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

AIMTax-Exempt Funds (InvescoTax-Exempt Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: February 28

Date of reporting period: 08/31/19

Item 1. Reports to Stockholders.

	Shareholder Report For the One Month Ended 8/31/2019
	Annual Report 7/31/2019
	Invesco Oppenheimer Rochester® AMT-Free Municipal Fund* Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. *Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer RochesterAMT-Free Municipal Fund. See Important Update on the following page for more information.

Important Update

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

Table of Contents

Fund Performance Discussion	5
Top Holdings and Allocations	9
Fund Expenses	14
Schedule of Investments	18
Statement of Assets and Liabilities	73
Statement of Operations	75
Statement of Changes in Net Assets	76
Financial Highlights	77
Notes to Financial Statements	84
Report of Independent Registered Public Accounting Firm	106
Independent Registered Public Accounting Firm	108
Federal Income Tax Information	109
Approval of Investment Advisory andSub-Advisory Contracts	110
Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments	115
Shareholder Proxy	116
Trustees and Officers	117
Invesco’s Privacy Notice	131

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT8/31/19

	Class  A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays   Municipal Bond Index
1-Month	2.28%	-2.03%	1.58%
1-Year	10.01	5.34	8.72
5-Year	6.90	5.98	3.85
10-Year	8.33	7.85	4.62

AVERAGE ANNUAL TOTAL RETURNS AT7/31/19

	Class  A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays   Municipal Bond Index
1-Year	9.22%	4.53%	7.31%
5-Year	6.99	6.07	3.77
10-Year	9.08	8.61	4.63

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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. 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.

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Fund Performance Discussion

Performance summary

For the fiscal year ended July 31, 2019, the Class A shares of Invesco Oppenheimer RochesterAMT-Free Municipal Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Barclays Municipal Bond Index, the Fund’s benchmark. Please note that the fiscalyear-end for the Fund has changed from July 31 to February 28. The below is a discussion of the Fund’s performance as of its last fiscal year ended July 31, 2019.

Market conditions and your Fund

The broad municipal bond market experienced positive returns for the fifth consecutive year in 2018, and performance remained strong throughout this fiscal year. Investment grade municipals returned 7.31% and high yield municipals returned 8.08% during the fiscal year.¹ Performance has been particularly strong the first seven months of 2019 with investment grade municipals returning 5.94% and high yield municipals returning 7.33%.¹

The fiscal year was characterized by supportive technical conditions (supply and demand balances) as new issuance of municipal bonds underwhelmed, totaling $342 billion — down nearly 18% from the previous fiscal year.² Flows into the municipal bond asset class were positive for the last 30 weeks of the fiscal year.³ Consistent positive flow pattern, coupled with continued limited supply, resulted in strong performance across the municipal market. Fund flows totaled $54.2 billion from August 2018 through July 2019.⁴

The high yield municipal bond market outperformed the investment grade bond segment, led by improved price discovery on Puerto Rico bonds as a result of developments in the commonwealth’s debt restructuring and strong performance of high yield general obligation securities.

Municipal bonds withstood considerable headwinds during the fiscal year, including interest rate movements that had the10-year US Treasury yield breaching 2.00% in July 2019. Additionally, the US government shutdown, which occurred midway through the fiscal year and lasted 35 days, along with ongoingUS-China trade negotiations and Brexit developments created a challenging market environment. Both investment grade municipals and high yield municipals posted negative returns for the months of September and October 2018: Worsening market conditions exposed the municipal bond market to more sensitivity relating to asell-off in US Treasuries in September. Despite these challenges, the municipal market continued to perform positively this fiscal year as technical

5          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

conditions provided tailwinds.

Investors’ concerns about the future of interest rates, meanwhile, created increased demand for Treasuries and high-grade municipal bonds alike, and yields continued to fall at all maturities as high yield securities rallied. The yield curve for30-year,AAA-rated municipal bonds continued to flatten as trade tensions between the US and China increased worries about inflationary pressures.

During the fiscal year, the US Federal Reserve (the Fed) raised the federal funds rate two times (in September and December 2018) before lowering it in July 2019.5 The two rate hikes, the eighth and ninth since December 2008, were anticipated and reflected increased confidence in the US economy amid low unemployment, relatively stable inflation and overall robust economic growth. This expansionary monetary policy significantly flattened the US Treasury yield curve with a slight inversion on the short end occurring in December 2018.

However, the Fed’s dovish stance at the beginning of calendar year 2019 took the market by surprise, leading economists to change their predictions from two interest rate increases in 2019, to just one. Amid political pressure and despite favorable growth and labor trends, the Fed ultimately reversed course and lowered the Fed Funds rate in July, citing uncertainty about the global economic outlook. The Treasury curve was inverted at fiscalyear-end with investors preferring2- to7-year paper over shorter and

longer maturities. Economists were mixed as to whether this particular inversion, the first sincemid-2007, portends a recession.

Earlier in the fiscal year, as anticipated, US midterm election results had a positive impact on municipal securities as perceived threats to municipal tax exemptions, further tax reform and changes to the Affordable Care Act were greatly reduced. News of a possible ban on flavorede-cigarettes and menthol cigarettes made headlines, which caused a short-lived decline in the valuations of below-investment-grade tobacco settlement bonds. Meanwhile,year-end demand for yield and coupon payments caused the asset class to end 2018 on a strong note. Investors affected by the $10,000 cap on state and local tax (SALT) deductions poured a record $18.9 billion into municipal bond funds in the first 8 weeks of calendar year 2019, the most over that period in at least 13 years.⁴

At the close of the fiscal year, we believed municipal fundamentals remained strong and viewed the ongoing impact of the Tax Cut and Jobs Act of 2018 as a potential market factor. As a result, demand for municipal bond investments could remain strong as retail investors continue to seektax-exempt income.

Over the fiscal year, security selection in general obligation (G.O.) and sales tax revenue bonds, the Fund’s largest and sixth largest sectors, respectively, significantly contributed to the Fund’s performance. Sales tax revenue bonds issued by the Commonwealth of Puerto Rico (COFINAs)

6          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

represented more than 60% of the Fund’s assets in that sector at fiscalyear-end. The Fund’s holdings in the correctional facilities and municipal leases sectors as well as the two aforementioned sectors produced the strongest single-sector returns this fiscal year. In aggregate, the Fund’s diverse holdings in securities issued in Puerto Rico provided a larger contribution to the Fund’s total return than any single sector. Meanwhile, the Fund’s overweight exposure to tobacco settlement bonds relative to the municipal bond funds or other asset managers detracted from the Fund’s performance as a result of the negative total returns of “Buckeye” zeroes issued by the Ohio Tobacco Settlement Financing Authority.Pre-refunded bonds and the gas utilities and the hotels, restaurants, and leisure sectors, among others, were underperformers relative to the Bloomberg Barclays Municipal Bond Index.

During the fiscal year, leverage contributed to the Fund’s performance. The Fund achieved a leveraged position through the use of inverse floating rate securities and tender option bonds (TOBs). Exposure to TOBs aided performance due to the price appreciation in municipal holdings when interest rates declined. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to additional volatility. For more information about the Fund’s use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments. Investors are reminded that the Fund is not and will not be managed based on predictions of interest rate changes.

Oppenheimer RochesterAMT-Free Municipal Fund (the predecessor fund) was renamed Invesco Oppenheimer RochesterAMT-Free Municipal Fund after the close of business on May 24, 2019, when Invesco’s acquisition of

OppenheimerFunds was finalized. Prior to the commencement of the Fund’s operations, Troy E. Willis managed the predecessor fund since 2003. Effective June 21, 2019, the portfolio management team of this fund was changed

7          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

to Mr. Willis (lead manager) and Mark Paris.

Thank you for investing in Invesco Oppenheimer RochesterAMT-Free Municipal Fund and for sharing our long-term investment horizon.

1 Sources: Bloomberg Barclays Municipal Bond Index, Bloomberg Barclays High Yield Municipal Bond Index

2 Source: The Bond Buyer

3 Source: Lipper

4 Source: Strategic Insight

5 Source: US Federal Reserve

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

8          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES – 8/31/19

General Obligation	11.9	%
Tobacco Master Settlement Agreement	10.3
Hospital/Healthcare	7.6
Highways/Commuter Facilities	6.2
Education	6.0
Sales Tax Revenue	6.0
Sewer Utilities	5.3
Higher Education	4.8
Special Tax	4.0
Government Appropriation	3.8

Holdings are subject to change and are not buy/sell recommendations. Percentages are as of August 31, 2019 and are based on total assets.

CREDIT ALLOCATION – 8/31/19

	NRSRO- Rated	Adviser- Rated	Total
AAA	3.6%	0.7%	4.3%
AA	29.4	0.0	29.4
A	24.5	0.0	24.5
BBB	12.9	4.5	17.4
BB or lower	9.8	14.6	24.4
Total	80.2%	19.8%	100.0%

The percentages above are based on the market value of the securities as of August 31, 2019 and are subject to change. Invesco Advisers, Inc. (the Adviser) determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the Adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the Adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

9          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

TOP TEN CATEGORIES – 7/31/19

General Obligation	11.1	%
Tobacco Master Settlement Agreement	10.1
Hospital/Healthcare	6.5
Education	6.2
Highways/Commuter Facilities	6.2
Sales Tax Revenue	5.9
Sewer Utilities	5.4
Higher Education	4.8
Special Tax	4.1
Diversified Financial Services	3.8

Holdings are subject to change and are not buy/sell recommendations. Percentages are as of July 31, 2019 and are based on total assets.

CREDIT ALLOCATION – 7/31/19

	NRSRO-   Rated	Adviser-   Rated	Total
AAA	2.7%	0.8%	3.5%
AA	28.7	0.0	28.7
A	25.1	0.0	25.1
BBB	12.7	4.6	17.3
BB or lower	10.2	15.2	25.4
Total	79.4%	20.6%	100.0%

The percentages above are based on the market value of the securities as of July 31, 2019 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the Adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the Adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

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

10          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 8/31/19
	Inception														Since
	Date		1-Month			1-Year			5-Year			10-Year			Inception
Class A (OPTAX)		10/27/76		2.28	%		10.01	%		6.90	%		8.33	%		5.93	%
Class C (OMFCX)		8/29/95		2.24			9.13			6.10			7.50			4.46
Class Y (OMFYX)		11/29/10		2.31			10.16			7.15			N/A			8.32
Class R6 (IORAX)*		5/24/19		2.30			10.06			6.91			8.34			N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 8/31/19
	Inception														Since
	Date		1-Month			1-Year			5-Year			10-Year			Inception
Class A (OPTAX)		10/27/76		-2.03	%		5.34	%		5.98	%		7.85	%		5.82	%
Class C (OMFCX)		8/29/95		1.24			8.13			6.10			7.50			4.46
Class Y (OMFYX)		11/29/10	��	2.31			10.16			7.15			N/A			8.32
Class R6 (IORAX)*		5/24/19		2.30			10.06			6.91			8.34			N/A

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/19
	Inception											Since
	Date		1-Year			5-Year			10-Year			Inception
Class A (OPTAX)		10/27/76		9.22	%		6.99	%		9.08	%		5.89	%
Class C (OMFCX)		8/29/95		8.34			6.15			8.24			4.37
Class Y (OMFYX)		11/29/10		9.52			7.24			N/A			8.11
Class R6 (IORAX)*		5/24/19		9.24			6.99			9.08			N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/19
	Inception											Since
	Date		1-Year			5-Year			10-Year			Inception
Class A (OPTAX)		10/27/76		4.53	%		6.07	%		8.61	%		5.78	%
Class C (OMFCX)		8/29/95		7.34			6.15			8.24			4.37
Class Y (OMFYX)		11/29/10		9.52			7.24			N/A			8.11
Class R6 (IORAX)*		5/24/19		9.24			6.99			9.08			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.

11          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

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

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

12          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Distribution yields for Class A shares are based on dividends of $0.022 for the28-day accrual period ended July 23, 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 July 23, 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 $0.0176 and $0.0234, respectively, for the28-day accrual period ended July 23, 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 July 31, 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 July 31, 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 top 2019 federal tax rate of 40.8%. 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; 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.

Investments in tobacco settlement bonds, which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments byMSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share ofnon-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco. com/fundprospectus.

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

13          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended August 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended August 31, 2019” to estimate the expenses you paid on your account during this period.

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

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

14          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Actual	Beginning   Account   Value   March 1, 2019		Ending   Account   Value   August 31, 2019		Expenses   Paid During   6 Months Ended           August 31, 20191,2
Class A	$	1,000.00	$	1,088.80	$	4.52
Class C		1,000.00		1,084.10		8.52
Class Y		1,000.00		1,089.00		3.26
Class R6		1,000.00		1,089.30		1.56
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.81		4.38
Class C		1,000.00		1,016.99		8.25
Class Y		1,000.00		1,022.02		3.16
Class R6		1,000.00		1,022.37		2.80

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 184/366(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 99/366to reflect the period from after the close of business on May 24, 2019 (inception of offering) to August 31, 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 184/366(to reflect theone-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended August 31, 2019 for Classes A, C and Yand for the period from after the close of business on May 24, 2019 (inception of offering) to August 31, 2019 for Class R6 are as follows:

Class	Expense Ratios
Class A		0.86%
Class C		1.62
Class Y		0.62
Class R6		0.55

15          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended July 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended July 31, 2019” to estimate the expenses you paid on your account during this period.

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

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

16          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Actual	Beginning Account Value February 1, 2019		Ending Account Value July 31, 2019		Expenses Paid During 6 Months Ended         July 31, 20191,2
Class A	$	1,000.00	$	1,082.80	$	5.07
Class C		1,000.00		1,076.50		9.00
Class Y		1,000.00		1,082.90		3.83
Class R6		1,000.00		1,083.00		1.38
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.93		4.92
Class C		1,000.00		1,016.17		8.74
Class Y		1,000.00		1,021.12		3.72
Class R6		1,000.00		1,021.27		3.56

1. Actual expenses paid for Class A, C and Y 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). 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 68/365to reflect the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 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 July 31, 2019 for Classes A, C and Y and for the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019 for Class R6 are as follows:

Class	Expense Ratios
Class A		0.98%
Class C		1.74
Class Y		0.74
Class R6		0.71

17          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSAugust 31, 2019 Unaudited

Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—102.3%
Alabama—5.7%
$20,000,000	Birmingham, AL Commercial Devel. Authority (Civic Center Improvements)		5.500	%		04/01/2041	$	20,895,600
385,000	Birmingham, AL Private Educational Building Authority (Birmingham-Southern College)		6.125			12/01/2025		385,200
16,150,000	Birmingham, AL Waterworks		5.000			01/01/2043		19,271,472
2,500,000	Birmingham-Jefferson, AL Civic Center Authority		5.000			07/01/2048		3,012,700
195,000	Cooperative District, AL Fort Deposit		6.000			02/01/2036		183,657
25,000	Etowah, AL Gadsden, AL Health Care Authority		4.375			01/01/2032		25,047
4,500,000	Homewood, AL Educational Building Authority (Samford University)		5.000			12/01/2047		5,306,085
4,500,000	Jefferson County, AL GO		5.000			09/15/2035		5,462,775
20,185,000	Jefferson County, AL Sewer		0.000	1		10/01/2046		19,537,465
20,000,000	Jefferson County, AL Sewer		0.000	1		10/01/2050		19,311,200
8,750,000	Jefferson County, AL Sewer		0.000	1		10/01/2050		8,506,750
8,000,000	Jefferson County, AL Sewer		6.000			10/01/2042		9,601,120
7,500,000	Jefferson County, AL Sewer		6.500			10/01/2053		9,110,550
4,000,000	Jefferson County, AL Sewer		7.000			10/01/2051		4,943,800
200,000	Mobile, AL Improvement District (McGowin Park)		5.250			08/01/2030		213,088
								125,766,509
Alaska—0.0%
600,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)2,3		5.875			12/01/2027		30,000
90,000	AK Northern Tobacco Securitization Corp. (TASC)		5.000			06/01/2032		90,114
								120,114
Arizona—2.1%
500,000	AZ IDA (AM&S/AcadM&S/M&SSA Obligated Group)		5.000			07/01/2038		593,790
1,800,000	AZ IDA (AM&S/AcadM&S/M&SSA Obligated Group)		5.000			07/01/2048		2,107,296
2,125,000	AZ IDA (AM&S/AcadM&S/M&SSA Obligated Group)		5.000			07/01/2052		2,470,695
675,000	AZ IDA (AM&S/AM&SS/MSSA Obligated Group)		5.000			07/01/2042		788,846
925,000	AZ IDA (AM&S/AM&SS/MSSA Obligated Group)		5.000			07/01/2047		1,079,207
1,000,000	AZ IDA (AM&S/AM&SS/MSSA Obligated Group)		5.000			07/01/2051		1,158,500
1,100,000	AZ IDA (Provident Group - Eastern Michigan University Parking)		5.000			05/01/2048		1,274,504
1,000,000	AZ IDA (Provident Group - Eastern Michigan University Parking)		5.000			05/01/2051		1,155,270
570,000	AZ IDA (Provident Group-NCCU Properties)		5.000			06/01/2058		675,462
342,000	Festival Ranch, AZ Community Facilities District		5.750			07/01/2032		342,205
80,000	Maricopa County, AZ IDA (Greathearts Arizona)		5.000			07/01/2037		96,366
145,000	Maricopa County, AZ IDA (Greathearts Arizona)		5.000			07/01/2048		172,015
495,000	Maricopa County, AZ IDA (Immanuel Campus Care)2,3		8.500			04/20/2041		341,550

18          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Arizona (Continued)
$130,000	Maricopa County, AZ School District No. 24 (Gila Bend)		5.500	%		07/01/2022	$	130,157
260,000	Merrill Ranch, AZ Community Facilities District No. 1 Special Assessment Lien		5.300			07/01/2030		260,369
750,000	Phoenix, AZ IDA (Career Success Schools)		7.000			01/01/2029		754,845
450,000	Phoenix, AZ IDA (Espiritu Community Devel. Corp.)		6.250			07/01/2036		450,315
8,500,000	Phoenix, AZ IDA (Rowan University)		5.250			06/01/2034		9,272,140
2,910,000	Pima County, AZ IDA (Arizona Charter School)		5.375			07/01/2031		3,078,285
550,000	Pima County, AZ IDA (Christian Care Tucson)		5.000			06/15/2037		641,405
1,010,000	Pima County, AZ IDA (Christian Care Tucson)		5.000			12/15/2047		1,164,570
900,000	Pima County, AZ IDA (Excalibur Charter School)		5.500			09/01/2046		949,608
1,405,000	Pima County, AZ IDA (New Plan Learning/OG Ohio/250 Shoup Mill Obligated Group)		8.125			07/01/2041		1,407,557
195,000	Pima County, AZ IDA (Paideia Academies)		5.125			07/01/2039		197,976
240,000	Pima County, AZ IDA (Paideia Academies)		5.250			07/01/2049		243,953
760,000	Pima County, AZ IDA (Tucson Country Day School)		5.000			06/01/2037		758,168
930,000	Rio Rico, AZ Fire District		7.000			07/01/2030		1,027,780
70,000	Rio Rico, AZ Fire District		7.000			07/01/2030		76,850
3,000,000	Salt Verde, AZ Financial Corp.		5.000			12/01/2032		3,987,030
6,500,000	Salt Verde, AZ Financial Corp.		5.000			12/01/2037		9,018,035
100,000	Salt Verde, AZ Financial Corp.		5.500			12/01/2029		132,884
								45,807,633
Arkansas—0.1%
1,675,000	Cave Springs, AR Municipal Property (Creeks Special Sewer District)2,3		6.250			02/01/2038		1,222,750
California—10.3%
7,000,000	CA County Tobacco Securitization Agency		5.310	4		06/01/2046		1,265,600
6,000,000	CA County Tobacco Securitization Agency		6.647	4		06/01/2046		1,037,880
129,820,000	CA County Tobacco Securitization Agency		6.698	4		06/01/2050		15,382,372
5,000	CA County Tobacco Securitization Agency		7.230	4		06/01/2033		2,289
160,000	CA County Tobacco Securitization Agency (TASC)		5.700	1		06/01/2046		160,966
50,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2035		50,475
4,905,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2043		4,969,501
3,375,000	CA Enterprise Devel. Authority (Sunpower Corp.)		8.500			04/01/2031		3,544,256
10,085,000	CA GO		5.000			09/01/2037		12,424,821
5,000,000	CA GO		5.000			09/01/2045		6,070,700
8,500,000	CA GO		5.000			08/01/2046		10,287,295
170,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.000			06/01/2029		205,586
10,000,000	CA Health Facilities Financing Authority (SHlth/ SBH/SVNA&H/SVMF/SVlyH/SCHosp/SEBH/SBMF Obligated Group)		5.000			11/15/2046		12,083,800
175,000	CA HFA, Series A		4.250			01/15/2035		209,601
3,500,000	CA Local Public Schools Funding Authority		4.000			08/01/2042		3,921,190
3,350,000	CAM-S-R Energy Authority		6.500			11/01/2039		5,358,258

19          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$10,000,000	CAM-S-R Energy Authority		7.000	%		11/01/2034	$	15,584,300
4,250,000	CA Municipal Finance Authority(CHF-Davis-West Village Student Hsg.)		5.000			05/15/2043		5,226,140
250,000	CA Municipal Finance Authority (Harbor Regional Center)		8.500			11/01/2039		252,935
3,500,000	CA Municipal Finance Authority (UCR North District Phase I Student Hsg.)		5.000			05/15/2049		4,357,395
450,000	CA Public Works (Various Community Colleges)		5.750			10/01/2030		451,642
1,000,000	CA School Finance Authority Charter School (Coastal Academy)		5.000			10/01/2033		1,084,630
19,275,000	CA Statewide CDA (Kaiser Foundation Hospitals/ Kaiser Credit Group Obligated Group)		1.270	5		08/15/2025		19,275,000
2,550,000	CA Statewide CDA (NCCD-Hooper Street - College of the Arts)		5.250			07/01/2039		3,004,078
2,005,000	CA Statewide CDA (Orinda Wilder)6		5.000			09/01/2030		2,339,314
1,450,000	Cathedral City, CA Redevel. Agency		5.000			08/01/2032		1,687,495
885,000	Cathedral City, CA Redevel. Agency		5.000			08/01/2033		1,028,096
9,985,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)		5.875			02/15/2034		10,021,545
345,750,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		7.996	4		06/01/2057		11,395,920
2,750,000	Lammersville, CA Joint Unified School District Special Tax Community Facilities District (Mountain House-Shea)		6.000			09/01/2043		3,160,850
415,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.000	1		09/01/2025		443,033
375,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.100	1		09/01/2026		400,845
885,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.150	1		09/01/2027		945,941
1,000,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.200	1		09/01/2028		1,067,320
500,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.250	1		09/01/2029		533,480
500,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.300	1		09/01/2030		533,455
1,000,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.375	1		09/01/2032		1,066,230
2,000,000	Long Beach, CA Bond Finance Authority Natural Gas		5.500			11/15/2037		2,898,600
180,000	Los Angeles, CA Community Facilities District Special Tax (Legends at Cascades)		5.750			09/01/2040		184,646
20,000,000	Los Angeles, CA Unified School District7		5.250			07/01/2042		25,221,400
1,250,000	Lynwood, CA Redevel. Agency Tax Allocation		7.000			09/01/2031		1,391,175
4,500,000	Oak Grove, CA School District		0.000	1		08/01/2042		2,630,565
1,250,000	Oxnard, CA Financing Authority Wastewater		5.000			06/01/2032		1,461,150
1,500,000	Oxnard, CA Financing Authority Wastewater		5.000			06/01/2033		1,750,365
850,000	Oxnard, CA Financing Authority Wastewater		5.000			06/01/2034		989,748
2,575,000	Paramount, CA Unified School District		5.250			08/01/2046		3,215,351

20          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$1,745,000	Poway, CA Unified School District Public Financing Authority Special Tax6		5.000	%		09/01/2033	$	2,109,618
3,110,000	Poway, CA Unified School District Public Financing Authority Special Tax6		5.000			09/01/2034		3,750,971
10,000,000	San Francisco, CA City & County COP7		5.000			10/01/2033		10,396,465
250,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		6.750			08/01/2041		270,603
350,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		7.000			08/01/2041		379,859
350,000	San Jose, CA Finance Authority (Convention Center)		5.500			05/01/2031		375,428
1,880,000	Santa Cruz, CA Redevel. Agency Tax Allocation		5.000			09/01/2035		2,267,449
5,000,000	University of California		5.000			05/15/2038		6,353,400
								226,481,027
Colorado—3.7%
2,000,000	Berthoud-Heritage, CO Metropolitan District No. 1		5.625			12/01/2048		2,102,700
550,000	BNC, CO Metropolitan District No. 1		5.000			12/01/2037		664,961
3,355,000	CO Broomfield Village Metropolitan District No. 23,8		6.250			12/01/2032		2,717,550
125,000	COE-470 Public Highway Authority		6.812	4		09/01/2025		113,170
40,000	CO Educational and Cultural Facilities Authority (Cesar Chavez Academy Charter School)		4.500			08/01/2037		40,074
1,200,000	CO Educational and Cultural Facilities Authority (Rocky Mountain Academy of Evergreen)		6.450			11/01/2040		1,277,496
1,000,000	CO Educational and Cultural Facilities Authority (Stargate Charter School)		5.000			12/01/2038		1,223,200
720,000	CO Fossil Ridge Metropolitan District No. 1		7.250			12/01/2040		745,373
2,000,000	CO Health Facilities Authority (Ascension Health System Sunbelt)		4.000			11/15/2043		2,290,840
1,400,000	CO Health Facilities Authority (Christian Living Neighborhoods)		5.000			01/01/2037		1,548,204
1,515,000	CO Health Facilities Authority (Commonsprirt Health)		5.000			08/01/2044		1,847,649
7,075,000	CO Health Facilities Authority (ELGS/ELGSS/ ELGSF/GSSH Obligated Group)		5.000			06/01/2047		8,931,480
750,000	CO Potomac Farms Metropolitan District		7.250			12/01/2037		750,383
78,000	CO Potomac Farms Metropolitan District		7.625	1		12/01/2023		78,060
1,000,000	CO Sorrell Ranch Metropolitan District2,3		6.750			12/15/2036		280,000
900,000	Cottonwood Highlands, CO Metropolitan District No. 1		5.000			12/01/2049		964,503
12,500,000	Denver, CO City & County Airport		5.000			12/01/2048		15,549,500
1,605,000	Ebert, CO Metropolitan District		5.000			12/01/2043		1,975,081
7,000,000	Ebert, CO Metropolitan District		5.000			12/01/2043		8,614,060
900,000	Hunters Overlook, CO Metropolitan District No. 5		5.000			12/01/2039		971,919
1,360,000	Hunters Overlook, CO Metropolitan District No. 5		5.000			12/01/2049		1,452,235
1,575,000	Hunting Hill, CO Metropolitan District		5.625			12/01/2048		1,675,847
710,000	Powhaton Road, CO Metropolitan District No. 2		5.625			12/01/2048		749,192

21          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Colorado (Continued)
$1,495,000	Public Authority for CO (Natural Gas Energy)		6.250	%		11/15/2028	$	1,946,236
5,000,000	Public Authority for CO (Natural Gas Energy)		6.500			11/15/2038		7,798,750
4,665,000	Rampart Range, CO Metropolitan District No. 1		5.000			12/01/2042		5,666,762
1,500,000	Rampart Range, CO Metropolitan District No. 1		5.000			12/01/2047		1,810,485
500,000	Tabernash Meadows, CO Water & Sanitation District		7.125			12/01/2034		516,550
110,000	Tallyns Reach, CO Metropolitan District No. 3		5.000			12/01/2033		118,106
250,000	Tallyns Reach, CO Metropolitan District No. 3		5.125			11/01/2038		268,318
983,237	Woodmen Heights, CO Metropolitan District No. 1		6.000			12/01/2041		1,003,334
5,227,406	Woodmen Heights, CO Metropolitan District No. 1		7.300	1		12/15/2041		4,596,772
								80,288,790
Connecticut—0.5%
6,125,000	CT H&EFA (Fairfield University)		4.000			07/01/2042		6,823,373
1,130,000	CT H&EFA (Nuvance Health)		4.000			07/01/2041		1,268,459
1,500,000	CT H&EFA (Nuvance Health)		4.000			07/01/2049		1,662,570
500,000	Georgetown, CT Special Taxing District2,3		5.125			10/01/2036		160,000
625,000	Hamden, CT GO		5.000			08/15/2030		774,619
10,976,478	Mashantucket Western Pequot Tribe CT2,9		6.050			07/01/2031		375,944
								11,064,965
Delaware—0.1%
2,702,000	Bridgeville, DE Special Obligation (Heritage Shores)		5.450			07/01/2035		2,703,135
District of Columbia—0.8%
110,000	District of Columbia Ballpark		5.000			02/01/2031		110,287
1,810,000	District of Columbia Center for Strategic & International Studies		6.375			03/01/2031		1,948,900
1,565,000	District of Columbia Tobacco Settlement Financing Corp.		6.500			05/15/2033		1,802,395
4,385,000	District of Columbia Tobacco Settlement Financing Corp.		6.750			05/15/2040		4,523,478
72,125,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.369	4		06/15/2046		7,677,706
400,000	District of Columbia University (Gallaudet University)		5.500			04/01/2034		425,348
								16,488,114
Florida—5.0%
1,815,000	Amelia Concourse, FL Community Devel. District2,3		5.750			05/01/2038		1,687,950
355,000	Arlington Ridge, FL Community Devel. District		5.500			05/01/2036		355,000
435,000	Avignon Villages, FL Community Devel. District2,3		5.300			05/01/2014		30,450
250,000	Avignon Villages, FL Community Devel. District2,3		5.400			05/01/2037		17,500
5,000,000	Canaveral, FL Port Authority		5.000			06/01/2048		6,087,750

