400,000	Puerto Rico Public Buildings Authority4		6.500			07/01/2030		3,866,500
	7,500,000	Puerto Rico Public Buildings Authority4		6.750			07/01/2036		6,609,375
	11,810,000	Puerto Rico Public Finance Corp., Series B4		5.500			08/01/2031		708,600
	1,887,631	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.224	2		08/01/2045		1,373,252
	24,439,806	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.242	2		08/01/2043		17,779,959
	7,097,939	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.252	2		08/01/2042		5,163,751
	4,051,586	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.264	2		08/01/2041		2,947,529
	621,579	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.305	2		08/01/2045		528,342
	8,047,747	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.330	2		08/01/2043		6,840,585
	2,337,315	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.344	2		08/01/2042		1,986,718
	1,334,128	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.359	2		08/01/2041		1,134,009
	7,685,000	Puerto Rico Sales Tax Financing Corp., Series A		4.839	2		07/01/2031		4,817,957
	8,649,000	Puerto Rico Sales Tax Financing Corp., Series A		5.090	2		07/01/2033		4,840,499
	3,204,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		3.973	2		07/01/2024		2,727,245
	6,118,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.259	2		07/01/2027		4,690,487
	3,670,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.550			07/01/2040		3,679,175
	5,963,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.560	2		07/01/2029		4,186,324
	18,525,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.750			07/01/2053		18,053,724
	50,226,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.000			07/01/2058		50,351,565
	82,311,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.894	2		07/01/2046		18,927,414
	37,054,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.951	2		07/01/2051		6,296,957
	54,577,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.550			07/01/2040		52,803,248
	976,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.750			07/01/2053		923,462
	13,060,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		5.000			07/01/2058		12,668,200
	4,555,000	University of Puerto Rico		5.000			06/01/2026		4,498,063
	7,280,000	University of Puerto Rico, Series P		5.000			06/01/2030		7,079,800
	24,375,000	University of Puerto Rico, Series Q		5.000			06/01/2030		23,704,688
	67,190,000	University of Puerto Rico, Series Q		5.000			06/01/2036		64,670,375
	1,500,000	V.I. Public Finance Authority		5.000			09/01/2033		1,638,165

29       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$2,180,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000	%		10/01/2032	$	2,369,180
	2,555,000	V.I. Public Finance Authority, Series A		5.000			10/01/2032		2,776,723
									990,192,285
	Total Municipal Bonds and Notes (Cost $6,007,045,066)								5,713,137,601
Shares
	Common Stock—0.1%
	1,401	CMS Liquidating Trust9,10,11(Cost $4,483,200)							4,062,900
	Total Investments, at Value (Cost $6,011,528,266)—106.3%								5,717,200,501
	Net Other Assets (Liabilities)—(6.3)								(336,828,279	)
	Net Assets—100.0%							$	5,380,372,222

Footnotes to Statement of Investments

1. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1I of the accompanying Notes.

2. Zero coupon bond reflects effective yield on the original acquisition date.

3. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1J of the accompanying Notes.

4. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate.

5. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

6. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

7. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

8. The issuer of this security has missed or is expected to miss interest and/or principal payments on this security. The security is insured and is accruing partial income at a rate anticipated to be recovered through the insurer. The rate shown is the contractual interest rate.

9.Non-income producing security.

10. Received as a result of a corporate action.

11. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.

To simplify the listings of securities, abbreviations are used per the table below:

ACDS	Assoc. for Children with Down Syndrome
ACLD	Adults and Children with Learning and Developmental Disabilities
AFSFBM	Advocates for Services for the Blind Multihandicapped
AGC	Assured Guaranty Corp.
ALIA	Alliance of Long Island Agencies
ARC	Assoc. of Retarded Citizens
CathHS	Catholic Health System
CHFTEH	Catholic Housing for the Elderly & Handicapped
CHHSB	Catholic Home Health Services of Broward
CHS	Catholic Health Services

30       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
CHSLI	Catholic Health Services of Long Island
COFINA	Corporación del Fondo de Interés Apremiante
CPW	Cerebral Palsy of Westchester
DA	Dormitory Authority
DDI	Developmental Disabilities Institute
EDC	Economic Devel. Corp.
EFC	Environmental Facilities Corp.
EIISFAC	Eden II School for Autistic Children
FGIC	Financial Guaranty Insurance Co.
FHH	Forest Hills Hospital
FrankHosp	Franklin Hospital
FRC	Franziska Racker Centers
FREE	Family Residences and Essential Enterprises
GCH	Glen Cove Hospital
GO	General Obligation
HDC	Housing Devel. Corp.
HFA	Housing Finance Agency
HHA	Huntington Hospital Association
HQS	Health Quest System
IDA	Industrial Devel. Agency
IGHL	Independent Group Home for Living
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK	John Fitzgerald Kennedy
KMHosp	Kenmore Mercy Hospital
L.I.	Long Island
LHH	Lenox Hill Hospital
LIJMC	Long Island Jewish Medical Center
MTA	Metropolitan Transportation Authority
NDH	Northern Dutchess Hospital
NHlth	Northwell Health
NHlthcare	Northwell Healthcare
NPFGC	National Public Finance Guarantee Corp.
NSUH	North Shore University Hospital
NSUHSFCEC&R	North Shore University Hospital Stern Family Center for Extended Care & Rehabilitation
NY/NJ	New York/New Jersey
NYC	New York City
NYMC	New York Medical College
NYS	New York State
NYU	New York University
PHCtr	Putnam Hospital Center
PlainH	Plainview Hospital
PSCH	Professional Service Centers for the Handicapped, Inc.
SANCSAR	St. Anne’s Nursing Center St. Anne’s Residence
SAR	St. Anne’s Residence
SCSMC	St. Catherine of Siena Medical Center
SFUMP	Services for the Underserved - MR Programs
Shosp	Southside Hospital
SIUH	Staten Island University Hospital
SJR	St. Joseph Residence
SJRH	St. John’s Rehabilitation Hospital

31       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

To simplify the listings of securities, abbreviations are used per the table below: (Continued)

SNP	Special Needs Program
SOCHOB	Sisters of Charity Hospital of Buffalo
TASC	Tobacco Settlement Asset-Backed Bonds
TColl	Touro College
TCUS	Touro College and University System
TFABs	Tobacco Flexible Amortization Bonds
TU	Touro University
TUN	The University Financing Foundation
UBF	University of Buffalo Foundation
UCP	United Creative Program
UCPANYS	United Cerebral Palsy Association of New York State
UCPHCA	United Cerebral Palsy Assoc. and Handicapped Children’s Assoc.
UCPAGS	United Cerebral Palsy Assoc. of Greater Suffolk
UDC	Urban Development Corporation
V.I.	United States Virgin Islands
VBHosp	Vassar Brothers Hospital
VMHCS	Villa Maria Health Care Services
VMNRC	Villa Marina Nursing & Rehabilitation Center
WORCA	Working Organization for Retarded Children and Adults
YAI	Young Adult Institute
YMCA	Young Men’s Christian Assoc.

See accompanying Notes to Financial Statements.

32       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF ASSETS AND LIABILITIESJune 30, 2019 Unaudited

Assets
Investments, at value (cost $6,011,528,266) — see accompanying statement of investments	$	5,717,200,501
Cash		14,363,373
Receivables and other assets:
Interest		61,351,257
Shares of beneficial interest sold		5,904,346
Investments sold on a when-issued or delayed delivery basis		3,070,627
Other		2,183,126
Total assets		5,804,073,230
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (see Note 1J)		405,075,000
Investments purchased on a when-issued or delayed delivery basis		9,400,000
Shares of beneficial interest redeemed		3,633,176
Dividends		2,566,241
Distribution and service plan fees		1,432,669
Trustees’ compensation		884,944
Transfer and shareholder servicing agent fees		343,410
Management fees		204,785
Shareholder communications		13,962
Administration fees		1,079
Other		145,742
Total liabilities		423,701,008
Net Assets	$	5,380,372,222
Composition of Net Assets
Shares of beneficial interest	$	6,194,313,036
Total accumulated loss		(813,940,814	)
Net Assets	$	5,380,372,222

33       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF ASSETS AND LIABILITIESUnaudited / Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $4,333,703,815 and 261,688,067 shares of beneficial interest outstanding)	$16.56
Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)	$17.30
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $505,700,985 and 30,621,326 shares of beneficial interest outstanding)	$16.51
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $540,957,346 and 32,656,538 shares of beneficial interest outstanding)	$16.57
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $10,076 and 608.273 shares of beneficial interest outstanding)	$16.56

See accompanying Notes to Financial Statements.

34       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF

OPERATIONSFor the Six Months Ended June 30, 2019 Unaudited

Investment Income
Interest	$	132,157,940
Expenses
Management fees		11,884,114
Administration fees		62,620
Distribution and service plan fees:
Class A		4,782,521
Class C		3,583,902
Transfer and shareholder servicing agent fees:
Class A		1,812,765
Class C		331,935
Class Y		217,337
Shareholder communications:
Class A		16,730
Class C		3,897
Class Y		2,905
Interest expense and fees on short-term floating rate notes issued (See Note 1J)		4,649,647
Borrowing fees		2,646,767
Interest expense on borrowings		534,751
Trustees’ compensation		39,031
Custodian fees and expenses		31,665
Other		556,967
Total expenses		31,157,554
Net Investment Income		101,000,386
Realized and Unrealized Gain (Loss)
Net realized loss on investment transactions		(25,485,666	)
Net change in unrealized appreciation/(depreciation) on investment transactions		401,442,987
Net Increase in Net Assets Resulting from Operations	$	476,957,707

35       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2019 (Unaudited)		Year Ended December 31, 2018
Operations
Net investment income	$	101,000,386	$           178,556,166
Net realized loss		(25,485,666)	(252,599,569)
Net change in unrealized appreciation/(depreciation)		401,442,987	497,137,176
Net increase in net assets resulting from operations		476,957,707	423,093,773
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Class A		(68,177,509)	(134,885,883)
Class B		—	(28,609)
Class C		(9,729,198)	(19,810,554)
Class Y		(8,771,155)	(13,955,899)
Class R6		(35)	—
Total distributions from distributable earnings		(86,677,897)	(168,680,945)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		228,085,061	(367,334,163)
Class B		—	(3,864,090)
Class C		(254,697,630)	(93,987,317)
Class Y		84,008,654	73,882,123
Class R6		10,000	—
Total beneficial interest transactions		57,406,085	(391,303,447)
Net Assets
Total increase (decrease)		447,685,895	(136,890,619)
Beginning of period		4,932,686,327	5,069,576,946
End of period	$	5,380,372,222	$    4,932,686,327

See accompanying Notes to Financial Statements.

36       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

STATEMENT OF CASH FLOWSFor the Six Months Ended June 30, 2019 Unaudited

Cash Flows from Operating Activities
Net increase in net assets from operations	$	476,957,707
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(755,311,708)
Proceeds from disposition of investment securities		926,551,813
Short-term investment securities, net		38,584,986
Premium amortization		22,005,023
Discount accretion		(28,665,554)
Net realized loss on investment transactions		25,485,666
Net change in unrealized appreciation/depreciation on investment transactions		(401,442,987)
Change in assets:
Increase in other assets		(784,770)
Increase in interest receivable		(2,065,790)
Decrease in receivable for securities sold		4,399,279
Change in liabilities:
Increase in other liabilities		507,270
Increase in payable for securities purchased		9,400,000
Net cash provided by operating activities		315,620,935
Cash Flows from Financing Activities
Proceeds from borrowings		161,500,000
Payments on borrowings		(342,400,000)
Payments on short-term floating rate notes issued		(97,655,000)
Proceeds from shares sold		574,478,235
Payments on shares redeemed		(597,350,361)
Cash distributions paid		(14,104,016)
Net cash used in financing activities		(315,531,142)
Net increase in cash		89,793
Cash, beginning balance		14,273,580
Cash, ending balance	$	14,363,373

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $72,009,214.

Cash paid for interest on borrowings—$815,961.

Cash paid for interest on short-term floating rate notes issued—$4,649,647.

See accompanying Notes to Financial Statements.

37       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

FINANCIAL HIGHLIGHTS

Class A	Six Months Ended June 30, 2019 (Unaudited)		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$15.35		$14.59		$14.68		$14.68		$15.35		$14.29
Income (loss) from investment operations:
Net investment income1		0.32		0.55		0.57		0.76		0.97		1.02
Net realized and unrealized gain (loss)		1.16		0.73		0.04		0.12		(0.68)		1.00
Total from investment operations		1.48		1.28		0.61		0.88		0.29		2.02
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.27)		(0.52)		(0.70)		(0.88)		(0.96)		(0.96)
Net asset value, end of period		$16.56		$15.35		$14.59		$14.68		$14.68		$15.35
Total Return, at Net Asset Value2		9.74%		8.88%		4.11%		6.06%		1.94%		14.43%
Ratios/Supplemental Data
Net assets, end of period (in millions)		$4,334		$3,807		$3,975		$4,425		$4,464		$4,996
Average net assets (in millions)		$3,968		$3,914		$4,420		$4,553		$4,794		$5,066
Ratios to average net assets:3
Net investment income		4.02%		3.64%		3.79%		5.05%		6.42%		6.73%
Expenses excluding specific expenses listed below		0.83%		0.87%		0.83%		0.80%		0.73%		0.72%
Interest and fees from borrowings		0.12%		0.15%		0.11%		0.08%		0.06%		0.05%
Interest and fees on short-term floating rate notes issued4		0.18%		0.19%		0.08%		0.09%		0.07%		0.20%
Total expenses		1.13%		1.21%		1.02%		0.97%		0.86%		0.97%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.13%		1.21%		1.02%		0.97%		0.86%		0.97%
Portfolio turnover rate		13%		26%		23%		33%		13%		8%

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

38       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Class C	Six Months Ended June 30, 2019 (Unaudited)		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$15.31		$14.55		$14.64		$14.64		$15.32		$14.26
Income (loss) from investment operations:
Net investment income1		0.26		0.44		0.45		0.63		0.84		0.89
Net realized and unrealized gain (loss)		1.15		0.73		0.04		0.12		(0.69)		1.00
Total from investment operations		1.41		1.17		0.49		0.75		0.15		1.89
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.21)		(0.41)		(0.58)		(0.75)		(0.83)		(0.83)
Net asset value, end of period		$16.51		$15.31		$14.55		$14.64		$14.64		$15.32
Total Return, at Net Asset Value2		9.30%		8.09%		3.32%		5.18%		1.02%		13.50%
Ratios/Supplemental Data
Net assets, end of period (in millions)		$506		$705		$761		$865		$841		$909
Average net assets (in millions)		$722		$733		$851		$875		$887		$903
Ratios to average net assets:3
Net investment income		3.26%		2.88%		3.02%		4.19%		5.57%		5.88%
Expenses excluding specific expenses listed below		1.59%		1.62%		1.62%		1.66%		1.58%		1.57%
Interest and fees from borrowings		0.12%		0.15%		0.11%		0.08%		0.06%		0.05%
Interest and fees on short-term floating rate notes issued4		0.18%		0.19%		0.08%		0.09%		0.07%		0.20%
Total expenses		1.89%		1.96%		1.81%		1.83%		1.71%		1.82%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.89%		1.96%		1.81%		1.83%		1.71%		1.82%
Portfolio turnover rate		13%		26%		23%		33%		13%		8%

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

39       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

FINANCIAL HIGHLIGHTSContinued

Class Y	Six Months Ended June 30, 2019 (Unaudited)		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$15.35		$14.60		$14.68		$14.68		$15.35		$14.29
Income (loss) from investment operations:
Net investment income1		0.34		0.59		0.59		0.77		0.99		1.04
Net realized and unrealized gain (loss)		1.17		0.72		0.06		0.13		(0.68)		1.00
Total from investment operations		1.51		1.31		0.65		0.90		0.31		2.04
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.29)		(0.56)		(0.73)		(0.90)		(0.98)		(0.98)
Net asset value, end of period		$16.57		$15.35		$14.60		$14.68		$14.68		$15.35
Total Return, at Net Asset Value2		9.94%		9.07%		4.41%		6.22%		2.09%		14.60%
Ratios/Supplemental Data
Net assets, end of period (in millions)		$541		$421		$330		$263		$212		$231
Average net assets (in millions)		$479		$382		$330		$238		$229		$205
Ratios to average net assets:3
Net investment income		4.27%		3.88%		3.94%		5.17%		6.57%		6.87%
Expenses excluding specific expenses listed below		0.59%		0.62%		0.62%		0.66%		0.58%		0.57%
Interest and fees from borrowings		0.12%		0.15%		0.11%		0.08%		0.06%		0.05%
Interest and fees on short-term floating rate notes issued4		0.18%		0.19%		0.08%		0.09%		0.07%		0.20%
Total expenses		0.89%		0.96%		0.81%		0.83%		0.71%		0.82%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.89%		0.96%		0.81%		0.83%		0.71%		0.82%
Portfolio turnover rate		13%		26%		23%		33%		13%		8%

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

40       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Class R6	Period Ended June 30, 2019 (Unaudited)1
Per Share Operating Data
Net asset value, beginning of period		$16.44
Income from investment operations:
Net investment income2		0.07
Net realized and unrealized gain		0.10
Total from investment operations		0.17
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.05)
Net asset value, end of period		$16.56
Total Return, at Net Asset Value3		1.08%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10
Average net assets (in thousands)		$10
Ratios to average net assets:4
Net investment income		4.36%
Expenses excluding specific expenses listed below		0.50%
Interest and fees from borrowings		0.12%
Interest and fees on short-term floating rate notes issued5		0.18%
Total expenses		0.80%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%
Portfolio turnover rate		13%

1. For the period from after close of business on May 24, 2019 (inception of offering) to June 30, 2019.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

41       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

NOTES TO FINANCIAL STATEMENTSJune 30, 2019 Unaudited

Note1- Significant Accounting Policies

    Invesco Oppenheimer Rochester Municipals Fund (the “Fund”) is a series portfolio of AIMTax-Exempt Funds (InvescoTax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of such Fund or each class.

    Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Rochester Fund Municipals (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

    Upon closing of the Reorganization, holders of the Acquired Fund’s Class A, Class C, and Class Y shares received the corresponding class of shares of the Fund. Class R6 shares commenced operations on the Reorganization Date.

    The Fund’s investment objective is to seektax-free income.

    The Fund currently consists of four different classes of shares: Class A, Class C, Class Y, and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with afront-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value.

    The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

    The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations– Securities, including restricted securities, are valued according to the following policy.

    Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such asinstitution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

    Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision

42       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Note1- Significant Accounting Policies (Continued)

of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

    The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

    Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income -Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date. The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

    Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment transactions reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and 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

43       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

Note1- Significant Accounting Policies (Continued)

adviser.

    The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination- For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions -Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on theex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

    The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

E. Federal Income Taxes -The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended December 31, 2018, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

    During the fiscal year ended December 31, 2018, the Fund did not utilize anycapital loss carryforwards to offset capital gains realized in that fiscal year. Capital losses will be carried forward to future years if not offset by gains.

    At period end, it is estimated that the capital loss carryforwards would be $575,430,729, which will not expire.The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

    Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the

44       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Note1- Significant Accounting Policies (Continued)

fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

    The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$5,605,409,878	1
Gross unrealized appreciation	$   647,048,520
Gross unrealized depreciation	(942,940,199)
Net unrealized depreciation	$ (295,891,679)

1.The Federal tax cost of securities does not include cost of $407,682,302, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Floating Rate Note Obligations in Note 1J.

F. Expenses -Fees provided for under the Rule12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are allocated to each share class based on relative net assets. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates -The financial statements are prepared on a basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after theperiod-end date and before the date the financial statements are released to print.

H. Indemnifications -Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these

45       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

Note1- Significant Accounting Policies (Continued)

arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities on a When-Issued or Delayed Delivery Basis -The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention on acquiring such securities, they may sell such securities prior to the settlement date.

J. Floating Rate Note Obligations -The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

    The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell

46       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Note1- Significant Accounting Policies (Continued)

other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

    The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption “Payable for short-term floating rate notes issued” on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption “Interest” and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of “Interest expense and fees on short-term floating rate notes issued” on the Statement of Operations.

    Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

47       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

Note1- Significant Accounting Policies (Continued)

    Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

    There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

    TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

K. Other Risks- The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

    Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities.

    There is some risk that a portion or all of the interest received from certaintax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

Note2- Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

48       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Note2- Advisory Fees and Other Fees Paid to Affiliates (Continued)

Fee Schedule*
Up to $100 million	0.54%
Next $150 million	0.52
Next $1.75 billion	0.47
Next $3 billion	0.46
Next $3 billion	0.45
Next $6 billion	0.44
Over $14 billion	0.42

*The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2019, the effective advisory fees incurred by the Fund was 0.46%.

    From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $9,416,726 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

    Under the terms of a mastersub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separatesub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “AffiliatedSub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such AffiliatedSub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to suchSub-Adviser(s). Invesco has also entered into aSub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

    Effective on the Reorganization Date, the Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) ofClass A, Class C, Class Y, and Class R6 shares to 0.86%, 1.62%, 0.62%, and 0.52%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary ornon-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six monthsended June 30,

49       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

Note2- Advisory Fees and Other Fees Paid to Affiliates (Continued)

2019, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank, N.A. serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services,sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services orsub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the six monthsended June 30, 2019, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for theClass A, Class C, Class Y, and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively the “Plan”). The Fund, pursuant to the Class A Plan, reimbursed IDI in an amount up to an annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the six months ended June 30, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund.Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During thesix months ended June 30, 2019, IDI advised the Fund that IDI retained $25,776 infront-end sales commissions from the sale of Class A shares and $0 and $3,184 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders. From the beginning of the fiscal year to the date of the Reorganization, OppenheimerFunds Distributor, Inc. retained $165,929 in front–end sales commissions from the sale of Class A shares and $2,265 and $13,299 from Class A and Class C shares, respectively, for CDSC imposed on redemption by shareholders.

50       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Note2- Advisory Fees and Other Fees Paid to Affiliates (Continued)

    Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note3- Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2019. 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 3—
	Level 1—		Level 2—		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
New York	$	—	$	4,722,945,316	$	—	$	4,722,945,316

51       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

Note3- Additional Valuation Information (Continued)

	Level 1— Unadjusted         Quoted Prices		Level 2— Other Significant   Observable Inputs		Level 3— Significant      Unobservable Inputs		Value
Municipal Bonds and Notes (Continued)
U.S. Possessions	$	—	$	990,192,285	$	—	$       990,192,285
Common Stock		—		—		4,062,900	4,062,900
Total Assets	$	—	$	5,713,137,601	$	4,062,900	$    5,717,200,501

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

Note4- Trustee and Officer Fees and Benefits

The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund’s projected benefit obligations, payments to retired

Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	3,730
Payments Made to Retired Trustees		46,653
Accumulated Liability as of June 30, 2019		356,560

Certain trustees have executed a Deferred Compensation Agreement pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

52       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Note5- Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with Citibank, N.A., the custodian bank. Such balances, if any atperiod-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Note6- Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during thesix months ended June 30, 2019 was $755,311,708 and $926,551,813, respectively.

Note7- Share Information

Transactions in shares of beneficial interest were as follows:

	Six Months Ended June 30, 20191						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Class A2
Sold		25,219,026		$	412,160,921			15,464,611		$	234,508,501
Dividends and/or distributions reinvested		3,494,522			56,127,591			7,475,115			113,509,138
Redeemed		(14,973,387	)		(240,203,451	)		(47,368,405	)		(715,351,802)
Net increase (decrease)		13,740,161		$	228,085,061			(24,428,679	)	$	(367,334,163)
Class B2
Sold		—		$	—			3		$	14
Dividends and/or distributions reinvested		—			—			1,672			24,601
Redeemed		—			—			(261,778	)		(3,888,705)
Net decrease		—		$	—			(260,103	)	$	(3,864,090)

53       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

Note7- Share Information (Continued)

	Six Months Ended June 30, 20191						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Class C
Sold		2,789,502		$	44,528,499			3,936,180		$	59,623,637
Dividends and/or distributions reinvested		536,382			8,577,419			1,185,076			17,928,741
Redeemed		(18,772,966	)		(307,803,548	)		(11,370,110	)		(171,539,695)
Net decrease		(15,447,082	)	$	(254,697,630	)		(6,248,854	)	$	(93,987,317)
Class Y
Sold		7,377,458		$	118,357,264			10,279,646		$	156,336,049
Dividends and/or distributions reinvested		453,971			7,304,204			781,804			11,895,719
Redeemed		(2,601,566	)		(41,652,814	)		(6,220,539	)		(94,349,645)
Net increase		5,229,863		$	84,008,654			4,840,911		$	73,882,123
Class R63
Sold		608		$	10,000			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase		608		$	10,000			—		$	—

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 45% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

2. All outstanding Class B shares converted to Class A shares on June 1, 2018.

3. Commencement date after the close of business on May 24, 2019.

Note8- Borrowings

Borrowings -The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. When the Fund invests borrowed money in portfolio securities, it is using a speculative investment technique known as leverage and changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow because of the effect of leverage.

The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 1J. The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has

54       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Note8- Borrowings (Continued)

entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust. See the discussion in Note 1J (Inverse Floating Rate Securities) for additional information.

The Fund will pay interest and may pay other fees in connection with loans. If the Fund does borrow, it will be subject to greater expenses than funds that do not borrow. The interest on borrowed money and the other fees incurred in conjunction with loans are an expense that might reduce the Fund’s yield and return. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.5 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings. The Fund pays additional fees monthly to its lender on its outstanding borrowings to manage and administer the facility and is allocated itspro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the reporting period equal 0.09% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

At period end, the Fund had no borrowings outstanding.

Details of the borrowings for the reporting period are as follows:

Average Daily Loan Balance	$	40,746,961
Average Daily Interest Rate		2.593	%
Fees Paid	$	2,875,084
Interest Paid	$	815,961

Reverse Repurchase Agreements.The Fund may engage in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement. The cash received by the Fund in connection with a reverse repurchase agreement may be used for investment-related purposes such as purchasing portfolio securities or for other purposes such as those described in the preceding “Borrowings” note.

The Acquired Fund entered into a Committed Repurchase Transaction Facility (the “Facility”)

55       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

Note8- Borrowings (Continued)

with J.P. Morgan Securities LLC (the “counterparty”) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Acquired Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Acquired Fund is also allocated itspro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Acquired Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Acquired Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Acquired Fund’s participation in the Facility during the reporting period are included in expenses on the Acquired Fund’s Statement of Operations and equal 0.03% of the Acquired Fund’s average net assets on an annualized basis.

The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund has the right to declare each Wednesday as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facility’s terms.

The Facility terminated May 24, 2019.

Details of reverse repurchase agreement transactions for the reporting period are as follows:

Fees Paid $             447,924

Note9- Independent Registered Public Accounting Firm

The Audit Committee of the Board of Trustees appointed, and the Board of Trustees ratified and approved, PricewaterhouseCoopers LLP (“PWC”) as the independent registered public accounting firm of the Fund for the fiscal periods ending after May 24, 2019. Prior to the close of business on May 24, 2019, the Predecessor Fund was a separate series of an unaffiliated investment company and its financial statements were audited by a different independent registered public accounting firm (the “Prior Auditor”).

Effective after the close of business on May 24, 2019, the Prior Auditor resigned as the independent registered public accounting firm of the Fund. The Prior Auditor’s report on the

56       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Note9- Independent Registered Public Accounting Firm (Continued)

financial statements of the Predecessor Fund for the past two fiscal years did not contain an adverse or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. During the Predecessor Fund’s two most recent fiscal years and through the close of business on May 24, 2019, there were no (1) disagreements with the Prior Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the Prior Auditor’s satisfaction, would have caused it to make reference to that matter in connection with its report; or (2) “reportable events,” as that term is defined in Item 304(a)(1)(v) of RegulationS-K under the Securities Exchange Act of 1934.

57       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTSUnaudited

At meetings held on December 14, 2018, the Board of Trustees (the Board or the Trustees) of AIMTax-Exempt Funds (InvescoTax-Exempt Funds) (the Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved (i) an amendment to the Trust’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) to add Invesco Oppenheimer Rochester^® Municipals Fund (the Fund), (ii) an amendment to the Master IntergroupSub-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. to add the Fund, (iii) an amendment to the separatesub-advisory contract with Invesco Capital Management LLC to add the Fund, (iv) an amendment to the separatesub-advisory contract with Invesco Asset Management (India) Private Limited to add the Fund, and (v) an initialsub-advisory contract with OppenheimerFunds, Inc. (collectively, the AffiliatedSub-Advisers and thesub-advisory contracts). Additionally, on March 26, 2019, the Boardre-approved an initialsub-advisory contract with OppenheimerFunds, Inc. following its change of control as a result of the acquisition of OppenheimerFunds, Inc. and its subsidiaries, including the Oppenheimer mutual funds (each, an Oppenheimer Fund), by Invesco Ltd. (the OFI Transaction). After evaluating the factors discussed below, among others, the Board approved the Fund’s investment advisory agreement and thesub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the AffiliatedSub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board noted that it had previously approved establishing the Fund at the Board meeting held on October 23, 2018 and that the Fund was formed to acquire the assets and liabilities of an Oppenheimer Fund (the Acquired Fund) with the same investment objective and substantially similar principal investment strategies and risks. At the time of approval, the Fund had no assets and no performance history and the portfolio managers were not employed by Invesco Advisers or any of the AffiliatedSub-Advisers except OppenheimerFunds, Inc., which was not affiliated with Invesco at that time.

In approving the investment advisory agreement andsub-advisory contracts, the Board followed a process similar to the process that it follows in annually reviewing and approving investment advisory agreements andsub-advisory contracts for the series portfolios of funds advised by Invesco Advisers and considered the information provided in the most recent annual review process for those funds as well as the information provided with respect to the Fund. As part of the approval process, the Board reviewed and considered information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board reviewed comparative investment performance and fee data prepared by Invesco Advisers and an independent mutual fund data provider. The Board was assisted in its review by the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees, and by independent legal counsel.

58       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

The discussion below serves as a summary of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement andsub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them 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. This information is current as of December 14, 2018 and March 26, 2019 for thesub-advisory contract with OppenheimerFunds, Inc.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the AffiliatedSub-Advisers

The Board reviewed the nature, extent and quality of the advisory services to be 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 will provide these services. The Board’s review included consideration of the investment process oversight and structure, credit analysis and investment risk management to be employed in providing advisory services to the Fund. The Board also considerednon-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds and will provide to the Fund, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board reviewed and considered information about the resources that Invesco Advisers intends to continue to commit to managing the Invesco family of funds, including the Fund, following the OFI Transaction. The Board concluded that the nature, extent and quality of the services to be provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the AffiliatedSub-Advisers under thesub-advisory contracts and the credentials and experience of the officers and employees of the AffiliatedSub-Advisers who provide these services. The Board noted the AffiliatedSub-Advisers’ expertise with respect to certain asset classes and that the AffiliatedSub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the AffiliatedSub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that thesub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the AffiliatedSub-Advisers

59       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTSUnaudited / Continued

in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the AffiliatedSub-Advisers are appropriate and satisfactory.

B.    Fund Investment Performance

The Board noted that the Fund would continue the historical performance information of the Acquired Fund following the consummation of the OFI Transaction. The Board considered the performance of the Acquired Fund and the fact that, at the closing of the OFI Transaction, management anticipates that the Fund will be managed pursuant to substantially similar investment strategies and by substantially the same portfolio management team as managed the Acquired Fund. The Board did not view Fund performance as a relevant factor in considering whether to approve thesub-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, 2017 to the performance of funds in the Morningstar performance universe and against the Fund’s benchmark index. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C.     Advisory andSub-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 Morningstar expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for at least two years from the closing date of the OFI Transaction 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 AffiliatedSub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-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. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board also considered that the Fund may benefit 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 will share directly in economies of scale through lower fees charged by third party service providers based on the

60       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.

E.     Profitability and Financial Resources

The Board reviewed information from the 2018 contract renewal process provided by Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers will continue to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Invesco Funds, and the profits estimated to be realized by the Fund, to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.

F.     Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits to be received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees to be received for providing administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services to other Invesco Funds and the organizational structure employed to provide these services. The Board also considered that these services will be provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and 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 will not execute brokerage transaction 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 money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered that Invesco Advisers will receive advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers will receive 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 amount of advisory fees to be

61       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTSUnaudited / Continued

received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

62       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTSUnaudited

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

● Fund reports and prospectuses

● Quarterly statements

● Daily confirmations

● Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on FormN-Q (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s FormsN-Q (or any successor Form) on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

63       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

SHAREHOLDER PROXYUnaudited

A Special Meeting (“Meeting”) of Invesco Oppenheimer Rochester^® Municipals Fund was held on May 17, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Rochester^® Fund Municipals into Invesco Oppenheimer Rochester^® Municipals Fund.

The results of the voting on the above matter was as follows:

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1) Approval of an Agreement and Plan of Reorganization		127,766,712		7,184,695		30,157,867		0

64       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

INVESCO’S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located atwww.invesco.com (the “Website”). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as “we” or “Invesco” in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review the Terms of Use to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

65       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

INVESCO’S PRIVACY NOTICEContinued

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/orde-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services (“Providers”). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, andweb-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate orde-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The “Help” section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visitwww.aboutcookies.org.

66       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children’s Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

By phone:

(404)439-3236

By fax:

(404)962-8288

By email: Anne.Gerry@invesco.com

Please update your account information by logging in or contact us by email or telephone as specified above to update your account information whenever such information ceases to be complete or accurate.

You may also contact us to:

67       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

INVESCO’S PRIVACY NOTICEContinued

● Request that we amend, rectify, delete or update the personal data we hold about you;

● Where possible (e.g. in relation to marketing) amend or update your choices around processing;

● Request a copy of personal data held by us.

Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

68       INVESCO OPPENHEIMER ROCHESTER MUNICIPALS FUND

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Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime
electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered
straight to your inbox to download, save and print from your own computer:

◾  Fund reports and prospectuses
◾  Quarterly statements
◾  Daily confirmations
◾  Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box
219078, Kansas City, MO 64121-9078.

Invesco Distributors, Inc.	O-ROM-SAR-1      08272019

Semiannual Report                                                                                                                                           6/30/2019

Invesco Oppenheimer Rochester® Limited Term New York Municipal Fund* Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. *Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Rochester Limited Term New York Municipal Fund. See Important Update on the following page for more information.

.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at800-959-4246.

Table of Contents

Top Holdings and Allocations	5
Fund Expenses	9
Statement of Investments	11
Statement of Assets and Liabilities	35
Statement of Operations	37
Statements of Changes in Net Assets	38
Statement of Cash Flows	39
Financial Highlights	40
Notes to Financial Statements	44
Approval Investment Advisory andSub-Advisory Contracts	59
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	64
Shareholder Proxy	65
Invesco’s Privacy Notice	66

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 6/30/19

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays 5   Year Municipal Bond   Index
6-Month	5.16%	2.38%	3.80%
1-Year	9.26	6.67	5.24
5-Year	3.05	2.53	2.30
10-Year	3.78	3.51	3.22

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com for the most recentmonth-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 2.50% maximum applicable sales charge except where “without sales charge” is indicated. As the result of a reorganization after the close of business on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor Fund. Share class returns will differ from those of the predecessor fund as they have

3      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

different expenses. Performance for Class A shares has been restated to reflect the Fund’s applicable sales charge. Returns for periods of less than one year are not annualized. Returns do not consider capital gains or income taxes on an individual’s investment. See Fund prospectus and summary prospectus for more information on share classes and sales charges. Fund literature is available at invesco.com.

4      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES

Marine/Aviation Facilities	13.0	%
Highways/Commuter Facilities	11.3
Tobacco Master Settlement Agreement	9.6
Special Tax	8.2
General Obligation	8.0
Sales Tax Revenue	6.3
Hospital/Healthcare	5.4
Electric Utilities	5.4
Higher Education	5.2
Water Utilities	5.0

Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2019 and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated		Adviser- Rated		Total
AAA		4.8%		1.1%		5.9%
AA		42.7		0.0		42.7
A		12.4		0.0		12.4
BBB		20.5		4.7		25.2
BB or lower		12.5		1.3		13.8
Total		92.9%		7.1%		100.0%

The percentages above are based on the market value of the securities as of June 30, 2019 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs’ four highest categories – AAA, AA, A and BBB – are investment-grade securities. For further details, please consult the Fund’s prospectus or Statement of Additional Information.