22          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$990,000	Cascades, FL Groveland Community Devel. District		5.300	%		05/01/2036	$	990,644
1,990,000	Chapel Creek, FL Community Devel. District Special Assessment2,3		5.500			05/01/2038		1,791,000
825,942	Clearwater Cay, FL Community Devel. District2,3		5.500			05/01/2037		470,787
2,280,000	Creekside, FL Community Devel. District2,3		5.200			05/01/2038		1,026,000
5,000	Crosscreek, FL Community Devel. District2		5.600			05/01/2039		4,855
350,000	East Homestead, FL Community Devel. District		5.000			11/01/2033		367,511
25,000	East Homestead, FL Community Devel. District		7.250			05/01/2021		26,096
65,000	Escambia County, FL Health Facilities Authority		5.950			07/01/2020		67,575
255,000	FL Capital Trust Agency (Florida Charter Educational Foundation)		5.375			06/15/2038		288,596
480,000	FL Capital Trust Agency (Florida Charter Educational Foundation)		5.375			06/15/2048		534,072
455,000	FL Capital Trust Agency (IAS/ASchH/CAMS/ CAM&S Obligated Group)		5.000			12/15/2049		501,046
320,000	FL Capital Trust Agency (IAS/ASchH/CAMS/ CAM&S Obligated Group)		5.000			12/15/2054		350,349
772,795	FL Lake Ashton II Community Devel. District		5.375			05/01/2036		752,424
805,000	Greater Lakes/Sawgrass Bay, FL Community Devel. District		5.500			05/01/2038		768,799
16,000,000	Greater Orlando, FL Aviation Authority7		5.000			10/01/2032		16,676,280
195,000	Heritage Isles, FL Community Devel. District2		7.100			10/01/2023		29,250
100,000	Highland Meadows, FL Community Devel. District Special Assessment, Series A		5.500			05/01/2036		100,016
375,000	Indigo, FL Community Devel. District2,3		5.750			05/01/2036		262,500
35,000	Jacksonville, FL Health Facilities Authority (Daughters of Charity Health Services of Austin)		5.250			08/15/2027		37,371
190,000	Lake County, FL Educational Facilities		5.000			01/15/2054		203,750
565,000	Lake Helen, FL Educational Facilities (Ivy Hawn Charter School)		5.500			07/15/2048		603,974
600,000	Lake Helen, FL Educational Facilities (Ivy Hawn Charter School)		5.750			07/15/2053		646,554
1,255,000	Lakeland, FL Educational Facilities (Florida Southern College)		5.000			09/01/2029		1,371,677
1,000,000	Lakeland, FL Educational Facilities (Florida Southern College)		5.000			09/01/2037		1,078,440
3,000,000	Lakeland, FL Hospital System (Lakeland Regional Health System)		5.000			11/15/2040		3,430,020
4,000,000	Lee, FL Memorial Health System (Lee Memorial Hospital)		4.000			04/01/2037		4,546,520
1,465,000	Lucaya, FL Community Devel. District		5.375			05/01/2035		1,466,113
1,775,000	Magnolia Creek, FL Community Devel. District2,3		5.900			05/01/2039		319,500
95,000	Magnolia West, FL Community Devel. District Special Assessment		5.350			05/01/2037		102,705
10,000,000	Martin County, FL Pollution Control (Florida Power & Light)		1.430	5		07/15/2022		10,000,000
1,665,000	Miromar Lakes, FL Community Devel. District		5.000			05/01/2035		1,771,427
740,000	Miromar Lakes, FL Community Devel. District		5.375			05/01/2032		773,152

23          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$2,965,000	Monterey/Congress, FL Community Devel. District Special Assessment		5.375	%		05/01/2036	$	2,967,313
395,000	Naturewalk, FL Community Devel. District2,3		5.300			05/01/2016		312,050
335,000	Naturewalk, FL Community Devel. District2,3		5.500			05/01/2038		264,650
460,000	Orlando, FL Tourist Devel. Tax		5.500			11/01/2038		461,357
3,000,000	Orlando, FL Utilities Commission		5.000			10/01/2038		3,723,810
450,000	Palace Coral Gables, FL Community Devel. District Special Assessment		5.000			05/01/2032		495,527
1,000,000	Palace Coral Gables, FL Community Devel. District Special Assessment		5.625			05/01/2042		1,115,820
460,000	Palm River, FL Community Devel. District2,3		5.150			05/01/2013		230,000
510,000	Palm River, FL Community Devel. District2,3		5.375			05/01/2036		255,000
1,140,634	Pine Ridge Plantation, FL Community Devel. District		5.400			05/01/2037		1,061,930
750,000	Polk County, FL IDA (Carpenter’s Home Estates)		5.000			01/01/2049		841,688
125,000	Portico, FL Community Devel. District		5.450			05/01/2037		123,381
810,000	Reunion East, FL Community Devel. District2,3		5.800			05/01/2036		8
860,000	Reunion East, FL Community Devel. District2,3		7.375			05/01/2033		9
15,000	Ridgewood Trails, FL Community Devel. District		5.650			05/01/2038		14,727
2,400,000	River Glen, FL Community Devel. District Special Assessment2,3		5.450			05/01/2038		1,320,000
281,856	Santa Rosa Bay, FL Bridge Authority		6.250			07/01/2028		282,564
4,535,000	Sarasota County, FL Educational Facilities (School of Arts & Sciences)		6.500			07/01/2040		4,622,616
3,085,000	Sarasota County, FL Educational Facilities (School of Arts & Sciences)		6.750			07/01/2030		3,156,294
2,035,000	South Bay, FL Community Devel. District		5.125			05/01/2020		2,037,523
1,645,000	South Bay, FL Community Devel. District2,3		5.950			05/01/2036		16
1,965,000	South Bay, FL Community Devel. District		5.950			05/01/2036		1,946,391
935,000	South Bay, FL Community Devel. District2,3		6.600	1		05/01/2025		470,829
2,530,000	South Bay, FL Community Devel. District2,3		6.600	1		05/01/2036		1,275,297
1,500,000	St. Johns County, FL IDA (Presbyterian Retirement)		6.000			08/01/2045		1,565,385
400,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)		5.250			10/01/2041		341,380
5,000	Tern Bay, FL Community Devel. District		5.375			05/01/2037		5,002
3,990,000	Vista, FL Community Devel. District Special Assessment		5.375			05/01/2037		3,991,197
1,142,132	Waterford Estates, FL Community Devel. District Special Assessment2,3		5.125			05/01/2013		1,085,025
2,030,747	Waterford Estates, FL Community Devel. District Special Assessment2,3		5.500			05/01/2037		1,929,210
16,000	Waters Edge, FL Community Devel. District		5.350			05/01/2039		16,006
275,000	Waters Edge, FL Community Devel. District		6.600	1		05/01/2039		277,654
146,452	Waterstone, FL Community Devel. District3		0.000	1		05/01/2037		117,069
992,838	Waterstone, FL Community Devel. District3		5.020	4		11/01/2028		588,058
280,718	Waterstone, FL Community Devel. District2,3		5.500			05/01/2018		182,467
285,000	West Villages, FL Improvement District2,3		5.350			05/01/2015		228,000
7,150,000	West Villages, FL Improvement District2,3		5.800			05/01/2036		5,720,000

24          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$530,000	Westridge, FL Community Devel. District2,3		5.800	%		05/01/2037	$	530,000
250,000	Westside, FL Community Devel. District2,3		5.650			05/01/2037		87,500
2,335,000	Westside, FL Community Devel. District		5.650			05/01/2037		2,335,772
770,000	Westside, FL Community Devel. District2		5.650			05/01/2037		717,247
2,250,000	Wyld Palms, FL Community Devel. District2,3		5.400			05/01/2015		697,500
1,445,000	Wyld Palms, FL Community Devel. District2,3		5.500			05/01/2038		447,950
444,846	Zephyr Ridge, FL Community Devel. District2,3		5.250			05/01/2013		373,670
978,661	Zephyr Ridge, FL Community Devel. District2,3		5.625			05/01/2037		822,075
								108,574,620
Georgia—1.5%
565,000	Atlanta, GA Urban Residential Finance Authority (Trestletree Village Apartments)		5.000			11/01/2048		595,889
1,055,000	Floyd County, GA Devel. Authority (Lavender Mountain Senior Living)		5.750			12/01/2033		1,097,896
5,280,000	Floyd County, GA Devel. Authority (Lavender Mountain Senior Living)		6.250			12/01/2048		5,533,440
3,040,000	Floyd County, GA Devel. Authority (Lavender Mountain Senior Living)		6.500			12/01/2053		3,213,280
2,145,000	Floyd County, GA Devel. Authority (Spires at Berry College)		6.000			12/01/2038		2,235,626
3,000,000	Fulton County, GA Devel. Authority (PHC/ FCommH/PHosp/PMSH/PNH/PMCC/PClinic/ PHlthCF/PHI/PHIP/PHHosp/PNH/PARMC Obligated Group)		5.000			07/01/2046		3,516,540
535,000	GA Environmental Loan Acquisition Corp. (Local Water Authority)		5.125			03/15/2031		536,498
1,040,000	GA Main Street Natural Gas		5.000			05/15/2043		1,257,214
10,770,000	Macon, GA Water Authority		1.390	5		10/01/2038		10,770,000
100,000	Monroe County, GA Devel. Authority (Georgia Power Company)		4.000	5		06/01/2042		100,052
700,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		5.500	5		12/01/2053		725,886
880,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		6.125			12/01/2038		943,721
1,230,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		6.250			12/01/2048		1,317,170
1,030,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		6.375			12/01/2053		1,102,986
520,000	Randolph County, GA GO		5.000			04/01/2030		562,567
								33,508,765
Illinois—6.7%
4,300,000	Chicago, IL Board of Education		6.000			04/01/2046		5,212,331
775,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2026		930,876
2,250,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2028		2,794,117
1,000,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2031		1,222,740
1,205,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2034		1,460,833
915,000	Chicago, IL Board of Education (School Reform)		5.063	4		12/01/2024		807,259

25          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Illinois (Continued)
$1,405,000	Chicago, IL Board of Education (School Reform)		5.063	% 4		12/01/2024	$	1,239,561
13,440,000	Chicago, IL GO		5.000			01/01/2029		13,483,277
2,500,000	Chicago, IL O’Hare International Airport		5.000			01/01/2034		2,919,375
3,000,000	Chicago, IL O’Hare International Airport		5.000			01/01/2041		3,530,460
6,000,000	Chicago, IL Wastewater		4.000			01/01/2042		6,212,700
2,400,000	Cook County, IL Community School District GO		7.125			06/01/2024		2,711,976
949,000	Cortland, IL Special Tax (Sheaffer System)2,3		5.500			03/01/2017		189,800
320,000	Du Page County, IL Special Service Area No. 31 Special Tax (Monarch Landing)		5.625			03/01/2036		321,885
2,000,000	Gilberts, IL Special Service Area No. 15		5.000			03/01/2035		2,256,360
689,781	Gilberts, IL Special Service Area No. 24 Special Tax (Conservancy)		5.375			03/01/2034		689,864
2,225,000	Harvey, IL GO2		5.500			12/01/2027		1,341,452
1,000,000	Harvey, IL GO2		5.625			12/01/2032		602,900
3,680,000	Harvey, IL Hotel Motel Tax & Sales (Hotel & Conference Center)		6.875			08/01/2028		3,681,914
1,010,000	IL Finance Authority (Illinois Institute of Technology)		5.000			04/01/2026		1,010,747
9,660,000	IL Finance Authority (Illinois Institute of Technology)		5.000			04/01/2031		9,688,207
1,000,000	IL Finance Authority (Illinois Institute of Technology)		5.000			04/01/2036		1,002,880
500,000	IL Finance Authority (Lake Forest College)		5.750			10/01/2032		544,400
450,000	IL Finance Authority (Lake Forest College)		6.000			10/01/2048		487,831
2,000,000	IL GO		5.000			04/01/2025		2,222,600
3,000,000	IL GO		5.000			10/01/2028		3,593,250
6,500,000	IL GO		5.000			10/01/2029		7,747,610
5,000,000	IL GO		5.000			10/01/2029		5,959,700
3,000,000	IL GO		5.000			10/01/2030		3,555,750
3,360,000	IL GO		5.000			10/01/2033		3,942,557
1,525,000	IL GO		5.000			02/01/2039		1,653,329
910,000	IL Metropolitan Pier & Exposition Authority		5.500			12/15/2023		992,501
250,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Expansion)		5.500			06/15/2050		254,792
1,365,000	IL Regional Transportation Authority		4.000			06/01/2043		1,514,044
18,000,000	IL Regional Transportation Authority7		4.000			06/01/2043		19,943,370
5,000,000	IL Sales Tax Securitization Corp.		5.250			01/01/2048		6,049,250
405,000	IL Sports Facilities Authority6		5.000			06/15/2028		492,128
455,000	IL Sports Facilities Authority6		5.000			06/15/2029		557,944
245,000	IL Sports Facilities Authority6		5.000			06/15/2030		299,395
2,000,000	IL Sports Facilities Authority		5.250			06/15/2032		2,280,260
895,000	Jefferson County, IL High School District No. 201 (Mt. Vernon)		6.500			12/30/2027		1,196,508
955,000	Jefferson County, IL High School District No. 201 (Mt. Vernon)		6.500			12/30/2028		1,306,975
1,160,000	Jefferson County, IL High School District No. 201 (Mt. Vernon)		6.500			12/30/2031		1,676,687
3,568,000	Lakemoor Village, IL Special Tax		5.000			03/01/2027		3,573,958

26          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Illinois (Continued)
$2,301,000	Lincolnshire, IL Special Service Area No. 1 Special Tax (Sedgebrook)		6.250	%		03/01/2034	$	2,305,119
480,000	Markham, IL GO		5.750			02/01/2028		465,816
1,050,000	Northern IL Municipal Power Agency (Prarie Street)		4.000			12/01/2041		1,139,239
1,085,000	Plano, IL Special Service Area No. 52,3		6.000			03/01/2036		922,250
500,000	Southwestern IL Devel. Authority (Eden Retirement Center)		5.850			12/01/2036		482,595
3,405,000	Southwestern IL Devel. Authority (Local Government Programming)3		7.000			10/01/2022		1,974,900
1,020,000	Southwestern IL Devel. Authority (Village of Sauget)		5.625			11/01/2026		1,014,880
1,155,000	Stephenson County, IL School District No. 145 Freeport		5.000			02/01/2032		1,432,489
850,000	Stephenson County, IL School District No. 145 Freeport		5.000			02/01/2033		1,049,444
750,000	Stephenson County, IL School District No. 145 Freeport		5.000			02/01/2034		924,907
1,848,000	Yorkville, IL United City Special Services Area Special Tax		5.000			03/01/2033		1,881,135
								146,749,127
Indiana—1.6%
3,575,000	Columbus, IN Multifamily Hsg. (Vivera Senior Living)		5.625			05/01/2039		3,741,452
1,620,000	IN Finance Authority (GSH/GSHI/GSHPS Obligated Group)		5.500			04/01/2026		1,918,517
2,885,000	IN Finance Authority (Marian University)		5.250			09/15/2025		3,108,559
4,250,000	IN Finance Authority (Marian University)		6.375			09/15/2041		4,616,860
4,750,000	IN Finance Authority (Marian University)		6.500			09/15/2030		5,211,842
7,500,000	IN Municipal Power Agency		5.000			01/01/2037		9,027,525
900,000	Indianapolis, IN Multifamily Hsg. (Berkley Common)		5.750			07/01/2030		931,815
3,860,000	Indianapolis, IN Multifamily Hsg. (Berkley Common)		6.000			07/01/2040		4,008,456
2,025,000	Indianapolis, IN Multifamily Hsg. (Stonekey Apartments)		7.000			02/01/2039		2,034,923
								34,599,949
Iowa—0.2%
400,000	IA Finance Authority (Boys & Girls Home and Family Services)2,3		5.900			12/01/2028		20,000
1,685,000	IA Finance Authority (Mercy Medical Center)		5.000			08/15/2028		1,832,117
1,300,000	IA Finance Authority (Unity Point Health)		5.000			02/15/2048		1,567,163
255,000	IA Finance Authority Senior Hsg. (Wedum Walnut Ridge)		5.375			06/01/2025		255,018

27          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Iowa (Continued)
$1,000,000	Xenia, IA Rural Water District		5.000	%		12/01/2036	$	1,170,420
								4,844,718
Kansas—0.1%
1,440,000	Pittsburgh, KS Special Obligation (North Broadway Redevel.)		4.900			04/01/2024		1,335,701
Kentucky—2.4%
5,480,000	KY Municipal Power Agency		5.000			09/01/2032		6,560,875
11,525,000	KY Municipal Power Agency		5.000			09/01/2033		13,747,942
5,000,000	KY Municipal Power Agency		5.000			09/01/2034		5,937,650
1,500,000	KY Property & Building Commission		5.000			05/01/2035		1,833,600
1,170,000	KY Property & Building Commission		5.000			05/01/2036		1,426,300
2,500,000	KY Property & Building Commission		5.000			04/01/2037		2,977,375
4,605,000	KY Property & Building Commission		5.000			05/01/2037		5,584,668
2,500,000	KY Property & Building Commission		5.000			04/01/2038		3,020,350
10,000,000	Louisville & Jefferson County, KY Health System (Norton Healthcare/Norton Hospitals Obligated Group)		5.750			10/01/2042		11,417,300
80,000	Owen County, KY Waterworks System (AWCC/ KAWC Obligated Group)		6.250			06/01/2039		80,281
15,000	Springfield, KY Educational Devel. (St. Catherine College)2,3		5.750			10/01/2035		169
								52,586,510
Louisiana—1.7%
9,454	Denham Springs-Livingston, LA Hsg. & Mtg. Finance Authority6		5.000			11/01/2040		9,489
950,000	LA Citizens Property Insurance Corp.		5.000			06/01/2024		1,050,862
635,000	LA Citizens Property Insurance Corp.		5.000			06/01/2024		702,418
8,280,000	LA HFA (La Chateau)		6.875			09/01/2029		8,281,987
5,000,000	LA HFA (La Chateau)		7.250			09/01/2039		5,001,100
1,300,000	LA Public Facilities Authority (Louisiana State University & Agricultural & Mechanical College Auxiliary		5.000			07/01/2057		1,485,380
2,500,000	LA Public Facilities Authority (Nineteenth Judicial District Court Building)		5.000			06/01/2042		2,907,600
7,500,000	LA Public Facilities Authority (Ochsner Clinic Foundation)		5.000			05/15/2042		8,833,800
395,000	LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)		5.000			07/01/2032		464,757
300,000	LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)		5.000			07/01/2033		350,625
345,000	LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)		5.000			07/01/2037		397,844
50,000	LA Stadium & Exposition District		5.000			07/01/2028		56,714
4,035,000	LA State University & Agricultural & Mechanical College		5.000			07/01/2040		4,776,552

28          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Louisiana (Continued)
$700,000	New Orleans, LA Aviation Board (Parking Facilities)		5.000	%		10/01/2043	$	851,893
1,280,000	New Orleans, LA Aviation Board (Parking Facilities)		5.000			10/01/2048		1,548,659
								36,719,680
Maine—0.3%
2,000,000	ME H&HEFA (Maine General Medical Center)		6.750			07/01/2036		2,170,760
5,000,000	ME H&HEFA (Maine General Medical Center)		7.500			07/01/2032		5,519,700
								7,690,460
Maryland—0.5%
1,500,000	Gaithersburg, MD Economic Devel. (Asbury Maryland)		5.000			01/01/2036		1,719,180
1,000,000	MD EDC Student Hsg. (Morgan State University)		5.000			07/01/2034		1,052,790
4,530,000	MD EDC Student Hsg. (University of Maryland College Park)		5.000			06/01/2035		5,433,010
10,000	MD H&HEFA (Johns Hopkins Hospital)		5.375			07/01/2020		10,028
5,000	MD H&HEFA (Johns Hopkins Medical Institutional Parking System)		5.000			07/01/2034		5,049
15,000	MD H&HEFA (Johns Hopkins Medical Institutional Parking System)		5.000			07/01/2034		15,147
400,000	MD H&HEFA (Maryland Institute College of Art)		5.000			06/01/2036		473,952
10,000	MD H&HEFA (Mercy Ridge)		4.750			07/01/2034		10,014
1,653,000	Prince Georges County, MD Special District (Victoria Falls)		5.250			07/01/2035		1,668,571
								10,387,741
Massachusetts—1.3%
750,000	MA Devel. Finance Agency (Lasell College)		5.500			07/01/2026		798,697
25,000	MA Devel. Finance Agency (Lasell College)		6.000			07/01/2031		26,778
461,488	MA Devel. Finance Agency (Linden Ponds)		0.655	4		11/15/2056		137,653
1,435,000	MA Devel. Finance Agency (Linden Ponds)		5.125			11/15/2046		1,635,843
2,000,000	MA Devel. Finance Agency (UMHC/UMMC/ HHH&H/HHosp Obligated Group)		5.000			07/01/2036		2,365,200
20,000,000	MA GO7		5.000			12/01/2035		24,643,500
								29,607,671
Michigan—3.8%
1,100,000	Detroit, MI City School District		5.000			05/01/2028		1,202,476
680,000	Detroit, MI City School District		5.000			05/01/2031��		742,961
150,000	Detroit, MI Downtown Devel. Authority		5.000			07/01/2043		168,849
1,350,000	Detroit, MI Downtown Devel. Authority		5.000			07/01/2048		1,516,414
60,000	Detroit, MI Sewer Disposal System		7.500			07/01/2033		60,259
2,155,000	Detroit, MI Water and Sewerage Dept.		5.000			07/01/2032		2,353,389
1,000,000	Detroit, MI Water Supply System		5.000			07/01/2036		1,054,720
405,000	Grand Traverse Academy, MI Public School Academy		5.000			11/01/2022		405,283
1,000,000	MI Finance Authority (Detroit Water & Sewer)		5.000			07/01/2025		1,173,720

29          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Michigan (Continued)
$895,000	MI Finance Authority (Detroit Water & Sewer)		5.000	%		07/01/2026	$	1,049,674
930,000	MI Finance Authority (Detroit Water & Sewer)		5.000			07/01/2027		1,088,147
2,450,000	MI Finance Authority (Detroit Water & Sewer)		5.000			07/01/2032		2,842,612
1,000,000	MI Finance Authority (Detroit Water & Sewer)		5.000			07/01/2033		1,150,620
2,200,000	MI Finance Authority (Detroit Water & Sewer)		5.000			07/01/2034		2,584,362
1,000,000	MI Finance Authority (Detroit Water & Sewer)		5.000			07/01/2034		1,153,010
6,300,000	MI Finance Authority (HFHS/HFMHCT/HFWH/ WAFMH Obligated Group)		5.000			11/15/2041		7,533,540
6,000,000	MI Finance Authority (Thomas M Cooley Law School)		6.750			07/01/2044		6,349,860
635,000	MI Finance Authority (Universal Learning Academy)		5.750			11/01/2040		672,960
1,155,000	MI Public Educational Facilities Authority (Old Redford Academy)		6.000			12/01/2035		1,155,531
7,529,473	MI Strategic Fund Limited Obligation (Wolverine Human Services)		5.850			08/31/2027		7,547,544
1,671,250	MI Strategic Fund Limited Obligation (Wolverine Human Services)		7.875			08/31/2028		1,673,991
623,000,000	MI Tobacco Settlement Finance Authority		10.197	4		06/01/2058		19,960,920
1,180,000	Michigan State University		5.000			02/15/2044		1,480,027
1,650,000	Michigan State University		5.000			02/15/2048		2,058,161
600,000	Old Redford Academy, MI Public School Academy		5.900			12/01/2030		606,516
400,000	Plymouth, MI Educational Center Charter School (Public School Academy)		5.375			11/01/2030		283,132
1,325,000	Plymouth, MI Educational Center Charter School (Public School Academy)		5.625			11/01/2035		858,282
500,000	Renaissance, MI Public School Academy		6.000			05/01/2037		515,145
600,000	Walled Lake, MI Consolidated School District		4.000			05/01/2039		689,118
1,220,000	Walled Lake, MI Consolidated School District		4.000			05/01/2040		1,392,972
2,485,000	Walled Lake, MI Consolidated School District		4.000			05/01/2041		2,826,787
3,270,000	Walled Lake, MI Consolidated School District		5.000			05/01/2044		4,100,842
3,270,000	Walled Lake, MI Consolidated School District		5.000			05/01/2049		4,071,935
								82,323,759
Minnesota—0.3%
1,090,000	Apple Valley, MN Senior Living		4.500			01/01/2052		1,101,674
1,050,000	Bethel, MN Hsg. & Healthcare (Benedictine Living Communities - St. Peter Communities)		5.500			12/01/2048		1,112,654
2,300,000	Duluth, MN EDA Health Care Facilities (Essentia Health)		5.000			02/15/2043		2,747,304
900,000	MN HEFA (Hamline University)		5.000			10/01/2047		1,024,866
812,000	Mound, MN Hsg. & Redevel. Authority (Metroplaines)		5.000			02/15/2027		814,452

30          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Minnesota (Continued)
$680,000	St. Paul Park, MN Senior Hsg. & Healthcare Revenue (Presbyterian Homes Bloomington Care Center)		5.000	%		09/01/2042	$	750,570
								7,551,520
Mississippi—0.6%
565,000	Meridian, MS Tax Increment (Meridian Crossroads)		8.750			12/01/2024		579,232
10,000,000	MS Devel. Bank (Gulf Coast Community College District)		5.000			12/01/2046		11,820,600
								12,399,832
Missouri—1.2%
830,000	Branson, MO IDA (Branson Hills Redevel.)		5.750			05/01/2026		607,726
160,000	Branson, MO IDA (Branson Hills Redevel.)3		7.050			05/01/2027		116,622
675,000	Broadway-Fairview, MO Transportation Devel. District (Columbia)3,8		5.875			12/01/2031		438,750
180,000	Chillicothe, MO Tax Increment (South U.S. 65)3		5.500			04/01/2021		163,877
400,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.625			04/01/2027		343,808
580,000	Columbia, MO Hsg. Authority (Stuart Parker Hsg. Devel. Group)		5.000			12/15/2040		604,215
1,330,000	Columbia, MO Hsg. Authority (Stuart Parker Hsg. Devel. Group)		5.125			12/15/2050		1,383,067
14,360,000	Hazelwood, MO Transportation Devel. District (370/Missouri Bottom Road/Tausig Road)2,3		7.200			05/01/2033		4,882,400
5,605,000	Hollister, MO Tax Increment		5.625			10/01/2039		5,996,173
295,000	Kansas City, MO IDA (Sales Tax)		5.000			04/01/2046		306,880
140,000	Lees Summit, MO IDA (Kensington Farms)2		5.500			03/01/2021		89,600
250,000	Lees Summit, MO IDA (Kensington Farms)2		5.750			03/01/2029		160,000
2,100,000	Maplewood, MO Tax (Maplewood South Redevel.)		5.750			11/01/2026		2,100,294
355,000	MO Grindstone Plaza Transportation Devel. District		5.500			10/01/2031		351,936
76,000	Northwoods, MO Transportation Devel. District		5.850			02/01/2031		75,063
1,025,000	Saint Charles County, MO IDA (Suemandy/Mid- Rivers Community Improvement District)		5.000			10/01/2046		1,051,937
3,250,000	St. Louis, MO Land Clearance Authority (Scottrade Center)		5.000			04/01/2048		3,856,353
481,000	St. Louis, MO Tax Increment (1505 Missouri Avenue Redevel.)3,8		6.000			08/04/2025		96,200
846,000	St. Louis, MO Tax Increment (1601 Washington Redevel.)3,8		6.000			08/21/2026		279,180
1,879,000	St. Louis, MO Tax Increment (1619 Washington Redevel.)3		5.500			03/09/2027		770,390
661,018	St. Louis, MO Tax Increment (Pet Building Redevel.)3		5.500			05/29/2028		268,446
545,000	St. Louis, MO Tax Increment (Printers Lofts)3,8		6.000			08/21/2026		136,250
758,000	St. Louis, MO Tax Increment (Washington East Condominiums)3		5.500			01/20/2028		379,000