5      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Performance

DISTRIBUTION YIELDS

As of 6/30/19

	Without Sales Charge	With Sales Charge
Class A	2.75%	2.68%
Class C	2.10	N/A
Class Y	2.97	N/A
Class R6	3.00	N/A

STANDARDIZED YIELDS

For the 30 Days Ended 6/30/19

Class A	1.57	%
Class C	0.87
Class Y	1.86
Class R6	1.91

TAXABLE EQUIVALENT YIELDS

As of 6/30/19

Class A	2.93	%
Class C	1.62
Class Y	3.47
Class R6	3.56

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 6/30/19

	Inception Date		6-Month			1-Year			5-Year			10-Year			Since Inception
Class A (LTNYX)		9/18/91		5.16	%		9.26	%		3.05	%		3.78	%		4.58	%
Class C (LTNCX)		5/1/97		4.80			8.12			2.23			2.98			3.60
Class Y (LTBYX)		3/30/11		5.28			9.52			3.30			N/A			3.39
Class R6 (IORMX)*		5/24/19		5.16			9.26			3.05			3.78			N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 6/30/19

	Inception Date		6-Month			1-Year			5-Year			10-Year			Since Inception
Class A (LTNYX)		9/18/91		2.38	%		6.67	%		2.53	%		3.51	%		4.48	%
Class C (LTNCX)		5/1/97		3.80			7.12			2.23			2.98			3.60
Class Y (LTBYX)		3/30/11		5.28			9.52			3.30			N/A			3.39
Class R6 (IORMX)*		5/24/19		5.16			9.26			3.05			3.78			N/A

*Class R6 shares’ performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund’s Class A shares at net asset value (NAV) and includes the12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher.Visit invesco.com for the most recentmonth-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include the applicablefront-end sales charge, which would have reduced the performance. The current maximum initial sales charge for Class A shares is 2.50%, and the contingent deferred sales charge for Class

6      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

C shares is 1% for the1-year period. Class Y and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C, and Class Y shares of the predecessor fund were reorganized into Class A, Class C, and Class Y shares, respectively, of the Fund. Class R6 shares’ performance shown prior to the inception date is that of the predecessor fund’s Class A shares at NAV and includes the12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown for Class A, Class C, Class Y, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com

The Fund’s performance is compared to the performance of the Bloomberg Barclays 5 Year Municipal Bond Index, which is an index of a broad range of investment-grade municipal bonds and the4- to6-year component of the Bloomberg Barclays Municipal Bond Index, itself a measure of the general municipal bond market. The index is unmanaged, and an investment cannot be made into an index. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Distribution yields for Class A shares are based on dividends of $0.007 for the28-day accrual period ended June 25, 2019. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value (NAV) on June 25, 2019; for the yield with charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class C and Y are annualized based on dividends of $0.0053 and $0.0076, respectively, for the28-day accrual period ended June 25, 2019 and on the corresponding net asset values on that date.

Standardized yield is based on anSEC-standardized formula designed to approximate the Fund’s annualized hypothetical current income from securities less expenses for the30-day period ended June 30, 2019 and that date’s maximum offering price (for Class A shares) or net asset value (for all other share classes). Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. The unsubsidized standardized yield is computed under anSEC-standardized formula based on net income earned for the30-day period ended June 30, 2019. The calculation excludes any expense reimbursements and thus may result in a lower yield.

Taxable equivalent yield is based on the standardized yield and the 2019 top combined federal and New York State tax rate of 46.36%. (The top combined rate for New York City residents is 48.80%.). Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. Capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; Invesco does not offer tax advice. Please consult your tax adviser for information regarding your own personal tax situation.

This Report must be preceded or accompanied by a Fund prospectus.

7      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Before investing in any of the Invesco funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting Invesco.com or calling 1.800.AIM.LINE(246-5463). Read prospectuses and summary prospectuses carefully before investing.

Shares of Invesco funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency and involve investment risks, including the possible loss of the principal amount invested.

8      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended June 30, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended June 30, 2019” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such asfront-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

9      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Actual	Beginning Account Value January 1, 2019			Ending Account Value June 30, 2019			Expenses Paid During 6 Months Ended June 30, 20191,2
Class A		$	1,000.00		$	1,051.60		$	4.84
Class C			1,000.00			1,048.00			8.72
Class Y			1,000.00			1,052.80			3.62
Class R6			1,000.00			1,051.60			0.63
Hypothetical     (5% return before expenses)
Class A			1,000.00			1,020.08			4.77
Class C			1,000.00			1,016.31			8.58
Class Y			1,000.00			1,021.27			3.56
Class R6			1,000.00			1,021.77			3.06

1. Actual expenses paid for Class A, C, and Yare equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365(to reflect theone-half year period). Actual expenses paid for Class R6 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 37/365to reflect the period from after the close of business on May 24, 2019 (inception of offering) to June 30, 2019.

2.Hypothetical expenses paid for all classes are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365(to reflect theone-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended June 30, 2019 for Classes A, C, and Yfor the period from after the close of business on May 24, 2019 (inception of offering) to June 30, 2019 for Class R6 are as follows:

Class	Expense Ratios
Class A		0.95	%
Class C		1.71
Class Y		0.71
Class R6		0.61

The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

10      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTSJune 30, 2019 Unaudited

Principal							Effective
Amount			Coupon		Maturity		Maturity*			Value
	Municipal Bonds and Notes—101.4%
New York—84.2%
	$240,000	Albany County, NY Airport Authority1		5.000%		12/15/2030		12/15/2028	A		$        291,552
	300,000	Albany County, NY Airport Authority1		5.000		12/15/2031		12/15/2028	A		361,719
	320,000	Albany County, NY Airport Authority1		5.000		12/15/2032		12/15/2028	A		383,616
	745,000	Albany County, NY Airport Authority1		5.000		12/15/2035		12/15/2028	A		900,601
	780,000	Albany County, NY Airport Authority1		5.000		12/15/2036		12/15/2028	A		940,329
	820,000	Albany County, NY Airport Authority1		5.000		12/15/2037		12/15/2028	A		982,991
	500,000	Albany County, NY Airport Authority1		5.000		12/15/2038		12/15/2028	A		597,765
	25,000	Albany County, NY IDA (Wildwood Programs)1,2		4.900		07/01/2021		07/19/2019	A		25,010
	1,500,000	Albany, NY Capital Resource Corp. (Albany Law School)1		5.000		07/01/2029		07/01/2027	A		1,799,955
	1,520,000	Albany, NY Capital Resource Corp. (Albany Law School)1		5.000		07/01/2031		07/01/2027	A		1,796,777
	475,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.625		07/01/2031		07/01/2021	A		494,589
	400,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2024		05/01/2024			465,204
	300,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2025		05/01/2025			357,363
	300,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2026		05/01/2026			365,583
	200,000	Albany, NY Capital Resource Corp. (St. Peter’s Hospital)1		6.000		11/15/2025		11/15/2020	A		212,800
	655,000	Amherst, NY Devel. Corp. (Daemen College)1		5.000		10/01/2027		10/01/2027			768,335
	690,000	Amherst, NY Devel. Corp. (Daemen College)1		5.000		10/01/2028		10/01/2028			817,215
	730,000	Amherst, NY Devel. Corp. (Daemen College)1		5.000		10/01/2029		10/01/2028	A		860,013
	760,000	Amherst, NY Devel. Corp. (Daemen College)1		5.000		10/01/2030		10/01/2028	A		890,629
	805,000	Amherst, NY Devel. Corp. (Daemen College)1		5.000		10/01/2031		10/01/2028	A		939,089
	695,000	Amsterdam, NY GO		5.750		12/18/2019		12/18/2019			699,969
	500,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)1		5.250		11/01/2027		11/01/2026	A		587,530
	1,000,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)1		5.250		11/01/2028		11/01/2026	A		1,172,150
	1,000,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)1		5.250		11/01/2029		11/01/2026	A		1,169,730

11      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity	Effective Maturity*			Value
New York (Continued)
	$650,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)1		5.250	%	11/01/2030		11/01/2026	A		$        758,075
	650,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)1		5.250		11/01/2031		11/01/2026	A		756,151
	385,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1		5.750		07/15/2019		07/15/2019			385,635
	970,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1		5.750		07/15/2019		07/15/2019			971,426
	1,750,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		4.000		07/15/2029		01/15/2027	A		1,984,920
	1,350,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		5.750		10/01/2026		04/01/2021	A		1,458,823
	150,000	Buffalo & Erie County, NY Industrial Land Devel. (Global Concepts Charter School)1		5.000		10/01/2026		10/01/2026			178,774
	150,000	Buffalo & Erie County, NY Industrial Land Devel. (Global Concepts Charter School)1		5.000		10/01/2027		10/01/2027			181,440
	165,000	Buffalo & Erie County, NY Industrial Land Devel. (Global Concepts Charter School)1		5.000		10/01/2028		10/01/2028			202,633
	175,000	Buffalo & Erie County, NY Industrial Land Devel. (Global Concepts Charter School)1		5.000		10/01/2029		10/01/2028	A		213,565
	200,000	Buffalo & Erie County, NY Industrial Land Devel. (Global Concepts Charter School)1		5.000		10/01/2030		10/01/2028	A		242,438
	200,000	Buffalo & Erie County, NY Industrial Land Devel. (Global Concepts Charter School)1		5.000		10/01/2031		10/01/2028	A		240,712
	60,000	Buffalo, NY Fiscal Stability Authority1		4.500		09/01/2019		07/28/2019	A		60,153
	1,600,000	Build NYC Resource Corp. (Bronx Lighthouse Charter School)1		4.000		06/01/2028		04/17/2024	A		1,689,392
	1,190,000	Build NYC Resource Corp. (Bronx Lighthouse Charter School)1		5.000		06/01/2033		06/01/2025	A		1,323,589
	1,140,000	Build NYC Resource Corp. (Manhattan College)1		5.000		08/01/2030		08/01/2027	A		1,382,581
	1,315,000	Build NYC Resource Corp. (New Dawn Charter Schools)1		5.000		02/01/2033		03/09/2025	A		1,363,405
	125,000	Build NYC Resource Corp. (Pratt Paper)1,2		3.750		01/01/2020		01/01/2020			125,570
	2,000,000	Build NYC Resource Corp. (Royal Charter Properties & Presbyterian Hospital)1		4.750		12/15/2026		12/15/2022	A		2,167,180
	1,395,000	Build NYC Resource Corp. (Wagner College)1		5.000		07/01/2024		07/01/2022	A		1,545,925

12      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal							Effective
Amount			Coupon		Maturity		Maturity*			Value
	New York (Continued)
	$1,705,000	Build NYC Resource Corp. (Wagner College)1		5.000%		07/01/2025		07/01/2022	A		$        1,883,104
	1,650,000	Build NYC Resource Corp. (Wagner College)1		5.000		07/01/2026		07/01/2022	A		1,814,686
	1,705,000	Build NYC Resource Corp. (Wagner College)1		5.000		07/01/2028		07/01/2022	A		1,868,032
	600,000	Build NYC Resource Corp. (YMCA of Greater New York)1		5.000		08/01/2021		08/01/2021			643,536
	500,000	Build NYC Resource Corp. (YMCA of Greater New York)1		5.000		08/01/2022		08/01/2022			553,285
	1,000,000	Build NYC Resource Corp. (YMCA of Greater New York)1		5.000		08/01/2032		08/01/2022	A		1,076,200
	315,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2020		05/01/2020			323,477
	330,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2021		05/01/2021			348,774
	345,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2022		05/01/2022			374,177
	365,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2023		05/01/2023			404,854
	380,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2024		05/01/2024			429,620
	400,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2025		05/01/2025			460,104
	415,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2026		05/01/2026			485,226
	445,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2027		05/01/2026	A		517,668
	465,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2028		05/01/2026	A		539,307
	485,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2029		05/01/2026	A		558,385
	25,000	Clarkstown, NY Central School District1		4.000		04/15/2020		07/28/2019	A		25,053
	20,000	Corning, NY GO1		4.000		12/01/2020		12/01/2019	A		20,234
	15,000	Deerfield, NY GO1		5.500		06/15/2020		12/15/2019	A		15,207
	2,610,000	Dutchess County, NY Local Devel. Corp. (Anderson Center Services)1		6.000		10/01/2030		09/09/2020	A		2,711,216

13      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal							Effective
Amount			Coupon		Maturity		Maturity*			Value
	New York (Continued)
	$8,600,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000%		07/01/2030		07/01/2026	A		$        10,225,228
	60,000	East Syracuse, NY Hsg. Authority (Bennett Manor Associates)1		6.700		04/01/2021		07/28/2019	A		60,215
	600,000	Erie County, NY Public Improvement District1		5.000		04/01/2023		04/01/2022	A		657,588
	525,000	Erie County, NY Public Improvement District1		5.000		04/01/2024		04/01/2022	A		575,242
	500,000	Erie County, NY Public Improvement District1		5.000		04/01/2025		04/01/2022	A		546,995
	700,000	Erie County, NY Public Improvement District1		5.000		04/01/2026		04/01/2022	A		763,812
	29,615,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000		06/01/2031		07/28/2019	A		29,622,700
	215,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)1		5.000		06/01/2020		06/01/2020			220,947
	65,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)1		5.000		06/01/2020		06/01/2020			66,804
	220,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)1		5.000		06/01/2021		06/01/2021			232,179
	145,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)1		5.000		06/01/2022		12/07/2021	B		154,615
	235,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)1		5.000		06/01/2022		06/01/2022			254,395
	250,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)1		5.000		06/01/2023		06/01/2023			276,257
	155,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)1		5.000		06/01/2024		12/07/2023	B		171,004
	255,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)1		5.000		06/01/2024		06/01/2024			287,043
	270,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)1		5.000		06/01/2025		06/01/2025			308,156
	175,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)1		5.000		06/01/2026		12/06/2025	B		196,843
	100,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)1		5.000		06/01/2027		06/01/2027			114,231

14      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal							Effective
Amount			Coupon		Maturity		Maturity*			Value
	New York (Continued)
	$100,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)1		5.000%		06/01/2028		06/01/2027	A		$        113,774
	320,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)1		5.000		06/01/2031		06/01/2027	A		356,675
	255,000	Essex County, NY Capital Resource Corp. (North Country Community College Foundation)1		5.000		06/01/2035		06/01/2027	A		279,363
	160,000	Franklin County, NY Civic Devel. Corp. (North Country Community College Foundation)1		5.000		06/01/2020		06/01/2020			164,440
	170,000	Franklin County, NY Civic Devel. Corp. (North Country Community College Foundation)1		5.000		06/01/2021		06/01/2021			179,411
	180,000	Franklin County, NY Civic Devel. Corp. (North Country Community College Foundation)1		5.000		06/01/2022		06/01/2022			194,803
	185,000	Franklin County, NY Civic Devel. Corp. (North Country Community College Foundation)1		5.000		06/01/2023		06/01/2023			204,431
	195,000	Franklin County, NY Civic Devel. Corp. (North Country Community College Foundation)1		5.000		06/01/2024		06/01/2024			219,599
	205,000	Franklin County, NY Civic Devel. Corp. (North Country Community College Foundation)1		5.000		06/01/2025		06/01/2025			233,971
	780,000	Franklin County, NY Solid Waste Management Authority1		4.000		06/01/2021		06/01/2021			811,606
	810,000	Franklin County, NY Solid Waste Management Authority1		4.000		06/01/2022		06/01/2022			858,073
	845,000	Franklin County, NY Solid Waste Management Authority1		4.000		06/01/2023		06/01/2023			909,795
	875,000	Franklin County, NY Solid Waste Management Authority1		4.000		06/01/2024		06/01/2024			955,141
	270,000	Franklin County, NY Solid Waste Management Authority1		5.000		06/01/2023		06/01/2023			300,829
	285,000	Franklin County, NY Solid Waste Management Authority1		5.000		06/01/2024		06/01/2024			324,367
	835,000	Franklin County, NY Solid Waste Management Authority1		5.000		06/01/2027		06/01/2022	A		899,921
	10,000	Geneseo, NY Central School District1		4.000		05/01/2022		11/01/2019	A		10,090
	500,000	Geneva, NY Devel. Corp. (Hobart & William Smith Colleges)1		5.000		09/01/2025		09/01/2022	A		552,030
	1,570,000	Glen Cove, NY Local Assistance Corp. (Tiegerman School)1		4.750		07/01/2028		01/28/2025	B		1,622,485
	2,705,000	Hempstead, NY Local Devel. Corp. (Evergreen School)1,2		6.150		12/01/2029		12/01/2029			2,719,418

15      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal							Effective
Amount			Coupon		Maturity		Maturity*			Value
	New York (Continued)
	$525,000	Hempstead, NY Local Devel. Corp. (Evergreen School)1,2		6.250%		12/01/2021		12/01/2021			$        526,260
	200,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2029		07/01/2027	A		240,318
	170,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2030		07/01/2027	A		202,487
	150,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2031		07/01/2027	A		176,836
	275,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2032		07/01/2027	A		322,938
	11,000,000	L.I., NY Power Authority1		5.000		09/01/2035		09/01/2028	A		13,561,350
	10,000,000	L.I., NY Power Authority, Series A1		5.000		09/01/2026		09/01/2022	A		11,095,700
	10,000,000	L.I., NY Power Authority, Series B1		5.000		09/01/2027		09/01/2022	A		11,066,900
	14,825,000	L.I., NY Power Authority, Series B1		5.000		09/01/2029		09/01/2022	A		16,374,509
	6,635,000	L.I., NY Power Authority, Series B1		5.000		09/01/2034		09/01/2026	A		7,924,977
	70,000	Livonia, NY GO1		5.000		06/15/2020		07/28/2019	A		70,161
	75,000	Livonia, NY GO1		5.000		06/15/2021		07/28/2019	A		75,165
	80,000	Livonia, NY GO1		5.000		06/15/2022		07/28/2019	A		80,161
	85,000	Livonia, NY GO1		5.000		06/15/2023		07/28/2019	A		85,161
	90,000	Livonia, NY GO1		5.000		06/15/2024		07/28/2019	A		90,165
	75,000	Livonia, NY GO1		5.000		06/15/2025		07/28/2019	A		75,128
	415,000	Lockport City, NY GO1		5.000		10/15/2019		10/15/2019			419,374
	400,000	Monroe County, NY IDA (Rochester General Hospital)1		5.000		12/01/2026		12/01/2022	A		441,776
	345,000	Monroe County, NY IDA (Rochester General Hospital)1		5.000		12/01/2027		12/01/2022	A		380,670
	660,000	Monroe County, NY IDA (Rochester General Hospital)1		5.000		12/01/2028		12/01/2022	A		727,544
	350,000	Monroe County, NY Industrial Devel. Corp. (Highland Hospital of Rochester)1		5.000		07/01/2026		07/01/2025	A		413,745
	600,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		4.000		10/01/2034		10/01/2027	A		645,804
	200,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.000		10/01/2026		10/01/2021	A		216,750
	615,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.000		06/01/2023		06/01/2022	A		674,938
	3,160,000	Nassau County, NY GO1		5.000		04/01/2029		04/01/2026	A		3,805,620
	365,000	Nassau County, NY GO1		5.000		04/01/2031		04/01/2027	A		443,048
	2,100,000	Nassau County, NY GO1		5.000		01/01/2032		01/01/2026	A		2,479,218
	5,850,000	Nassau County, NY GO1		5.000		07/01/2036		07/01/2028	A		7,144,254
	5,450,000	Nassau County, NY GO1		5.000		07/01/2038		07/01/2028	A		6,608,942
	4,775,000	Nassau County, NY GO1		5.000		07/01/2039		07/01/2028	A		5,775,792
	300,000	Nassau County, NY IDA (ACDS)1		5.950		11/01/2022		11/01/2019	A		300,081
	65,000	Nassau County, NY IDA (ACDS)1		6.000		12/01/2019		12/01/2019			64,971

16      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
	New York (Continued)
	$200,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)1		5.950%			11/01/2022		11/01/2019	A		$        200,060
	200,000	Nassau County, NY IDA (Life’s WORCA)1		5.950			11/01/2022		11/01/2019	A		200,054
	500,000	Nassau County, NY IDA (New York Institute of Technology)1		5.000			03/01/2021		03/01/2020	A		512,315
	500,000	Nassau County, NY IDA (PLUS Group Home)1		6.150			11/01/2022		11/01/2019	A		500,280
	55,000	Nassau County, NY IDA (WORCA)1		6.000			12/01/2019		07/28/2019	A		55,063
	660,000	Nassau County, NY Local Economic Assistance Corp. (CHSLI/SCSMC/CHS/SANCSAR/SAR/SJRH/ SJR/VMNRC/CHFTEH/VMHCS/CHHSB Obligated Group)1		5.000			07/01/2032		07/01/2024	A		734,296
	1,830,000	Nassau County, NY Local Economic Assistance Corp. (Hispanic Counseling Center)1		4.700			12/01/2028		01/04/2025	B		1,858,511
	5,690,000	Nassau County, NY Local Economic Assistance Corp. (South Nassau Communities Hospital)1		5.000			07/01/2027		07/01/2022	A		6,198,572
	4,500,000	Nassau County, NY Local Economic Assistance Corp. (Winthrop University Hospital)1		5.000			07/01/2027		07/01/2022	A		4,899,960
	2,000,000	Nassau County, NY Tobacco Settlement Corp. (TASC)1		5.250	3		06/01/2026		06/01/2026			1,964,700
	325,000	New Rochelle, NY Corp. Devel. (Iona College)1		5.000			07/01/2025		07/01/2025			374,985
	1,100,000	New Rochelle, NY Corp. Devel. (Iona College)1		5.000			07/01/2029		07/01/2025	A		1,257,311
	3,805,000	New Rochelle, NY Corp. Local Devel. (70 Nardozzi/City Dept. of Public Works)1		4.200			08/01/2028		11/08/2024	B		3,859,526
	6,000,000	New Rochelle, NY IDA (College of New Rochelle)4		5.250			07/01/2027		04/07/2024	B		2,400,000
	555,000	New Rochelle, NY IDA (College of New Rochelle)4		5.500			07/01/2019		07/01/2019			222,000
	195,000	Newburgh, NY IDA (Bourne & Kenney Redevel. Company)1		5.650			08/01/2020		07/28/2019	A		195,696
	2,535,000	Newburgh, NY IDA (Bourne & Kenney Redevel. Company)1		5.750			02/01/2032		07/28/2019	A		2,544,734
	2,635,000	Niagara County, NY Tobacco Asset Securitization Corp. (TASC)1		4.000			05/15/2029		07/28/2019	A		2,656,633
	750,000	Niagara Falls, NY GO1		5.000			05/15/2028		05/15/2026	A		905,655
	850,000	Niagara Falls, NY GO1		5.000			05/15/2029		05/15/2026	A		1,022,372
	320,000	Niagara, NY Area Devel. Corp. (Niagara University)1		5.000			05/01/2026		05/01/2022	A		349,264
	700,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.000			04/01/2031		04/01/2029	A		853,524

17      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal							Effective
Amount			Coupon		Maturity		Maturity*			Value
	New York (Continued)
	$725,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.000%		04/01/2033		04/01/2029	A		$        877,091
	500,000	North Babylon, NY Volunteer Fire Company1		5.750		08/01/2022		07/28/2019	A		501,095
	3,560,000	NY Counties Tobacco Trust I1		6.500		06/01/2035		07/28/2019	A		3,561,638
	3,295,000	NY Counties Tobacco Trust I1		6.625		06/01/2042		07/28/2019	A		3,296,318
	75,000	NY Counties Tobacco Trust II (TASC)1		5.625		06/01/2035		07/28/2019	A		75,263
	135,000	NY Counties Tobacco Trust II (TASC)1		5.750		06/01/2043		07/28/2019	A		136,937
	985,000	NY Counties Tobacco Trust III (TASC)1		6.000		06/01/2043		07/13/2019	A		986,487
	3,395,000	NY Counties Tobacco Trust IV (TASC)1		4.750		06/01/2026		07/13/2019	A		3,396,324
	545,000	NY Counties Tobacco Trust VI1		5.625		06/01/2035		02/27/2024	B		587,526
	2,095,000	NY Counties Tobacco Trust VI1		5.750		06/01/2043		12/18/2032	B		2,407,658
	9,940,000	NY Counties Tobacco Trust VI1		6.000		06/01/2043		06/25/2027	B		10,918,295
	40,000	NY Counties Tobacco Trust VI1		6.250		06/01/2025		09/18/2020	B		40,695
	830,000	NY Counties Tobacco Trust VI1		6.450		06/01/2040		07/26/2032	B		947,204
	8,040,000	NY Counties Tobacco Trust VI1		6.750		06/01/2035		08/24/2026	B		8,685,853
	10,000,000	NY MTA1		5.000		11/15/2036		11/15/2026	A		11,950,500
	1,875,000	NY MTA (Green Bond)1		5.000		11/15/2034		11/15/2027	A		2,300,662
	4,300,000	NY MTA Hudson Rail Yards1,2		5.000		11/15/2046		11/15/2019	A		4,351,557
	9,985,000	NY MTA, Series C1		5.000		11/15/2028		11/15/2022	A		11,051,298
	4,015,000	NY MTA, Series C1		5.000		11/15/2028		11/15/2022	A		4,530,084
	7,135,000	NY MTA, Series C1		5.000		11/15/2029		11/15/2022	A		7,891,096
	2,865,000	NY MTA, Series C1		5.000		11/15/2029		11/15/2022	A		3,232,551
	1,435,000	NY MTA, Series C1		5.000		11/15/2030		11/15/2022	A		1,619,096
	3,565,000	NY MTA, Series C1		5.000		11/15/2030		11/15/2022	A		3,943,104
	4,000,000	NY MTA, Series D1		5.000		11/01/2025		11/01/2022	A		4,443,720
	23,000,000	NY MTA, Series D1		5.000		11/15/2027		11/15/2019	A		23,300,150
	20,000,000	NY MTA, Series D1		5.000		11/15/2029		11/15/2022	A		22,112,400
	5,000,000	NY MTA, Series D1		5.000		11/15/2031		11/15/2021	A		5,453,550
	11,800,000	NY MTA, SeriesD-11		5.000		11/01/2026		11/01/2022	A		13,118,650
	5,075,000	NY MTA, SeriesD-11		5.000		11/01/2028		11/01/2022	A		5,609,702
	11,110,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2036		05/15/2027	A		13,421,102
	10,950,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2036		11/15/2028	A		13,589,279
	5,000,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2038		11/15/2028	A		6,157,850
	5,000,000	NY TSASC, Inc. (TFABs)1		5.000		06/01/2030		06/01/2027	A		5,858,750
	5,000,000	NY TSASC, Inc. (TFABs)1		5.000		06/01/2031		06/01/2027	A		5,822,350
	5,000,000	NY TSASC, Inc. (TFABs)1		5.000		06/01/2032		06/01/2027	A		5,798,950
	5,000,000	NY TSASC, Inc. (TFABs)1		5.000		06/01/2033		06/01/2027	A		5,783,300
	3,130,000	NY TSASC, Inc. (TFABs)1		5.000		06/01/2045		10/22/2036	B		3,030,059
	55,000	NY Valley Health Devel. Corp.1		6.750		05/20/2022		07/28/2019	A		55,246
	15,000	NYC GO1		4.250		03/15/2028		07/28/2019	A		15,028

18      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal							Effective
Amount			Coupon		Maturity		Maturity*			Value
	New York (Continued)
	$5,000	NYC GO1		5.000%		06/01/2023		07/28/2019	A		$                5,014
	5,000,000	NYC GO1		5.000		08/01/2023		08/01/2019	A		5,015,000
	18,760,000	NYC GO5		5.000		08/01/2026		02/01/2023	A		21,125,167
	22,970,000	NYC GO5		5.000		08/01/2026		02/01/2023	A		25,865,943
	26,090,000	NYC GO5		5.000		08/01/2027		02/01/2023	A		29,359,338
	28,685,000	NYC GO5		5.000		08/01/2027		02/01/2023	A		32,279,427
	5,000,000	NYC GO1		5.000		08/01/2028		08/01/2019	A		5,014,950
	2,000,000	NYC GO1		5.000		08/01/2029		08/01/2022	A		2,209,240
	5,000	NYC GO1		5.125		08/01/2022		07/28/2019	A		5,014
	5,000	NYC GO1		5.500		02/15/2026		07/28/2019	A		5,016
	10,000	NYC GO1		5.500		02/15/2026		07/28/2019	A		10,032
	5,000	NYC GO1		5.500		06/01/2028		07/28/2019	A		5,016
	10,000	NYC GO1		5.500		11/15/2037		07/28/2019	A		10,032
	55,000	NYC GO1		5.875		08/01/2019		08/01/2019			55,192
	5,000	NYC GO1		6.000		02/15/2024		07/28/2019	A		5,019
	45,000	NYC GO1		7.750		08/15/2027		08/15/2019	A		45,349
	1,850,000	NYC HDC (Multifamily Hsg.)1		4.750		11/01/2030		05/01/2020	A		1,896,287
	4,725,000	NYC HDC (Multifamily Hsg.)1		4.750		11/01/2030		05/01/2020	A		4,843,597
	35,000	NYC HDC (Multifamily Hsg.), Series E1		6.250		05/01/2036		07/28/2019	A		35,092
	37,400,000	NYC Health & Hospital Corp. (Health System)1		5.000		02/15/2030		02/15/2020	A		38,189,514
	100,000	NYC Health & Hospital Corp. (Health System)1		5.500		02/15/2021		07/28/2019	A		100,316
	30,000	NYC IDA (Queens Baseball Stadium)1		5.000		01/01/2031		07/28/2019	A		30,075
	200,000	NYC IDA (Queens Baseball Stadium)1		6.125		01/01/2029		07/28/2019	A		200,726
	4,085,000	NYC IDA (Queens Baseball Stadium)1		6.500		01/01/2046		07/28/2019	A		4,100,196
	990,000	NYC IDA (Rosco, Inc.)1		5.625		06/01/2022		07/28/2019	A		990,228
	500,000	NYC IDA (TIP/AeFM/AeH/AeHC/ AeJFK/AeKC Obligated Group)1		5.000		07/01/2020		07/01/2020			516,550
	250,000	NYC IDA (TIP/AeFM/AeH/AeHC/ AeJFK/AeKC Obligated Group)1		5.000		07/01/2021		07/01/2021			266,460
	3,000,000	NYC IDA (Yankee Stadium)1,6		2.786		03/01/2020		03/01/2020			3,015,810
	8,655,000	NYC IDA (Yankee Stadium)1,6		2.836		03/01/2022		03/01/2022			8,808,540
	6,550,000	NYC IDA (Yankee Stadium)1,6		2.846		03/01/2023		03/01/2023			6,742,111
	195,000	NYC IDA (Yankee Stadium)1,6		2.856		03/01/2024		03/01/2024			201,607
	200,000	NYC IDA (Yankee Stadium)1,6		2.866		03/01/2025		03/01/2025			205,518
	985,000	NYC IDA (Yankee Stadium)1,6		2.876		03/01/2026		03/01/2026			1,012,708
	1,000,000	NYC IDA (Yankee Stadium)1,6		2.886		03/01/2027		03/01/2027			1,028,210
	15,000	NYC IDA (Yankee Stadium)1		5.000		03/01/2031		07/28/2019	A		15,113
	20,420,000	NYC IDA (Yankee Stadium)1		7.000		03/01/2049		07/28/2019	A		20,519,854
	10,755,000	NYC Municipal Water Finance Authority1		5.000		06/15/2029		06/15/2021	A		11,510,001
	10,000,000	NYC Municipal Water Finance Authority1		5.000		06/15/2030		06/15/2020	A		10,342,400

19      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal							Effective
Amount			Coupon		Maturity		Maturity*			Value
	New York (Continued)
	$25,000,000	NYC Municipal Water Finance Authority1		5.000%		06/15/2031		06/15/2021	A		$        26,731,000
	15,000,000	NYC Municipal Water Finance Authority1		5.000		06/15/2038		06/15/2027	A		17,962,800
	4,000,000	NYC Municipal Water Finance Authority1		5.000		06/15/2040		12/15/2027	A		4,805,760
	1,880,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2027		07/15/2022	A		2,091,256
	9,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2028		07/15/2022	A		10,005,660
	10,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2029		07/15/2022	A		11,111,100
	11,325,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2030		07/15/2022	A		12,537,341
	15,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2036		07/15/2028	A		18,383,550
	2,450,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2037		07/15/2028	A		2,989,588
	1,650,000	NYC Transitional Finance Authority (Future Tax)1		5.000		11/01/2027		11/01/2021	A		1,789,689
	50,000	NYC Transitional Finance Authority (Future Tax)1		5.000		05/01/2036		07/28/2019	A		50,130
	3,905,000	NYC Transitional Finance Authority (Future Tax)1		5.000		02/01/2037		02/01/2026	A		4,595,912
	3,085,000	NYC Transitional Finance Authority (Future Tax)1		5.000		05/01/2037		05/01/2026	A		3,647,457
	1,655,000	NYC Transitional Finance Authority (Future Tax)1		5.000		08/01/2037		08/01/2028	A		2,019,348
	7,980,000	NYC Transitional Finance Authority (Future Tax)1		5.000		02/01/2038		02/01/2027	A		9,466,275
	5,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000		05/01/2038		05/01/2028	A		6,061,300
	10,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000		08/01/2038		08/01/2028	A		12,168,700
	17,600,000	NYC Transitional Finance Authority (Future Tax)1		5.000		08/01/2040		08/01/2028	A		21,312,544
	3,215,000	NYC Transitional Finance Authority (Future Tax)1		5.250		11/01/2027		07/28/2019	A		3,224,741
	3,090,000	NYC Trust for Cultural Resources (Carnegie Hall/Carnegie Hall Society Obligated Group)1		5.000		12/01/2039		12/01/2019	A		3,133,105
	1,825,000	NYS DA (ALIA-PSCH)1		4.800		12/01/2023		12/15/2021	B		1,861,080
	5,000	NYS DA (Barnard College)1		5.000		07/01/2023		07/28/2019	A		5,015
	1,255,000	NYS DA (Brooklyn Law School)1		5.000		07/01/2025		07/01/2022	A		1,394,594
	500,000	NYS DA (Culinary Institute of America)1		5.000		07/01/2028		07/01/2022	A		547,195
	260,000	NYS DA (Health Center/BFCC/ USBFCC Obligated Group)1		5.000		11/15/2019		07/28/2019	A		260,783

20      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal							Effective
Amount			Coupon		Maturity		Maturity*			Value
	New York (Continued)
	$150,000	NYS DA (Icahn School of Medicine at Mount Sinai)1		5.000%		07/01/2022		07/01/2020	A		$            155,466
	1,110,000	NYS DA (Iona College)1		5.000		07/01/2022		07/01/2022			1,203,129
	1,000,000	NYS DA (Iona College)1		5.000		07/01/2023		07/01/2022	A		1,081,170
	1,000,000	NYS DA (Iona College)1		5.000		07/01/2024		07/01/2022	A		1,080,360
	1,000,000	NYS DA (Iona College)1		5.000		07/01/2025		07/01/2022	A		1,079,440
	1,000,000	NYS DA (Iona College)1		5.000		07/01/2026		07/01/2022	A		1,078,850
	1,000,000	NYS DA (Iona College)1		5.000		07/01/2027		07/01/2022	A		1,077,960
	1,550,000	NYS DA (Jawonio/United Cerebral Palsy Assoc. of NYC Obligated Group)1		4.625		12/01/2027		05/20/2024	B		1,554,355
	25,000	NYS DA (Jawonio/United Cerebral Palsy Assoc. of NYC Obligated Group)1,2		5.125		07/01/2021		07/21/2019	A		25,009
	1,000,000	NYS DA (Montefiore Medical Center)1		5.000		08/01/2027		08/01/2027			1,224,670
	1,000,000	NYS DA (Montefiore Medical Center)1		5.000		08/01/2028		08/01/2028			1,242,320
	1,000,000	NYS DA (Montefiore Medical Center)1		5.000		08/01/2029		08/01/2028	A		1,234,790
	8,475,000	NYS DA (North General Hospital)1		5.000		02/15/2025		07/28/2019	A		8,500,764
	3,750,000	NYS DA (North General Hospital)1		5.750		02/15/2020		07/28/2019	A		3,750,000
	4,250,000	NYS DA (NYU)1		5.000		07/01/2040		07/01/2028	A		5,155,207
	2,000,000	NYS DA (Orange Regional Medical Center)1		4.000		12/01/2020		12/01/2020			2,056,820
	1,000,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2022		12/01/2022			1,098,510
	2,800,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2023		12/01/2023			3,149,552
	1,300,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2025		12/01/2025			1,525,004
	1,500,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2026		12/01/2026			1,790,490
	1,300,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2027		06/01/2027	A		1,558,414
	10,000	NYS DA (Ozanam Hall of Queens Nursing Home)1		5.000		11/01/2021		07/28/2019	A		10,021
	17,000,000	NYS DA (Personal Income Tax)1		5.000		12/15/2029		12/15/2022	A		18,994,100
	2,650,000	NYS DA (Rockefeller University)1		5.000		07/01/2040		07/28/2019	A		2,657,287
	14,000,000	NYS DA (Sales Tax)1		5.000		03/15/2034		03/15/2028	A		17,323,320
	2,000,000	NYS DA (Sales Tax)1		5.000		03/15/2036		03/15/2028	A		2,449,200
	8,000,000	NYS DA (Sales Tax)1		5.000		03/15/2037		03/15/2028	A		9,756,400
	8,000,000	NYS DA (Sales Tax)1		5.000		03/15/2037		09/15/2028	A		9,847,440
	3,500,000	NYS DA (Sales Tax)1		5.000		03/15/2038		03/15/2028	A		4,253,060
	10,000,000	NYS DA (Sales Tax)1		5.000		03/15/2039		09/15/2028	A		12,221,500
	5,000,000	NYS DA (Sales Tax)1		5.000		03/15/2040		09/15/2028	A		6,067,850
	4,000,000	NYS DA (School District Bond Financing Program), Series A1		5.000		08/01/2033		08/01/2028	A		4,822,480