31          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Missouri (Continued)
$466,000	St. Louis, MO Tax Increment (Washington East Condominiums)3,8		5.500	%		01/20/2028	$	111,840
1,080,000	St. Louis, MO Tax Increment Financing (Ludwig Lofts)3,8		6.690			04/21/2029		183,600
373,000	St. Louis, MO Tax Increment Financing, Series A3		5.500			09/02/2028		167,850
3,255,000	St. Louis, MO Tax Increment, Series A3		6.600			01/21/2028		1,464,750
620,000	Stone Canyon, MO Improvement District (Infrastructure)2,3		5.700			04/01/2022		161,200
320,000	Stone Canyon, MO Improvement District (Infrastructure)2,3		5.750			04/01/2027		83,200
								26,630,607
Montana—0.1%
11,710,000	Hardin, MT Tax Increment Industrial Infrastructure Devel. (Rocky Mountain Power)3,8		6.250	1		09/01/2031		1,697,950
Nebraska—0.7%
4,000,000	NE Central Plains Gas Energy		5.000			09/01/2037		5,474,760
9,510,000	NE Central Plains Gas Energy		5.250			09/01/2037		10,467,277
								15,942,037
Nevada—0.5%
2,500,000	Clark County, NV GO		5.000			05/01/2048		3,064,250
320,000	Clark County, NV Improvement District		5.000			02/01/2026		322,857
255,000	Clark County, NV Improvement District		5.050			02/01/2031		257,122
5,280,000	Clark County, NV School District		5.000			06/15/2036		6,624,077
								10,268,306
New Hampshire—1.1%
305,000	Manchester, NH Hsg. & Redevel. Authority, Series B		5.647	4		01/01/2029		217,468
410,000	National Finance Authority NH (Christian Health Care Center)		5.250			07/01/2039		448,167
230,000	National Finance Authority NH (Christian Health Care Center)		5.625			07/01/2046		253,823
570,000	National Finance Authority NH (Christian Health Care Center)		5.750			07/01/2054		628,619
385,000	NH Business Finance Authority (Huggins Hospital)		6.875			10/01/2039		386,652
20,860,000	NH H&EFA (LRG Healthcare)7		7.000			04/01/2038		20,950,741
1,500,000	NH H&EFA (Southern New Hampshire University)		5.000			01/01/2027		1,620,075
								24,505,545
New Jersey—7.5%
250,000	Atlantic City, NJ GO		5.000			03/01/2032		302,552
500,000	Atlantic City, NJ GO		5.000			03/01/2037		597,700
2,000,000	Casino Reinvestment Devel. Authority of NJ		5.000			11/01/2030		2,267,260
2,000,000	Casino Reinvestment Devel. Authority of NJ		5.000			11/01/2032		2,259,960
1,930,000	NJ EDA		5.000			06/15/2028		2,321,906
3,500,000	NJ EDA		5.000			06/15/2029		4,194,155

32          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
New Jersey (Continued)
$3,000,000	NJ EDA		5.000	%		06/15/2041	$	3,468,420
220,000	NJ EDA (Golden Door Charter School)		6.500			11/01/2052		250,760
1,015,000	NJ EDA (Newark Downtown District Management Corp.)		5.125			06/15/2037		1,237,661
500,000	NJ EDA (Provident Group-Kean Properties)		5.000			07/01/2032		574,855
200,000	NJ EDA (Provident Group-Kean Properties)		5.000			07/01/2047		223,770
1,000,000	NJ EDA (Provident Group-Montclair Properties)		5.000			06/01/2037		1,198,910
4,855,000	NJ EDA (State Government Buildings)		5.000			06/15/2031		5,815,562
3,500,000	NJ EDA (State Government Buildings)		5.000			06/15/2042		4,098,675
735,000	NJ EDA (State Government Buildings)		5.000			06/15/2047		855,040
2,100,000	NJ Health Care Facilities Financing Authority (University Hospital)		5.000			07/01/2029		2,468,256
3,500,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2028		4,354,035
4,500,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2029		5,567,490
5,000,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2030		6,146,000
7,100,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2031		8,675,277
13,000,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2034		15,658,760
4,000,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2035		4,791,480
3,000,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2037		3,557,490
13,700,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2046		15,344,822
6,000,000	NJ Tobacco Settlement Financing Corp. (TASC)		5.000			06/01/2046		6,891,600
6,660,000	NJ Transportation Trust Fund Authority		5.000			06/15/2029		7,976,416
945,000	NJ Transportation Trust Fund Authority		5.000			06/15/2030		1,125,599
6,000,000	NJ Transportation Trust Fund Authority		5.000			06/15/2030		7,146,660
880,000	NJ Transportation Trust Fund Authority		5.000			06/15/2031		1,041,357
5,015,000	NJ Transportation Trust Fund Authority		5.000			06/15/2032		5,698,143
5,975,000	NJ Transportation Trust Fund Authority		5.500			12/15/2021		6,522,370
11,570,000	NJ Transportation Trust Fund Authority		5.750			06/15/2024		13,722,136
4,555,000	NJ Transportation Trust Fund Authority		6.000			06/15/2035		4,887,469
7,000,000	NJ Turnpike Authority		5.000			01/01/2034		8,256,290
3,000,000	NJ Turnpike Authority		5.000			01/01/2048		3,731,160
10,000	South Jersey, NJ Transportation Authority		4.500			11/01/2035		10,029
								163,240,025
New Mexico—0.1%
230,000	Boulders, NM Pubic Improvement District		5.750			10/01/2044		239,786
1,925,000	NM Trails Public Improvement District		7.750			10/01/2038		1,926,983
								2,166,769
New York—10.2%
3,250,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)		5.000			07/15/2042		3,816,183
8,500,000	Hudson Yards, NY Infrastructure Corp.7		5.000			02/15/2037		10,504,215
7,500,000	Hudson Yards, NY Infrastructure Corp.7		5.000			02/15/2039		9,214,088
65,000	NY Counties Tobacco Trust II (TASC)		5.750			06/01/2043		65,913
285,000	NY Counties Tobacco Trust VI		5.750			06/01/2043		347,047
14,375,000	NY MTA		5.250			11/15/2056		17,170,650
3,500,000	NY MTA (Green Bond)		5.250			11/15/2057		4,252,150

33          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$3,790,000	NY MTA Hudson Rail Yards		5.000	%		11/15/2046	$	3,817,515
13,150,000	NY MTA Hudson Rail Yards		5.000			11/15/2056		14,736,285
10,500,000	NY MTA, SeriesC-1		5.000			11/15/2035		12,502,770
5,000,000	NY MTA, SeriesC-1		5.250			11/15/2056		6,039,650
2,455,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2036		2,900,165
1,950,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2045		1,934,771
5,000,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2048		4,959,500
10,065,000	NYC GO		5.000			03/01/2040		12,514,720
7,800,000	NYC Municipal Water Finance Authority		1.410	5		06/15/2048		7,800,000
10,000,000	NYC Municipal Water Finance Authority		5.000			06/15/2039		11,899,100
14,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2043		17,423,420
10,000,000	NYC Transitional Finance Authority (Future Tax)		1.450	5		05/01/2034		10,000,000
8,720,000	NYC Transitional Finance Authority (Future Tax)		5.000			08/01/2031		10,546,666
2,650,000	NYS DA (New York State Dormitory Authority)		5.000			07/01/2028		3,212,701
10,000,000	NYS DA (Sales Tax)		5.000			03/15/2033		12,105,100
5,000,000	NYS DA (Sales Tax)		5.000			03/15/2035		6,162,250
6,955,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		7,192,791
10,000,000	NYS DA (State Personal Income Tax Authority)		5.000			03/15/2047		12,488,800
6,075,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)		5.250			10/01/2035		8,456,947
10,000,000	Port Authority NY/NJ, 198th Series		5.250			11/15/2056		12,153,700
								224,217,097
North Carolina—0.3%
5,000,000	NC Turnpike Authority		5.000			01/01/2038		6,234,450
Ohio—4.5%
2,410,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.375			06/01/2024		2,410,193
3,820,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.750			06/01/2034		3,825,692
5,360,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.875			06/01/2030		5,394,090
5,550,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.875			06/01/2047		5,577,805
10,100,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.500			06/01/2047		10,352,601
538,100,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		7.248	4		06/01/2047		31,220,562
230,500,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		7.575	4		06/01/2052		9,923,025
3,445,000	Cleveland-Cuyahoga County, OH Port Authority		6.000			11/15/2035		3,638,230
2,475,000	Cuyahoga County, OH Hospital (Metro Health System)		5.500			02/15/2052		2,922,851
1,050,000	Cuyahoga County, OH Hospital (Metro Health System)		5.500			02/15/2057		1,236,134
1,000,000	Greene County, OH University Hsg. (Central State University)		5.500			09/01/2027		1,000,440

34          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Ohio (Continued)
$255,000	Greene County, OH University Hsg. (Central State University)		5.625	%		09/01/2032	$	255,105
460,000	Jeffrey Place, OH New Community Authority (Jeffrey Place Redevel.)		5.000			12/01/2022		460,561
1,000,000	OH Air Quality Devel. Authority (Columbus Southern Power)		5.800			12/01/2038		1,009,490
5,000,000	OH GO		5.000			03/15/2036		5,765,700
1,350,000	OH Higher Educational Facility Commission (Menorah Park)		5.250			01/01/2038		1,444,716
1,235,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.300			02/15/2024		1,230,233
5,860,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.400			02/15/2034		5,805,326
4,065,000	Portage County, OH Port Authority (Northeast Ohio Medical University)		5.000			12/01/2037		4,303,534
325,375	Toledo-Lucas County, OH Port Authority (Town Square at Levis Commons)		5.400			11/01/2036		325,417
								98,101,705
Oklahoma—0.2%
3,070,000	Carter County, OK Independent School District No. 19 Ardmore Public Facilities Authority		5.000			09/01/2032		3,782,823
Oregon—0.0%
100,000	Multnomah County, OR Hospital Facilities Authority (Adventist Health System/West Obligated Group)		5.125			09/01/2040		100,259
240,000	OR Facilities Authority (Concordia University)6		6.125			09/01/2030		250,658
500,000	OR Facilities Authority (Concordia University)		6.375			09/01/2040		525,635
								876,552
Pennsylvania—6.3%
2,825,000	Allegheny County, PA HDA (Allegheny Health Network)		5.000			04/01/2036		3,441,697
1,600,000	Berks County, PA IDA (THlth/RHosp/BHospital/ CHH/JH/PHospital/PottsH Obligated Group)		5.000			11/01/2047		1,880,080
5,000,000	Bethlehem, PA Area School District		5.000			08/01/2033		5,956,350
1,425,000	Delaware County, PA Authority (Neumann University)		5.000			10/01/2031		1,621,750
2,305,000	Delaware County, PA Authority (Neumann University)		5.000			10/01/2035		2,596,744
65,000	Luzerne County, PA IDA		7.500			12/15/2019		66,139
500,000	Luzerne County, PA IDA		7.750			12/15/2027		509,115
1,250,000	PA Commonwealth Financing Authority		5.000			06/01/2030		1,573,200
3,000,000	PA Commonwealth Financing Authority		5.000			06/01/2032		3,743,640
2,000,000	PA Commonwealth Financing Authority		5.000			06/01/2033		2,489,940
1,760,000	PA Commonwealth Financing Authority		5.000			06/01/2034		2,182,981
3,000,000	PA Commonwealth Financing Authority		5.000			06/01/2035		3,699,000
5,000,000	PA GO		4.000			04/01/2032		5,398,750

35          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$12,500,000	PA GO		4.000	%		03/01/2035	$	14,305,125
4,175,000	PA GO		4.000			03/01/2036		4,795,948
10,000,000	PA GO		5.000			03/01/2032		12,654,800
2,605,000	PA Public School Building Authority (School District of Philadelphia)		5.000			04/01/2025		2,838,903
3,000,000	PA Public School Building Authority (School District of Philadelphia)		5.000			04/01/2030		3,250,860
5,000,000	PA Public School Building Authority (School District of Philadelphia)		5.000			04/01/2031		5,408,550
5,000,000	PA State Public School Building Authority (Philadelphia School District)		5.000			06/01/2032		6,007,350
5,000,000	PA State Public School Building Authority (Philadelphia School District)		5.000			06/01/2033		5,995,400
3,000,000	PA Turnpike Commission		4.000			12/01/2049		3,378,360
5,000,000	PA Turnpike Commission		5.000			06/01/2030		5,940,100
5,125,000	PA Turnpike Commission		5.000			12/01/2040		6,146,976
7,750,000	PA Turnpike Commission		5.000			06/01/2042		9,170,885
7,000,000	PA Turnpike Commission		5.000			12/01/2048		8,687,770
1,500,000	PA Turnpike Commission		6.375	1		12/01/2038		1,986,330
685,000	Philadelphia, PA Authority for Industrial Devel. (Architecture & Design Charter School)3		6.125			03/15/2043		685,000
1,000,000	Philadelphia, PA Gas Works		5.000			08/01/2036		1,217,150
1,000,000	Philadelphia, PA School District		5.000			09/01/2032		1,195,080
4,000,000	Pottsville, PA Hospital Authority (LVHN/LVlyH/ LVHM/SRehC/SRMC/NPHC/SMCSJS/PMCtr/PHSys Obligated Group)		5.000			07/01/2041		4,706,440
280,000	Reading, PA School District		5.000			03/01/2035		338,349
255,000	Reading, PA School District		5.000			03/01/2036		307,385
1,000,000	Scranton, PA School District		5.000			12/01/2029		1,236,870
1,305,000	Scranton, PA School District		5.000			12/01/2030		1,605,802
890,000	Scranton, PA School District		5.000			12/01/2032		1,091,594
710,000	Scranton, PA School District		5.000			12/01/2033		870,581
								138,980,994
Rhode Island—0.3%
4,915,000	Central Falls, RI Detention Facility2		7.250			07/15/2035		884,700
20,000	RI Hsg. & Mtg. Finance Corp. (Homeownership Opportunity)		6.500			04/01/2027		20,065
4,695,000	RI Tobacco Settlement Financing Corp. (TASC)		5.000			06/01/2040		5,263,189
								6,167,954
South Carolina—0.8%
4,467,000	Richland County, SC Assessment Revenue (Village at Sandhill Improvement District)3		6.200			11/01/2036		4,034,461
544,493	SC Connector 2000 Assoc. Toll Road, Series B		2.744	4		01/01/2020		532,737
5,991,316	SC Connector 2000 Assoc. Toll Road, Series B		3.158	4		01/01/2021		5,488,045

36          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
South Carolina (Continued)
$10,506,817	SC Connector 2000 Assoc. Toll Road, Series B		3.747	% 4		01/01/2026	$	6,897,725
								16,952,968
South Dakota—0.1%
1,500,000	SD Educational Enhancement Funding Corp. Tobacco Settlement		5.000			06/01/2027		1,673,325
Tennessee—1.2%
225,000	Chattanooga, TN HE&HFB (Commonspirit Health)		4.000			08/01/2038		253,120
455,000	Chattanooga, TN HE&HFB (Commonspirit Health)		4.000			08/01/2044		504,195
340,000	Chattanooga, TN HE&HFB (Commonspirit Health)		5.000			08/01/2044		414,654
455,000	Chattanooga, TN HE&HFB (Commonspirit Health)		5.000			08/01/2049		553,576
10,000	Citizens, TN Gas Utility District		5.000			05/01/2035		10,024
2,000,000	Greeneville, TN H&EFB (Ballad Health)		5.000			07/01/2035		2,445,980
3,000,000	Greeneville, TN H&EFB (Ballad Health)		5.000			07/01/2036		3,664,320
3,000,000	Greeneville, TN H&EFB (Ballad Health)		5.000			07/01/2037		3,636,660
500,000	Metropolitan Government Nashville & Davidson Counties, TN H&EFB (Belmont University)		5.000			11/01/2027		536,990
7,000,000	Metropolitan Government Nashville & Davidson Counties, TN H&EFB (Vanderbilt University Medical Center)		5.000			07/01/2046		8,190,770
200,000	Nashville, TN Metropolitan Development & Hsg. Agency (Fifth & Broadway Devel. District)		5.125			06/01/2036		223,008
5,665,000	TN Energy Acquisition Gas Corp.		5.000			02/01/2027		6,859,125
								27,292,422
Texas—4.1%
5,000	Alamo, TX Community College District		4.500			08/15/2033		5,012
885,000	Arlington, TX Higher Education Finance Corp. (UMEP)		5.000			08/15/2038		944,720
1,300,000	Arlington, TX Higher Education Finance Corp. (Winfree Academy Charter School)		5.750			08/15/2043		1,437,917
85,000	Cuero, TX Independent School District		4.000			08/15/2033		85,173
1,100,000	Dallas County, TX Flood Control District		5.000			04/01/2032		1,178,606
4,282,000	Escondido, TX Public Improvement District (Horseshoe Bay)		7.250			10/01/2033		4,285,511
160,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)		6.500			05/15/2031		174,003
140,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)		6.500			05/15/2031		152,253
250,000	Houston, TX Higher Education Finance Corp. (Ninos)		6.000			08/15/2036		257,690
250,000	Houston, TX Higher Education Finance Corp. (Ninos)		6.000			08/15/2041		257,225
10,000,000	Houston, TX Independent School District		5.000			02/15/2042		12,139,700
30,000	Huntsville, TX GO COP		5.000			08/15/2032		30,090
7,465,000	Irving, TX Hotel Occupancy		5.500			08/15/2038		7,475,899
2,000,000	Montgomery County, TX Toll Road Authority		5.000			09/15/2043		2,255,340
2,500,000	Montgomery County, TX Toll Road Authority		5.000			09/15/2048		2,809,100

37          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$425,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Beta Foundation)6		5.000	%		08/15/2039	$	453,921
150,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Beta Foundation)6		5.000			08/15/2049		158,879
250,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Women’s University-COHF- Collegiate Hsg. Denton)		5.000			07/01/2048		292,875
850,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Women’s University-COHF- Collegiate Hsg. Denton)		5.000			07/01/2058		980,841
150,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (CardinalBay-Village on the Park Carriage Inn)		5.000			07/01/2031		172,375
750,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (CardinalBay-Village on the Park Carriage Inn)		5.000			07/01/2046		837,022
750,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (CardinalBay-Village on the Park Carriage Inn)		5.000			07/01/2051		827,310
355,000	New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University - Collegiate Hsg. Corpus Christi II)		5.000			04/01/2036		368,678
1,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University - Collegiate Hsg. San Antonio I)		5.000			04/01/2036		1,082,920
555,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)		5.875			04/01/2036		617,798
780,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)		6.000			04/01/2045		864,404
10,000,000	North TX Tollway Authority		5.000			01/01/2043		12,030,500
10,000,000	Northwest, TX Independent School District		5.000			02/15/2045		11,672,900
110,000	TX Dormitory Finance Authority (Temple Junior College Foundation)		5.750			09/01/2027		110,020
485,000	TX Dormitory Finance Authority (Temple Junior College Foundation)		6.000			09/01/2033		485,063
20,000,000	TX GO		1.500	5		12/01/2042		20,000,000
4,185,000	TX Municipal Gas Acquisition & Supply Corp.		6.250			12/15/2026		4,938,007
170,000	TX Public Finance Authority Charter School Finance Corp.(Ed-Burnham Wood)		6.250			09/01/2036		170,238
1,085,000	TX Public Finance Authority Charter School Finance Corp. (New Frontiers School)		5.800			08/15/2040		1,114,479
								90,666,469
Utah—0.6%
10,000,000	Murray City, UT Hospital (IHC Health Services)		1.360	5		05/15/2036		10,000,000
1,110,000	UT Charter School Finance Authority (Merit Preparatory Academy)		5.375			06/15/2049		1,140,225

38          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Utah (Continued)
$720,000	UT Charter School Finance Authority (Utah Charter Academies)		5.000	%		10/15/2038	$	860,760
275,000	Utah County, UT Charter School (Renaissance Academy)		5.625			07/15/2037		275,311
								12,276,296
Vermont—0.0%
350,000	Burlington, VT GO		5.000			11/01/2027		388,850
445,000	Burlington, VT GO		5.000			11/01/2032		493,416
								882,266
Virginia—0.7%
376,000	Celebrate, VA North CDA Special Assessment2,3		6.750			03/01/2034		225,600
8,950,000	Chesapeake Bay, VA Bridge & Tunnel District		5.000			07/01/2041		10,756,021
585,000	VA College Building Authority Educational Facilities (Regent University)		5.000			06/01/2036		585,199
950,000	VA College Building Authority Educational Facilities (University of Richmond)		5.000			06/01/2026		950,532
990,000	VA College Building Authority Educational Facilities (University of Richmond)		5.000			06/01/2029		990,465
715,000	Virginia Beach, VA Devel. Authority (Westminster- Canterbury on Chesapeake Bay)		5.000			09/01/2036		845,237
								14,353,054
Washington—0.3%
5,000	Chelan County, WA Public Utility District No. 1		5.000			07/01/2034		5,013
1,680,000	Cowlitz County, WA School District No. 458		4.000			12/01/2038		1,947,691
70,000	Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments)		5.600			03/01/2028		70,068
1,655,642	Tacoma, WA Consolidated Local Improvements District No. 65		5.750			04/01/2043		1,665,742
2,250,000	WA Health Care Facilities Authority (Virginia Mason Medical Center)		5.000			08/15/2031		2,684,025
								6,372,539
West Virginia—0.2%
1,960,000	Brooke County, WV (Bethany College)		6.500			10/01/2031		1,992,027
1,885,000	Brooke County, WV (Bethany College)		6.750			10/01/2037		1,916,008
								3,908,035
Wisconsin—1.4%
1,475,000	WI Center District, Series A		5.000			12/15/2029		1,646,351
20,000,000	WI H&EFA (Ascension Health Credit Group)7		4.000			11/15/2034		22,377,600
100,000	WI Public Finance Authority (Las Ventanas Retirement Community)		0.181	4		10/01/2042		51,747
465,000	WI Public Finance Authority (Las Ventanas Retirement Community)		7.000			10/01/2042		475,281
200,000	WI Public Finance Authority (Las Ventanas Retirement Community)3		36.060	4		10/01/2042		4,120

39          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Wisconsin (Continued)
$310,000	WI Public Finance Authority (North Carolina Leadership Academy)		5.000	%		06/15/2039	$	333,473
650,000	WI Public Finance Authority (Thomas Jefferson Classical Academy)		7.125			07/01/2042		650,793
435,000	WI Public Finance Authority (Traders Point Christian Schools)		5.375			06/01/2044		456,715
540,000	WI Public Finance Authority (Traders Point Christian Schools)		5.500			06/01/2054		565,936
420,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)		5.750			07/15/2032		456,733
350,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)		6.000			07/15/2042		379,257
900,000	WI Public Finance Authority Student Hsg. (Appalachian State University)		5.000			07/01/2036		1,093,662
1,275,000	WI Public Finance Authority Student Hsg. (Appalachian State University)		5.000			07/01/2054		1,507,637
1,400,000	WI Public Finance Authority Student Hsg. (Appalachian State University)		5.000			07/01/2058		1,614,970
								31,614,275
U.S. Possessions—10.6%
10,000,000	Employees Retirement System of the Government of the Commonwealth of Puerto Rico2		6.450			07/01/2055		4,750,000
1,885,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		1,983,962
5,880,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2042		6,174,000
5,400,000	Puerto Rico Aqueduct & Sewer Authority		5.750			07/01/2037		5,737,500
10,090,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		10,745,850
4,515,000	Puerto Rico Commonwealth GO2		5.000			07/01/2020		3,290,306
2,610,000	Puerto Rico Commonwealth GO2		5.000			07/01/2023		1,902,037
5,000	Puerto Rico Commonwealth GO, AGC		5.000			07/01/2034		5,094
3,000,000	Puerto Rico Commonwealth GO2		5.125			07/01/2028		2,186,250
3,000,000	Puerto Rico Commonwealth GO2		5.250			07/01/2023		1,927,500
4,020,000	Puerto Rico Commonwealth GO2		5.250			07/01/2030		2,944,650
1,250,000	Puerto Rico Commonwealth GO2		5.375			07/01/2030		865,625
500,000	Puerto Rico Commonwealth GO, NPFGC		5.500			07/01/2021		522,015
6,645,000	Puerto Rico Commonwealth GO2		5.500			07/01/2026		4,286,025
8,225,000	Puerto Rico Commonwealth GO2		5.500			07/01/2039		5,305,125
4,000,000	Puerto Rico Commonwealth GO2		5.625			07/01/2033		2,770,000
5,000,000	Puerto Rico Commonwealth GO2		5.750			07/01/2028		3,225,000
9,000,000	Puerto Rico Commonwealth GO2		5.750			07/01/2036		6,232,500
3,335,000	Puerto Rico Commonwealth GO2		5.750			07/01/2041		2,309,487
1,365,000	Puerto Rico Commonwealth GO, NPFGC		6.000			07/01/2027		1,395,071
4,895,000	Puerto Rico Commonwealth GO2		6.000			07/01/2029		3,402,025
2,000,000	Puerto Rico Commonwealth GO2		6.000			07/01/2039		1,430,000
10,000,000	Puerto Rico Commonwealth GO2		6.000			07/01/2039		7,325,000
3,000,000	Puerto Rico Commonwealth GO2		6.000			07/01/2040		2,077,500
5,000,000	Puerto Rico Commonwealth GO2		6.500			07/01/2037		3,687,500
500,000	Puerto Rico Electric Power Authority, SeriesA-42		10.000			07/01/2019		428,125
2,830,000	Puerto Rico Electric Power Authority, Series AAA2		5.250			07/01/2028		2,271,075

40          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$500,000	Puerto Rico Electric Power Authority, SeriesB-42		10.000	%		07/01/2019	$	428,125
1,850,000	Puerto Rico Electric Power Authority, Series CCC2		5.000			07/01/2022		1,484,625
2,500,000	Puerto Rico Electric Power Authority, Series CCC2		5.000			07/01/2028		2,006,250
500,000	Puerto Rico Electric Power Authority, SeriesE-12		10.000			01/01/2021		443,125
500,000	Puerto Rico Electric Power Authority, SeriesE-22		10.000			07/01/2021		443,125
295,000	Puerto Rico Electric Power Authority, Series NN2		5.500			07/01/2020		236,737
30,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000			07/01/2023		30,315
260,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000			07/01/2024		262,634
4,000,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000			07/01/2025		4,039,040
1,690,000	Puerto Rico Electric Power Authority, Series VV, NPFGC		5.250			07/01/2025		1,811,967
1,500,000	Puerto Rico Electric Power Authority, Series VV2		5.500			07/01/2020		1,211,250
1,985,000	Puerto Rico Electric Power Authority, Series WW2		5.250			07/01/2025		1,592,963
2,750,000	Puerto Rico Electric Power Authority, Series WW2		5.375			07/01/2023		2,206,875
1,670,000	Puerto Rico Electric Power Authority, Series XX2		5.250			07/01/2040		1,340,175
410,000	Puerto Rico Electric Power Authority, Series ZZ2		5.250			07/01/2022		329,025
405,000	Puerto Rico Electric Power Authority, Series ZZ2		5.250			07/01/2025		325,013
40,000	Puerto Rico Highway & Transportation Authority, FGIC10		5.000			07/01/2022		33,100
20,000	Puerto Rico Highway & Transportation Authority, NPFGC		5.000			07/01/2033		20,007
10,000	Puerto Rico Highway & Transportation Authority, AGC		5.000			07/01/2035		10,181
3,500,000	Puerto Rico Highway & Transportation Authority, Series M2		5.000			07/01/2046		1,356,250
65,000	Puerto Rico Infrastructure2		5.000			07/01/2041		15,437
850,000	Puerto Rico Infrastructure, FGIC10		5.500			07/01/2024		707,625
8,000,000	Puerto Rico Infrastructure, FGIC10		7.072	4		07/01/2030		3,470,080
750,000	Puerto Rico Infrastructure Financing Authority, FGIC10		5.500			07/01/2028		624,375
8,695,000	Puerto Rico Infrastructure Financing Authority, FGIC10		6.065	4		07/01/2031		3,595,991
1,520,000	Puerto Rico ITEMECF (Guaynabo Municipal Government Center)		5.625			07/01/2022		1,371,800
1,230,000	Puerto Rico ITEMECF (Polytechnic University), ACA		5.000			08/01/2032		1,232,288
190,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2022		186,200
3,300,000	Puerto Rico Public Buildings Authority2		5.000			07/01/2032		2,747,250
240,000	Puerto Rico Public Buildings Authority2		5.250			07/01/2042		171,900
4,940,000	Puerto Rico Public Buildings Authority2		5.375			07/01/2033		4,131,075
10,000,000	Puerto Rico Public Buildings Authority, NPFGC		6.000			07/01/2028		10,162,200
8,575,000	Puerto Rico Public Buildings Authority2		6.250			07/01/2026		7,213,719
1,910,000	Puerto Rico Public Buildings Authority, AMBAC		10.000	5		07/01/2035		2,032,240
5,615,000	Puerto Rico Public Finance Corp., Series B2		5.500			08/01/2031		336,900

41          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$4,175,243	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.233	%4		08/01/2044	$	3,037,489
1,374,909	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.317	4		08/01/2044		189,050
3,043,000	Puerto Rico Sales Tax Financing Corp., Series A		4.839	4		07/01/2031		2,062,971
3,425,000	Puerto Rico Sales Tax Financing Corp., Series A		5.090	4		07/01/2033		2,118,500
1,270,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		3.973	4		07/01/2024		1,108,088
2,423,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.259	4		07/01/2027		1,917,296
3,009,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.550			07/01/2040		3,105,860
2,362,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.560	4		07/01/2029		1,737,464
9,315,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.750			07/01/2053		9,574,050
14,288,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.000			07/01/2058		14,933,246
32,588,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.894	4		07/01/2046		8,751,182
26,547,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.951	4		07/01/2051		5,159,144
20,898,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.329			07/01/2040		21,289,838
387,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.536			07/01/2053		393,277
5,172,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.784			07/01/2058		5,320,695
1,305,000	University of Puerto Rico, Series P		5.000			06/01/2026		1,300,106
900,000	University of Puerto Rico, Series P		5.000			06/01/2030		895,500
150,000	University of Puerto Rico, Series Q		5.000			06/01/2036		149,250
1,480,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000			10/01/2032		1,622,006
1,080,000	V.I. Public Finance Authority, Series A		5.000			10/01/2032		1,183,626
								232,637,722
Total Investments, at Value (Cost $2,206,823,950)—102.3%								2,240,265,275
Net Other Assets (Liabilities)—(2.3)								(50,174,461	)
Net Assets—100.0%							$	2,190,090,814

Footnotes to Schedule of Investments

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

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

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

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

5. 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.

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

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

8. This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

9. Interest or dividend ispaid-in-kind, when applicable.

42          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Footnotes to Schedule of Investments (Continued)

10. 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.

To simplify the listings of securities, abbreviations are used per the table below:
ACA	American Capital Access
AcadM&S	Academy of Mathematics & Science
AGC	Assured Guaranty Corp.
AMBAC	AMBAC Indemnity Corp.
AM&S	Academies of Math & Science
AM&SS	Academies of Math & Science South
ASchH	Advantage School of Hillsborough
AWCC	American Water Capital Corp.
BHospital	Brandywine Hospital
CAM&S	Channelside Academy of Math & Science
CAMS	Channelside Academy Middle School
CDA	Communities Devel. Authority
CHF	City Hospital Foundation
CHH	Chestnut Hill Hospital
COFINA	Corporación del Fondo de Interés Apremiante
COHF	Collegiate Housing Foundation
COP	Certificates of Participation
DA	Dormitory Authority
EDA	Economic Devel. Authority
EDC	Economic Devel. Corp.
ELGS	Evangelical Lutheran Good Samaritan
ELGSF	Evangelical Lutheran Good Samaritan Foundation
ELGSS	Evangelical Lutheran Good Samaritan Society
FCommH	Fayette Community Hospital
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
GSH	Good Samaritan Hospital
GSHI	Good Samaritan of Indiana
GSHPS	Good Samaritan Hospital Physicians Services
GSSH	Good Samaritan Society HCBS
HEFA	Health and Educational Facilities Authority
H&EFB	Health and Educational Facilities Board
H&HEFA	Hospitals and Higher Education Facilities Authority
HDA	Hospital Devel. Authority
HE&HFB	Higher Educational and Housing Facility Board
HEFA	Higher Education Facilities Authority
HFA	Housing Finance Agency
HFHS	Henry Ford Health System
HFMHCT	Henry Ford Macomb Hospital Corp.-Clinton Township
HFWH	Henry Ford Wyandotte Hospital
HHH&H	Healthalliance Home Health and Hospital
HHosp	Healthalliance Hospital
IAS	Independence Academy of Schools
IDA	Industrial Devel. Agency
IHC	Intermountain Health Care

43          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JH	Jennersville Hospital
KAWC	Kentucky American Water Company
KS	Kishhealth System
LVHM	Lehigh Valley Hospital-Muhlenberg
LVHN	Lehigh Valley Health Network
LVlyH	Lehigh Valley Hospital
M&SSA	Math & Science Success Academy
M-S-R	Modesto Irrigation District of the City of Santa Clara and the City of Redding
MSSA	Math & Science Success Academy
MTA	Metropolitan Transportation Authority
NCCD	National Campus and Community Development
NCCU	North Carolina Central University
NPFGC	National Public Finance Guarantee Corp.
NPHC	Northeastern Pennsylvania Health Corp.
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
PARMC	Piedmont Athens Regional Medical Center
PClinic	Piedmont Clinic
PHC	Piedmont Healthcare
PHHosp	Piedmont Henry Hospital
PHI	Piedmont Heart Institute
PHIP	Piedmont Heart Institute Physicians
PHlthCF	Piedmont Healthcare Foundation
PHosp	Piedmont Hospital
PHospital	Phoenixville Hospital
PHSys	Pocono Health System
PMCC	Piedmont Medical Care Corp.
PMCtr	Pocono Medical Center
PMSH	Piedmont Mountainside Hospital
PNH	Piedmont Newnan Hospital
PottsH	Pottstown Hospital
RHosp	Reading Hospital
SBH	Sutter Bay Hospitals
SBMF	Sutter Bay Medical Foundation
SCHosp	Sutter Coast Hospital
SEBH	Sutter East Bay Hospitals
SHlth	Sutter Health
SMCSJS	Schuylkill Medical Center South Jackson Street
SRehC	Simpson Retirement Communities
SRMC	Schuylkill Regional Medical Center
SVlyH	Sutter Valley Hospitals
SVMF	Sutter Valley Medical Foundation
SVNA&H	Sutter Visiting Nurse Association & Hospice
TASC	Tobacco Settlement Asset-Backed Bonds
TFABs	Tobacco Flexible Amortization Bonds
THlth	Tower Health
UCR	University of California, Riverside
UMEP	UME Preparatory Academy

44          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
UMHC	UMass Memorial Health Care
UMMC	UMass Memorial Medical Center
V.I.	United States Virgin Islands
WAFMH	W A Foote Memorial Hospital

See accompanying Notes to Financial Statements.

45          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSJuly 31, 2019

Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—100.6%
Alabama—5.8%
$20,000,000	Birmingham, AL Commercial Devel. Authority (Civic Center Improvements)		5.500	%		04/01/2041	$	20,952,200
385,000	Birmingham, AL Private Educational Building Authority (Birmingham-Southern College)		6.125			12/01/2025		385,150
16,150,000	Birmingham, AL Waterworks		5.000			01/01/2043		18,900,830
2,500,000	Birmingham-Jefferson, AL Civic Center Authority		5.000			07/01/2048		2,932,025
195,000	Cooperative District, AL Fort Deposit		6.000			02/01/2036		180,864
25,000	Etowah, AL Gadsden, AL Health Care Authority		4.375			01/01/2032		25,051
4,500,000	Homewood, AL Educational Building Authority (Samford University)		5.000			12/01/2047		5,188,590
4,500,000	Jefferson County, AL GO		5.000			09/15/2035		5,350,140
20,185,000	Jefferson County, AL Sewer		0.000	1		10/01/2046		19,156,574
20,000,000	Jefferson County, AL Sewer		0.000	1		10/01/2050		18,935,800
8,750,000	Jefferson County, AL Sewer		0.000	1		10/01/2050		8,366,575
8,000,000	Jefferson County, AL Sewer		6.000			10/01/2042		9,466,240
7,500,000	Jefferson County, AL Sewer		6.500			10/01/2053		8,990,175
4,000,000	Jefferson County, AL Sewer		7.000			10/01/2051		4,880,440
200,000	Mobile, AL Improvement District (McGowin Park)		5.250			08/01/2030		209,040
								123,919,694
Alaska—0.0%
600,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)2,3		5.875			12/01/2027		30,000
90,000	AK Northern Tobacco Securitization Corp. (TASC)		5.000			06/01/2032		90,115
								120,115
Arizona—2.3%
500,000	AZ IDA (AM&S/AcadM&S/M&SSA Obligated Group)		5.000			07/01/2038		579,485
1,800,000	AZ IDA (AM&S/AcadM&S/M&SSA Obligated Group)		5.000			07/01/2048		2,057,850
2,125,000	AZ IDA (AM&S/AcadM&S/M&SSA Obligated Group)		5.000			07/01/2052		2,420,609
675,000	AZ IDA (AM&S/AM&SS/MSSA Obligated Group)		5.000			07/01/2042		770,485
925,000	AZ IDA (AM&S/AM&SS/MSSA Obligated Group)		5.000			07/01/2047		1,054,898
1,000,000	AZ IDA (AM&S/AM&SS/MSSA Obligated Group)		5.000			07/01/2051		1,132,560
1,100,000	AZ IDA (Provident Group - Eastern Michigan University Parking)		5.000			05/01/2048		1,243,352
1,000,000	AZ IDA (Provident Group - Eastern Michigan University Parking)		5.000			05/01/2051		1,126,880
570,000	AZ IDA (Provident Group-NCCU Properties)		5.000			06/01/2058		657,113
342,000	Festival Ranch, AZ Community Facilities District		5.750			07/01/2032		342,144
80,000	Maricopa County, AZ IDA (Greathearts Arizona)		5.000			07/01/2037		94,210
145,000	Maricopa County, AZ IDA (Greathearts Arizona)		5.000			07/01/2048		168,215
495,000	Maricopa County, AZ IDA (Immanuel Campus Care)2,3		8.500			04/20/2041		341,550
130,000	Maricopa County, AZ School District No. 24 (Gila Bend)		5.500			07/01/2022		130,168

46          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Arizona (Continued)
$260,000	Merrill Ranch, AZ Community Facilities District No. 1 Special Assessment Lien		5.300	%		07/01/2030	$	260,348
750,000	Phoenix, AZ IDA (Career Success Schools)		7.000			01/01/2029		755,378
450,000	Phoenix, AZ IDA (Espiritu Community Devel. Corp.)		6.250			07/01/2036		450,248
8,500,000	Phoenix, AZ IDA (Rowan University)		5.250			06/01/2034		9,283,190
2,910,000	Pima County, AZ IDA (Arizona Charter School)		5.375			07/01/2031		3,067,111
3,695,000	Pima County, AZ IDA (Center for Academic Success)		5.500			07/01/2037		3,699,323
550,000	Pima County, AZ IDA (Christian Care Tucson)		5.000			06/15/2037		630,905
1,010,000	Pima County, AZ IDA (Christian Care Tucson)		5.000			12/15/2047		1,145,481
900,000	Pima County, AZ IDA (Excalibur Charter School)		5.500			09/01/2046		934,668
1,405,000	Pima County, AZ IDA (New Plan Learning/OG Ohio/250 Shoup Mill Obligated Group)		8.125			07/01/2041		1,404,845
195,000	Pima County, AZ IDA (Paideia Academies)		5.125			07/01/2039		195,238
240,000	Pima County, AZ IDA (Paideia Academies)		5.250			07/01/2049		240,593
760,000	Pima County, AZ IDA (Tucson Country Day School)		5.000			06/01/2037		733,856
930,000	Rio Rico, AZ Fire District		7.000			07/01/2030		1,031,556
70,000	Rio Rico, AZ Fire District		7.000			07/01/2030		77,113
3,000,000	Salt Verde, AZ Financial Corp.		5.000			12/01/2032		3,855,960
6,500,000	Salt Verde, AZ Financial Corp.		5.000			12/01/2037		8,596,835
100,000	Salt Verde, AZ Financial Corp.		5.500			12/01/2029		129,898
								48,612,065
Arkansas—0.0%
1,675,000	Cave Springs, AR Municipal Property (Creeks Special Sewer District)2,3		6.250			02/01/2038		1,222,750
California—9.4%
7,000,000	CA County Tobacco Securitization Agency		5.310	4		06/01/2046		1,258,390
6,000,000	CA County Tobacco Securitization Agency		6.647	4		06/01/2046		962,040
129,820,000	CA County Tobacco Securitization Agency		6.698	4		06/01/2050		14,107,539
5,000	CA County Tobacco Securitization Agency		7.230	4		06/01/2033		2,278
160,000	CA County Tobacco Securitization Agency (TASC)		5.700	1		06/01/2046		161,213
50,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2035		50,519
4,905,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2043		4,975,877
3,375,000	CA Enterprise Devel. Authority (Sunpower Corp.)		8.500			04/01/2031		3,539,497
10,085,000	CA GO		5.000			09/01/2037		12,148,189
5,000,000	CA GO		5.000			09/01/2045		5,948,850
8,500,000	CA GO		5.000			08/01/2046		10,084,145
170,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.000			06/01/2029		201,244
10,000,000	CA Health Facilities Financing Authority (SHlth/ SBH/SVNA&H/SVMF/SVlyH/SCHosp/SEBH/SBMF Obligated Group)		5.000			11/15/2046		11,776,200
3,500,000	CA Local Public Schools Funding Authority		4.000			08/01/2042		3,824,835
3,350,000	CAM-S-R Energy Authority		6.500			11/01/2039		5,100,241
10,000,000	CAM-S-R Energy Authority		7.000			11/01/2034		15,021,100

47          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$4,250,000	CA Municipal Finance Authority(CHF-Davis-West Village Student Hsg.)		5.000	%		05/15/2043	$	5,013,640
250,000	CA Municipal Finance Authority (Harbor Regional Center)		8.500			11/01/2039		254,572
3,500,000	CA Municipal Finance Authority (UCR North District Phase I Student Hsg.)		5.000			05/15/2049		4,241,650
450,000	CA Public Works (Various Community Colleges)		5.750			10/01/2030		453,573
1,000,000	CA School Finance Authority Charter School (Coastal Academy)		5.000			10/01/2033		1,071,780
2,550,000	CA Statewide CDA (NCCD-Hooper Street - College of the Arts)		5.250			07/01/2039		2,941,807
2,145,000	CA Statewide CDA (Orinda Wilder)		5.000			09/01/2030		2,465,248
1,450,000	Cathedral City, CA Redevel. Agency		5.000			08/01/2032		1,667,834
885,000	Cathedral City, CA Redevel. Agency		5.000			08/01/2033		1,015,529
9,985,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)		5.875			02/15/2034		10,025,339
560,000	Coyote Canyon, CA Public Facilities Community Facilities DistrictNo. 2004-1		6.625			09/01/2039		562,526
345,750,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		7.996	4		06/01/2057		10,331,010
2,750,000	Lammersville, CA Joint Unified School District Special Tax Community Facilities District (Mountain House-Shea)		6.000			09/01/2043		3,131,398
415,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.000	1		09/01/2025		440,282
375,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.100	1		09/01/2026		398,145
885,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.150	1		09/01/2027		939,578
1,000,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.200	1		09/01/2028		1,059,800
500,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.250	1		09/01/2029		529,570
500,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.300	1		09/01/2030		529,545
1,000,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.375	1		09/01/2032		1,058,110
2,000,000	Long Beach, CA Bond Finance Authority Natural Gas		5.500			11/15/2037		2,769,920
180,000	Los Angeles, CA Community Facilities District Special Tax (Legends at Cascades)		5.750			09/01/2040		182,212
20,000,000	Los Angeles, CA Unified School District5		5.250			07/01/2042		24,630,350
1,250,000	Lynwood, CA Redevel. Agency Tax Allocation		7.000			09/01/2031		1,396,063
4,500,000	Oak Grove, CA School District		0.000	1		08/01/2042		2,547,000
1,250,000	Oxnard, CA Financing Authority Wastewater		5.000			06/01/2032		1,459,175
1,500,000	Oxnard, CA Financing Authority Wastewater		5.000			06/01/2033		1,747,950
850,000	Oxnard, CA Financing Authority Wastewater		5.000			06/01/2034		988,346
2,575,000	Paramount, CA Unified School District		5.250			08/01/2046		3,143,818

48          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$1,745,000	Poway, CA Unified School District Public Financing Authority Special Tax6		5.000	%		09/01/2033	$	2,077,702
3,110,000	Poway, CA Unified School District Public Financing Authority Special Tax6		5.000			09/01/2034		3,692,005
10,000,000	San Francisco, CA City & County COP5		5.000			10/01/2033		10,423,078
250,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		6.750			08/01/2041		271,703
350,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		7.000			08/01/2041		381,462
350,000	San Jose, CA Finance Authority (Convention Center)		5.500			05/01/2031		376,471
1,880,000	Santa Cruz, CA Redevel. Agency Tax Allocation		5.000			09/01/2035		2,230,695
5,000,000	University of California		5.000			05/15/2038		6,195,950
								201,806,993
Colorado—3.5%
2,000,000	Berthoud-Heritage, CO Metropolitan District No. 1		5.625			12/01/2048		2,060,300
550,000	BNC, CO Metropolitan District No. 1		5.000			12/01/2037		649,280
3,355,000	CO Broomfield Village Metropolitan District No. 23,7		6.250			12/01/2032		2,717,550
125,000	COE-470 Public Highway Authority		6.812	4		09/01/2025		111,234
40,000	CO Educational and Cultural Facilities Authority (Cesar Chavez Academy Charter School)		4.500			08/01/2037		40,081
1,200,000	CO Educational and Cultural Facilities Authority (Rocky Mountain Academy of Evergreen)		6.450			11/01/2040		1,277,556
1,000,000	CO Educational and Cultural Facilities Authority (Stargate Charter School)		5.000			12/01/2038		1,190,760
720,000	CO Fossil Ridge Metropolitan District No. 1		7.250			12/01/2040		744,034
2,000,000	CO Health Facilities Authority (Ascension Health System Sunbelt)6		4.000			11/15/2043		2,210,740
1,400,000	CO Health Facilities Authority (Christian Living Neighborhoods)		5.000			01/01/2037		1,524,838
7,075,000	CO Health Facilities Authority (ELGS/ELGSS/ ELGSF/GSSH Obligated Group)		5.000			06/01/2047		8,797,409
750,000	CO Potomac Farms Metropolitan District		7.250			12/01/2037		750,330
78,000	CO Potomac Farms Metropolitan District		7.625	1		12/01/2023		78,057
1,000,000	CO Sorrell Ranch Metropolitan District2,3		6.750			12/15/2036		280,000
900,000	Cottonwood Highlands, CO Metropolitan District No. 1		5.000			12/01/2049		933,676
12,500,000	Denver, CO City & County Airport		5.000			12/01/2048		15,069,375
7,000,000	Ebert, CO Metropolitan District		5.000			12/01/2043		8,384,600
1,605,000	Ebert, CO Metropolitan District		5.000			12/01/2043		1,922,469
1,575,000	Hunting Hill, CO Metropolitan District		5.625			12/01/2048		1,644,001
710,000	Powhaton Road, CO Metropolitan District No. 2		5.625			12/01/2048		734,921
1,495,000	Public Authority for CO (Natural Gas Energy)		6.250			11/15/2028		1,917,726
5,000,000	Public Authority for CO (Natural Gas Energy)		6.500			11/15/2038		7,449,750
4,665,000	Rampart Range, CO Metropolitan District No. 1		5.000			12/01/2042		5,506,519
1,500,000	Rampart Range, CO Metropolitan District No. 1		5.000			12/01/2047		1,760,820

49          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Colorado (Continued)
$500,000	Tabernash Meadows, CO Water & Sanitation District		7.125	%		12/01/2034	$	515,550
110,000	Tallyns Reach, CO Metropolitan District No. 3		5.000			12/01/2033		116,890
250,000	Tallyns Reach, CO Metropolitan District No. 3		5.125			11/01/2038		265,457
983,237	Woodmen Heights, CO Metropolitan District No. 1		6.000			12/01/2041		996,983
5,227,406	Woodmen Heights, CO Metropolitan District No. 1		7.300	1		12/15/2041		4,526,307
								74,177,213
Connecticut—0.4%
6,125,000	CT H&EFA (Fairfield University)		4.000			07/01/2042		6,616,348
500,000	Georgetown, CT Special Taxing District2,3		5.125			10/01/2036		160,000
625,000	Hamden, CT GO		5.000			08/15/2030		757,050
10,976,478	Mashantucket Western Pequot Tribe CT2,8		6.050			07/01/2031		375,944
								7,909,342
Delaware—0.1%
2,702,000	Bridgeville, DE Special Obligation (Heritage Shores)		5.450			07/01/2035		2,702,594
District of Columbia—0.7%
110,000	District of Columbia Ballpark		5.000			02/01/2031		110,315
1,810,000	District of Columbia Center for Strategic & International Studies		6.375			03/01/2031		1,949,967
1,565,000	District of Columbia Tobacco Settlement Financing Corp.		6.500			05/15/2033		1,758,356
4,385,000	District of Columbia Tobacco Settlement Financing Corp.		6.750			05/15/2040		4,538,782
72,125,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.369	4		06/15/2046		7,108,640
400,000	District of Columbia University (Gallaudet University)		5.500			04/01/2034		426,288
								15,892,348
Florida—5.2%
1,815,000	Amelia Concourse, FL Community Devel. District2,3		5.750			05/01/2038		1,687,950
355,000	Arlington Ridge, FL Community Devel. District		5.500			05/01/2036		354,059
435,000	Avignon Villages, FL Community Devel. District2,3		5.300			05/01/2014		30,450
250,000	Avignon Villages, FL Community Devel. District2,3		5.400			05/01/2037		17,500
5,000,000	Canaveral, FL Port Authority		5.000			06/01/2048		5,939,050
990,000	Cascades, FL Groveland Community Devel. District		5.300			05/01/2036		990,465
1,990,000	Chapel Creek, FL Community Devel. District Special Assessment2,3		5.500			05/01/2038		1,791,000
825,942	Clearwater Cay, FL Community Devel. District2,3		5.500			05/01/2037		470,787
2,280,000	Creekside, FL Community Devel. District2,3		5.200			05/01/2038		1,026,000
5,000	Crosscreek, FL Community Devel. District2		5.600			05/01/2039		4,770

50          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal           Amount		Coupon			Maturity		Value
Florida (Continued)
$350,000	East Homestead, FL Community Devel. District		5.000	%		11/01/2033	$	363,524
25,000	East Homestead, FL Community Devel. District6		7.250			05/01/2021		26,050
65,000	Escambia County, FL Health Facilities Authority		5.950			07/01/2020		67,822
255,000	FL Capital Trust Agency (Florida Charter Educational Foundation)		5.375			06/15/2038		283,165
480,000	FL Capital Trust Agency (Florida Charter Educational Foundation)		5.375			06/15/2048		523,978
455,000	FL Capital Trust Agency (IAS/ASchH/CAMS/ CAM&S Obligated Group)		5.000			12/15/2049		492,578
320,000	FL Capital Trust Agency (IAS/ASchH/CAMS/ CAM&S Obligated Group)		5.000			12/15/2054		344,410
772,795	FL Lake Ashton II Community Devel. District		5.375			05/01/2036		740,222
805,000	Greater Lakes/Sawgrass Bay, FL Community Devel. District		5.500			05/01/2038		755,678
16,000,000	Greater Orlando, FL Aviation Authority5		5.000			10/01/2032		16,722,360
195,000	Heritage Isles, FL Community Devel. District2		7.100			10/01/2023		29,250
100,000	Highland Meadows, FL Community Devel. District Special Assessment, Series A		5.500			05/01/2036		100,006
375,000	Indigo, FL Community Devel. District2,3		5.750			05/01/2036		262,500
35,000	Jacksonville, FL Health Facilities Authority (Daughters of Charity Health Services of Austin)		5.250			08/15/2027		37,657
190,000	Lake County, FL Educational Facilities (Imagine South Lake Charter School)		5.000			01/15/2054		199,772
565,000	Lake Helen, FL Educational Facilities (Ivy Hawn Charter School)		5.500			07/15/2048		592,448
600,000	Lake Helen, FL Educational Facilities (Ivy Hawn Charter School)		5.750			07/15/2053		634,362
1,255,000	Lakeland, FL Educational Facilities (Florida Southern College)		5.000			09/01/2029		1,364,248
1,000,000	Lakeland, FL Educational Facilities (Florida Southern College)		5.000			09/01/2037		1,069,420
3,000,000	Lakeland, FL Hospital System (Lakeland Regional Health System)		5.000			11/15/2040		3,356,190
4,000,000	Lee, FL Memorial Health System (Lee Memorial Hospital)		4.000			04/01/2037		4,415,280
1,465,000	Lucaya, FL Community Devel. District		5.375			05/01/2035		1,465,864
1,775,000	Magnolia Creek, FL Community Devel. District2,3		5.900			05/01/2039		319,500
95,000	Magnolia West, FL Community Devel. District Special Assessment		5.350			05/01/2037		98,988
10,000,000	Martin County, FL Pollution Control (Florida Power & Light)		1.480	9		07/15/2022		10,000,000
1,665,000	Miromar Lakes, FL Community Devel. District		5.000			05/01/2035		1,744,820
740,000	Miromar Lakes, FL Community Devel. District		5.375			05/01/2032		766,758
2,965,000	Monterey/Congress, FL Community Devel. District Special Assessment		5.375			05/01/2036		2,966,423
395,000	Naturewalk, FL Community Devel. District2,3		5.300			05/01/2016		312,050
335,000	Naturewalk, FL Community Devel. District2,3		5.500			05/01/2038		264,650
460,000	Orlando, FL Tourist Devel. Tax		5.500			11/01/2038		461,495
3,000,000	Orlando, FL Utilities Commission		5.000			10/01/2038		3,637,050