21      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$1,345,000	NYS DA (School District Bond Financing Program), Series B1		5.000%		10/01/2033		10/01/2027	A		$        1,662,057
	1,025,000	NYS DA (School District Bond Financing Program), Series C1		5.000		10/01/2026		10/01/2022	A		1,137,606
	400,000	NYS DA (School District Bond Financing Program), Series F1		5.000		10/01/2027		10/01/2022	A		443,060
	200,000	NYS DA (School District Bond Financing Program), Series F1		5.000		10/01/2028		10/01/2022	A		221,464
	1,690,000	NYS DA (School District Bond Financing Program), Series H1		5.000		10/01/2026		10/01/2022	A		1,879,888
	500,000	NYS DA (School District Bond Financing Program), Series H1		5.000		10/01/2027		10/01/2022	A		555,675
	400,000	NYS DA (School District Bond Financing Program), Series H1		5.000		10/01/2028		10/01/2022	A		443,600
	500,000	NYS DA (School District Bond Financing Program), Series H1		5.000		10/01/2029		10/01/2022	A		553,490
	1,675,000	NYS DA (School District Financing)1		5.000		10/01/2025		10/01/2022	A		1,858,697
	2,740,000	NYS DA (School District Financing)1		5.000		10/01/2026		10/01/2023	A		3,150,918
	1,665,000	NYS DA (School District Financing)1		5.000		10/01/2026		10/01/2023	A		1,907,640
	3,190,000	NYS DA (School District Financing)1		5.000		10/01/2026		10/01/2023	A		3,668,404
	2,485,000	NYS DA (School District Financing)1		5.000		10/01/2027		10/01/2023	A		2,858,794
	1,885,000	NYS DA (School District Financing)1		5.000		10/01/2027		10/01/2023	A		2,159,136
	2,460,000	NYS DA (Special Surgery Hospital)1		6.250		08/15/2034		08/15/2019	A		2,474,588
	815,000	NYS DA (St. John’s University)1		5.000		07/01/2027		07/01/2022	A		905,652
	180,000	NYS DA (St. John’s University)1		5.000		07/01/2028		07/01/2022	A		200,021
	3,275,000	NYS DA (St. John’s University)1		5.000		07/01/2030		07/01/2022	A		3,644,387
	3,565,000	NYS DA (St. John’s University)1		5.000		07/01/2030		07/01/2022	A		3,917,971
	10,000	NYS DA (St. John’s University)1		5.000		07/01/2030		07/01/2022	A		11,112
	4,660,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2028		02/15/2022	A		5,083,268
	1,135,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2028		02/15/2022	A		1,245,572
	10,000,000	NYS DA (State Personal Income Tax Authority)1		5.000		03/15/2028		03/15/2022	A		10,936,300
	10,000,000	NYS DA (State Personal Income Tax Authority)1		5.000		03/15/2042		03/15/2029	A		12,175,900
	3,060,000	NYS DA (State University of New York)1		5.000		07/01/2036		07/01/2028	A		3,750,948
	1,850,000	NYS DA (State University of New York)1		5.000		07/01/2038		07/01/2028	A		2,246,733
	6,730,000	NYS DA (The New School)1		5.000		07/01/2023		04/07/2021	A		7,172,901
	1,000,000	NYS DA (The New School)1		5.000		07/01/2029		01/01/2027	A		1,214,620

22      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$1,500,000	NYS DA (The New School)1		5.000%		07/01/2030		01/01/2027	A		$        1,809,135
	5,000	NYS DA (UCPHCA/Jawonio/FRC/ CPW/UCPANYS/UCP Obligated Group)1,2		4.250		07/01/2020		07/29/2019	A		5,012
	4,555,000	NYS DA (United Cerebral Palsy Assoc. of NYS)1		4.875		09/01/2027		01/21/2024	B		4,617,403
	2,025,000	NYS DA (United Cerebral Palsy Assoc. of Putnam & Southern Dutchess Counties)1		4.625		10/01/2027		08/08/2024	B		2,058,716
	245,000	NYS DA (Yeshiva University)1		5.000		09/01/2027		09/01/2019	A		246,494
	40,000	NYS DA (Yeshiva University)1		5.000		09/01/2027		09/01/2019	A		40,244
	1,130,000	NYS DA (Yeshiva University)1		5.000		09/01/2027		09/01/2019	A		1,134,836
	15,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		4.500		06/15/2030		07/28/2019	A		15,034
	10,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		4.875		06/15/2020		07/28/2019	A		10,026
	2,755,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000		06/15/2038		06/15/2028	A		3,391,047
	12,375,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000		06/15/2042		06/15/2027	A		14,890,590
	320,000	NYS HFA (Division Street)1		5.000		02/15/2026		07/28/2019	A		320,669
	520,000	NYS HFA (Golden Age Apartments)1		5.000		02/15/2037		07/28/2019	A		520,744
	2,385,000	NYS HFA (Horizons at Wawayanda)1		5.350		06/01/2025		12/01/2019	A		2,427,501
	10,000	NYS HFA (Loewn Devel. of Wappingers Falls)1		5.250		08/15/2019		07/28/2019	A		10,029
	160,000	NYS HFA (Multifamily Hsg.)1		5.300		08/15/2022		07/28/2019	A		160,394
	1,340,000	NYS HFA (Multifamily Hsg.)1		5.300		08/15/2024		07/28/2019	A		1,343,270
	300,000	NYS HFA (Multifamily Hsg.)1		5.350		08/15/2031		07/28/2019	A		300,819
	940,000	NYS HFA (Multifamily Hsg.)1		5.600		02/15/2026		07/28/2019	A		942,275
	1,415,000	NYS HFA (Multifamily Hsg.)1		5.600		08/15/2033		07/28/2019	A		1,417,802
	1,175,000	NYS HFA (Senior Devel. Hsg.)1		5.100		11/15/2023		07/28/2019	A		1,177,820
	5,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.000		11/15/2031		11/15/2021	A		5,406,500
	10,000,000	NYS Thruway Authority1		5.000		01/01/2027		01/01/2022	A		10,874,300
	15,000,000	NYS Thruway Authority1		5.000		01/01/2029		01/01/2022	A		16,288,500
	20,500,000	NYS Thruway Authority1		5.000		01/01/2030		01/01/2022	A		22,242,500
	3,995,000	NYS Thruway Authority1		5.000		01/01/2035		01/01/2028	A		4,905,700
	3,370,000	NYS Transportation Devel. Corp. (Delta Air Lines/LaGuardia Airport Terminals)1		5.000		01/01/2034		01/01/2028	A		3,988,294
	4,000,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		4.000		07/01/2033		07/01/2024	A		4,232,960
	1,000,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.000		07/01/2030		07/01/2024	A		1,125,590

23      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
	New York (Continued)
	$4,250,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.000%		07/01/2034		07/01/2024	A		$        4,736,073
	50,000	Oneida County, NY IDA (Hamilton College)1		5.000		09/15/2024		07/28/2019	A		50,142
	780,000	Onondaga County, NY Res Rec1		5.000		05/01/2029		05/01/2027	A		947,544
	275,000	Onondaga County, NY Res Rec1		5.000		05/01/2030		05/01/2027	A		331,892
	350,000	Onondaga County, NY Res Rec1		5.000		05/01/2031		05/01/2027	A		419,776
	455,000	Onondaga County, NY Res Rec1		5.000		05/01/2032		05/01/2027	A		543,411
	475,000	Onondaga County, NY Res Rec1		5.000		05/01/2033		05/01/2027	A		565,359
	500,000	Onondaga County, NY Res Rec1		5.000		05/01/2034		05/01/2027	A		592,705
	600,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000		05/01/2028		05/01/2027	A		728,160
	450,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000		05/01/2029		05/01/2027	A		543,762
	835,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000		05/01/2030		05/01/2027	A		1,004,405
	600,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000		05/01/2032		05/01/2027	A		714,216
	465,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.000		07/01/2022		07/01/2022			510,268
	490,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.000		07/01/2023		07/01/2022	A		537,398
	515,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.000		07/01/2024		07/01/2022	A		563,601
	540,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.000		07/01/2025		07/01/2022	A		589,793
	115,000	Onondaga, NY Civic Devel. Corp. (Onondaga Community College Hsg. Devel. Corp.)1		5.000		10/01/2025		10/01/2025			134,248
	1,000,000	Onondaga, NY Civic Devel. Corp. (Upstate Properties)1		5.500		12/01/2031		12/01/2021	A		1,092,560
	460,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000		07/01/2019		07/01/2019			460,000
	690,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000		07/01/2019		07/01/2019			690,000
	485,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000		07/01/2020		07/01/2020			500,321
	730,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000		07/01/2020		07/01/2020			753,134
	765,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000		07/01/2021		07/01/2021			811,642
	505,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000		07/01/2021		07/01/2021			535,891

24      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal							Effective
Amount			Coupon		Maturity		Maturity*			Value
	New York (Continued)
	$530,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000%		07/01/2022		07/01/2022			$        577,371
	805,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000		07/01/2022		07/01/2022			876,951
	1,205,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital)1		5.375		12/01/2021		07/28/2019	A		1,208,772
	650,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000		10/01/2022		10/01/2022			683,118
	700,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000		10/01/2023		10/01/2023			743,911
	660,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000		10/01/2024		10/01/2024			707,045
	31,235,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750		12/01/2022		03/04/2020	A		32,374,453
	46,510,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750		12/01/2025		07/28/2019	A		48,277,845
	39,900,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500		12/01/2028		07/28/2019	A		41,651,211
	2,600,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500		12/01/2028		07/28/2019	A		2,634,840
	6,605,000	Port Authority NY/NJ (KIAC)1		6.750		10/01/2019		10/01/2019			6,745,290
	15,000	Port Authority NY/NJ, 154th Series1		4.250		09/01/2023		07/28/2019	A		15,031
	7,005,000	Port Authority NY/NJ, 172nd Series1		5.000		10/01/2025		04/01/2022	A		7,663,400
	10,000,000	Port Authority NY/NJ, 172nd Series1		5.000		10/01/2028		04/01/2022	A		10,917,500
	13,075,000	Port Authority NY/NJ, 172nd Series1		5.000		10/01/2030		04/01/2022	A		14,219,063
	12,500,000	Port Authority NY/NJ, 185th Series1		5.000		09/01/2026		09/01/2024	A		14,629,125
	3,775,000	Port Authority NY/NJ, 186th Series1		5.000		10/15/2031		10/15/2024	A		4,352,537
	12,235,000	Port Authority NY/NJ, 202nd Series1		5.000		04/15/2037		04/15/2027	A		14,475,351
	5,000,000	Port Authority NY/NJ, 206th Series1		5.000		11/15/2042		11/15/2027	A		5,911,950
	3,385,000	Port Authority NY/NJ, 207th Series1		5.000		09/15/2030		03/15/2028	A		4,192,086
	1,555,000	Port Authority NY/NJ, 207th Series1		5.000		09/15/2032		03/15/2028	A		1,903,242
	600,000	Poughkeepsie City, NY GO1		5.000		06/01/2031		06/01/2026	A		670,062
	225,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1		5.900		08/01/2020		07/28/2019	A		225,736
	295,000	Ramapo, NY Local Devel. Corp.1		5.000		03/15/2028		03/15/2023	A		314,573

25      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal							Effective
Amount			Coupon		Maturity		Maturity*			Value
	New York (Continued)
	$10,000	Rensselaer County, NY IDA (Franciscan Heights)1		4.500%		12/01/2019		07/28/2019	A		$10,019
	1,200,000	Rensselaer County, NY IDA (Franciscan Heights)1		5.375		12/01/2025		07/28/2019	A		1,202,892
	15,000	Rochester, NY GO1		4.000		10/01/2020		07/28/2019	A		15,032
	10,000	Rochester, NY GO1		4.250		10/01/2025		07/28/2019	A		10,021
	575,000	Rockland County, NY GO1		5.000		12/15/2019		12/15/2019			584,097
	575,000	Rockland County, NY GO1		5.000		12/15/2020		12/15/2020			606,545
	600,000	Rockland County, NY GO1		5.000		12/15/2022		12/15/2022			675,774
	115,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.625		08/15/2035		07/28/2019	A		117,935
	195,000	Saratoga County, NY Capital Resource Corp. (Skidmore College)1		5.000		07/01/2024		07/01/2024			228,210
	5,000,000	SONYMA, Series 142		2.0207		10/01/2037		07/01/2019	A		5,000,000
	385,000	Spring Valley, NY (Quality Redevel.)1		5.000		06/15/2021		07/28/2019	A		386,136
	405,000	Spring Valley, NY (Quality Redevel.)1		5.000		06/15/2022		07/28/2019	A		406,183
	300,000	Spring Valley, NY GO1		5.000		05/01/2020		07/28/2019	A		300,885
	310,000	Spring Valley, NY GO1		5.000		05/01/2021		07/28/2019	A		310,915
	325,000	Spring Valley, NY GO1		5.000		05/01/2022		07/28/2019	A		325,891
	335,000	Spring Valley, NY GO1		5.000		05/01/2023		07/28/2019	A		335,891
	350,000	Spring Valley, NY GO1		5.000		05/01/2024		07/28/2019	A		350,907
	365,000	Spring Valley, NY GO1		5.000		05/01/2025		07/28/2019	A		365,945
	1,050,000	St. Lawrence County, NY IDA (Clarkson University)1		5.250		09/01/2033		03/01/2022	A		1,133,990
	300,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2024		01/01/2023	A		334,098
	920,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2025		01/01/2023	A		1,024,567
	300,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2028		07/01/2026	A		360,807
	785,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2030		07/01/2026	A		937,863
	450,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2031		07/01/2026	A		534,632
	375,000	Suffern, NY GO1		5.000		03/15/2021		03/15/2021			393,641
	395,000	Suffern, NY GO1		5.000		03/15/2022		03/15/2021	A		414,774
	310,000	Suffern, NY GO1		5.000		03/15/2023		03/15/2021	A		324,905
	475,000	Suffern, NY GO1		5.000		03/15/2026		03/15/2021	A		496,665
	400,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)1		6.750		06/01/2027		02/11/2022	A		410,068
	200,000	Suffolk County, NY IDA (ALIA-IGHL)1		5.950		11/01/2022		11/01/2019	A		200,144
	300,000	Suffolk County, NY IDA(ALIA-NYS ARC)1		5.950		11/01/2022		11/01/2019	A		301,140

26      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal							Effective
Amount			Coupon		Maturity		Maturity*			Value
	New York (Continued)
	$300,000	Suffolk County, NY IDA (ALIA-WORCA)1		5.950%		11/01/2022		11/01/2019	A		$        301,257
	200,000	Suffolk County, NY IDA (DDI)1		6.000		10/01/2020		07/28/2019	A		200,088
	205,000	Suffolk County, NY IDA (DDI)1		6.000		10/01/2020		07/28/2019	A		205,037
	2,330,000	Suffolk County, NY IDA (Dowling College)4,8		6.700		12/01/2020		12/01/2020			23
	200,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000		10/01/2020		07/28/2019	A		200,024
	895,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)1		5.500		01/01/2023		07/28/2019	A		895,546
	165,000	Suffolk County, NY IDA (Suffolk Hotels)1		6.000		10/01/2020		07/28/2019	A		165,053
	100,000	Suffolk County, NY IDA (WORCA)1		6.000		10/01/2020		07/28/2019	A		100,130
	1,145,000	Suffolk, NY Tobacco Asset Securitization Corp.1		5.000		06/01/2021		06/01/2021			1,201,002
	15,085,000	Sullivan County, NY Infrastructure (Adelaar)1		4.850		11/01/2031		11/24/2026	B		14,850,277
	5,110,000	Sullivan County, NY Infrastructure (Adelaar)1		4.850		11/01/2031		11/23/2026	B		5,030,488
	1,395,000	Sullivan County, NY Infrastructure (Adelaar)1		4.850		11/01/2031		11/18/2026	B		1,373,294
	2,115,000	Sullivan County, NY Infrastructure (Adelaar)1		4.850		11/01/2031		11/20/2026	B		2,082,091
	2,165,000	Sullivan County, NY Infrastructure (Adelaar)1		4.850		11/01/2031		11/23/2026	B		2,131,313
	2,205,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2028		01/01/2026	A		2,439,480
	6,000,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2030		01/01/2026	A		6,629,400
	8,825,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2031		01/01/2026	A		9,703,176
	3,800,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2033		01/01/2026	A		4,161,038
	1,000,000	Troy, NY IDA (Rensselaer Polytechnic Institute)1		5.000		09/01/2031		09/01/2021	A		1,065,520
	20,000	Tuckahoe, NY Union Free School District1		4.250		09/01/2026		07/28/2019	A		20,047
	75,000	West Hempstead, NY Union Free School District1		4.600		03/01/2026		07/28/2019	A		75,218
	10,000	Westhampton Beach, NY Union Free School District1		4.625		03/01/2027		07/28/2019	A		10,025
	50,000	White Plains, NY HDC (Battle Hill)1		6.650		02/01/2025		07/12/2022	B		54,283
	2,000,000	Yonkers, NY GO1		5.000		10/01/2023		10/01/2021	A		2,172,160
	1,000,000	Yonkers, NY GO1		5.000		10/01/2024		10/01/2021	A		1,086,080

27      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal								Effective
Amount			Coupon			Maturity		Maturity*			Value
	New York (Continued)
	$1,455,000	Yonkers, NY IDA (Monastery Manor Associates)1		5.000	%		04/01/2025		07/28/2019	A	$	1,459,016
												1,490,133,725
	Other Territory—0.0%
	334,922	Public Hsg. Capital Fund Multi-State Revenue Trust I1		4.500			07/01/2022		01/28/2021	B		338,278
	U.S. Possessions—17.2%
	1,605,000	Guam Education Financing Foundation COP1		5.000			10/01/2019		10/01/2019			1,615,545
	1,435,000	Guam Government Business Privilege1		5.000			01/01/2027		01/01/2022	A		1,519,392
	3,255,000	Guam Government Business Privilege1		5.000			01/01/2028		01/01/2022	A		3,441,219
	1,000,000	Guam Government Limited Obligation1		5.500			12/01/2019		12/01/2019			1,017,640
	12,155,000	Guam International Airport Authority1		6.000			10/01/2023		07/28/2019	A		12,193,774
	900,000	Guam Power Authority, Series A1		5.000			10/01/2019		10/01/2019			907,533
	1,350,000	Guam Power Authority, Series A1		5.000			10/01/2020		10/01/2020			1,406,767
	1,350,000	Guam Power Authority, Series A1		5.000			10/01/2021		10/01/2021			1,450,615
	3,185,000	Guam Power Authority, Series A1		5.000			10/01/2025		10/01/2022	A		3,522,578
	2,690,000	Guam Power Authority, Series A1		5.000			10/01/2026		10/01/2022	A		2,971,993
	4,000,000	Guam Power Authority, Series A1		5.000			10/01/2030		10/01/2022	A		4,392,000
	11,250,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2024		07/01/2022	A		11,460,937
	33,970,000	Puerto Rico Children’s Trust Fund (TASC)1		5.375			05/15/2033		07/28/2019	A		34,479,890
	38,385,000	Puerto Rico Children’s Trust Fund (TASC)1		5.500			05/15/2039		07/28/2019	A		39,057,505
	4,400,000	Puerto Rico Commonwealth GO, AGC6		3.522			07/01/2019		07/01/2019			4,400,000
	6,155,000	Puerto Rico Commonwealth GO, AGC6		3.542			07/01/2020		07/01/2020			6,149,214
	400,000	Puerto Rico Commonwealth GO, FGIC6,9		3.542			07/01/2021		07/01/2021			342,000
	165,000	Puerto Rico Commonwealth GO4		5.000			07/01/2024		07/01/2024			122,925
	25,000	Puerto Rico Commonwealth GO4		5.000			07/01/2028		07/01/2026	B		18,625
	500,000	Puerto Rico Commonwealth GO, AGC1		5.250			07/01/2020		07/28/2019	A		506,265
	2,715,000	Puerto Rico Commonwealth GO4		5.250			07/01/2022		07/01/2022			2,022,675
	15,000	Puerto Rico Commonwealth GO4		5.250			07/01/2029		07/01/2029			11,175
	1,400,000	Puerto Rico Commonwealth GO4		5.375			07/01/2030		07/01/2030			1,004,500
	1,950,000	Puerto Rico Commonwealth GO, NPFGC1		5.500			07/01/2019		07/01/2019			1,950,000
	440,000	Puerto Rico Commonwealth GO, NPFGC		5.500			07/01/2020		07/01/2020			449,508
	13,100,000	Puerto Rico Commonwealth GO4		5.500			07/01/2023		07/01/2023			9,759,500

28      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal								Effective
Amount				Coupon		Maturity		Maturity*			Value
	U.S. Possessions (Continued)
	$240,000		Puerto Rico Commonwealth GO4		5.500%		07/01/2026		07/01/2026			$            141,000
	150,000		Puerto Rico Convention Center Authority, FGIC9		5.000		07/01/2023		07/01/2023			125,520
	2,001,657		Puerto Rico Electric Power Authority, SeriesA-4		10.000		07/01/2020		07/01/2020			1,771,466
	6,490,000		Puerto Rico Electric Power Authority, Series AAA		5.250		07/01/2024		07/01/2024			5,110,895
	2,001,656		Puerto Rico Electric Power Authority, SeriesB-4		10.000		07/01/2020		07/01/2020			1,771,466
	100,000		Puerto Rico Electric Power Authority, Series DDD		5.000		07/01/2022		07/01/2022			78,500
	1,501,242		Puerto Rico Electric Power Authority, SeriesE-1		10.000		01/01/2021		01/01/2021			1,328,599
	1,501,243		Puerto Rico Electric Power Authority, SeriesE-2		10.000		07/01/2021		07/01/2021			1,328,600
	500,414		Puerto Rico Electric Power Authority, SeriesE-2		10.000		01/01/2022		01/01/2022			442,866
	500,414		Puerto Rico Electric Power Authority, SeriesE-4		10.000		07/01/2022		07/01/2022			442,866
	500,000		Puerto Rico Electric Power Authority, Series PP, NPFGC		5.000		07/01/2024		07/28/2019	A		505,360
	285,000		Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000		07/01/2021		07/28/2019	A		288,389
	50,000		Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000		07/01/2022		07/28/2019	A		50,575
	280,000		Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000		07/01/2024		07/28/2019	A		283,002
	100,000		Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000		07/01/2022		07/28/2019	A		101,150
	830,000		Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000		07/01/2023		07/28/2019	A		839,221
	5,000,000		Puerto Rico Electric Power Authority, Series WW		5.250		07/01/2025		07/01/2025			3,937,500
	85,000	��	Puerto Rico HFA1		5.000		12/01/2020		07/28/2019	A		86,623
	90,000		Puerto Rico Highway & Transportation Authority4		5.000		07/01/2022		07/01/2022			10,687
	135,000		Puerto Rico Highway & Transportation Authority4		5.000		07/01/2023		07/01/2023			16,031
	160,000		Puerto Rico Highway & Transportation Authority, FGIC9		5.000		07/01/2025		07/01/2025			134,200
	835,000		Puerto Rico Highway & Transportation Authority, AGC1		5.000		07/01/2027		07/28/2019	A		849,562
	425,000		Puerto Rico Highway & Transportation Authority4		5.000		07/01/2028		02/20/2026	B		50,469
	50,000		Puerto Rico Highway & Transportation Authority, NPFGC1		5.000		07/01/2028		01/01/2020	A		50,193
	90,000		Puerto Rico Highway & Transportation Authority4		5.000		07/01/2028		08/06/2026	B		10,687

29      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal							Effective
Amount			Coupon		Maturity		Maturity*			Value
	U.S. Possessions (Continued)
	$61,500	Puerto Rico Highway & Transportation Authority, FGIC9		5.250%		07/01/2019		07/01/2019			$                51,660
	25,000	Puerto Rico Highway & Transportation Authority4		5.750		07/01/2019		07/01/2019			2,969
	425,000	Puerto Rico Highway & Transportation Authority, AGC1		5.750		07/01/2019		04/29/2019	A		425,000
	230,000	Puerto Rico Highway & Transportation Authority4		5.750		07/01/2020		07/01/2020			27,312
	5,060,000	Puerto Rico Highway & Transportation Authority, FGIC9		5.750		07/01/2021		07/01/2021			4,263,050
	7,995,000	Puerto Rico Highway & Transportation Authority4		5.750		07/01/2022		07/01/2022			949,406
	100,000	Puerto Rico Highway & Transportation Authority, Series I, FGIC9		5.000		07/01/2023		07/01/2023			84,250
	4,355,000	Puerto Rico Highway & Transportation Authority, Series K4		5.000		07/01/2021		07/01/2021			1,502,475
	12,275,000	Puerto Rico Highway & Transportation Authority, Series K4		5.000		07/01/2023		07/01/2023			4,234,875
	12,760,000	Puerto Rico Highway & Transportation Authority, Series K4		5.000		07/01/2024		07/01/2024			4,402,200
	14,545,000	Puerto Rico Highway & Transportation Authority, Series K4		5.000		07/01/2025		07/01/2025			5,018,025
	780,000	Puerto Rico Infrastructure4		5.000		07/01/2019		07/01/2019			159,900
	885,000	Puerto Rico Infrastructure (Mepsi Campus)4		6.250		10/01/2024		06/12/2022	B		179,213
	650,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000		04/01/2021		04/01/2021			663,280
	650,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000		04/01/2022		04/01/2022			663,026
	20,400,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625		06/01/2026		07/28/2019	A		20,935,500
	500,000	Puerto Rico ITEMECF (International American University)1		5.000		10/01/2021		10/01/2021			517,595
	1,495,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)		6.700		05/01/2024		06/17/2022	B		1,208,528
	365,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000		10/01/2021		10/01/2021			359,525
	415,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000		10/01/2022		10/01/2022			406,700
	1,875,000	Puerto Rico ITEMECF (University Plaza), NPFGC		5.625		07/01/2019		07/01/2019			1,875,000
	20,000	Puerto Rico Municipal Finance Agency, Series A, AGC1		4.750		08/01/2022		07/28/2019	A		20,278
	500,000	Puerto Rico Municipal Finance Agency, Series A, AGC1		5.000		08/01/2027		07/28/2019	A		508,720
	70,000	Puerto Rico Municipal Finance Agency, Series A, AGC1		5.250		08/01/2021		07/28/2019	A		70,981

30      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Principal							Effective
Amount			Coupon		Maturity		Maturity*			Value
	U.S. Possessions (Continued)
	$10,000,000	Puerto Rico Municipal Finance Agency, Series A		5.250%		08/01/2024		08/01/2024			$        9,175,000
	275,000	Puerto Rico Public Buildings Authority4		5.125		07/01/2024		12/31/2023	B		235,469
	10,000,000	Puerto Rico Public Buildings Authority4		5.250		07/01/2029		05/03/2028	B		8,562,500
	30,000	Puerto Rico Public Buildings Authority4		5.500		07/01/2025		07/01/2025			25,763
	50,000	Puerto Rico Public Buildings Authority4		5.750		07/01/2019		07/01/2019			42,938
	1,270,000	Puerto Rico Public Buildings Authority4		6.250		07/01/2023		07/01/2023			1,114,425
	50,000	Puerto Rico Public Buildings Authority4		6.250		07/01/2026		07/01/2026			43,875
	1,400,000	Puerto Rico Public Buildings Authority4		10.000		07/01/2034		07/01/2034			1,282,750
	1,250,000	Puerto Rico Public Buildings Authority, AMBAC		10.000 7		07/01/2035		07/28/2019	A		1,347,688
	105,030,000	Puerto Rico Public Finance Corp., Series A4		6.500		08/01/2028		12/12/2027	B		6,301,800
	18,803,000	Puerto Rico Sales Tax Financing Corp., Series A		4.55010		07/01/2031		01/10/2031	B		11,788,165
	665,000	Puerto Rico Sales Tax Financing Corp., Series A		5.09010		07/01/2033		12/21/2032	B		372,174
	5,930,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		3.97110		07/01/2027		08/15/2026	B		4,546,353
	246,000	Puerto Rico Sales Tax Financing Corp., SeriesA-12		3.97310		07/01/2024		07/09/2023	B		209,395
	6,759,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.44010		07/01/2029		01/12/2029	B		4,745,156
	487,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		4.500		07/01/2034		07/01/2025	A		503,704
	246,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		4.550		07/01/2040		07/01/2028	A		246,615
	1,809,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		4.750		07/01/2053		01/04/2053	B		1,762,979
	2,074,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		5.000		07/01/2058		07/01/2028	A		2,079,185
	1,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.89410		07/01/2046		12/31/2043	B		230
	1,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.95110		07/01/2051		07/01/2043	A		170
	2,504,000	Puerto Rico Sales Tax Financing Corp., SeriesA-21		4.550		07/01/2040		04/28/2038	B		2,422,620
	75,000	Puerto Rico Sales Tax Financing Corp., SeriesA-21		4.750		07/01/2053		01/04/2053	B		70,963
	1,004,000	Puerto Rico Sales Tax Financing Corp., SeriesA-21		5.000		07/01/2058		08/05/2056	B		973,880
	8,500,000	University of Puerto Rico, Series P		5.000		06/01/2022		06/01/2022			8,478,750

31      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal							Effective
Amount			Coupon		Maturity		Maturity*			Value
	U.S. Possessions (Continued)
	$7,410,000	University of Puerto Rico, Series Q		5.000%		06/01/2023		06/01/2023		$	7,372,950
	300,000	University of Puerto Rico, Series Q		5.000		06/01/2030		12/22/2028	B		291,750
	1,500,000	V.I. Public Finance Authority1		5.000		09/01/2033		09/01/2025	A		1,638,165
	825,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		4.000		10/01/2022		03/20/2020	B		837,524
	3,380,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		5.000		10/01/2023		07/28/2019	A		3,417,214
	850,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		5.000		10/01/2024		07/28/2019	A		860,370
	3,760,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		5.000		10/01/2025		07/28/2019	A		3,805,947
	1,715,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		5.000		10/01/2026		07/28/2019	A		1,736,009
	50,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		5.000		10/01/2027		07/28/2019	A		50,614
	280,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		5.000		10/01/2028		07/28/2019	A		283,447
	1,135,000	V.I. Public Finance Authority (Matching Fund Loan Note)		5.000		10/01/2020		04/06/2020	B		1,149,188
	660,000	V.I. Public Finance Authority (Matching Fund Loan Note)		6.750		10/01/2037		08/08/2034	B		659,498
	20,000	V.I. Public Finance Authority, Series C		5.000		10/01/2022		10/01/2019	A		20,100
	810,000	V.I. Tobacco Settlement Financing Corp. (TASC)1		5.000		05/15/2031		07/28/2019	A		811,507
	100,000	V.I. Water & Power Authority		4.500		07/01/2020		07/28/2019	A		100,154
	125,000	V.I. Water & Power Authority		4.500		07/01/2028		07/28/2019	A		125,128
	125,000	V.I. Water & Power Authority		5.000		07/01/2019		07/01/2019			125,000
											304,075,782
	Total Municipal Bonds and Notes (Cost $1,878,406,649)										1,794,547,785
	Corporate Bond and Note—0.0%
	138,875	Dowling College, NY, Series 2015 Taxable Revenue Bond4,8(Cost $138,875)		7.500		06/15/2019					—
Shares
	Common Stock—0.4%
	2,137	CMS Liquidating Trust8,11,12 (Cost $6,838,400)									6,197,300

32      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

	Value
Total Investments, at Value (Cost $1,885,383,924)—101.8%	$	1,800,745,085
Net Other Assets (Liabilities)—(1.8)		(31,069,889	)
Net Assets—100.0%	$	1,769,675,196

Footnotes to Statement of Investments

*Call Date, Put Date or Average Life of Sinking Fund, if applicable, as detailed.

A. Average life due to mandatory, or expected, sinking fund principal payments prior to maturity.

B. Optional call date; corresponds to the most conservative yield calculation.

C.Average life due to mandatory, or expected, sinking fund principal payments prior to the applicable optional call date.

1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 8 of the accompanying Notes.

2. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 1I of the accompanying Notes.

3. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

4. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate.

5. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 1J of the accompanying Notes.

6. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

7. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

8. The value of this security was determined using significant unobservable inputs. See Note 3 of the accompanying Notes.

9. The issuer of this security has missed or is expected to miss interest and/or principal payments on this security. The security is insured and is accruing partial income at a rate anticipated to be recovered through the insurer. The rate shown is the contractual interest rate.

10. Zero coupon bond reflects effective yield on the original acquisition date.

11.Non-income producing security.

12. Received as a result of a corporate action.

To simplify the listings of securities, abbreviations are used per the table below:

ACDS	Assoc. for Children with Down Syndrome
AeFM	Aero Ft. Myers
AeH	Aero Harrisburg
AeHC	Aero Houston Central
AeJFK	Aero JFK
AeKC	Aero Kansas City
AGC	Assured Guaranty Corp.
ALIA	Alliance of Long Island Agencies
AMBAC	AMBAC Indemnity Corp.
ARC	Assoc. of Retarded Citizens
BFCC	Brookdale Family Care Center
CHFTEH	Catholic Housing for the Elderly & Handicapped
CHHSB	Catholic Home Health Services of Broward
CHS	Catholic Health Services

33      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF INVESTMENTSUnaudited / Continued

To simplify the listings of securities, abbreviations are used per the table below: (Continued)

CHSLI	Catholic Health Services of Long Island
COP	Certificates of Participation
CPW	Cerebral Palsy of Westchester
DA	Dormitory Authority
DDI	Developmental Disabilities Institute
EFC	Environmental Facilities Corp.
FGIC	Financial Guaranty Insurance Co.
FRC	Franziska Racker Centers
GO	General Obligation
HDC	Housing Devel. Corp.
HFA	Housing Finance Agency
HQS	Health Quest System
IDA	Industrial Devel. Agency
IGHL	Independent Group Home for Living
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK	John Fitzgerald Kennedy
L.I.	Long Island
MTA	Metropolitan Transportation Authority
NDH	Northern Dutchess Hospital
NPFGC	National Public Finance Guarantee Corp.
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
NYU	New York University
PHCtr	Putnam Hospital Center
PSCH	Professional Service Centers for the Handicapped, Inc.
Res Rec	Resource Recovery Facility
SANCSAR	St. Anne’s Nursing Center St. Anne’s Residence
SAR	St. Anne’s Residence
SCSMC	St. Catherine of Siena Medical Center
SJR	St. Joseph Residence
SJRH	St. John’s Rehabilitation Hospital
SONYMA	State of New York Mortgage Agency
TASC	Tobacco Settlement Asset-Backed Bonds
TFABs	Tobacco Flexible Amortization Bonds
TIP	Transportation Infrastructure Properties
UCP	United Creative Program
UCPANYS	United Cerebral Palsy Association of New York State
UCPHCA	United Cerebral Palsy Assoc. and Handicapped Children’s Assoc.
USBFCC	Urban Strategies Brookdale Family Care Center
V.I.	United States Virgin Islands
VBHosp	Vassar Brothers Hospital
VMHCS	Villa Maria Health Care Services
VMNRC	Villa Marina Nursing & Rehabilitation Center
WORCA	Working Organization for Retarded Children and Adults
YMCA	Young Men’s Christian Assoc.

See accompanying Notes to Financial Statements.