51          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$450,000	Palace Coral Gables, FL Community Devel. District Special Assessment		5.000	%		05/01/2032	$	496,332
1,000,000	Palace Coral Gables, FL Community Devel. District Special Assessment		5.625			05/01/2042		1,118,070
460,000	Palm River, FL Community Devel. District2,3		5.150			05/01/2013		230,000
510,000	Palm River, FL Community Devel. District2,3		5.375			05/01/2036		255,000
1,140,634	Pine Ridge Plantation, FL Community Devel. District		5.400			05/01/2037		1,044,285
750,000	Polk County, FL IDA (Carpenter’s Home Estates)		5.000			01/01/2049		832,740
125,000	Portico, FL Community Devel. District		5.450			05/01/2037		121,319
810,000	Reunion East, FL Community Devel. District2,3		5.800			05/01/2036		8
860,000	Reunion East, FL Community Devel. District2,3		7.375			05/01/2033		9
15,000	Ridgewood Trails, FL Community Devel. District		5.650			05/01/2038		14,478
2,400,000	River Glen, FL Community Devel. District Special Assessment2,3		5.450			05/01/2038		1,440,000
281,856	Santa Rosa Bay, FL Bridge Authority		6.250			07/01/2028		282,612
4,535,000	Sarasota County, FL Educational Facilities (School of Arts & Sciences)		6.500			07/01/2040		4,619,578
3,085,000	Sarasota County, FL Educational Facilities (School of Arts & Sciences)		6.750			07/01/2030		3,156,325
2,035,000	South Bay, FL Community Devel. District		5.125			05/01/2020		2,035,651
1,645,000	South Bay, FL Community Devel. District2,3		5.950			05/01/2036		16
1,965,000	South Bay, FL Community Devel. District		5.950			05/01/2036		1,916,032
935,000	South Bay, FL Community Devel. District2,3		6.600	1		05/01/2025		470,829
2,530,000	South Bay, FL Community Devel. District2,3		6.600	1		05/01/2036		1,275,297
1,500,000	St. Johns County, FL IDA (Presbyterian Retirement)		6.000			08/01/2045		1,571,010
400,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)		5.250			10/01/2041		335,100
5,000	Tern Bay, FL Community Devel. District		5.375			05/01/2037		5,001
3,990,000	Vista, FL Community Devel. District Special Assessment		5.375			05/01/2037		3,990,319
1,142,132	Waterford Estates, FL Community Devel. District Special Assessment2,3		5.125			05/01/2013		1,085,025
2,030,747	Waterford Estates, FL Community Devel. District Special Assessment2,3		5.500			05/01/2037		1,929,210
16,000	Waters Edge, FL Community Devel. District		5.350			05/01/2039		16,003
275,000	Waters Edge, FL Community Devel. District		6.600	1		05/01/2039		276,699
146,452	Waterstone, FL Community Devel. District		0.000	1		05/01/2037		114,849
992,838	Waterstone, FL Community Devel. District		5.020	4		11/01/2028		577,246
280,718	Waterstone, FL Community Devel. District2,3		5.500			05/01/2018		182,467
285,000	West Villages, FL Improvement District2,3		5.350			05/01/2015		228,000
7,150,000	West Villages, FL Improvement District2,3		5.800			05/01/2036		5,720,000
4,925,000	Westridge, FL Community Devel. District2,3		5.800			05/01/2037		3,693,750
250,000	Westside, FL Community Devel. District2,3		5.650			05/01/2037		87,500
2,335,000	Westside, FL Community Devel. District		5.650			05/01/2037		2,335,490
770,000	Westside, FL Community Devel. District2		5.650			05/01/2037		705,559
2,250,000	Wyld Palms, FL Community Devel. District2,3		5.400			05/01/2015		697,500
1,445,000	Wyld Palms, FL Community Devel. District2,3		5.500			05/01/2038		447,950

52          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$444,846	Zephyr Ridge, FL Community Devel. District2,3		5.250	%		05/01/2013	$	373,670
978,661	Zephyr Ridge, FL Community Devel. District2,3		5.625			05/01/2037		822,075
								111,233,553
Georgia—1.5%
565,000	Atlanta, GA Urban Residential Finance Authority (Trestletree Village Apartments)		5.000			11/01/2048		588,346
1,055,000	Floyd County, GA Devel. Authority (Lavender Mountain Senior Living)		5.750			12/01/2033		1,086,080
5,280,000	Floyd County, GA Devel. Authority (Lavender Mountain Senior Living)		6.250			12/01/2048		5,475,096
3,040,000	Floyd County, GA Devel. Authority (Lavender Mountain Senior Living)		6.500			12/01/2053		3,179,962
2,145,000	Floyd County, GA Devel. Authority (Spires at Berry College)		6.000			12/01/2038		2,211,752
3,000,000	Fulton County, GA Devel. Authority (PHC/ FCommH/PHosp/PMSH/PNH/PMCC/PClinic/ PHlthCF/PHI/PHIP/PHHosp/PNHosp/PARMC Obligated Group)		5.000			07/01/2046		3,447,060
550,000	GA Environmental Loan Acquisition Corp. (Local Water Authority)		5.125			03/15/2031		551,634
1,040,000	GA Main Street Natural Gas		5.000			05/15/2043		1,220,066
10,770,000	Macon, GA Water Authority		1.440	9		10/01/2038		10,770,000
100,000	Monroe County, GA Devel. Authority (Georgia Power Company)		4.000	9		06/01/2042		100,042
700,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		5.500	9		12/01/2053		719,453
880,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		6.125			12/01/2038		927,520
1,230,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		6.250			12/01/2048		1,294,673
1,030,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		6.375			12/01/2053		1,084,240
520,000	Randolph County, GA GO		5.000			04/01/2030		563,248
								33,219,172
Illinois—6.7%
4,300,000	Chicago, IL Board of Education		6.000			04/01/2046		5,054,822
775,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2026		918,995
2,250,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2028		2,743,650
1,000,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2031		1,196,230
1,205,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2034		1,425,093
915,000	Chicago, IL Board of Education (School Reform)		5.063	4		12/01/2024		800,515
1,405,000	Chicago, IL Board of Education (School Reform)		5.063	4		12/01/2024		1,229,206
13,440,000	Chicago, IL GO		5.000			01/01/2029		13,485,293
2,500,000	Chicago, IL O’Hare International Airport		5.000			01/01/2034		2,872,450
3,000,000	Chicago, IL O’Hare International Airport		5.000			01/01/2041		3,460,140
6,000,000	Chicago, IL Wastewater		4.000			01/01/2042		6,167,040
2,400,000	Cook County, IL Community School District GO		7.125			06/01/2024		2,711,328

53          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Illinois (Continued)
$949,000	Cortland, IL Special Tax (Sheaffer System)2,3		5.500	%		03/01/2017	$	189,800
320,000	Du Page County, IL Special Service Area No. 31 Special Tax (Monarch Landing)		5.625			03/01/2036		320,208
2,000,000	Gilberts, IL Special Service Area No. 15		5.000			03/01/2035		2,229,060
689,781	Gilberts, IL Special Service Area No. 24 Special Tax (Conservancy)		5.375			03/01/2034		689,767
2,225,000	Harvey, IL GO2		5.500			12/01/2027		1,223,750
1,000,000	Harvey, IL GO2		5.625			12/01/2032		550,000
3,680,000	Harvey, IL Hotel Motel Tax & Sales (Hotel & Conference Center)6		6.875			08/01/2028		3,681,509
1,010,000	IL Finance Authority (Illinois Institute of Technology)		5.000			04/01/2026		1,010,636
9,660,000	IL Finance Authority (Illinois Institute of Technology)		5.000			04/01/2031		9,689,173
1,000,000	IL Finance Authority (Illinois Institute of Technology)		5.000			04/01/2036		1,002,990
500,000	IL Finance Authority (Lake Forest College)		5.750			10/01/2032		541,185
450,000	IL Finance Authority (Lake Forest College)		6.000			10/01/2048		484,510
95,000	IL Finance Authority (PHN/PCTC/PC&SHN/PLC/ PCHN/PSSC/PHCr/PBH/PAS/PHFBT Obligated Group)		7.750			08/15/2034		95,224
2,000,000	IL GO		5.000			04/01/2025		2,200,500
3,000,000	IL GO		5.000			10/01/2028		3,484,920
5,000,000	IL GO		5.000			10/01/2029		5,771,600
6,500,000	IL GO		5.000			10/01/2029		7,503,080
3,000,000	IL GO		5.000			10/01/2030		3,439,320
3,360,000	IL GO		5.000			10/01/2033		3,802,109
1,525,000	IL GO		5.000			02/01/2039		1,618,010
910,000	IL Metropolitan Pier & Exposition Authority		5.500			12/15/2023		993,374
250,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Expansion)		5.500			06/15/2050		254,773
1,365,000	IL Regional Transportation Authority		4.000			06/01/2043		1,473,381
18,000,000	IL Regional Transportation Authority5		4.000			06/01/2043		19,413,900
5,000,000	IL Sales Tax Securitization Corp.		5.250			01/01/2048		5,939,150
2,000,000	IL Sports Facilities Authority		5.250			06/15/2032		2,239,600
895,000	Jefferson County, IL High School District No. 201 (Mt. Vernon)		6.500			12/30/2027		1,179,592
955,000	Jefferson County, IL High School District No. 201 (Mt. Vernon)		6.500			12/30/2028		1,284,781
1,160,000	Jefferson County, IL High School District No. 201 (Mt. Vernon)		6.500			12/30/2031		1,632,723
3,568,000	Lakemoor Village, IL Special Tax		5.000			03/01/2027		3,574,993
2,301,000	Lincolnshire, IL Special Service Area No. 1 Special Tax (Sedgebrook)		6.250			03/01/2034		2,305,326
480,000	Markham, IL GO		5.750			02/01/2028		457,930
1,050,000	Northern IL Municipal Power Agency (Prairie State)		4.000			12/01/2041		1,113,179
1,085,000	Plano, IL Special Service Area No. 52,3		6.000			03/01/2036		813,750

54          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Illinois (Continued)
$500,000	Southwestern IL Devel. Authority (Eden Retirement Center)		5.850	%		12/01/2036	$	469,910
3,405,000	Southwestern IL Devel. Authority (Local Government Programming)3		7.000			10/01/2022		1,974,900
1,020,000	Southwestern IL Devel. Authority (Village of Sauget)		5.625			11/01/2026		998,845
1,155,000	Stephenson County, IL School District No. 145 Freeport		5.000			02/01/2032		1,403,972
850,000	Stephenson County, IL School District No. 145 Freeport		5.000			02/01/2033		1,027,599
750,000	Stephenson County, IL School District No. 145 Freeport		5.000			02/01/2034		904,800
1,848,000	Yorkville, IL United City Special Services Area Special Tax		5.000			03/01/2033		1,863,579
1,634,000	Yorkville, IL United City Special Services Area Special Tax (Raintree Village II)2,3		6.250			03/01/2035		735,300
								143,647,470
Indiana—1.6%
3,575,000	Columbus, IN Multifamily Hsg. (Vivera Senior Living)		5.625			05/01/2039		3,673,205
1,620,000	IN Finance Authority (GSH/GSHI/GSHPS Obligated Group)		5.500			04/01/2026		1,899,628
2,885,000	IN Finance Authority (Marian University)		5.250			09/15/2025		3,081,584
4,250,000	IN Finance Authority (Marian University)		6.375			09/15/2041		4,552,983
4,750,000	IN Finance Authority (Marian University)		6.500			09/15/2030		5,153,655
7,500,000	IN Municipal Power Agency		5.000			01/01/2037		8,837,325
900,000	Indianapolis, IN Multifamily Hsg. (Berkley Common)		5.750			07/01/2030		933,147
3,860,000	Indianapolis, IN Multifamily Hsg. (Berkley Common)		6.000			07/01/2040		4,012,933
2,025,000	Indianapolis, IN Multifamily Hsg. (Stonekey Apartments)		7.000			02/01/2039		2,032,290
								34,176,750
Iowa—0.2%
400,000	IA Finance Authority (Boys & Girls Home and Family Services)2,3		5.900			12/01/2028		20,000
1,685,000	IA Finance Authority (Mercy Medical Center)		5.000			08/15/2028		1,833,499
1,300,000	IA Finance Authority (Unity Point Health)		5.000			02/15/2048		1,525,836
255,000	IA Finance Authority Senior Hsg. (Wedum Walnut Ridge)		5.375			06/01/2025		254,990

55          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Iowa (Continued)
$1,000,000	Xenia, IA Rural Water District		5.000	%		12/01/2036	$	1,140,530
								4,774,855
Kansas—0.1%
1,440,000	Pittsburgh, KS Special Obligation (North Broadway Redevel.)		4.900			04/01/2024		1,325,808
Kentucky—2.4%
5,480,000	KY Municipal Power Agency		5.000			09/01/2032		6,448,206
11,525,000	KY Municipal Power Agency		5.000			09/01/2033		13,500,155
5,000,000	KY Municipal Power Agency		5.000			09/01/2034		5,826,650
1,500,000	KY Property & Building Commission		5.000			05/01/2035		1,790,865
1,170,000	KY Property & Building Commission		5.000			05/01/2036		1,392,183
2,500,000	KY Property & Building Commission		5.000			04/01/2037		2,912,925
4,605,000	KY Property & Building Commission		5.000			05/01/2037		5,447,853
2,500,000	KY Property & Building Commission		5.000			04/01/2038		2,954,250
10,000,000	Louisville & Jefferson County, KY Health System (Norton Healthcare/Norton Hospitals Obligated Group)		5.750			10/01/2042		11,415,500
80,000	Owen County, KY Waterworks System (AWCC/ KAWC Obligated Group)		6.250			06/01/2039		80,289
15,000	Springfield, KY Educational Devel. (St. Catherine College)2,3		5.750			10/01/2035		169
								51,769,045
Louisiana—1.7%
9,485	Denham Springs-Livingston, LA Hsg. & Mtg. Finance Authority6		5.000			11/01/2040		9,521
950,000	LA Citizens Property Insurance Corp.		5.000			06/01/2024		1,052,401
635,000	LA Citizens Property Insurance Corp.		5.000			06/01/2024		703,447
8,280,000	LA HFA (La Chateau)		6.875			09/01/2029		8,280,331
5,000,000	LA HFA (La Chateau)		7.250			09/01/2039		5,000,050
1,300,000	LA Public Facilities Authority (Louisiana State University & Agricultural & Mechanical College Auxiliary		5.000			07/01/2057		1,468,428
2,500,000	LA Public Facilities Authority (Nineteenth Judicial District Court Building)		5.000			06/01/2042		2,857,775
7,500,000	LA Public Facilities Authority (Ochsner Clinic Foundation)		5.000			05/15/2042		8,631,600
395,000	LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)		5.000			07/01/2032		455,826
300,000	LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)		5.000			07/01/2033		343,593
345,000	LA Public Facilities Authority (Roman Catholic Church of the Archdiocese of New Orleans)		5.000			07/01/2037		388,856
50,000	LA Stadium & Exposition District		5.000			07/01/2028		56,357
4,035,000	LA State University & Agricultural & Mechanical College		5.000			07/01/2040		4,679,551

56          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Louisiana (Continued)
$700,000	New Orleans, LA Aviation Board (Parking Facilities)		5.000	%		10/01/2043	$	829,500
1,280,000	New Orleans, LA Aviation Board (Parking Facilities)		5.000			10/01/2048		1,509,491
								36,266,727
Maine—0.3%
2,000,000	ME H&HEFA (Maine General Medical Center)		6.750			07/01/2036		2,164,880
5,000,000	ME H&HEFA (Maine General Medical Center)		7.500			07/01/2032		5,513,200
								7,678,080
Maryland—0.5%
1,500,000	Gaithersburg, MD Economic Devel. (Asbury Maryland)		5.000			01/01/2036		1,698,135
1,000,000	MD EDC Student Hsg. (Morgan State University)		5.000			07/01/2034		1,046,280
4,530,000	MD EDC Student Hsg. (University of Maryland College Park)		5.000			06/01/2035		5,333,305
10,000	MD H&HEFA (Johns Hopkins Hospital)		5.375			07/01/2020		10,030
15,000	MD H&HEFA (Johns Hopkins Medical Institutional Parking System)		5.000			07/01/2034		15,161
400,000	MD H&HEFA (Maryland Institute College of Art)		5.000			06/01/2036		455,788
10,000	MD H&HEFA (Mercy Ridge)		4.750			07/01/2034		10,015
1,653,000	Prince Georges County, MD Special District (Victoria Falls)		5.250			07/01/2035		1,670,720
								10,239,434
Massachusetts—1.3%
750,000	MA Devel. Finance Agency (Lasell College)		5.500			07/01/2026		797,865
25,000	MA Devel. Finance Agency (Lasell College)		6.000			07/01/2031		26,727
461,488	MA Devel. Finance Agency (Linden Ponds)		0.655	4		11/15/2056		129,909
1,435,000	MA Devel. Finance Agency (Linden Ponds)		5.125			11/15/2046		1,569,230
2,000,000	MA Devel. Finance Agency (UMHC/UMMC/ HHH&H/HHosp Obligated Group)		5.000			07/01/2036		2,308,780
20,000,000	MA GO5		5.000			12/01/2035		24,161,100
10,000	MA H&EFA (Beverly Hospital Corp.)		5.250			07/01/2023		10,016
								29,003,627
Michigan—3.7%
1,100,000	Detroit, MI City School District		5.000			05/01/2028		1,198,098
680,000	Detroit, MI City School District		5.000			05/01/2031		739,248
150,000	Detroit, MI Downtown Devel. Authority		5.000			07/01/2043		165,682
1,350,000	Detroit, MI Downtown Devel. Authority		5.000			07/01/2048		1,486,350
60,000	Detroit, MI Sewer Disposal System		7.500			07/01/2033		60,286
2,155,000	Detroit, MI Water and Sewerage Dept.		5.000			07/01/2032		2,339,296
1,000,000	Detroit, MI Water Supply System		5.000			07/01/2036		1,050,450
405,000	Grand Traverse Academy, MI Public School Academy		5.000			11/01/2022		405,251
1,000,000	MI Finance Authority (Detroit Water & Sewer)		5.000			07/01/2025		1,168,540
895,000	MI Finance Authority (Detroit Water & Sewer)		5.000			07/01/2026		1,042,084

57          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Michigan (Continued)
$930,000	MI Finance Authority (Detroit Water & Sewer)		5.000	%		07/01/2027	$	1,079,349
2,450,000	MI Finance Authority (Detroit Water & Sewer)		5.000			07/01/2032		2,802,776
1,000,000	MI Finance Authority (Detroit Water & Sewer)		5.000			07/01/2033		1,136,750
2,200,000	MI Finance Authority (Detroit Water & Sewer)		5.000			07/01/2034		2,544,564
1,000,000	MI Finance Authority (Detroit Water & Sewer)		5.000			07/01/2034		1,138,520
6,300,000	MI Finance Authority (HFHS/HFMHCT/HFWH/ WAFMH Obligated Group)		5.000			11/15/2041		7,317,702
6,000,000	MI Finance Authority (Thomas M Cooley Law School)		6.750			07/01/2044		6,282,000
635,000	MI Finance Authority (Universal Learning Academy)		5.750			11/01/2040		659,854
1,155,000	MI Public Educational Facilities Authority (Old Redford Academy)		6.000			12/01/2035		1,155,335
7,529,473	MI Strategic Fund Limited Obligation (Wolverine Human Services)		5.850			08/31/2027		7,544,231
1,671,250	MI Strategic Fund Limited Obligation (Wolverine Human Services)		7.875			08/31/2028		1,674,108
623,000,000	MI Tobacco Settlement Finance Authority		10.197	4		06/01/2058		17,917,480
1,180,000	Michigan State University		5.000			02/15/2044		1,439,966
1,650,000	Michigan State University		5.000			02/15/2048		2,004,074
600,000	Old Redford Academy, MI Public School Academy		5.900			12/01/2030		604,824
400,000	Plymouth, MI Educational Center Charter School (Public School Academy)		5.375			11/01/2030		280,032
1,325,000	Plymouth, MI Educational Center Charter School (Public School Academy)		5.625			11/01/2035		848,066
500,000	Renaissance, MI Public School Academy		6.000			05/01/2037		511,995
600,000	Walled Lake, MI Consolidated School District		4.000			05/01/2039		669,108
1,220,000	Walled Lake, MI Consolidated School District		4.000			05/01/2040		1,352,187
2,485,000	Walled Lake, MI Consolidated School District		4.000			05/01/2041		2,743,838
3,270,000	Walled Lake, MI Consolidated School District		5.000			05/01/2044		3,959,381
3,270,000	Walled Lake, MI Consolidated School District		5.000			05/01/2049		3,934,464
								79,255,889
Minnesota—0.3%
1,050,000	Bethel, MN Hsg. & Healthcare (Benedictine Living Communities - St. Peter Communities)		5.500			12/01/2048		1,094,783
2,300,000	Duluth, MN EDA Health Care Facilities (Essentia Health)		5.000			02/15/2043		2,694,358
900,000	MN HEFA (Hamline University)		5.000			10/01/2047		989,613
812,000	Mound, MN Hsg. & Redevel. Authority (Metroplaines)		5.000			02/15/2027		813,811
680,000	St. Paul Park, MN Senior Hsg. & Healthcare Revenue (Presbyterian Homes Bloomington Care Center)		5.000			09/01/2042		743,294
								6,335,859
Mississippi—0.6%
565,000	Meridian, MS Tax Increment (Meridian Crossroads)		8.750			12/01/2024		579,905

58          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Mississippi (Continued)
$10,000,000	MS Devel. Bank (Gulf Coast Community College District)		5.000	%		12/01/2046	$	11,574,100
								12,154,005
Missouri—1.2%
830,000	Branson, MO IDA (Branson Hills Redevel.)		5.750			05/01/2026		601,053
160,000	Branson, MO IDA (Branson Hills Redevel.)		7.050			05/01/2027		115,374
675,000	Broadway-Fairview, MO Transportation Devel. District (Columbia)3,7		5.875			12/01/2031		438,750
180,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.500			04/01/2021		162,668
400,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.625			04/01/2027		340,256
580,000	Columbia, MO Hsg. Authority (Stuart Parker Hsg. Devel. Group)		5.000			12/15/2040		595,393
1,330,000	Columbia, MO Hsg. Authority (Stuart Parker Hsg. Devel. Group)		5.125			12/15/2050		1,362,944
14,360,000	Hazelwood, MO Transportation Devel. District (370/Missouri Bottom Road/Tausig Road)2,3		7.200			05/01/2033		4,882,400
5,605,000	Hollister, MO Tax Increment		5.625			10/01/2039		5,856,048
295,000	Kansas City, MO IDA (Sales Tax)		5.000			04/01/2046		301,688
140,000	Lees Summit, MO IDA (Kensington Farms)2		5.500			03/01/2021		89,600
250,000	Lees Summit, MO IDA (Kensington Farms)2		5.750			03/01/2029		160,000
2,100,000	Maplewood, MO Tax (Maplewood South Redevel.)		5.750			11/01/2026		2,099,874
355,000	MO Grindstone Plaza Transportation Devel. District		5.500			10/01/2031		347,318
76,000	Northwoods, MO Transportation Devel. District6		5.850			02/01/2031		73,232
1,025,000	Saint Charles County, MO IDA (Suemandy/Mid- Rivers Community Improvement District)		5.000			10/01/2046		1,035,219
3,250,000	St. Louis, MO Land Clearance Authority (Scottrade Center)		5.000			04/01/2048		3,773,315
481,000	St. Louis, MO Tax Increment (1505 Missouri Avenue Redevel.)3,7		6.000			08/04/2025		96,200
846,000	St. Louis, MO Tax Increment (1601 Washington Redevel.)3,7		6.000			08/21/2026		236,880
1,879,000	St. Louis, MO Tax Increment (1619 Washington Redevel.)3		5.500			03/09/2027		770,390
661,018	St. Louis, MO Tax Increment (Pet Building Redevel.)		5.500			05/29/2028		265,028
545,000	St. Louis, MO Tax Increment (Printers Lofts)3,7		6.000			08/21/2026		136,250
758,000	St. Louis, MO Tax Increment (Washington East Condominiums)3		5.500			01/20/2028		379,000
466,000	St. Louis, MO Tax Increment (Washington East Condominiums)3,7		5.500			01/20/2028		111,840
1,080,000	St. Louis, MO Tax Increment Financing (Ludwig Lofts)3,7		6.690			04/21/2029		183,600
373,000	St. Louis, MO Tax Increment Financing, Series A3		5.500			09/02/2028		167,850
3,255,000	St. Louis, MO Tax Increment, Series A3		6.600			01/21/2028		1,464,750
620,000	Stone Canyon, MO Improvement District (Infrastructure)2,3		5.700			04/01/2022		161,200

59          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Missouri (Continued)
$320,000	Stone Canyon, MO Improvement District (Infrastructure)2,3		5.750	%		04/01/2027	$	83,200
								26,291,320
Montana—0.1%
11,710,000	Hardin, MT Tax Increment Industrial Infrastructure Devel. (Rocky Mountain Power)3,7		6.250	1		09/01/2031		1,697,950
Nebraska—0.7%
4,000,000	NE Central Plains Gas Energy		5.000			09/01/2037		5,196,360
9,510,000	NE Central Plains Gas Energy		5.250			09/01/2037		10,395,951
								15,592,311
Nevada—0.5%
2,500,000	Clark County, NV GO		5.000			05/01/2048		2,978,450
320,000	Clark County, NV Improvement District		5.000			02/01/2026		322,951
255,000	Clark County, NV Improvement District		5.050			02/01/2031		257,081
5,280,000	Clark County, NV School District		5.000			06/15/2036		6,457,334
								10,015,816
New Hampshire—1.1%
305,000	Manchester, NH Hsg. & Redevel. Authority, Series B		5.647	4		01/01/2029		208,339
385,000	NH Business Finance Authority (Huggins Hospital)		6.875			10/01/2039		388,596
20,860,000	NH H&EFA (LRG Healthcare)5		7.000			04/01/2038		21,057,648
1,500,000	NH H&EFA (Southern New Hampshire University)		5.000			01/01/2027		1,622,700
								23,277,283
New Jersey—7.5%
250,000	Atlantic City, NJ GO		5.000			03/01/2032		297,118
500,000	Atlantic City, NJ GO		5.000			03/01/2037		584,935
2,000,000	Casino Reinvestment Devel. Authority of NJ		5.000			11/01/2030		2,240,760
2,000,000	Casino Reinvestment Devel. Authority of NJ		5.000			11/01/2032		2,230,780
1,930,000	NJ EDA		5.000			06/15/2028		2,283,094
3,500,000	NJ EDA		5.000			06/15/2029		4,118,695
3,000,000	NJ EDA		5.000			06/15/2041		3,354,870
220,000	NJ EDA (Golden Door Charter School)		6.500			11/01/2052		246,077
1,015,000	NJ EDA (Newark Downtown District Management Corp.)		5.125			06/15/2037		1,201,415
500,000	NJ EDA (Provident Group-Kean Properties)		5.000			07/01/2032		565,665
200,000	NJ EDA (Provident Group-Kean Properties)		5.000			07/01/2047		219,710
1,000,000	NJ EDA (Provident Group-Montclair Properties)		5.000			06/01/2037		1,172,380
4,855,000	NJ EDA (State Government Buildings)		5.000			06/15/2031		5,687,050
3,500,000	NJ EDA (State Government Buildings)		5.000			06/15/2042		3,956,785
735,000	NJ EDA (State Government Buildings)		5.000			06/15/2047		824,964
2,100,000	NJ Health Care Facilities Financing Authority (University Hospital)		5.000			07/01/2029		2,439,087
3,500,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2028		4,276,230
4,500,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2029		5,467,860

60          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
New Jersey (Continued)
$5,000,000	NJ Tobacco Settlement Financing Corp.		5.000	%		06/01/2030	$	6,035,800
7,100,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2031		8,519,432
13,000,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2034		15,376,530
4,000,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2035		4,704,960
3,000,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2037		3,493,080
13,700,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2046		14,844,087
6,000,000	NJ Tobacco Settlement Financing Corp. (TASC)		5.000			06/01/2046		6,712,200
6,660,000	NJ Transportation Trust Fund Authority		5.000			06/15/2029		7,875,250
945,000	NJ Transportation Trust Fund Authority		5.000			06/15/2030		1,108,759
6,000,000	NJ Transportation Trust Fund Authority		5.000			06/15/2030		7,039,740
880,000	NJ Transportation Trust Fund Authority		5.000			06/15/2031		1,024,795
5,015,000	NJ Transportation Trust Fund Authority		5.000			06/15/2032		5,610,882
5,975,000	NJ Transportation Trust Fund Authority		5.500			12/15/2021		6,530,137
11,570,000	NJ Transportation Trust Fund Authority		5.750			06/15/2024		13,705,706
4,555,000	NJ Transportation Trust Fund Authority		6.000			06/15/2035		4,873,440
7,000,000	NJ Turnpike Authority		5.000			01/01/2034		8,144,150
3,000,000	NJ Turnpike Authority		5.000			01/01/2048		3,631,230
10,000	South Jersey, NJ Transportation Authority		4.500			11/01/2035		10,029
								160,407,682
New Mexico—0.1%
230,000	Boulders, NM Pubic Improvement District		5.750			10/01/2044		236,092
1,925,000	NM Trails Public Improvement District		7.750			10/01/2038		1,926,983
								2,163,075
New York—10.3%
3,250,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)		5.000			07/15/2042		3,725,345
8,500,000	Hudson Yards, NY Infrastructure Corp.5		5.000			02/15/2037		10,286,360
7,500,000	Hudson Yards, NY Infrastructure Corp.5		5.000			02/15/2039		9,017,063
65,000	NY Counties Tobacco Trust II (TASC)		5.750			06/01/2043		66,005
285,000	NY Counties Tobacco Trust VI		5.750			06/01/2043		328,705
14,375,000	NY MTA		5.250			11/15/2056		16,757,800
3,500,000	NY MTA (Green Bond)		5.250			11/15/2057		4,138,505
3,790,000	NY MTA Hudson Rail Yards		5.000			11/15/2046		3,825,929
13,150,000	NY MTA Hudson Rail Yards		5.000			11/15/2056		14,561,521
10,500,000	NY MTA, SeriesC-1		5.000			11/15/2035		12,276,285
5,000,000	NY MTA, SeriesC-1		5.250			11/15/2056		5,884,350
2,455,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2036		2,810,558
1,950,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2045		1,887,113
5,000,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2048		4,825,050
10,065,000	NYC GO		5.000			03/01/2040		12,178,348
7,800,000	NYC Municipal Water Finance Authority		1.480	9		06/15/2048		7,800,000
10,000,000	NYC Municipal Water Finance Authority		5.000			06/15/2039		11,692,300
14,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2043		16,975,140
10,000,000	NYC Transitional Finance Authority (Future Tax)		1.520	9		05/01/2034		10,000,000
8,720,000	NYC Transitional Finance Authority (Future Tax)		5.000			08/01/2031		10,437,142
2,650,000	NYS DA (New York State Dormitory Authority)		5.000			07/01/2028		3,179,046

61          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$10,000,000	NYS DA (Sales Tax)		5.000	%		03/15/2033	$	11,925,100
5,000,000	NYS DA (Sales Tax)		5.000			03/15/2035		6,023,900
6,955,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		7,203,015
10,000,000	NYS DA (State Personal Income Tax Authority)		5.000			03/15/2047		12,145,300
6,075,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)		5.250			10/01/2035		8,153,865
10,000,000	Port Authority NY/NJ, 198th Series		5.250			11/15/2056		11,907,800
								220,011,545
North Carolina—0.3%
5,000,000	NC Turnpike Authority		5.000			01/01/2038		6,070,200
Ohio—4.5%
2,410,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.375			06/01/2024		2,383,128
3,820,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.750			06/01/2034		3,728,282
5,360,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.875			06/01/2030		5,293,054
5,550,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.875			06/01/2047		5,459,812
10,100,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.500			06/01/2047		10,181,810
538,100,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		7.247	4		06/01/2047		31,952,378
230,500,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		7.575	4		06/01/2052		7,786,290
3,445,000	Cleveland-Cuyahoga County, OH Port Authority		6.000			11/15/2035		3,647,463
2,475,000	Cuyahoga County, OH Hospital (Metro Health System)		5.500			02/15/2052		2,861,669
1,050,000	Cuyahoga County, OH Hospital (Metro Health System)		5.500			02/15/2057		1,210,240
1,000,000	Greene County, OH University Hsg. (Central State University)		5.500			09/01/2027		1,000,280
255,000	Greene County, OH University Hsg. (Central State University)		5.625			09/01/2032		255,059
460,000	Jeffrey Place, OH New Community Authority (Jeffrey Place Redevel.)		5.000			12/01/2022		460,529
50,000	Montgomery County, OH (Catholic Health Initiatives)		4.750			05/01/2034		50,052
1,000,000	OH Air Quality Devel. Authority (Columbus Southern Power)		5.800			12/01/2038		1,012,150
5,000,000	OH GO		5.000			03/15/2036		5,695,000
1,350,000	OH Higher Educational Facility Commission (Menorah Park)		5.250			01/01/2038		1,421,185
1,235,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.300			02/15/2024		1,223,008
5,860,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.400			02/15/2034		5,724,634

62          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Ohio (Continued)
$4,065,000	Portage County, OH Port Authority (Northeast Ohio Medical University)		5.000	%		12/01/2037	$	4,269,470
325,375	Toledo-Lucas County, OH Port Authority (Town Square at Levis Commons)		5.400			11/01/2036		325,382
								95,940,875
Oklahoma—0.2%
3,070,000	Carter County, OK Independent School District No. 19 Ardmore Public Facilities Authority		5.000			09/01/2032		3,700,179
Oregon—0.0%
240,000	OR Facilities Authority (Concordia University)6		6.125			09/01/2030		251,016
500,000	OR Facilities Authority (Concordia University)		6.375			09/01/2040		527,635
25,000	Umatilla County, OR Hospital Facility Authority (Catholic Health Initiatives)		5.000			05/01/2032		25,459
								804,110
Pennsylvania—6.4%
2,825,000	Allegheny County, PA HDA (Allegheny Health Network)		5.000			04/01/2036		3,348,190
1,600,000	Berks County, PA IDA (THlth/RHosp/BHospital/ CHH/JH/PHospital/PottsH Obligated Group)		5.000			11/01/2047		1,841,296
5,000,000	Bethlehem, PA Area School District		5.000			08/01/2033		5,867,600
1,425,000	Delaware County, PA Authority (Neumann University)		5.000			10/01/2031		1,598,095
2,305,000	Delaware County, PA Authority (Neumann University)		5.000			10/01/2035		2,552,188
65,000	Luzerne County, PA IDA		7.500			12/15/2019		66,496
500,000	Luzerne County, PA IDA		7.750			12/15/2027		511,965
1,250,000	PA Commonwealth Financing Authority		5.000			06/01/2030		1,541,000
3,000,000	PA Commonwealth Financing Authority		5.000			06/01/2032		3,659,670
2,000,000	PA Commonwealth Financing Authority		5.000			06/01/2033		2,431,840
1,760,000	PA Commonwealth Financing Authority		5.000			06/01/2034		2,130,023
3,000,000	PA Commonwealth Financing Authority		5.000			06/01/2035		3,614,580
5,000,000	PA GO		4.000			04/01/2032		5,338,200
12,500,000	PA GO		4.000			03/01/2035		13,962,625
4,175,000	PA GO		4.000			03/01/2036		4,678,213
10,000,000	PA GO		5.000			03/01/2032		12,400,300
2,605,000	PA Public School Building Authority (School District of Philadelphia)		5.000			04/01/2025		2,836,637
3,000,000	PA Public School Building Authority (School District of Philadelphia)		5.000			04/01/2030		3,236,130
5,000,000	PA Public School Building Authority (School District of Philadelphia)		5.000			04/01/2031		5,381,650
5,000,000	PA State Public School Building Authority (Philadelphia School District)		5.000			06/01/2032		5,901,650
5,000,000	PA State Public School Building Authority (Philadelphia School District)		5.000			06/01/2033		5,885,250
3,000,000	PA Turnpike Commission		4.000			12/01/2049		3,261,300

63          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$5,000,000	PA Turnpike Commission		5.000	%		06/01/2030	$	5,855,900
5,125,000	PA Turnpike Commission		5.000			12/01/2040		5,997,736
7,750,000	PA Turnpike Commission		5.000			06/01/2042		8,960,085
7,000,000	PA Turnpike Commission		5.000			12/01/2048		8,317,120
1,500,000	PA Turnpike Commission		6.375	1		12/01/2038		1,941,720
685,000	Philadelphia, PA Authority for Industrial Devel. (Architecture & Design Charter School)3		6.125			03/15/2043		685,000
1,000,000	Philadelphia, PA Gas Works		5.000			08/01/2036		1,190,290
1,000,000	Philadelphia, PA School District		5.000			09/01/2032		1,174,530
4,000,000	Pottsville, PA Hospital Authority (LVHN/LVlyH/ LVHM/SRehC/SRMC/NPHC/SMCSJS/PMCtr/PHSys Obligated Group)		5.000			07/01/2041		4,603,680
280,000	Reading, PA School District		5.000			03/01/2035		331,506
255,000	Reading, PA School District		5.000			03/01/2036		300,992
1,000,000	Scranton, PA School District		5.000			12/01/2029		1,215,310
1,305,000	Scranton, PA School District		5.000			12/01/2030		1,575,996
890,000	Scranton, PA School District		5.000			12/01/2032		1,069,415
710,000	Scranton, PA School District		5.000			12/01/2033		852,085
								136,116,263
Rhode Island—0.3%
4,915,000	Central Falls, RI Detention Facility2		7.250			07/15/2035		884,700
20,000	RI Hsg. & Mtg. Finance Corp. (Homeownership Opportunity)		6.500			04/01/2027		20,114
4,695,000	RI Tobacco Settlement Financing Corp. (TASC)		5.000			06/01/2040		5,146,189
								6,051,003
South Carolina—0.8%
4,467,000	Richland County, SC Assessment Revenue (Village at Sandhill Improvement District)3		6.200			11/01/2036		3,972,726
544,493	SC Connector 2000 Assoc. Toll Road, Series B		2.744	4		01/01/2020		529,290
5,991,316	SC Connector 2000 Assoc. Toll Road, Series B		3.158	4		01/01/2021		5,444,668
10,506,817	SC Connector 2000 Assoc. Toll Road, Series B		3.747	4		01/01/2026		6,793,498
								16,740,182
South Dakota—0.1%
1,500,000	SD Educational Enhancement Funding Corp. Tobacco Settlement		5.000			06/01/2027		1,663,140
Tennessee—1.2%
10,000	Citizens, TN Gas Utility District		5.000			05/01/2035		10,027
2,000,000	Greeneville, TN H&EFB (Ballad Health)		5.000			07/01/2035		2,387,700
3,000,000	Greeneville, TN H&EFB (Ballad Health)		5.000			07/01/2036		3,574,830
3,000,000	Greeneville, TN H&EFB (Ballad Health)		5.000			07/01/2037		3,545,760
500,000	Metropolitan Government Nashville & Davidson Counties, TN H&EFB (Belmont University)		5.000			11/01/2027		537,920
7,000,000	Metropolitan Government Nashville & Davidson Counties, TN H&EFB (Vanderbilt University Medical Center)		5.000			07/01/2046		8,028,860

64          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Tennessee (Continued)
$200,000	Nashville, TN Metropolitan Development & Hsg. Agency (Fifth & Broadway Devel. District)		5.125	%		06/01/2036	$	218,300
5,665,000	TN Energy Acquisition Gas Corp.		5.000			02/01/2027		6,747,468
								25,050,865
Texas—3.2%
5,000	Alamo, TX Community College District		4.500			08/15/2033		5,014
885,000	Arlington, TX Higher Education Finance Corp. (UMEP)		5.000			08/15/2038		927,931
1,300,000	Arlington, TX Higher Education Finance Corp. (Winfree Academy Charter School)		5.750			08/15/2043		1,381,458
85,000	Cuero, TX Independent School District		4.000			08/15/2033		85,170
1,100,000	Dallas County, TX Flood Control District		5.000			04/01/2032		1,167,793
4,282,000	Escondido, TX Public Improvement District (Horseshoe Bay)		7.250			10/01/2033		4,284,869
140,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)		6.500			05/15/2031		152,757
160,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)		6.500			05/15/2031		174,579
250,000	Houston, TX Higher Education Finance Corp. (Ninos)		6.000			08/15/2036		255,045
250,000	Houston, TX Higher Education Finance Corp. (Ninos)		6.000			08/15/2041		254,612
10,000,000	Houston, TX Independent School District		5.000			02/15/2042		11,887,800
30,000	Huntsville, TX GO COP		5.000			08/15/2032		30,099
7,465,000	Irving, TX Hotel Occupancy		5.500			08/15/2038		7,475,675
2,000,000	Montgomery County, TX Toll Road Authority		5.000			09/15/2043		2,214,260
2,500,000	Montgomery County, TX Toll Road Authority		5.000			09/15/2048		2,759,925
250,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Women’s University-COHF- Collegiate Hsg. Denton)		5.000			07/01/2048		286,388
850,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Women’s University-COHF- Collegiate Hsg. Denton)		5.000			07/01/2058		958,860
150,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (CardinalBay-Village on the Park Carriage Inn)		5.000			07/01/2031		176,884
750,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (CardinalBay-Village on the Park Carriage Inn)		5.000			07/01/2046		850,103
750,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (CardinalBay-Village on the Park Carriage Inn)		5.000			07/01/2051		847,110
355,000	New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University - Collegiate Hsg. Corpus Christi II)		5.000			04/01/2036		363,048
1,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University - Collegiate Hsg. San Antonio I)		5.000			04/01/2036		1,066,370

65          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$555,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)		5.875	%		04/01/2036	$	610,350
780,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)		6.000			04/01/2045		856,315
10,000,000	North TX Tollway Authority		5.000			01/01/2043		11,725,500
150,000	North TX Tollway Authority		5.250			01/01/2044		150,242
10,000,000	Northwest, TX Independent School District		5.000			02/15/2045		11,472,200
110,000	TX Dormitory Finance Authority (Temple Junior College Foundation)		5.750			09/01/2027		110,011
485,000	TX Dormitory Finance Authority (Temple Junior College Foundation)		6.000			09/01/2033		485,019
4,185,000	TX Municipal Gas Acquisition & Supply Corp.		6.250			12/15/2026		4,904,109
170,000	TX Public Finance Authority Charter School Finance Corp.(Ed-Burnham Wood)		6.250			09/01/2036		170,226
1,085,000	TX Public Finance Authority Charter School Finance Corp. (New Frontiers School)		5.800			08/15/2040		1,113,058
								69,202,780
Utah—0.6%
10,000,000	Murray City, UT Hospital (IHC Health Services)		1.460	9		05/15/2036		10,000,000
1,110,000	UT Charter School Finance Authority (Merit Preparatory Academy)		5.375			06/15/2049		1,127,249
720,000	UT Charter School Finance Authority (Utah Charter Academies)		5.000			10/15/2038		840,449
275,000	Utah County, UT Charter School (Renaissance Academy)		5.625			07/15/2037		275,234
								12,242,932
Vermont—0.0%
350,000	Burlington, VT GO		5.000			11/01/2027		387,051
445,000	Burlington, VT GO		5.000			11/01/2032		489,998
								877,049
Virginia—0.7%
376,000	Celebrate, VA North CDA Special Assessment2,3		6.750			03/01/2034		225,600
8,950,000	Chesapeake Bay, VA Bridge & Tunnel District		5.000			07/01/2041		10,538,446
585,000	VA College Building Authority Educational Facilities (Regent University)		5.000			06/01/2036		585,088
950,000	VA College Building Authority Educational Facilities (University of Richmond)		5.000			06/01/2026		950,408
990,000	VA College Building Authority Educational Facilities (University of Richmond)		5.000			06/01/2029		990,287

66          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Virginia (Continued)
$715,000	Virginia Beach, VA Devel. Authority (Westminster- Canterbury on Chesapeake Bay)		5.000	%		09/01/2036	$	830,673
								14,120,502
Washington—0.3%
5,000	Chelan County, WA Public Utility District No. 1		5.000			07/01/2034		5,015
1,680,000	Cowlitz County, WA School District No. 458		4.000			12/01/2038		1,886,186
70,000	Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments)		5.600			03/01/2028		70,060
1,655,642	Tacoma, WA Consolidated Local Improvements District No. 65		5.750			04/01/2043		1,663,573
2,250,000	WA Health Care Facilities Authority (Virginia Mason Medical Center)		5.000			08/15/2031		2,633,827
								6,258,661
West Virginia—0.2%
1,960,000	Brooke County, WV (Bethany College)		6.500			10/01/2031		1,984,990
1,885,000	Brooke County, WV (Bethany College)		6.750			10/01/2037		1,909,241
								3,894,231
Wisconsin—1.4%
1,475,000	WI Center District, Series A		5.000			12/15/2029		1,636,527
20,000,000	WI H&EFA (Ascension Health Credit Group)5		4.000			11/15/2034		21,956,300
100,000	WI Public Finance Authority (Las Ventanas Retirement Community)		0.181	4		10/01/2042		50,440
465,000	WI Public Finance Authority (Las Ventanas Retirement Community)		7.000			10/01/2042		473,533
200,000	WI Public Finance Authority (Las Ventanas Retirement Community)3		36.060	4		10/01/2042		4,120
310,000	WI Public Finance Authority (North Carolina Leadership Academy)		5.000			06/15/2039		328,349
650,000	WI Public Finance Authority (Thomas Jefferson Classical Academy)		7.125			07/01/2042		650,527
435,000	WI Public Finance Authority (Traders Point Christian Schools)		5.375			06/01/2044		448,842
540,000	WI Public Finance Authority (Traders Point Christian Schools)		5.500			06/01/2054		556,222
420,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)		5.750			07/15/2032		445,918
350,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)		6.000			07/15/2042		370,303
900,000	WI Public Finance Authority Student Hsg. (Appalachian State University)		5.000			07/01/2036		1,066,932
1,275,000	WI Public Finance Authority Student Hsg. (Appalachian State University)		5.000			07/01/2054		1,470,100
1,400,000	WI Public Finance Authority Student Hsg. (Appalachian State University)		5.000			07/01/2058		1,574,636
								31,032,749

67          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity			Value
U.S. Possessions—10.6%
$10,000,000	Employees Retirement System of the Government of the Commonwealth of Puerto Rico2		6.450	%		07/01/2055		$	4,625,000
1,885,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029			1,917,987
5,880,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2042			5,953,500
5,400,000	Puerto Rico Aqueduct & Sewer Authority		5.750			07/01/2037			5,548,500
10,090,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047			10,392,700
4,515,000	Puerto Rico Commonwealth GO2		5.000			07/01/2020			3,341,100
2,610,000	Puerto Rico Commonwealth GO2		5.000			07/01/2023			1,931,400
5,000	Puerto Rico Commonwealth GO, AGC		5.000			07/01/2034			5,105
3,000,000	Puerto Rico Commonwealth GO2		5.125			07/01/2028			2,220,000
3,000,000	Puerto Rico Commonwealth GO2		5.250			07/01/2023			1,871,250
4,020,000	Puerto Rico Commonwealth GO2		5.250			07/01/2030			2,984,850
1,250,000	Puerto Rico Commonwealth GO2		5.375			07/01/2030			904,687
500,000	Puerto Rico Commonwealth GO, NPFGC		5.500			07/01/2021			517,215
6,645,000	Puerto Rico Commonwealth GO2		5.500			07/01/2026			4,144,819
8,225,000	Puerto Rico Commonwealth GO2		5.500			07/01/2039			5,130,344
4,000,000	Puerto Rico Commonwealth GO2		5.625			07/01/2033			2,895,000
5,000,000	Puerto Rico Commonwealth GO2		5.750			07/01/2028			3,118,750
9,000,000	Puerto Rico Commonwealth GO2		5.750			07/01/2036			6,513,750
3,335,000	Puerto Rico Commonwealth GO2		5.750			07/01/2041			2,413,706
1,365,000	Puerto Rico Commonwealth GO, NPFGC		6.000			07/01/2027			1,398,593
4,895,000	Puerto Rico Commonwealth GO2		6.000			07/01/2029			3,542,756
2,000,000	Puerto Rico Commonwealth GO2		6.000			07/01/2039			1,480,000
10,000,000	Puerto Rico Commonwealth GO2		6.000			07/01/2039	��		7,462,500
3,000,000	Puerto Rico Commonwealth GO2		6.000			07/01/2040			2,171,250
5,000,000	Puerto Rico Commonwealth GO2		6.500			07/01/2037			3,731,250
500,000	Puerto Rico Electric Power Authority, SeriesA-42		10.000			07/01/2019			432,500
2,830,000	Puerto Rico Electric Power Authority, Series AAA2		5.250			07/01/2028			2,157,875
500,000	Puerto Rico Electric Power Authority, SeriesB-42		10.000			07/01/2019			432,500
1,850,000	Puerto Rico Electric Power Authority, Series CCC2		5.000			07/01/2022			1,406,000
2,500,000	Puerto Rico Electric Power Authority, Series CCC2		5.000			07/01/2028			1,900,000
500,000	Puerto Rico Electric Power Authority, SeriesE-12		10.000			01/01/2021			433,750
500,000	Puerto Rico Electric Power Authority, SeriesE-22		10.000			07/01/2021			433,750
295,000	Puerto Rico Electric Power Authority, Series NN2		5.500			07/01/2020			226,781
30,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000			07/01/2023			30,352
260,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000			07/01/2024			262,938
4,000,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000			07/01/2025			4,043,560
1,690,000	Puerto Rico Electric Power Authority, Series VV, NPFGC		5.250			07/01/2025			1,794,205
1,500,000	Puerto Rico Electric Power Authority, Series VV2		5.500			07/01/2020			1,153,125
1,985,000	Puerto Rico Electric Power Authority, Series WW2		5.250			07/01/2025			1,513,562
2,750,000	Puerto Rico Electric Power Authority, Series WW2		5.375			07/01/2023			2,107,187
1,670,000	Puerto Rico Electric Power Authority, Series XX2		5.250			07/01/2040			1,273,375
410,000	Puerto Rico Electric Power Authority, Series ZZ2		5.250			07/01/2022			312,625
405,000	Puerto Rico Electric Power Authority, Series ZZ2		5.250			07/01/2025			308,812

68          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$40,000	Puerto Rico Highway & Transportation Authority, FGIC10		5.000	%		07/01/2022	$	33,100
20,000	Puerto Rico Highway & Transportation Authority, NPFGC		5.000			07/01/2033		20,004
10,000	Puerto Rico Highway & Transportation Authority, AGC		5.000			07/01/2035		10,202
3,500,000	Puerto Rico Highway & Transportation Authority, Series M2		5.000			07/01/2046		1,233,750
65,000	Puerto Rico Infrastructure2		5.000			07/01/2041		14,787
850,000	Puerto Rico Infrastructure, FGIC10		5.500			07/01/2024		707,625
8,000,000	Puerto Rico Infrastructure, FGIC10		7.072	4		07/01/2030		3,433,520
750,000	Puerto Rico Infrastructure Financing Authority, FGIC10		5.500			07/01/2028		624,375
8,695,000	Puerto Rico Infrastructure Financing Authority, FGIC10		6.065	4		07/01/2031		3,557,994
1,520,000	Puerto Rico ITEMECF (Guaynabo Municipal Government Center)		5.625			07/01/2022		1,371,800
1,230,000	Puerto Rico ITEMECF (Polytechnic University), ACA		5.000			08/01/2032		1,232,239
190,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2022		186,200
3,300,000	Puerto Rico Public Buildings Authority2		5.000			07/01/2032		2,755,500
240,000	Puerto Rico Public Buildings Authority2		5.250			07/01/2042		174,600
4,940,000	Puerto Rico Public Buildings Authority2		5.375			07/01/2033		4,149,600
10,000,000	Puerto Rico Public Buildings Authority, NPFGC		6.000			07/01/2028		10,181,100
8,575,000	Puerto Rico Public Buildings Authority2		6.250			07/01/2026		7,245,875
1,910,000	Puerto Rico Public Buildings Authority, AMBAC		10.000	9		07/01/2035		2,030,540
5,615,000	Puerto Rico Public Finance Corp., Series B2		5.500			08/01/2031		336,900
4,175,243	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.233	4		08/01/2044		3,037,489
1,374,909	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.317	4		08/01/2044		189,050
3,043,000	Puerto Rico Sales Tax Financing Corp., Series A		4.839	4		07/01/2031		1,917,120
3,425,000	Puerto Rico Sales Tax Financing Corp., Series A		5.090	4		07/01/2033		1,925,467
1,270,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		3.973	4		07/01/2024		1,089,406
2,423,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.259	4		07/01/2027		1,863,287
3,009,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.550			07/01/2040		3,018,328
2,362,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.560	4		07/01/2029		1,663,344
9,315,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.750			07/01/2053		9,131,495
14,288,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.000			07/01/2058		14,323,006
32,588,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.894	4		07/01/2046		7,527,828
26,547,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.951	4		07/01/2051		4,525,202
20,898,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.550			07/01/2040		20,114,743
387,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.750			07/01/2053		364,268
5,172,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		5.000			07/01/2058		4,971,585
1,305,000	University of Puerto Rico, Series P		5.000			06/01/2026		1,288,688
900,000	University of Puerto Rico, Series P		5.000			06/01/2030		875,250
150,000	University of Puerto Rico, Series Q		5.000			06/01/2036		144,375

69          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$1,480,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000	%		10/01/2032	$	1,610,832
1,080,000	V.I. Public Finance Authority, Series A		5.000			10/01/2032		1,175,472
								226,494,855
Total Investments, at Value (Cost $2,164,507,498)—100.6%								2,153,160,946
Net Other Assets (Liabilities)—(0.6)								(13,875,069	)
Net Assets—100.0%							$	2,139,285,877

Footnotes to Schedule of Investments

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

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

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

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

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

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

7. This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

8. Interest or dividend ispaid-in-kind, when applicable.

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

10. 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.

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

ACA	American Capital Access
AcadM&S	Academy of Mathematics & Science
AGC	Assured Guaranty Corp.
AMBAC	AMBAC Indemnity Corp.
AM&S	Academies of Math & Science
AM&SS	Academies of Math & Science South
ASchH	Advantage School of Hillsborough
AWCC	American Water Capital Corp.
BHospital	Brandywine Hospital
CAM&S	Channelside Academy of Math & Science
CAMS	Channelside Academy Middle School
CDA	Communities Devel. Authority
CHF	City Hospital Foundation
CHH	Chestnut Hill Hospital
COFINA	Corporación del Fondo de Interés Apremiante

70          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

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

COHF	Collegiate Housing Foundation
COP	Certificates of Participation
DA	Dormitory Authority
EDA	Economic Devel. Authority
EDC	Economic Devel. Corp.
ELGS	Evangelical Lutheran Good Samaritan
ELGSF	Evangelical Lutheran Good Samaritan Foundation
ELGSS	Evangelical Lutheran Good Samaritan Society
FCommH	Fayette Community Hospital
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
GSH	Good Samaritan Hospital
GSHI	Good Samaritan of Indiana
GSHPS	Good Samaritan Hospital Physicians Services
GSSH	Good Samaritan Society HCBS
H&EFA	Health and Educational Facilities Authority
H&EFB	Health and Educational Facilities Board
H&HEFA	Hospitals and Higher Education Facilities Authority
HDA	Hospital Devel. Authority
HEFA	Higher Education Facilities Authority
HFA	Housing Finance Agency
HFHS	Henry Ford Health System
HFMHCT	Henry Ford Macomb Hospital Corp.-Clinton Township
HFWH	Henry Ford Wyandotte Hospital
HHH&H	Healthalliance Home Health and Hospital
HHsop	Healthalliance Hospital
IAS	Independence Academy of Schools
IDA	Industrial Devel. Agency
IHC	Intermountain Health Care
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JH	Jennersville Hospital
KAWC	Kentucky American Water Company
LVHM	Lehigh Valley Hospital-Muhlenberg
LVHN	Lehigh Valley Health Network
LVlyH	Lehigh Valley Hospital
M&SSA	Math & Science Success Academy
M-S-R	Modesto Irrigation District of the City of Santa Clara and the City of Redding
MSSA	Math & Science Success Academy
MTA	Metropolitan Transportation Authority
NCCD	National Campus and Community Development
NCCU	North Carolina Central University
NPFGC	National Public Finance Guarantee Corp.
NPHC	Northeastern Pennsylvania Health Corp.
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
PARMC	Piedmont Athens Regional Medical Center
PAS	Presence Ambulatory Services
PBH	Presence Behavioral Health
PC&SHN	Presence Central & Suburban Hospitals Network

71          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

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

PCHN	Presence Chicago Hospitals Network
PClinic	Piedmont Clinic
PCTC	Presence Care Transformation Corp.
PHC	Piedmont Healthcare
PHCr	Presence Home Care
PHFBT	Presence Health Food Foundation Board of Trustees
PHHosp	Piedmont Henry Hospital
PHI	Piedmont Heart Institute
PHIP	Piedmont Heart Institute Physicians
PHlthCF	Piedmont Healthcare Foundation
PHN	Presence Health Network
PHosp	Piedmont Hospital
PHospital	Phoenixville Hospital
PHSys	Pocono Health System
PLC	Presence Life Connections
PMCC	Piedmont Medical Care Corp.
PMCtr	Pocono Medical Center
PMSH	Piedmont Mountainside Hospital
PNH	Piedmont Newnan Hospital
PNHosp	Piedmont Newton Hospital
PottsH	Pottstown Hospital
PSSC	Presence Senior Services - Chicagoland
RHosp	Reading Hospital
SBH	Sutter Bay Hospitals
SBMF	Sutter Bay Medical Foundation
SCHosp	Sutter Coast Hospital
SEBH	Sutter East Bay Hospitals
SHlth	Sutter Health
SHN	Sanford Health Network
SMCSJS	Schuylkill Medical Center South Jackson Street
SRehC	Simpson Retirement Communities
SRMC	Schuylkill Regional Medical Center
SVlyH	Sutter Valley Hospitals
SVMF	Sutter Valley Medical Foundation
SVNA&H	Sutter Visiting Nurse Association & Hospice
TASC	Tobacco Settlement Asset-Backed Bonds
TFABs	Tobacco Flexible Amortization Bonds
THlth	Tower Health
UCR	University of California Riverside
UMEP	UME Preparatory Academy
UMHC	UMass Memorial Health Care
UMMC	UMass Memorial Medical Center
V.I.	United States Virgin Islands
WAFMH	W A Foote Memorial Hospital

See accompanying Notes to Financial Statements.