34      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIESJune 30, 2019 Unaudited

Assets
Investments, at value (cost $1,885,383,924) —see accompanying statement of investments	$	1,800,745,085
Cash		806,680
Receivables and other assets:
Interest		20,711,403
Investments sold on a when-issued or delayed delivery basis		12,554,284
Shares of beneficial interest sold		522,794
Other		838,989
Total assets		1,836,179,235
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1J)		48,250,000
Payable for borrowings (See Note 8)		11,400,000
Investments purchased (including $3,230,000 purchased on a when-issued or delayed delivery basis)		3,255,349
Shares of beneficial interest redeemed		1,682,453
Dividends		699,999
Distribution and service plan fees		541,975
Trustees’ compensation		420,525
Transfer and shareholder servicing agent fees		129,859
Management fees		59,320
Shareholder communications		10,224
Interest expense on borrowings		3,939
Administration fees		347
Other		50,049
Total liabilities		66,504,039
Net Assets	$	1,769,675,196
Composition of Net Assets
Shares of beneficial interest	$	2,205,963,634
Total accumulated loss		(436,288,438)
Net Assets	$	1,769,675,196

35      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIESUnaudited / Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $1,324,017,216 and 432,573,602 shares of beneficial interest outstanding)	$	3.06
Maximum offering price per share (net asset value plus sales charge of 2.50% of offering price)	$	3.14
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $243,312,536 and 79,958,330 shares of beneficial interest outstanding)	$	3.04
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $202,335,401 and 66,097,019 shares of beneficial interest outstanding)	$	3.06
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $10,043 and 3,279 shares of beneficial interest outstanding)	$	3.06

See accompanying Notes to Financial Statements.

36      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT

OF OPERATIONSFor the Six Months Ended June 30, 2019 Unaudited

Investment Income
Interest	$	34,394,934
Expenses
Management fees		3,532,071
Administration fees		20,645
Distribution and service plan fees:
Class A		1,443,148
Class C		1,841,856
Transfer and shareholder servicing agent fees:
Class A		554,948
Class C		174,387
Class Y		87,717
Shareholder communications:
Class A		9,681
Class C		4,117
Class Y		2,005
Borrowing fees		755,087
Interest expense and fees on short-term floating rate notes issued (See Note 1J)		530,055
Interest expense on borrowings		283,621
Trustees’ compensation		14,243
Custodian fees and expenses		7,347
Other		125,334
Total expenses		9,386,262
Net Investment Income		25,008,672
Realized and Unrealized Gain (Loss)
Net realized loss on investment transactions		(12,415,774	)
Net change in unrealized appreciation/(depreciation) on investment transactions		73,221,090
Net Increase in Net Assets Resulting from Operations	$	85,813,988

See accompanying Notes to Financial Statements.

37      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
Operations
Net investment income	$	25,008,672		$	45,206,669
Net realized loss		(12,415,774	)		(292,371,191	)
Net change in unrealized appreciation/(depreciation)		73,221,090			417,629,558
Net increase in net assets resulting from operations		85,813,988			170,465,036
Dividends and/or Distributions to Shareholders
Distributions to shareholders from distributable earnings:
Class A		(16,300,647	)		(37,821,447	)
Class B		—			(5,903	)
Class C		(3,733,199	)		(9,960,071	)
Class Y		(2,805,476	)		(5,349,116	)
Class R6		(30	)		—
Total distributions from distributable earnings		(22,839,352	)		(53,136,537	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		112,406,619			(109,496,975	)
Class B		—			(1,242,260	)
Class C		(147,453,729	)		(82,979,675	)
Class Y		25,087,081			17,794,762
Class R6		10,000			—
Total beneficial interest transactions		(9,950,029	)		(175,924,148	)
Net Assets
Total increase (decrease)		53,024,607			(58,595,649	)
Beginning of period		1,716,650,589			1,775,246,238
End of period	$	1,769,675,196		$	1,716,650,589

See accompanying Notes to Financial Statements.

38      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

STATEMENT OF CASH FLOWSFor the Six Months Ended June 30, 2019 Unaudited

Cash Flows from Operating Activities
Net increase in net assets from operations	$	85,813,988
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(78,902,523	)
Proceeds from disposition of investment securities		127,240,874
Short-term investment securities, net		5,520,392
Premium amortization		8,793,263
Discount accretion		(1,364,863	)
Net realized loss on investment transactions		12,415,774
Net change in unrealized appreciation/depreciation on investment transactions		(73,221,090	)
Change in assets:
Increase in other assets		(326,596	)
Increase in interest receivable		(674,193	)
Increase in receivable for securities sold		(4,126,677	)
Change in liabilities:
Increase in other liabilities		237,480
Increase in payable for securities purchased		2,554,622
Net cash provided by operating activities		83,960,451
Cash Flows from Financing Activities
Proceeds from borrowings		86,700,000
Payments on borrowings		(144,600,000	)
Proceeds from shares sold		237,921,453
Payments on shares redeemed		(270,559,230	)
Cash distributions paid		(5,070,717	)
Net cash used in financing activities		(95,608,494	)
Net decrease in cash		(11,648,043	)
Cash, beginning balance		12,454,723
Cash, ending balance	$	806,680

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $18,821,564.

Cash paid for interest on borrowings—$356,795.

Cash paid for interest on short-term floating rate notes issued—$530,055.

See accompanying Notes to Financial Statements.

39      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	Six Months Ended June 30, 2019 (Unaudited)	Year Ended December 31, 2018	Year Ended December 31, 2017	Year Ended December 31, 2016	Year Ended December 31, 2015	Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period	$2.95	$2.76	$2.95	$3.01	$3.16	$3.06
Income (loss) from investment operations:
Net investment income1	0.05	0.08	0.08	0.10	0.12	0.13
Net realized and unrealized gain (loss)	0.10	0.20	(0.18)	(0.05)	(0.15)	0.09
Total from investment operations	0.15	0.28	(0.10)	0.05	(0.03)	0.22
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.04)	(0.09)	(0.09)	(0.11)	(0.12)	(0.12)
Net asset value, end of period	$3.06	$2.95	$2.76	$2.95	$3.01	$3.16
Total Return, at Net Asset Value2	5.16%	10.38%	(3.51)%	1.64%	(1.02)%	7.16%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$1,324,017	$1,168,856	$1,198,772	$1,613,157	$1,854,409	$2,345,120
Average net assets (in thousands)	$1,188,354	$1,170,781	$1,486,082	$1,753,650	$2,155,732	$2,569,176
Ratios to average net assets:3
Net investment income	3.02%	2.77%	2.85%	3.29%	3.73%	4.10%
Expenses excluding specific expenses listed below	0.77%	0.85%	0.82%	0.88%	0.78%	0.75%
Interest and fees from borrowings	0.12%	0.12%	0.12%	0.08%	0.05%	0.06%
Interest and fees on short-term floating rate notes issued4	0.06%	0.06%	0.02%	0.02%	0.02%	0.02%
Total expenses	0.95%	1.03%	0.96%	0.98%	0.85%	0.83%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	0.95%	1.03%	0.96%	0.98%	0.85%	0.83%
Portfolio turnover rate	4%	36%	9%	21%	9%	4%

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

40      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Class C	Six Months Ended June 30, 2019 (Unaudited)	Year Ended December 31, 2018	Year Ended December 31, 2017	Year Ended December 31, 2016	Year Ended December 31, 2015	Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period	$2.93	$2.74	$2.93	$3.00	$3.14	$3.05
Income (loss) from investment operations:
Net investment income1	0.03	0.06	0.06	0.08	0.09	0.10
Net realized and unrealized gain (loss)	0.11	0.20	(0.18)	(0.06)	(0.13)	0.08
Total from investment operations	0.14	0.26	(0.12)	0.02	(0.04)	0.18
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.03)	(0.07)	(0.07)	(0.09)	(0.10)	(0.09)
Net asset value, end of period	$3.04	$2.93	$2.74	$2.93	$3.00	$3.14
Total Return, at Net Asset Value2	4.80%	9.63%	(4.27)%	0.55%	(1.45)%	6.05%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$243,313	$377,338	$432,706	$670,317	$787,924	$998,061
Average net assets (in thousands)	$371,105	$401,597	$574,072	$741,999	$911,014	$1,078,306
Ratios to average net assets:3
Net investment income	2.26%	2.02%	2.13%	2.54%	2.97%	3.35%
Expenses excluding specific expenses listed below	1.53%	1.61%	1.57%	1.63%	1.53%	1.50%
Interest and fees from borrowings	0.12%	0.12%	0.12%	0.08%	0.05%	0.06%
Interest and fees on short-term floating rate notes issued4	0.06%	0.06%	0.02%	0.02%	0.02%	0.02%
Total expenses	1.71%	1.79%	1.71%	1.73%	1.60%	1.58%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.71%	1.79%	1.71%	1.73%	1.60%	1.58%
Portfolio turnover rate	4%	36%	9%	21%	9%	4%

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

41      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

Class Y	Six Months Ended June 30, 2019 (Unaudited)		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$2.95		$2.76		$2.95		$3.01		$3.16	$3.06
Income (loss) from investment operations:
Net investment income1		0.05		0.09		0.09		0.11		0.12	0.14
Net realized and unrealized gain (loss)		0.10		0.20		(0.18)		(0.05)		(0.14)	0.08
Total from investment operations		0.15		0.29		(0.09)		0.06		(0.02)	0.22
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.04)		(0.10)		(0.10)		(0.12)		(0.13)	(0.12)
Net asset value, end of period		$3.06		$2.95		$2.76		$2.95		$3.01	$3.16
Total Return, at Net Asset Value2		5.28%		10.65%		(3.28)%		1.89%		(0.77)%	7.42%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$202,335		$170,457		$142,546		$166,668		$154,422	$213,528
Average net assets (in thousands)		$188,434		$152,814		$184,382		$159,564		$193,158	$191,461
Ratios to average net assets:3
Net investment income		3.26%		3.02%		3.04%		3.53%		3.97%	4.35%
Expenses excluding specific expenses listed below		0.53%		0.60%		0.57%		0.63%		0.53%	0.50%
Interest and fees from borrowings		0.12%		0.12%		0.12%		0.08%		0.05%	0.06%
Interest and fees on short-term floating rate notes issued4		0.06%		0.06%		0.02%		0.02%		0.02%	0.02%
Total expenses		0.71%		0.78%		0.71%		0.73%		0.60%	0.58%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.71%		0.78%		0.71%		0.73%		0.60%	0.58%
Portfolio turnover rate		4%		36%		9%		21%		9%	4%

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

42      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Class R6	Period Ended June 30, 2019 (Unaudited)1
Per Share Operating Data
Net asset value, beginning of period		$3.05
Income (loss) from investment operations:
Net investment income2		0.01
Net realized and unrealized gain		0.01
Total from investment operations		0.02
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.01)
Net asset value, end of period		$3.06
Total Return, at Net Asset Value3		0.63%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10
Average net assets (in thousands)		$10
Ratios to average net assets:4
Net investment income		3.36%
Expenses excluding specific expenses listed below		0.43%
Interest and fees from borrowings		0.12%
Interest and fees on short-term floating rate notes issued5		0.06%
Total expenses		0.61%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.61%
Portfolio turnover rate		4%

1. For the period from after the close of business on May 24, 2019 (inception of offering) to June 30, 2019.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

43      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSJune 30, 2019 Unaudited

Note1- Significant Accounting Policies

Invesco Oppenheimer Rochester Limited Term New York Municipal Fund (the “Fund”) is a series portfolio of AIMTax-Exempt Funds (InvescoTax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of such Fund or each class.

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Rochester Limited Term New York Municipal Fund (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

Upon closing of the Reorganization, holders of the Acquired Fund’s Class A, Class C, and Class Y shares received the corresponding class of shares of the Fund. Class R6 shares commenced operations on the Reorganization Date.

The Fund’s investment objective is to seektax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y, and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with afront-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations– Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such asinstitution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became

44      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income -Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date. The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment transactions reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and 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

45      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. Country Determination- For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions -Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. GAAP, are recorded on theex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

E. Federal Income Taxes -The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended December 31, 2018, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

During the fiscal year ended December 31, 2018, the Fund did not utilize anycapital loss carryforwards to offset capital gains realized in that fiscal year. Capital losses will be carried forward to future years if not offset by gains.

At period end, it is estimated that the capital loss carryforwards would be $385,084,272, which will not expire.The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the reporting period, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment

46      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	1,833,824,038	1
Gross unrealized appreciation	$	74,827,080
Gross unrealized depreciation		(159,729,550	)
Net unrealized depreciation	$	(84,902,470	)

1.The Federal tax cost of securities does not include cost of $51,823,517, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note in Note 1J.

F. Expenses -Fees provided for under the Rule12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are allocated to each share class based on relative net assets. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G.  Accounting Estimates -The financial statements are prepared on a basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after theperiod-end date and before the date the financial statements are released to print.

H.  Indemnifications -Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

47      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

I. Securities on a When-Issued or Delayed Delivery Basis -The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention on acquiring such securities, they may sell such securities prior to the settlement date.

J. Floating Rate Note Obligations -The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to

48      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption “Payable for short-term floating rate notes issued” on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption “Interest” and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of “Interest expense and fees on short-term floating rate notes issued” on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules

49      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

K.  Other Risks- The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certaintax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

Note2- Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Fee Schedule*
Up to $100 million	0.50%
Next $150 million	0.45
Next $1.75 billion	0.40
Next $3 billion	0.39
Next $5 billion	0.38
Over $10 billion	0.37

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2019, the effective advisory fees incurred by the Fund was 0.41%.

50      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $2,817,814 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

Under the terms of a mastersub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separatesub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “AffiliatedSub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such AffiliatedSub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to suchSub-Adviser(s). Invesco has also entered into aSub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

Effective on the Reorganization Date, the Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) ofClass A, Class C, Class Y and Class R6 shares to 0.82%, 1.57%, 0.57% and 0.47%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary ornon-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

During the reporting period, the Adviser and OFI Global Asset Management, Inc. did not waive fees and/or reimburse the Fund or Acquired Fund, respectively in relation to this arrangement.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank, N.A.serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services,sub-accounting services and/or

51      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

networking services. All fees payable by IIS to intermediaries that provide omnibus account services orsub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the six months ended June 30, 2019, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C (collectively the “Plan”). The Fund, pursuant to the Class A Plan, reimbursed IDI in an amount up to an annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the six monthsended June 30, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund.Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2019, IDI advised the Fund that IDI retained $2,812 infront-end sales commissions from the sale of Class A shares and $95 and $443 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders. From the beginning of the fiscal year to the date of the Reorganization, OppenheimerFunds Distributor, Inc. retained $20,263 in front–end sales commissions from the sale of Class A shares and $1,637 and $3,903 from Class A and Class C shares, respectively, for CDSC imposed on redemption by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

Note 3 - Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted

52      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2019. 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— Unadjusted         Quoted Prices		Level 2— Other Significant     Observable Inputs		Level 3— Significant     Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
New York	$	—		$  1,490,133,702	$	23	$	1,490,133,725
Other Territory		—		338,278		—		338,278
U.S. Possessions		—		304,075,782		—		304,075,782
Corporate Bond and Note		—		—		—		—
Common Stock		—		—		6,197,300		6,197,300
Total Assets	$	—		$  1,794,547,762	$	6,197,323	$	1,800,745,085

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

Note 4 - Trustee and Officer Fees and Benefits

The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their

53      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	1,286
Payments Made to Retired Trustees		21,437
Accumulated Liability as of June 30, 2019		163,416

Certain trustees have executed a Deferred Compensation Agreement pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Note 5 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with Citibank, N.A., the custodian bank. Such balances, if any atperiod-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Note 6 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during thesix months ended June 30, 2019 was $78,902,523 and $127,240,874, respectively.

54      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Note7- Share Information

Transactions in shares of beneficial interest were as follows:

	Six Months Ended June 30, 20191						Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Class A
Sold2		58,598,050		$	178,227,518			29,152,121		$	84,391,195
Dividends and/or distributions reinvested		4,374,465			13,176,931			10,950,809			31,613,916
Redeemed		(26,297,706	)		(78,997,830	)		(78,888,530	)		(225,502,086	)
Net increase (decrease)		36,674,809		$	112,406,619			(38,785,600	)	$	(109,496,975	)
Class B
Sold		—		$	—			1		$	3
Dividends and/or distributions reinvested		—			—			1,597			4,448
Redeemed2		—			—			(445,799	)		(1,246,711	)
Net decrease		—		$	—			(444,201	)	$	(1,242,260	)
Class C
Sold		4,467,801		$	13,329,825			5,791,966		$	16,578,900
Dividends and/or distributions reinvested		1,068,771			3,196,410			3,051,986			8,756,445
Redeemed		(54,153,275	)		(163,979,964	)		(38,083,748	)		(108,315,020	)
Net decrease		(48,616,703	)	$	(147,453,729	)		(29,239,796	)	$	(82,979,675	)
Class Y
Sold		14,702,585		$	44,118,037			23,800,981		$	68,691,083
Dividends and/or distributions reinvested		811,849			2,448,223			1,628,222			4,709,200
Redeemed		(7,146,156	)		(21,479,179	)		(19,387,728	)		(55,605,521	)
Net increase		8,368,278		$	25,087,081			6,041,475		$	17,794,762
Class R63
Sold		3,279		$	10,000			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—
Net increase		3,279		$	10,000			—		$	—

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 43% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

2. All outstanding Class B shares converted to Class A shares on June 1, 2018.

3. Commencement date after the close of business on May 24, 2019.

Note8- Borrowings

Borrowings -The Fund can borrow money from banks in amounts up to one third of its

55      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. When the Fund invests borrowed money in portfolio securities, it is using a speculative investment technique known as leverage and changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow because of the effect of leverage.

The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 1J. The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust. See the discussion in Note 1J (Inverse Floating Rate Securities) for additional information.

The Fund will pay interest and may pay other fees in connection with loans. If the Fund does borrow, it will be subject to greater expenses than funds that do not borrow. The interest on borrowed money and the other fees incurred in conjunction with loans are an expense that might reduce the Fund’s yield and return. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.5 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (2.4427% at period end). The Fund pays additional fees monthly to its lender on its outstanding borrowings to manage and administer the facility and is allocated itspro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the reporting period equal 0.10% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

At period end, the Fund had borrowings outstanding at an interest rate of 2.4427%.

Details of the borrowings for the reporting period are as follows:

56      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

Average Daily Loan Balance	$	21,770,718
Average Daily Interest Rate		2.567	%
Fees Paid	$	985,032
Interest Paid	$	356,795

Reverse Repurchase Agreements.The Fund may engage in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement. The cash received by the Fund in connection with a reverse repurchase agreement may be used for investment-related purposes such as purchasing portfolio securities or for other purposes such as those described in the preceding “Borrowings” note.