72          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES

	August 31, 2019 (Unaudited)			July 31, 2019
Assets
Investments, at value (cost $2,206,823,950 (Unaudited) and $2,164,507,498)—see accompanying schedule of investments	$	2,240,265,275		$	2,153,160,946
Cash		9,508,827			19,801,947
Receivables and other assets:
Interest		23,178,183			19,777,454
Investments sold		5,458,464			37,488,073
Shares of beneficial interest sold		3,174,657			1,324,520
Other		665,639			748,216
Total assets		2,282,251,045			2,232,301,156
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued		86,310,000			86,310,000
Investments purchased		1,941,514			2,191,700
Shares of beneficial interest redeemed		1,767,565			1,140,223
Dividends		936,594			1,484,750
Distribution and service plan fees		517,265			512,790
Transfer and shareholder servicing agent fees		298,445			234,097
Trustees’ compensation		225,468			219,278
Advisory fees		47,717			819,792
Shareholder communications		19,413			14,500
Administration fees		1,687			74
Other		94,563			88,075
Total liabilities		92,160,231			93,015,279
Net Assets	$	2,190,090,814		$	2,139,285,877
Composition of Net Assets
Shares of beneficial interest	$	2,329,165,014		$	2,321,273,732
Total accumulated loss		(139,074,200	)		(181,987,855	)
Net Assets	$	2,190,090,814		$	2,139,285,877

73          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIESContinued

	August 31, 2019 (Unaudited)		July 31, 2019
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets and shares of beneficial interest outstanding of $1,421,689,972 and 185,879,497 at August 31, 2019 (Unaudited) and $1,378,279,066 and 183,814,273 at July 31, 2019)		$7.65		$7.50
Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)		$7.99		$7.83
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets and shares of beneficial interest outstanding of $255,168,220 and 33,649,176 at August 31, 2019 (Unaudited) and $258,540,143 and 34,775,943 at July 31, 2019)		$7.58		$7.43
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $513,222,310 and 67,326,635 at August 31, 2019 (Unaudited) and $502,456,559 and 67,233,929 at July 31, 2019)		$7.62		$7.47
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $10,312 and 1,348 at August 31, 2019 (Unaudited) and $10,109 and 1,348 at July 31, 2019)		$7.65		$7.50

See accompanying Notes to Financial Statements.

74        INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF

OPERATIONS

	One Month Ended August 31, 2019 (Unaudited)			July 31, 2019
Investment Income
Interest	$	7,354,379		$	95,682,541
Expenses
Advisory fees		734,748			8,215,835
Administration fees		25,974			25,145
Distribution and service plan fees:
Class A		285,752			2,814,755
Class C		220,438			3,275,436
Transfer and shareholder servicing agent fees:
Class A		79,553			1,100,295
Class C		14,769			310,183
Class Y		29,008			427,344
Class R6		—			1
Shareholder communications:
Class A		3,169			28,085
Class C		589			9,836
Class Y		1,155			12,420
Interest expense and fees on short-term floating rate notes issued		136,561			2,059,305
Borrowing fees		103,565			1,824,380
Trustees’ compensation		2,439			28,393
Custodian fees and expenses		907			16,777
Interest expense on borrowings		—			571,725
Other		10,118			613,808
Total expenses		1,648,745			21,333,723
Net Investment Income		5,705,634			74,348,818
Realized and Unrealized Gain (Loss)
Net realized loss on investment transactions		(1,619,675	)		(41,164,578	)
Net change in unrealized appreciation/(depreciation) on investment transactions		44,787,877			142,356,195
Net Increase in Net Assets Resulting from Operations	$	48,873,836		$	175,540,435

See accompanying Notes to Financial Statements.

75          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

STATEMENT OF CHANGES IN NET ASSETS

	One Month Ended August 31, 2019 (Unaudited)			Year Ended July 31, 2019			Year Ended July 31, 2018
Operations
Net investment income	$	5,705,634		$	74,348,818		$	77,696,450
Net realized loss		(1,619,675	)		(41,164,578	)		(40,312,223	)
Net change in unrealized appreciation/(depreciation)		44,787,877			142,356,195			53,567,470
Net increase in net assets resulting from operations		48,873,836			175,540,435			90,951,697
Dividends and/or Distributions to Shareholders1
Distributions to shareholders from distributable earnings:
Class A		(3,879,551	)		(42,820,041	)		(47,432,728	)
Class B		—			—			(49,785	)
Class C		(558,373	)		(9,512,120	)		(12,118,825	)
Class Y		(1,522,226	)		(17,750,977	)		(18,051,346	)
Class R6		(31	)		(72	)		—
Total distributions from distributable earnings		(5,960,181	)		(70,083,210	)		(77,652,684	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		15,752,341			170,266,969			(112,310,772	)
Class B		—			—			(2,790,015	)
Class C		(8,535,735	)		(104,038,611	)		(37,057,510	)
Class Y		674,676			49,562,422			(14,108,372	)
Class R6		—			10,000			—
Total beneficial interest transactions		7,891,282			115,800,780			(166,266,669	)
Net Assets
Total increase (decrease)		50,804,937			221,258,005			(152,967,656	)
Beginning of period		2,139,285,877			1,918,027,872			2,070,995,528
End of period	$	2,190,090,814		$	2,139,285,877		$	1,918,027,872

1. The Securities Exchange Commission eliminated the requirement to disclose the distribution components separately, except for tax return of capital. For the year ended July 31, 2018, distributions to shareholders from distributable earnings consisted of distributions from net investment income.

See accompanying Notes to Financial Statements.

76          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$7.50		$7.12		$7.05		$7.12		$6.76		$6.84
Income (loss) from investment operations:
Net investment income1		0.02		0.28		0.29		0.31		0.37		0.42
Net realized and unrealized gain (loss)		0.15		0.36		0.07		(0.03)		0.40		(0.08)
Total from investment operations		0.17		0.64		0.36		0.28		0.77		0.34
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.26)		(0.29)		(0.35)		(0.41)		(0.42)
Net asset value, end of period		$7.65		$7.50		$7.12		$7.05		$7.12		$6.76
Total Return, at Net Asset Value2		2.28%		9.22%		5.24%		4.08%		11.70%		4.88%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,421,690		$1,378,279		$1,144,325		$1,248,082		$1,325,385		$1,237,668
Average net assets (in thousands)		$1,403,626		$1,178,409		$1,148,172		$1,254,247		$1,282,545		$1,306,597
Ratios to average net assets:3
Net investment income		3.13%		3.86%		4.15%		4.48%		5.30%		6.04%
Expenses excluding specific expenses listed below		0.73%		0.80%		0.87%		0.83%		0.82%		0.87%
Interest and fees from borrowings		0.06%		0.12%		0.13%		0.10%		0.06%		0.09%
Interest and fees on short-term floating rate notes issued4		0.07%		0.10%		0.03%		0.09%		0.06%		0.08%
Total expenses		0.86%		1.02%		1.03%		1.02%		0.94%		1.04%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.86%		1.02%		1.03%		1.02%		0.94%		1.04%
Portfolio turnover rate5		0%6		27%		20%		25%		16%		9%

77          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

6. Less than 0.05%.

See accompanying Notes to Financial Statements.

78        INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Class C	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$7.43		$7.06		$6.99		$7.07		$6.71		$6.80
Income (loss) from investment operations:
Net investment income1		0.02		0.22		0.23		0.26		0.31		0.37
Net realized and unrealized gain (loss)		0.15		0.36		0.07		(0.04)		0.41		(0.10)
Total from investment operations		0.17		0.58		0.30		0.22		0.72		0.27
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.21)		(0.23)		(0.30)		(0.36)		(0.36)
Net asset value, end of period		$7.58		$7.43		$7.06		$6.99		$7.07		$6.71
Total Return, at Net Asset Value2		2.24%		8.34%		4.49%		3.19%		10.96%		3.98%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$255,168		$258,540		$345,676		$380,460		$427,045		$373,089
Average net assets (in thousands)		$260,182		$327,344		$355,591		$398,492		$401,140		$379,042
Ratios to average net assets:3
Net investment income		2.37%		3.10%		3.38%		3.73%		4.54%		5.30%
Expenses excluding specific expenses listed below		1.49%		1.56%		1.64%		1.59%		1.57%		1.63%
Interest and fees from borrowings		0.06%		0.12%		0.13%		0.10%		0.06%		0.09%
Interest and fees on short-term floating rate notes issued4		0.07%		0.10%		0.03%		0.09%		0.06%		0.08%
Total expenses		1.62%		1.78%		1.80%		1.78%		1.69%		1.80%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.62%		1.78%		1.80%		1.78%		1.69%		1.80%
Portfolio turnover rate5		0%6		27%		20%		25%		16%		9%

79          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

6. Less than 0.05%.

See accompanying Notes to Financial Statements.

80        INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Class Y	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$7.47		$7.09		$7.03		$7.10		$6.74		$6.82
Income (loss) from investment operations:
Net investment income1		0.02		0.29		0.30		0.32		0.38		0.44
Net realized and unrealized gain (loss)		0.15		0.37		0.06		(0.03)		0.41		(0.09)
Total from investment operations		0.17		0.66		0.36		0.29		0.79		0.35
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.28)		(0.30)		(0.36)		(0.43)		(0.43)
Net asset value, end of period		$7.62		$7.47		$7.09		$7.03		$7.10		$6.74
Total Return, at Net Asset Value2		2.31%		9.52%		5.36%		4.34%		12.00%		5.16%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$513,222		$502,457		$428,027		$439,608		$438,950		$276,260
Average net assets (in thousands)		$511,198		$456,813		$412,019		$398,935		$394,361		$294,301
Ratios to average net assets:3
Net investment income		3.37%		4.10%		4.39%		4.65%		5.51%		6.30%
Expenses excluding specific expenses listed below		0.49%		0.56%		0.63%		0.59%		0.58%		0.63%
Interest and fees from borrowings		0.06%		0.12%		0.13%		0.10%		0.06%		0.09%
Interest and fees on short-term floating rate notes issued4		0.07%		0.10%		0.03%		0.09%		0.06%		0.08%
Total expenses		0.62%		0.78%		0.79%		0.78%		0.70%		0.80%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.62%		0.78%		0.79%		0.78%		0.70%		0.80%
Portfolio turnover rate5		0%6		27%		20%		25%		16%		9%

81          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

6. Less than 0.05%.

See accompanying Notes to Financial Statements.

82        INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Class R6	One Month Ended August 31, 2019 (Unaudited)		Period Ended July 31, 20191
Per Share Operating Data
Net asset value, beginning of period		$7.50		$7.42
Income (loss) from investment operations:
Net investment income2		0.02		0.06
Net realized and unrealized gain		0.15		0.07
Total from investment operations		0.17		0.13
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.05)
Net asset value, end of period		$7.65		$7.50
Total Return, at Net Asset Value3		2.30%		1.80%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10		$10
Average net assets (in thousands)		$10		$10
Ratios to average net assets:4
Net investment income		3.44%		4.16%
Expenses excluding specific expenses listed below		0.42%		0.50%
Interest and fees from borrowings		0.06%		0.12%
Interest and fees on short-term floating rate notes issued5		0.07%		0.10%
Total expenses		0.55%		0.72%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.55%		0.72%
Portfolio turnover rate6		0%7		27%

1. For the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 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.

6. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

7. Less than 0.05%.

See accompanying Notes to Financial Statements.

83          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSAugust 31, 2019 (Unaudited) and July 31, 2019

Note 1 - Significant Accounting Policies

Invesco Oppenheimer RochesterAMT-Free 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 RochesterAMT-Free Municipal Fund(the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

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

Effective August 31, 2019, the Fund changed its fiscal year end from July 31 to February 28.

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.

84          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

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

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

B. Securities Transactions and Investment Income -Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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

85          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

D. Distributions -Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from 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.

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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 July 31, 2019, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table for the fiscal year ended July 31, 2019, represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$65,269,035		$—		$212,345,970		$33,196,490

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1.At period end, the Fund had $212,345,970 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

2. During the reporting period, the Fund did not utilize any capital loss carryforward.

3.During the previous reporting period, the Fund did not utilize any capital loss carryforward.

4.During the reporting period, $12,340,869 of unused capital loss carryforward expired.

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 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.

Accordingly, the following amounts have been reclassified for the reporting period ended July 31, 2019. Net assets of the Fund were unaffected by the reclassifications.

Reduction toPaid-in Capital	Reduction to Accumulated Net Loss
$11,428,669		$11,428,669

The tax character of distributions paid during the reporting periods:

	Year Ended July 31, 2019		Year Ended July 31, 2018
Distributions paid from:
Exempt-interest dividends	$	68,778,452	$	75,836,788
Ordinary income		1,304,758		1,815,896
Total	$	70,083,210	$	77,652,684

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.

	One Month Ended August 31, 2019 (Unaudited)			Year Ended July 31, 2019
Federal tax cost of securities	$	2,121,976,949	1	$	2,101,559,3891
Gross unrealized appreciation	$	189,923,110		$	158,214,064
Gross unrealized depreciation		(156,481,785)			(191,410,554)
Net unrealized appreciation/(depreciation)	$	33,441,325		$	(33,196,490)

1.The Federal tax cost of securities does not include cost of $84,847,001 and $84,798,047, for the one month

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NOTES TO FINANCIAL STATEMENTSContinued

ended August 31, 2019 (Unaudited) and the year ended July 31, 2019, respectively, 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 note in Note 1.

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.

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

88          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption “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

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NOTES TO FINANCIAL STATEMENTSContinued

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 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.

90          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

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.

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

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

Fee Schedule*
Up to $200 million	0.60%
Next $100 million	0.55
Next $200 million	0.50
Next $250 million	0.45
Next $250 million	0.40
Next $4 billion	0.35
Over $5 billion	0.33

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

The effective annualized advisory fees incurred by the Fund was 0.40% and 0.42% for the one month ended August 31, 2019 (Unaudited) and the year ended July 31, 2019, respectively.

From August 1, 2018 until the date of the Reorganization, the Acquired Fund paid $6,611,218in 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

91          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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) of Class A, Class C, Class Y, Class R6 shares to 0.84%, 1.59%, 0.59%, and 0.49%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary 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 one month period ended August 31, 2019 (Unaudited) and the year ended July 31, 2019, 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 one month ended August 31, 2019 (Unaudited) and the year ended July 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank, N.A. serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services,sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services orsub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the one month ended August 31, 2019 (Unaudited) and the yearended July 31, 2019, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for 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

92          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the one month ended August 31, 2019 (Unaudited) and the yearended July 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund.Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the one month ended August 31, 2019 (Unaudited), IDI advised the Fund that IDI retained $5,404 infront-end sales commissions from the sale of Class A shares and $890 from Class C shares for CDSC imposed on redemptions by shareholders. During theyearended July 31, 2019, IDI advised the Fund that IDI retained $23,225 infront-end sales commissions from the sale of Class A shares and $544 from Class C shares for CDSC imposed on redemptions by shareholders. From the beginning of the fiscal year to the date of the Reorganization, OppenheimerFunds Distributor, Inc. retained $79,666 in front–end sales commissions from the sale of Class A shares and $15,184 and $12,835 from Class A and Class C shares, respectively, for CDSC imposed on redemption by shareholders.

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

Note 3 - Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may

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NOTES TO FINANCIAL STATEMENTSContinued

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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The following is a summary of the tiered valuation input levels, as of August 31, 2019 (Unaudited).

	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
Alabama	$	—	$	125,766,509	$	—	$	125,766,509
Alaska		—		90,114		30,000		120,114
Arizona		—		45,466,083		341,550		45,807,633
Arkansas		—		—		1,222,750		1,222,750
California		—		226,481,027		—		226,481,027
Colorado		—		77,291,240		2,997,550		80,288,790
Connecticut		—		10,904,965		160,000		11,064,965
Delaware		—		2,703,135		—		2,703,135
District of Columbia		—		16,488,114		—		16,488,114
Florida		—		86,032,550		22,542,070		108,574,620
Georgia		—		33,508,765		—		33,508,765
Illinois		—		143,662,177		3,086,950		146,749,127
Indiana		—		34,599,949		—		34,599,949
Iowa		—		4,824,718		20,000		4,844,718
Kansas		—		1,335,701		—		1,335,701
Kentucky		—		52,586,341		169		52,586,510
Louisiana		—		36,719,680		—		36,719,680
Maine		—		7,690,460		—		7,690,460
Maryland		—		10,387,741		—		10,387,741
Massachusetts		—		29,607,671		—		29,607,671

94          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Municipal Bonds and Notes (Continued)
Michigan	$	—	$	82,323,759	$	—	$	82,323,759
Minnesota		—		7,551,520		—		7,551,520
Mississippi		—		12,399,832		—		12,399,832
Missouri		—		16,927,052		9,703,555		26,630,607
Montana		—		—		1,697,950		1,697,950
Nebraska		—		15,942,037		—		15,942,037
Nevada		—		10,268,306		—		10,268,306
New Hampshire		—		24,505,545		—		24,505,545
New Jersey		—		163,240,025		—		163,240,025
New Mexico		—		2,166,769		—		2,166,769
New York		—		224,217,097		—		224,217,097
North Carolina		—		6,234,450		—		6,234,450
Ohio		—		98,101,705		—		98,101,705
Oklahoma		—		3,782,823		—		3,782,823
Oregon		—		876,552		—		876,552
Pennsylvania		—		138,295,994		685,000		138,980,994
Rhode Island		—		6,167,954		—		6,167,954
South Carolina		—		12,918,507		4,034,461		16,952,968
South Dakota		—		1,673,325		—		1,673,325
Tennessee		—		27,292,422		—		27,292,422
Texas		—		90,666,469		—		90,666,469
Utah		—		12,276,296		—		12,276,296
Vermont		—		882,266		—		882,266
Virginia		—		14,127,454		225,600		14,353,054
Washington		—		6,372,539		—		6,372,539
West Virginia		—		3,908,035		—		3,908,035
Wisconsin		—		31,610,155		4,120		31,614,275
U.S. Possessions		—		232,637,722		—		232,637,722
Total Assets	$	—	$	2,193,513,550	$	46,751,725	$	2,240,265,275

The following is a summary of the tiered valuation input levels, as of July 31, 2019.

	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
Alabama	$	—	$	123,919,694	$	—	$	123,919,694
Alaska		—		90,115		30,000		120,115
Arizona		—		48,270,515		341,550		48,612,065
Arkansas		—		—		1,222,750		1,222,750
California		—		201,806,993		—		201,806,993
Colorado		—		71,179,663		2,997,550		74,177,213
Connecticut		—		7,749,342		160,000		7,909,342
Delaware		—		2,702,594		—		2,702,594

95          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Municipal Bonds and Notes (Continued)
District of Columbia	$	—	$	15,892,348	$	—	$	15,892,348
Florida		—		86,112,860		25,120,693		111,233,553
Georgia		—		33,219,172		—		33,219,172
Illinois		—		139,933,720		3,713,750		143,647,470
Indiana		—		34,176,750		—		34,176,750
Iowa		—		4,754,855		20,000		4,774,855
Kansas		—		1,325,808		—		1,325,808
Kentucky		—		51,768,876		169		51,769,045
Louisiana		—		36,266,727		—		36,266,727
Maine		—		7,678,080		—		7,678,080
Maryland		—		10,239,434		—		10,239,434
Massachusetts		—		29,003,627		—		29,003,627
Michigan		—		79,255,889		—		79,255,889
Minnesota		—		6,335,859		—		6,335,859
Mississippi		—		12,154,005		—		12,154,005
Missouri		—		17,179,010		9,112,310		26,291,320
Montana		—		—		1,697,950		1,697,950
Nebraska		—		15,592,311		—		15,592,311
Nevada		—		10,015,816		—		10,015,816
New Hampshire		—		23,277,283		—		23,277,283
New Jersey		—		160,407,682		—		160,407,682
New Mexico		—		2,163,075		—		2,163,075
New York		—		220,011,545		—		220,011,545
North Carolina		—		6,070,200		—		6,070,200
Ohio		—		95,940,875		—		95,940,875
Oklahoma		—		3,700,179		—		3,700,179
Oregon		—		804,110		—		804,110
Pennsylvania		—		135,431,263		685,000		136,116,263
Rhode Island		—		6,051,003		—		6,051,003
South Carolina		—		12,767,456		3,972,726		16,740,182
South Dakota		—		1,663,140		—		1,663,140
Tennessee		—		25,050,865		—		25,050,865
Texas		—		69,202,780		—		69,202,780
Utah		—		12,242,932		—		12,242,932
Vermont		—		877,049		—		877,049
Virginia		—		13,894,902		225,600		14,120,502
Washington		—		6,258,661		—		6,258,661
West Virginia		—		3,894,231		—		3,894,231
Wisconsin		—		31,028,629		4,120		31,032,749
U.S. Possessions		—		226,494,855		—		226,494,855
Total Assets	$	—	$	2,103,856,778	$	49,304,168	$	2,153,160,946

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value for the one month reporting period ended August 31, 2019 (Unaudited):

96          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

			Value as of July 31, 2019			Realized gain (loss)			Change in unrealized appreciation/ depreciation		Accretion/ (amortization) of premium/ discounta
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska			$	30,000		$	—		$	—	$	—
Arizona				341,550			—			—		—
Arkansas				1,222,750			—			—		—
Colorado				2,997,550			—			—		—
Connecticut				160,000			—			—		—
Florida				25,120,693			(1,506,505	)		1,355,978		1,720
Illinois				3,713,750			(529,540	)		1,007,200		—
Iowa				20,000			—			—		—
Kentucky				169			—			—		—
Missouri				9,112,310			—			46,995		1,180
Montana				1,697,950			—			—		—
Pennsylvania				685,000			—			—		—
South Carolina				3,972,726			—			61,735		—
Virginia				225,600			—			—		—
Wisconsin				4,120			—			—		—
Total Assets			$	49,304,168		$	(2,036,045	)	$	2,471,908	$	2,900
a. Included in net investment income.
												Value as of
						Transfers into			Transfers out of		August 31,
		Purchases		Sales			Level 3			Level 3		2019
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska	$	—	$	—		$	—		$	—	$	30,000
Arizona		—		—			—			—		341,550
Arkansas		—		—			—			—		1,222,750
Colorado		—		—			—			—		2,997,550
Connecticut		—		—			—			—		160,000
Florida		—		(3,121,911	)		692,095			—		22,542,070
Illinois		—		(1,104,460	)		—			—		3,086,950
Iowa		—		—			—			—		20,000
Kentucky		—		—			—			—		169
Missouri		—		—			543,070			—		9,703,555
Montana		—		—			—			—		1,697,950
Pennsylvania		—		—			—			—		685,000
South Carolina		—		—			—			—		4,034,461
Virginia		—		—			—			—		225,600
Wisconsin		—		—			—			—		4,120
Total Assets	$	—	$	(4,226,371	)	$	1,235,165		$	—	$	46,751,725

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value for the year ended July 31, 2019:

97          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

			Value as of July 31, 2018		Realized gain (loss)		Change in unrealized appreciation/ depreciation		Accretion/ (amortization) of premium/ discounta
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska			$	40,500	$	—	$	(10,500)	$	—
Arizona				341,550		—		—		—
Arkansas				1,324,950		32,025		(1,575)		7,350
Colorado				350,000		2,076		(235,876)		(175,655)
Connecticut				—		—		—		—
Florida				31,249,705		(2,912,330)		5,222,433		—
Illinois				2,829,100		—		207,610		—
Iowa				27,000		—		(7,000)		—
Kentucky				—		—		65		(796)
Maryland				261,879		(539,466)		559,105		287
Missouri				4,419,010		—		(2,668,465)		6,363
Montana				1,522,300		—		225,925		(50,275)
Pennsylvania				—		—		184,656		—
South Carolina				4,144,830		15,768		(57,990)		3,118
Virginia				1,732,750		(1,380,963)		2,525,561		209
Wisconsin				4,120		—		—		—
Corporate Bond and Notes				3,693		83,638		(3,561)		—
Total Assets			$	48,251,387	$	(4,699,252)	$	5,940,388	$	(209,399)
a. Included in net investment income.
					Transfers into		Transfers out of		Value as of
		Purchases		Sales		Level 3		Level 3		July 31, 2019
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska	$	—	$	—	$	—	$	—	$	30,000
Arizona		—		—		—		—		341,550
Arkansas		—		(140,000)		—		—		1,222,750
Colorado		—		(150,000)		3,207,005		—		2,997,550
Connecticut		—		—		160,000		—		160,000
Florida		456,349		(8,732,964)		—		(162,500)		25,120,693
Illinois		—		(211,000)		888,040		—		3,713,750
Iowa		—		—		—		—		20,000
Kentucky		—		—		900		—		169
Maryland		—		(281,805)		—		—		—
Missouri		—		(111,798)		7,467,200		—		9,112,310
Montana		—		—		—		—		1,697,950
Pennsylvania		—		—		500,344		—		685,000
South Carolina		—		(133,000)		—		—		3,972,726
Virginia		—		(2,651,957)		—		—		225,600
Wisconsin		—		—		—		—		4,120
Corporate Bond and Notes		—		(83,770)		—		—		—
Total Assets	$	456,349	$	(12,496,294)	$	12,223,489	$	(162,500)	$	49,304,168

The total change in unrealized appreciation/depreciation included in the Statement of

98          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

Operations attributable to Level 3 investments still held for the one month reporting period at August 31, 2019 (Unaudited):

		Change in unrealized appreciation/ depreciation
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska	$	—
Arkansas		—
Colorado		—
Florida		1,355,978
Illinois		108,500
Iowa		—
Kentucky		—
Missouri		46,995
Montana		—
Pennsylvania		—
South Carolina		61,735
Virginia		—
Total Assets	$	1,573,208

The total change in unrealized appreciation/depreciation included in the Statement of Operations attributable to Level 3 investments still held for the fiscal period at July 31, 2019:

		Change in unrealized appreciation/ depreciation
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska	$	(10,500)
Arkansas		(1,575)
Colorado		(235,876)
Florida		3,291,428
Illinois		207,610
Iowa		(7,000)
Kentucky		65
Missouri		(2,668,465)
Montana		225,925
Pennsylvania		184,656
South Carolina		(57,990)
Virginia		(89)
Total Assets	$	928,189

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 for the one month reporting period at August 31, 2019 (Unaudited):

99          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

	Value as of August 31, 2019		Valuation Technique	Unobservable Input	Range of Unobservable Inputs	Unobservable Input Used
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska	$	30,000	Pricing service	N/A	N/A	N/A  (a)
Arizona		341,550	Pricing service	N/A	N/A	N/A  (a)
Arkansas		1,222,750	Pricing service	N/A	N/A	N/A  (a)
Colorado		2,997,550	Pricing service	N/A	N/A	N/A  (a)
Connecticut		160,000	Pricing service	N/A	N/A	N/A  (a)
Florida		22,542,070	Pricing service	N/A	N/A	N/A  (a)
Illinois		3,086,950	Pricing service	N/A	N/A	N/A  (a)
Iowa		20,000	Pricing service	N/A	N/A	N/A  (a)
Kentucky		169	Pricing service	N/A	N/A	N/A  (a)
Missouri		9,703,555	Pricing service	N/A	N/A	N/A  (a)
Montana		1,697,950	Pricing service	N/A	N/A	N/A  (a)
Pennsylvania		685,000	Pricing service	N/A	N/A	N/A  (a)
South Carolina		4,034,461	Pricing service	N/A	N/A	N/A  (a)
Virginia		225,600	Pricing service	N/A	N/A	N/A  (a)
Wisconsin		4,120	Pricing service	N/A	N/A	N/A  (a)
Total	$	46,751,725

(a)Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Manager periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service.