The Acquired Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty”) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Acquired Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Acquired Fund is also allocated itspro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Acquired Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Acquired Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Acquired Fund’s participation in the Facility during the reporting period are included in expenses on the Acquired Fund’s Statement of Operations and equal 0.02% of the Acquired Fund’s average net assets on an annualized basis.

The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund has the right to declare each Wednesday as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facility’s terms.

The Fund executed no transactions under the Facility during the reporting period.

Details of reverse repurchase agreement transactions for the reporting period are as follows:

57      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSUnaudited / Continued

Fees Paid $                         116,924

Note 9 - Independent Registered Public Accounting Firm

The Audit Committee of the Board of Trustees appointed, and the Board of Trustees ratified and approved, PricewaterhouseCoopers LLP (“PWC”) as the independent registered public accounting firm of the Fund for the fiscal periods ending after May 24, 2019. Prior to the close of business on May 24, 2019, the Predecessor Fund was a separate series of an unaffiliated investment company and its financial statements were audited by a different independent registered public accounting firm (the “Prior Auditor”).

Effective after the close of business on May 24, 2019, the Prior Auditor resigned as the independent registered public accounting firm of the Fund. The Prior Auditor’s report on the financial statements of the Predecessor Fund for the past two fiscal years did not contain an adverse or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. During the Predecessor Fund’s two most recent fiscal years and through the close of business on May 24, 2019, there were no (1) disagreements with the Prior Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the Prior Auditor’s satisfaction, would have caused it to make reference to that matter in connection with its report; or (2) “reportable events,” as that term is defined in Item 304(a)(1)(v) of RegulationS-K under the Securities Exchange Act of 1934.

58      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTSUnaudited

At meetings held on December 14, 2018, the Board of Trustees (the Board or the Trustees) of AIMTax-Exempt Funds (InvescoTax-Exempt Funds) (the Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved (i) an amendment to the Trust’s Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) to add Invesco Oppenheimer Rochester^® Limited Term New York Municipal Fund (the Fund), (ii) an amendment to the Master IntergroupSub-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. to add the Fund, (iii) an amendment to the separatesub-advisory contract with Invesco Capital Management LLC to add the Fund, (iv) an amendment to the separatesub-advisory contract with Invesco Asset Management (India) Private Limited to add the Fund, and (v) an initialsub-advisory contract with OppenheimerFunds, Inc. (collectively, the AffiliatedSub-Advisers and thesub-advisory contracts). Additionally, on March 26, 2019, the Boardre-approved an initialsub-advisory contract with OppenheimerFunds, Inc. following its change of control as a result of the acquisition of OppenheimerFunds, Inc. and its subsidiaries, including the Oppenheimer mutual funds (each, an Oppenheimer Fund), by Invesco Ltd. (the OFI Transaction). After evaluating the factors discussed below, among others, the Board approved the Fund’s investment advisory agreement and thesub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the AffiliatedSub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board noted that it had previously approved establishing the Fund at the Board meeting held on October 23, 2018 and that the Fund was formed to acquire the assets and liabilities of an Oppenheimer Fund (the Acquired Fund) with the same investment objective and substantially similar principal investment strategies and risks. At the time of approval, the Fund had no assets and no performance history and the portfolio managers were not employed by Invesco Advisers or any of the AffiliatedSub-Advisers except OppenheimerFunds, Inc., which was not affiliated with Invesco at that time.

In approving the investment advisory agreement andsub-advisory contracts, the Board followed a process similar to the process that it follows in annually reviewing and approving investment advisory agreements andsub-advisory contracts for the series portfolios of funds advised by Invesco Advisers and considered the information provided in the most recent annual review process for those funds as well as the information provided with respect to the Fund. As part of the approval process, the Board reviewed and considered information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board reviewed comparative investment performance and fee data prepared by Invesco Advisers and an independent mutual fund data provider. The Board was assisted in its review by the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees, and by independent legal counsel.

59      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTSUnaudited / Continued

The discussion below serves as a summary of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement andsub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them 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. This information is current as of December 14, 2018 and March 26, 2019 for thesub-advisory contract with OppenheimerFunds, Inc.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the AffiliatedSub-Advisers

The Board reviewed the nature, extent and quality of the advisory services to be 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 will provide these services. The Board’s review included consideration of the investment process oversight and structure, credit analysis and investment risk management to be employed in providing advisory services to the Fund. The Board also considerednon-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds and will provide to the Fund, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board reviewed and considered information about the resources that Invesco Advisers intends to continue to commit to managing the Invesco family of funds, including the Fund, following the OFI Transaction. The Board concluded that the nature, extent and quality of the services to be provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the AffiliatedSub-Advisers under thesub-advisory contracts and the credentials and experience of the officers and employees of the AffiliatedSub-Advisers who provide these services. The Board noted the AffiliatedSub-Advisers’ expertise with respect to certain asset classes and that the AffiliatedSub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the AffiliatedSub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that thesub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the AffiliatedSub-Advisers

60      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the AffiliatedSub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board noted that the Fund would continue the historical performance information of the Acquired Fund following the consummation of the OFI Transaction. The Board considered the performance of the Acquired Fund and the fact that, at the closing of the OFI Transaction, management anticipates that the Fund will be managed pursuant to substantially similar investment strategies and by substantially the same portfolio management team as managed the Acquired Fund. The Board did not view Fund performance as a relevant factor in considering whether to approve thesub-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, 2017 to the performance of funds in the Morningstar performance universe and against the Fund’s benchmark index. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

C. Advisory andSub-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 Morningstar expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for at least two years from the closing date of the OFI Transaction 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 AffiliatedSub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-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. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board also considered that the Fund may benefit 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 will share directly in economies of scale through lower fees charged by third party service providers based on the

61      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTSUnaudited / Continued

combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.

E. Profitability and Financial Resources

The Board reviewed information from the 2018 contract renewal process provided by Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers will continue to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Invesco Funds, and the profits estimated to be realized by the Fund, to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits to be received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees to be received for providing administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services to other Invesco Funds and the organizational structure employed to provide these services. The Board also considered that these services will be provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and 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 will not execute brokerage transaction 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 money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered that Invesco Advisers will receive advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers will receive 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 amount of advisory fees to be

62      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

63      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTSUnaudited

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

●Fund reports and prospectuses

●Quarterly statements

●Daily confirmations

●Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on FormN-Q (or any successor Form). The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s FormsN-Q (or any successor Form) on the SEC website at sec.gov.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

64      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

SHAREHOLDER PROXYUnaudited

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer Rochester® Limited Term New York Municipal Fund was held on May 17, 2019. The Meeting was held for the following purpose:

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Rochester® Limited Term New York Municipal Fund into Invesco Oppenheimer Rochester® Limited Term New York Municipal Fund.

The results of the voting on the above matter was as follows:

Matter	Votes For		Votes Against		Votes Abstain		Broker Non-Votes
(1) Approval of an Agreement and Plan of Reorganization		223,281,794		10,858,464		61,040,432		0

65      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

INVESCO’S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located atwww.invesco.com (the “Website”). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as “we” or “Invesco” in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.

By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review the Terms of Use to learn of other terms and conditions applicable to your use of the Website.

Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.

This Privacy Policy was last updated on May 6, 2018.

Information We Collect and Use

We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.

In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.

When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.

From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.

How We Use Personal Information

We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe

66      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

you will find the most relevant and to provide customer service and support.

We also use the information you provide to further develop and improve our products and services. We aggregate and/orde-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

We collaborate with other companies and individuals to perform services for us and on our behalf and we collaborate with our affiliates, other companies and individuals with respect to particular products or services (“Providers”). Examples of Providers include data analysis firms, customer service and support providers, email and SMS vendors, andweb-hosting and development companies. Some Providers collect information for us or on our behalf on our Website. These Providers can be provided with access to personal information needed to perform their functions.

We reserve the right to disclose your personal information as required by law, when we believe disclosure is necessary to comply with a regulatory requirement, judicial proceeding, court order or legal process served on us, to protect the safety, rights or property of our customers, the public or Invesco or to enforce the Terms of Use.

If we sell or transfer a business unit (such as a subsidiary) or an asset (such as a website) to another company, we will share your personal information with such company. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you have the right to decline such use at that time.

We occasionally disclose aggregate orde-identified data that is not personally identifiable with third parties.

Cookies and Other Tools

Invesco and its Providers collect information about you by using cookies, tracking pixels and other technologies. We use this information to better understand, customize and improve user experience with our websites, services and offerings as well as to manage our advertising. For example, we use web analytics services that use these technologies to gather information to help us understand how visitors engage with and navigate our Website, e.g., how and when pages in a site are visited and by how many visitors. We are also able to offer our visitors a more customized, relevant experience on our sites using these technologies by delivering content and functionality based on your preferences and interests.

Depending on their purpose, some cookies will only operate for the length of a single browsing session, while others have a longer life span to ensure that they fulfill their longer-term purposes. Your web browser can be set to allow you to control whether you will accept cookies or reject cookies, to notify you each time a cookie is sent to your browser, or to delete cookies that have already been set. If your browser is set to reject cookies, certain aspects of the Website that are cookie-enabled will not recognize you when you return to the website, and some Website functionality may be lost. The “Help” section of your browser may tell you how to prevent your browser from accepting cookies. To find out more about cookies, visitwww.aboutcookies.org.

67      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

INVESCO’S PRIVACY NOTICE Continued

Security

No data transmission over the internet can be 100% secure, so Invesco cannot ensure or warrant the security of any information you submit to us on this Website. However, Invesco seeks to protect your personal information from unauthorized access or use when you transact business on our Website using technical, administrative and procedural measures. Invesco makes no representation as to the reasonableness, efficacy, or appropriateness of the measures we use to safeguard such information.

Users are responsible for maintaining the secrecy of their own passwords. If you have reason to believe that your interaction with us is no longer secure (for example, if you feel that the security of any account you might have with us has been compromised), please immediately notify us by contacting us as specified below.

Transfer of Data to Other Countries

Any information you provide to Invesco through use of the Website may be stored and processed, transferred between and accessed from the United States, Canada and other countries which do not guarantee the same level of protection of personal information as the one in which you reside. However, Invesco will handle your personal information in accordance with this Privacy Policy regardless of where your personal information is stored/accessed.

Children’s Privacy

We are committed to protecting the privacy of children. We do not knowingly collect personal information from children under the age of 18. If you are under the age of 18, do not provide us with any personal information.

Contact Us

Please contact us if you have any questions or concerns about your personal information or require assistance in managing your choices.

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

By phone:

(404)439-3236

By fax:

(404)962-8288

By email:

Anne.Gerry@invesco.com

Please update your account information by logging in or contact us by email or telephone as specified above to update your account information whenever such information ceases to be complete or accurate.

You may also contact us to:

68      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

● Request that we amend, rectify, delete or update the personal data we hold about you;

● Where possible (e.g. in relation to marketing) amend or update your choices around processing;

● Request a copy of personal data held by us.

Disclaimer

Where the Website contains links to third-party websites/content/services that are not owned or controlled by Invesco, Invesco is not responsible for how these properties operate or treat your personal information so we recommend that you read the privacy policies and terms associated with these third party properties carefully.

69      INVESCO OPPENHEIMER ROCHESTER LIMITED TERM NEW YORK MUNICIPAL FUND

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Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

◾ Fund reports and prospectuses

◾ Quarterly statements

◾ Daily confirmations

◾ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Invesco Distributors, Inc. O-ROLTNYM-SAR-1      08272019

Item 2. Code of Ethics.

Not required for a semiannual report

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) informed the Trust that it has identified an issue related to its independence under Rule2-01(c)(1)(ii)(A) of RegulationS-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it or certain affiliates and covered persons receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the Invesco Fund Complex). PwC informed the Trust it and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex.

On June 20, 2016, the SEC Staff issued a“no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al.,No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. On June 18, 2019, the SEC adopted amendments to the Loan Rule (the “Amendments”) addressing many of the issues that led to the issuance of theno-action letter. The Amendments become effective and supersede theno-action letter on October 3, 2019, 90 days after publication in the Federal Register. In connection with prior independence determinations, PwC communicated, as contemplated by theno-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PwC is able to exhibit the requisite objectivity and impartiality to report on the Funds’ financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Adviser, the Funds and PwC concluded that PricewaterhouseCoopers LLP could continue as the Funds’ independent registered public accounting firm. The Invesco Fund Complex relied upon theno-action letter in reaching this conclusion.

If in the future the independence of PwC is called into question under the Loan Rule by circumstances that are not addressed in the SEC’sno-action letter, the Funds will need to take other action in order for the Funds’ filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. The SECno-action relief was initially set to expire 18 months from issuance but has been extended by the SEC without an expiration date, except that theno-action letter will be withdrawn upon the effectiveness of the Amendments.

During the reporting period, PwC advised the Audit Committee of the following matter for consideration under the SEC’s auditor independence rules. PwC advised the Audit Committee that a PwC Director held a financial interest in an investment company within the Invesco Fund Complex that was inconsistent with the requirements of Rule2-01(c)(1) of RegulationS-X. PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investment, the individual was not in the chain of command of the audit or the audit partners of Invesco or the affiliate of the Registrant, the services provided by the individual was not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates and the investment was not material to the net worth of the individual or his respective immediate family members which they considered in reaching their conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant.

On May 24, 2019, certain investment advisor subsidiaries of Invesco Ltd. assumed management responsibility from Oppenheimer Funds, Inc. (“OFI”) for 83open-end mutual funds and 20 exchange-traded funds (collectively, the “Oppenheimer Funds”). Assumption of management responsibility for the Oppenheimer Funds was accomplished through the reorganization of each Oppenheimer Fund into a new Invesco shell fund (collectively, the “New Invesco Funds”) that did not havepre-existing assets (together, the “Reorganizations”). The Reorganizations were part of the acquisition by Invesco Ltd. (together with its subsidiaries, “Invesco”) of the asset management business of OFI (including the Oppenheimer Funds) from Massachusetts Mutual Life Insurance Company (“MassMutual”), which was also consummated on May 24, 2019 (the “Acquisition”). Subsequent to the Acquisition, MassMutual became a significant shareholder of Invesco, and the Invesco Ltd. board of directors expanded by one director with the addition of a director selected by MassMutual.

Prior to the consummation of the Acquisition and the Reorganizations on May 24, 2019, PwC completed an independence assessment to evaluate the services and relationships with OFI and its affiliates, which became affiliates of Invesco upon the closing of the Acquisition. The assessment identified the following relationship and services that are inconsistent with the auditor independence rules under Rule2-01 of RegulationS-X (“Rule2-01”) if provided to an affiliate of an audit client. A retired PwC partner who receives a benefit from PwC that is not fully funded, served as a member of Audit Committee of the Boards of Trustees of certain Oppenheimer Funds prior to the Acquisition (the“Pre-Reorganization Relationship”). Additionally, PwC provided certainnon-audit services including, expert legal services to one Oppenheimer Fund, custody of client assets in connection with payroll services, anon-audit service performed pursuant to a success-based fee,non-audit services in which PwC acted as an advocate on behalf of a MassMutual foreign affiliate and certain employee activities undertaken in connection with the provision ofnon-audit services for MassMutual and certain MassMutual foreign affiliates (collectively, the“Pre-Reorganization Services”).

PwC and the Audit Committees of the New Invesco Funds each considered the impact that thePre-Reorganization Relationship and Services have on PwC’s independence with respect to the New Invesco Funds. On the basis of the nature of the relationship and services performed, and in particular the mitigating factors described below, PwC concluded that a reasonable investor, possessing knowledge of all the relevant facts and circumstances regarding thePre-Reorganization Relationship and Services, would conclude that thePre-Reorganization Relationship and Services do not impair PwC’s ability to exhibit the requisite objectivity and impartiality to report on the financial statements of the New Invesco Funds for the years ending May 31, 2019 – April 30, 2020 (“PwC’s Conclusion”).

The Audit Committees of the Boards of Trustees of the New Invesco Funds, based upon PwC’s Conclusion and the concurrence of Invesco, considered the relevant facts and circumstances including the mitigating factors described below and, after careful consideration, concluded that PwC is capable of exercising objective and impartial judgment in connection with its audits of the financial statements of the New Invesco Funds that the respective Boards of Trustees oversees.

Mitigating factors that PwC and the Audit Committees considered in reaching their respective conclusions included, among others, the following factors:

• none of thePre-Reorganization Relationship or Services created a mutuality of interest between PwC and the New Invesco Funds;

• PwC will not act in a management or employee capacity for the New Invesco Funds or their affiliates during any portion of PwC’s professional engagement period;

• other than the expert legal services,Pre-Reorganization Services that have been provided to OFI, MassMutual and their affiliates do not have any impact on the financial statements of the New Invesco Funds;

• as it relates to the expert legal services, while the service provided by PwC related to litigation involving one Oppenheimer Fund, the impact of the litigation on the Oppenheimer Fund’s financial statements was based upon OFI’s decision, and OFI management represented that the PwC service was not considered a significant component of its decision;

• while certain employees of OFI who were involved in the financial reporting process of the Oppenheimer Funds will be employed by Invesco subsequent to the Reorganizations, existing officers of other Invesco Funds will serve as Principal Executive Officer and Principal Financial Officer or equivalent roles for the New Invesco Funds, and are ultimately responsible for the accuracy of all financial statement assertions for the entirety of the financial reporting periods for the New Invesco Funds;

• thePre-Reorganization Services giving rise to the lack of independence were provided to, or entered into with, OFI, MassMutual and their affiliates at a time when PwC had no independence restriction with respect to these entities;

• with the exception of the expert legal service provided to one Oppenheimer Fund, none of thePre-Reorganization Services affected the operations or financial reporting of the New Invesco Funds;

• thePre-Reorganization Services provided by PwC to OFI, MassMutual and their affiliates were performed by persons who were not, and will not be, part of the audit engagement team for the New Invesco Funds; and

• the fees associated with thePre-Reorganization Services were not material to MassMutual, Invesco or PwC.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

None

Item 11. Controls and Procedures.

(a) As of August 13, 2019, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of August 13, 2019, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on FormN-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

13(a) (1)	Not applicable.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule30a-2(a) under the Investment Company Act of 1940.
13(a) (3)	Not applicable.
13(a) (4)	Registrant’s Independent Public Accountant, attached as Exhibit 99. ACCT
13(b)	Certifications of principal executive officer and principal financial officer as required by Rule30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIMTax-Exempt Funds (InvescoTax-Exempt Funds)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	September 6, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	September 6, 2019
By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	September 6, 2019