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 for the fiscal year reporting period at July 31, 2019:

	Value as of July 31, 2019		Valuation Technique	Unobservable Input	Range of Unobservable Inputs	Unobservable Input Used
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska	$	30,000	Pricing service	N/A	N/A	N/A  (a)
Arizona		341,550	Pricing service	N/A	N/A	N/A  (a)
Arkansas		1,222,750	Pricing service	N/A	N/A	N/A  (a)
Colorado		2,997,550	Pricing service	N/A	N/A	N/A  (a)
Connecticut		160,000	Pricing service	N/A	N/A	N/A  (a)
Florida		25,120,693	Pricing service	N/A	N/A	N/A  (a)
Illinois		3,713,750	Pricing service	N/A	N/A	N/A  (a)
Iowa		20,000	Pricing service	N/A	N/A	N/A  (a)
Kentucky		169	Pricing service	N/A	N/A	N/A  (a)
Missouri		9,112,310	Pricing service	N/A	N/A	N/A  (a)
Montana		1,697,950	Pricing service	N/A	N/A	N/A  (a)
Pennsylvania		685,000	Pricing service	N/A	N/A	N/A  (a)
South Carolina		3,972,726	Pricing service	N/A	N/A	N/A  (a)
Virginia		225,600	Pricing service	N/A	N/A	N/A  (a)
Wisconsin		4,120	Pricing service	N/A	N/A	N/A  (a)
Total	$	49,304,168

100          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

(a)Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Manager periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service.

Note 4 - Trustee and Officer Fees and Benefits

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

During the one month reporting period ended August 31, 2019 (Unaudited), the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	4,765
Payments Made to Retired Trustees		—
Accumulated Liability as of August 31, 2019		87,566

During the reporting period end July 31, 2019, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		9,748
Accumulated Liability as of July 31, 2019		82,801

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

101          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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 the one month period ended August 31, 2019 (Unaudited) was $52,692,827 and $8,598,064, respectively, and during theyear ended July 31, 2019 was $561,360,387 and $557,120,043, respectively.

Note 7 - Share Information

Transactions in shares of beneficial interest were as follows:

				One Month Ended
				August 31, 2019
				(Unaudited)1			Year Ended July 31, 20192						Year Ended July 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount
Class A
Sold		3,390,173		$	25,829,291			50,178,815		$	364,955,299			28,614,262		$	197,436,443
Dividends and/or distributions reinvested		475,466			3,627,794			5,040,556			36,388,723			5,865,036			40,598,446
Redeemed		(1,800,415	)		(13,704,744	)		(32,194,363	)		(231,077,053	)		(50,725,907	)		(350,345,661)
Net increase (decrease)		2,065,224		$	15,752,341			23,025,008		$	170,266,969			(16,246,609	)	$	(112,310,772)
Class B
Sold		—		$	—			—		$	—			4,087		$	27,927
Dividends and/or distributions reinvested		—			—			—			—			7,194			49,217
Redeemed3		—			—			—			—			(418,049	)		(2,867,159)
Net decrease		—		$	—			—		$	—			(406,768	)	$	(2,790,015)
Class C
Sold		205,451		$	1,549,526			4,487,667		$	32,043,254			6,385,881		$	43,627,744
Dividends and/or distributions reinvested		65,073			492,600			1,106,864			7,903,014			1,458,898			10,011,281
Redeemed		(1,397,291	)		(10,577,861	)		(19,794,957	)		(143,984,879	)		(13,266,158	)		(90,696,535)
Net decrease		(1,126,767	)	$	(8,535,735	)		(14,200,426	)	$	(104,038,611	)		(5,421,379	)	$	(37,057,510)

102          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

				One Month Ended
				August 31, 2019
				(Unaudited)1			Year Ended July 31, 20192						Year Ended July 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount
Class Y
Sold		2,292,760		$	17,393,658			20,301,881		$	145,423,152			20,243,125		$	139,712,619
Dividends and/or distributions reinvested		184,186			1,401,653			2,048,456			14,735,837			2,131,822			14,709,224
Redeemed		(2,384,240	)		(18,120,635	)		(15,452,038	)		(110,596,567	)		(24,589,872	)		(168,530,215)
Net increase (decrease)		92,706		$	674,676			6,898,299		$	49,562,422			(2,214,925	)	$	(14,108,372)
Class R64
Sold		—		$	—			1,348		$	10,000			—		$	—
Dividends and/or distributions reinvested		—			—			—			—			—			—
Redeemed		—			—			—			—			—			—
Net increase		—		$	—			1,348		$	10,000			—		$	—

1.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 48% (Unaudited) of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

2. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 48% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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

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

Note 8 - Borrowings

The Fund may utilize financial leverage to the maximum extent allowable under the 1940 Act, a fund generally may not borrow money greater than 33^1/3 of the Fund’s total assets.

The Acquired Fund had entered into a Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enabled the Fund to participate with certain other Funds in a committed secured borrowing facility that permitted borrowing up to $2.5 billion, collectively, by certain Funds. This revolving credit agreement was secured by the assets of the Fund and terminated on May 24, 2019. In connection with this agreement, for the period August 1, 2018 to May 24, 2019, the Fund incurred fees of $1,691,532. The average daily balance borrowings under this agreement was $29,382,155with a weighted average interest rate of 2.40%.

On May 24, 2019, the Fund entered into a $2.5 billion Revolving Credit and Security

103          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

Agreement with conduit lenders and Citibank N.A. which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds. This revolving agreement is secured by the assets of the Fund. In connection with this agreement, for the period August 1, 2019 to August 31, 2019 (Unaudited), the Fund incurred fees of $103,565 and for the period May 24, 2019 to July 31, 2019, the Fund incurred fees of $219,166. The average daily balance of borrowings under this agreement during this period is $0 for the period from August 1, 2019 to August 31, 2019 (Unaudited) and is $408,824with a weighted average interest rate of 2.44% for the period from May 25, 2019 to July 31, 2019. Expenses under the credit agreement are shown in the Statement of Operations as Interest expense on borrowings.

At August 31, 2019 (Unaudited) and at July 31, 2019 the Fund had no borrowings outstanding under this agreement.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the one month ended August 31, 2019 (Unaudited) were $86,310,000 and 1.87%, respectively. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended July 31, 2019 were $102,474,000 and 2.01%, respectively.

Note 9 - Reverse Repurchase Agreements

Prior to the reorganization, the Acquired Fund engaged in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement.

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

104          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

Acquired Fund’s average net assets on an annualized basis.

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

The Fund executed no transactions under the Facility during the reporting period. This Facility terminated on May 24, 2019.

105          INVESCO OPPENHEIMER ROCHESTERAMT-FREE MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of AIMTax-Exempt Funds (InvescoTax-Exempt Funds) and Shareholders of Invesco Oppenheimer Rochester^®AMT-Free Municipal Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer Rochester^®AMT-Free Municipal Fund (one of the funds constituting AIMTax-Exempt Funds (InvescoTax-Exempt Funds), referred to hereafter as the “Fund”) as of July 31, 2019, the related statement of operations and the statement of changes in net assets for the year ended July 31, 2019, including the related notes, and the financial highlights for each of the periods ended July 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations, changes in its net assets for the year ended July 31, 2019 and the financial highlights for each of the periods ended July 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer Rochester^®AMT-Free Municipal Fund (formerly known as Oppenheimer Rochester^®AMT-Free Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2019 by correspondence with the custodian and brokers; when replies were

106          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, TX

October 14, 2019

We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

107          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

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.

108          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATIONUnaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 98.14% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.    

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

109          INVESCO OPPENHEIMER ROCHESTER AMT-FREE 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^®AMT-Free 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.

110          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL 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

111          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL 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 AffiliatedSub-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 also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other mutual funds andclosed-end funds in the Fund’s Lipper category advised orsub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2017.

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

112          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

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 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 AffiliatedSub-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%

113          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTSUnaudited / Continued

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 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.

114          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS Unaudited

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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

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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-PORT. The most recent list of portfolio holdings is available at invesco. com/completeqtrholdings. Shareholders can also look up the Fund’s FormsN-PORT on the SEC website at sec.gov.

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

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

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

115          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

SHAREHOLDER PROXYUnaudited

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer Rochester^®AMT-Free 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^®AMT-Free Municipal Fund into Invesco Oppenheimer Rochester^®AMT-Free 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		116,423,603		5,836,726		20,124,147		0

116          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited

The address of each trustee and officer is AIMTax-Exempt Funds (InvescoTax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS
Martin L. Flanagan1— 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President,Co-Chief Executive Officer,Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	240	None
Philip A. Taylor2— 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser);	240	None
1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.
2 Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser.

117          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding

118          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.

119        INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	240	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	240	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown3– 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	240	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance(non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry	240	None
3 Mss. Brown and Krentzman and Messrs. Motley, Vandivort and Vaughn were appointed as Trustees of the Trust effective June 10, 2019.

120          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Jack M. Fields (Continued)		company); Director of Cross Timbers Quail Research Ranch(non-profit); and member of the U.S. House of Representatives
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	240	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	240	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman3– 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the	240	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

121        INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Elizabeth Krentzman (Continued)		Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	240	Blue Hills Bank; Chairman of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	240	None
Joel W. Motley3– 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization). Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	240	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	240	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)

122          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	240	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	240	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	240	None
Daniel S. Vandivort3– 1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	240	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn3– 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	240	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement(non-profit)
Christopher L. Wilson – 1957 Trustee and Vice Chair	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios);	240	ISO New England, Inc.(non-profit organization managing regional electricity market)

123        INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Christopher L. Wilson (Continued)		Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

124          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco	N/A	N/A

125        INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Jeffrey H. Kupor (Continued)		India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC; Secretary, Jemstep, Inc. Formerly: Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.;	N/A	N/A

126          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Andrew R. Schlossberg (Continued)		Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC
John M. Zerr — 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent) Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and	N/A	N/A

127        INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
John M. Zerr (Continued)		General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

128          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Assistant Treasurer, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer –Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A

129        INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’ssub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza,	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Suite 1000	1555 Peachtree Street, N.E.	11 Greenway Plaza,	1000 Louisiana Street,
Houston, TX 77046-1173	Atlanta, GA 30309	Suite 1000	Suite 5800
		Houston, TX	Houston, TX 77002-5021
		77046-1173	Custodian
Counsel to the Fund	Counsel to the	Transfer Agent	Citibank, N.A.
Stradley Ronon Stevens & Young, LLP	Independent Trustees	Invesco Investment	111 Wall Street
2005 Market Street,	Goodwin Procter LLP	Services, Inc.	New York, NY 10005
Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza,
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Suite 1000
		Houston, TX
		77046-1173

130          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

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

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131          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

INVESCO’S PRIVACY NOTICEContinued

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132          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

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134          INVESCO OPPENHEIMER ROCHESTER AMT-FREE MUNICIPAL FUND

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Invesco Distributors, Inc.	O-ROAFM-AR-1	09272019

Shareholder Report For the One Month Ended 8/31/2019 Annual Report 7/31/2019

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

Important Update

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

Table of Contents

Fund Performance Discussion	5
Top Holdings and Allocations	10
Fund Expenses	16
Schedule of Investments	20
Statement of Assets and Liabilities	52
Statement of Operations	54
Statement of Changes in Net Assets	55
Financial Highlights	56
Notes to Financial Statements	64
Report of Independent Registered Public Accounting Firm	80
Independent Registered Public Accounting Firm	82
Federal Income Tax Information	83
Approval of Investment Advisory andSub-Advisory Contracts	84
Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments	89
Shareholder Proxy	90
Trustees and Officers	91
Invesco’s Privacy Notice	105

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT8/31/19

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays   Municipal Bond Index
1-Month	2.18%	-2.12%	1.58%
1-Year	9.51	4.85	8.72
5-Year	5.95	5.03	3.85
10-Year	7.82	7.35	4.62
AVERAGE ANNUAL TOTAL RETURNS AT7/31/19
	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays   Municipal Bond Index
1-Year	8.35%	3.71%	7.31%
5-Year	5.98	5.07	3.77
10-Year	8.68	8.20	4.63

3          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

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. Returns for periods of less than one year are note 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 CALIFORNIA MUNICIPAL FUND

Fund Performance Discussion

Performance summary

For the fiscal year ended July 31, 2019, the Class A shares of Invesco Oppenheimer Rochester California Municipal Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Barclays Municipal Bond Index, the Fund’s benchmark. Please note that the fiscalyear-end for the Fund has changed from July 31 to February 28. The below is a discussion of the Fund’s performance as of its last fiscal year ended July 31, 2019.

Market conditions and your Fund

California’s financial condition continued to improve through the 2017-2018 fiscal year, with total revenue rising 6.3% year-over-year to $284.74 billion.¹ This improvement was driven by a 10.6% year-over-year increase in income tax revenues to $107.08 billion.¹ The state continues to maintain a large and diverse economy, low unemployment, and high median household income. California’s $3.05 trillion economy accounted for 14.5% of the nation’s economy in the first quarter of 2019.²

California’s financial condition is volatile relative to most states because the state’s income tax revenue is sensitive to both national economic conditions and equity market valuations. California’s highest income earners account for a large and disproportionate share of the state’s income tax revenue. In 2012, California voters approved a temporary tax originally designed to expire in 2018. However, voters extended the tax through 2030. While this temporary tax improved the state’s financial standing, it also increased the sensitivity of tax revenues

to the economic cycle.

California maintains arainy-day fund, which the state can tap if certain spending criteria are met, or in the event of a natural disaster. Going forward, therainy-day fund may assist the state’s budget process during periods of weak economic and revenue growth. As of the close of the reporting period, the state’s general obligation bonds were ratedAA- by

Standard & Poor’s (S&P);AA- by Fitch Ratings; and Aa3 by Moody’s. All three agencies have assigned stable outlooks.³

The broad municipal bond market experienced positive returns for the fifth consecutive year in 2018, and performance remained strong throughout this fiscal year. Investment grade municipals returned 7.31% and high yield municipals returned 8.08% during the fiscal year.⁴ Performance has been particularly strong the first seven months of 2019 with investment grade municipals returning 5.94% and high yield municipals returning 7.33%.⁵

5          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

The fiscal year was characterized by supportive technical conditions (supply and demand balances) as new issuance of municipal bonds underwhelmed, totaling $342 billion — down nearly 18% from the previous fiscal year.⁴ Flows into the municipal bond asset class were positive for the last 30 weeks of the fiscal year.⁶ Consistent positive flow pattern, coupled with continued limited supply, resulted in strong performance across the municipal market. Fund flows totaled $54.2 billion from August 2018 through July 2019.⁷

The high yield municipal bond market outperformed the investment grade bond segment, led by improved price discovery on Puerto Rico bonds as a result of developments in the commonwealth’s debt restructuring and strong performance of high yield general obligation securities.

Municipal bonds withstood considerable headwinds during the fiscal year, including interest rate movements that had the10-year US Treasury yield breaching 2.00% in July 2019. Additionally, the US government shutdown, which occurred midway through the fiscal year and lasted 35 days, along with ongoingUS-China trade negotiations and Brexit developments created a challenging market environment. Both investment grade municipals and high yield municipals posted negative returns for the months of September and October 2018: Worsening market conditions exposed the municipal bond market to more sensitivity relating to asell-off in US Treasuries in September. Despite these

challenges, the municipal market continued to perform positively this fiscal year as technical conditions provided tailwinds.

Investors’ concerns about the future of interest rates, meanwhile, created increased demand for Treasuries and high-grade municipal bonds alike, and yields continued to fall at all maturities as high yield securities rallied. The yield curve for30-year,AAA-rated municipal bonds continued to flatten as trade tensions between the US and China increased worries about inflationary pressures.

During the fiscal year, the US Federal Reserve (the Fed) raised the federal funds rate two times (in September and December 2018) before lowering it in July 2019.⁸ The two rate hikes, the eighth and ninth since December 2008, were anticipated and reflected increased confidence in the US economy amid low unemployment, relatively stable inflation and overall robust economic growth. This expansionary monetary policy significantly flattened the US Treasury yield curve with a slight inversion on the short end occurring in December 2018.

However, the Fed’s dovish stance at the beginning of calendar year 2019 took the market by surprise, leading economists to change their predictions from two interest rate increases in 2019, to just one. Amid political pressure and despite favorable growth and labor trends, the Fed ultimately reversed course and lowered the Fed Funds rate in July, citing uncertainty about the global economic outlook. The Treasury curve

6          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

was inverted at fiscalyear-end with investors preferring2- to7-year paper over shorter and longer maturities. Economists were mixed as to whether this particular inversion, the first sincemid-2007, portends a recession.

Earlier in the fiscal year, as anticipated, US midterm election results had a positive impact on municipal securities as perceived threats to municipal tax exemptions, further tax reform and changes to the Affordable Care Act were greatly reduced. News of a possible ban on flavorede-cigarettes and menthol cigarettes made headlines, which caused a short-lived decline in the valuations of below-investment-grade tobacco settlement bonds. Meanwhile,year-end demand for yield and coupon payments caused the asset class to end 2018 on a strong note. Investors affected by the $10,000 cap on state and local tax (SALT) deductions poured a record $18.9 billion into municipal bond funds in the first 8 weeks of calendar year 2019, the most over that period in at least 13 years.⁷

At the close of the fiscal year, we believed municipal fundamentals remained strong and viewed the ongoing impact of the Tax Cut and Jobs Act of 2018 as a potential market factor. As a result, demand for municipal bond investments could remain strong as retail investors continue to seektax-exempt income.

Over the fiscal year, security selection in general obligation (G.O.) and marine/aviation facilities bonds, the Fund’s largest and third largest sectors, respectively, significantly contributed to the Fund’s performance. The

Fund’s holdings in the sales tax revenue, highways/commuter facilities, and municipal leases sectors produced the strongest single-sector returns this fiscal year; sales tax revenue bonds issued by the Commonwealth of Puerto Rico (COFINAs) represented nearly half of the Fund’s assets in that sector at fiscalyear-end. In aggregate, the Fund’s diverse holdings in securities issued in Puerto Rico provided a larger contribution to the Fund’s total return than any single sector. Meanwhile, the Fund’s holdings in the education sector, representing 1.1% of assets, had a negative return at fiscalyear-end and detracted from the Fund’s performance.Pre-refunded bonds and the gas utilities sector, among others, underperformed the Bloomberg Barclays Municipal Bond Index.

During the fiscal year, leverage contributed to the Fund’s performance. The Fund achieved a leveraged position through the use of inverse floating rate securities and tender option bonds (TOBs). Exposure to TOBs aided performance due to the price appreciation in municipal holdings when interest rates declined. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to additional volatility. For more information about the Fund’s use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when

7          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments. Investors are reminded that the Fund is not and will not be managed based on predictions of interest rate changes.

Oppenheimer Rochester California Municipal Fund (the predecessor fund) was renamed Invesco Oppenheimer Rochester California Municipal Fund after the close of business on May 24, 2019, when Invesco’s acquisition of OppenheimerFunds was finalized. Prior to the commencement of the Fund’s operations, Mark DeMitry managed the predecessor fund since 2006. Effective June 21, 2019, the portfolio management team of this fund was changed to Mr. DeMitry (lead manager) and Mark Paris.

Thank you for investing in Invesco Oppenheimer Rochester California Municipal Fund and for sharing our long-term investment horizon.

1 Bloomberg LP

2 Source: Bureau of Economic Analysis

3 Sources: Standard & Poor’s, Fitch Ratings, Moody’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.“Non-Rated” indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Ratings Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.

4 Sources: Bloomberg Barclays Municipal Bond Index, Bloomberg Barclays High Yield Municipal Bond Index

5 Source: The Bond Buyer

6 Source: Lipper

7 Source: Strategic Insight

8 Source: US Federal Reserve

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are

8          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

9          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES – 8/31/19

General Obligation	16.8	%
Tobacco Master Settlement Agreement	11.4
Marine/Aviation Facilities	10.9
Municipal Leases	6.2
Special Tax	5.9
Housing – Multi-Family	5.2
Water Utilities	4.7
U.S. Government Obligations	4.4
Hospital/Healthcare	4.1
Sales Tax Revenue	4.1

Portfolio holdings and allocations are subject to change. Percentages are as of August 31, 2019 and are based on total assets.

CREDIT ALLOCATION – 8/31/19

	NRSRO- Rated	Adviser- Rated	Total
AAA	9.6%	0.6%	10.2%
AA	42.8	0.0	42.8
A	11.6	0.8	12.4
BBB	8.2	7.8	16.0
BB or lower	8.2	10.4	18.6
Total	80.4%	19.6%	100.0%

The percentages above are based on the market value of the securities as of August 31, 2019 and are subject to change. Invesco Advisers, Inc. (the Adviser) determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the Adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the Adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

10          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

TOP TEN CATEGORIES – 7/31/19

General Obligation	17.1	%
Tobacco Master Settlement Agreement	11.6
Marine/Aviation Facilities	10.8
Municipal Leases	7.0
Special Tax	6.2
Water Utilities	5.7
U.S. Government Obligations	4.8
Hospital/Healthcare	4.3
Higher Education	4.2
Electric Utilities	4.2

Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2019 and are based on total assets.

CREDIT ALLOCATION – 7/31/19

	NRSRO- Rated	Adviser- Rated	Total
AAA	9.8%	1.3%	11.1%
AA	39.9	0.0	39.9
A	13.3	0.8	14.1
BBB	8.3	8.0	16.3
BB or lower	8.4	10.2	18.6
Total	79.7%	20.3%	100.0%

The percentages above are based on the market value of the securities as of July 31, 2019 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the Adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the Adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

11          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 8/31/19
	Inception Date		1-Month			1-Year			5-Year			10-Year			Since Inception
Class A (OPCAX)		11/3/88		2.18	%		9.51	%		5.95	%		7.82	%		5.76	%
Class C (OCACX)		11/1/95		2.13			8.61			5.15			7.00			4.69
Class Y (OCAYX)		11/29/10		2.21			9.64			6.20			N/A			7.55
Class R6 (IORCX)*		5/24/19		2.21			9.67			5.98			7.84			N/A
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 8/31/19
	Inception Date		1-Month			1-Year			5-Year			10-Year			Since Inception
Class A (OPCAX)		11/3/88		-2.12	%		4.85	%		5.03	%		7.35	%		5.61	%
Class C (OCACX)		11/1/95		1.13			7.61			5.15			7.00			4.69
Class Y (OCAYX)		11/29/10		2.21			9.64			6.20			N/A			7.55
Class R6 (IORCX)*		5/24/19		2.21			9.67			5.98			7.84			N/A

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/19
	Inception Date		1-Year			5-Year			10-Year			Since Inception
Class A (OPCAX)		11/3/88		8.35	%		5.98	%		8.68	%		5.70	%
Class C (OCACX)		11/1/95		7.58			5.19			7.86			4.61
Class Y (OCAYX)		11/29/10		8.61			6.24			N/A			7.36
Class R6 (IORCX)*		5/24/19		8.49			6.01			8.69			N/A
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/19
	Inception Date		1-Year			5-Year			10-Year			Since Inception
Class A (OPCAX)		11/3/88		3.71	%		5.07	%		8.20	%		5.55	%
Class C (OCACX)		11/1/95		6.58			5.19			7.86			4.61
Class Y (OCAYX)		11/29/10		8.61			6.24			N/A			7.36
Class R6 (IORCX)*		5/24/19		8.49			6.01			8.69			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.

12          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

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

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

13          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Distribution yields for Class A shares are based on dividends of $0.026 for the28-day accrual period ended July 23, 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 July 23, 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 $0.0209 and $0.0277, respectively, for the28-day accrual period ended July 23, 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 July 31, 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 July 31, 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 California tax rate of 49.18%. 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.

Investments in tobacco settlement bonds, which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments byMSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share ofnon-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

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

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.

14          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

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.

15          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended August 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended August 31, 2019” to estimate the expenses you paid on your account during this period.

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

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

16          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Actual	Beginning   Account   Value March 1, 2019		Ending Account Value August 31, 2019		Expenses Paid During 6 Months Ended         August 31, 20191,2
Class A	$	1,000.00	$	1,080.90	$	4.88
Class C		1,000.00		1,077.20		8.81
Class Y		1,000.00		1,082.20		3.56
Class R6		1,000.00		1,082.50		1.75
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.46		4.73
Class C		1,000.00		1,016.69		8.55
Class Y		1,000.00		1,021.72		3.46
Class R6		1,000.00		1,022.02		3.16

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 184/366(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 99/366to reflect the period from after the close of business on May 24, 2019 (inception of offering) to August 31, 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 184/366(to reflect theone-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended August 31, 2019 for Classes A, C and Yand for the period from after the close of business on May 24, 2019 (inception of offering) to August 31, 2019 for Class R6 are as follows:

Class	Expense Ratios
Class A		0.93	%
Class C		1.68
Class Y		0.68
Class R6		0.62

17          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended July 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended July 31, 2019” to estimate the expenses you paid on your account during this period.

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

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

18          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Actual	Beginning Account Value February 1, 2019		Ending     Account     Value     July 31, 2019		Expenses Paid During 6 Months Ended         July 31, 20191,2
Class A	$	1,000.00	$	1,069.60	$	5.45
Class C		1,000.00		1,065.90		9.31
Class Y		1,000.00		1,070.80		4.27
Class R6		1,000.00		1,071.00		1.62
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.54		5.32
Class C		1,000.00		1,015.82		9.09
Class Y		1,000.00		1,020.68		4.17
Class R6		1,000.00		1,023.21		4.22

1. Actual expenses paid for Class A, C and Y 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). 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 68/365 to reflect the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 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 July 31, 2019 for Classes A, C and Yand for the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019 for Class R6 are as follows:

Class	Expense Ratios
Class A		1.06	%
Class C		1.81
Class Y		0.83
Class R6		0.84

19          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSAugust 31, 2019 Unaudited

Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—103.8%
California—96.7%
$1,000,000	Adelanto, CA Community Facilities District Special TaxNo. 2006-2		5.000	%		09/01/2045	$	1,131,270
2,675,000	Adelanto, CA Elementary School District Community Facilities District No. 1		5.250			09/01/2026		2,690,140
1,570,000	Adelanto, CA Elementary School District Community Facilities District No. 11		5.400			09/01/2036		1,578,352
25,000	Adelanto, CA Improvement Agency, Series B		5.500			12/01/2023		25,070
1,115,000	Adelanto, CA Public Utility Authority		5.000			07/01/2024		1,117,553
5,710,000	Adelanto, CA Public Utility Authority		5.000			07/01/2039		6,073,042
2,000,000	Adelanto, CA Public Utility Authority		5.000			07/01/2039		2,471,180
1,270,000	Alhambra, CA (Atherton Baptist Homes)		7.500			01/01/2030		1,296,772
1,000,000	Alhambra, CA (Atherton Baptist Homes)		7.625			01/01/2040		1,021,490
3,375,000	Alta Loma, CA School District		5.000			08/01/2044		4,116,049
1,350,000	Anaheim, CA Public Financing Authority		5.000			05/01/2034		1,570,185
25,000	Apple Valley, CA Redevel. Agency Tax Allocation		5.000			06/01/2032		25,033
1,250,000	Atwater, CA Wastewater		5.000			05/01/2040		1,519,950
1,300,000	Atwater, CA Wastewater		5.000			05/01/2043		1,576,302
765,000	Azusa, CA Special Tax Community Facilities DistrictNo. 05-1		5.000			09/01/2021		765,000
415,000	Bakersfield, CA Improvement Bond Act 1915		5.350			09/02/2022		298,800
1,130,000	Bakersfield, CA Improvement Bond Act 1915		5.400			09/02/2025		813,600
1,085,000	Bakersfield, CA Improvement Bond Act 19151		7.375			09/02/2028		1,093,778
745,000	Beaumont, CA Financing Authority, Series A1		5.000			09/01/2036		817,414
115,000	Beaumont, CA Financing Authority, Series A		5.125			09/01/2028		125,623
120,000	Beaumont, CA Financing Authority, Series A		5.250			09/01/2029		131,147
250,000	Beaumont, CA Financing Authority, Series A		5.625			09/01/2032		274,980
4,405,000	Beaumont, CA Financing Authority, Series A		5.875			09/01/2042		4,828,320
1,500,000	Beaumont, CA Financing Authority, Series A		6.375			09/01/2042		1,633,755
5,000	Beaumont, CA Financing Authority, Series A		7.000			09/01/2023		5,009
1,560,000	Beaumont, CA Financing Authority, Series B		5.000			09/01/2025		1,800,427
635,000	Beaumont, CA Financing Authority, Series B		5.000			09/01/2034		701,567
125,000	Beaumont, CA Special Tax Community Facilities DistrictNo. 2016-1 (Fairway Canyon)		5.000			09/01/2030		149,305
140,000	Beaumont, CA Special Tax Community Facilities DistrictNo. 2016-1 (Fairway Canyon)		5.000			09/01/2031		166,512
775,000	Beaumont, CA Special Tax Community Facilities DistrictNo. 2016-1 (Fairway Canyon)		5.000			09/01/2049		895,202
500,000	Blythe, CA Community Facilities District Special Tax (Hidden Beaches)		5.300			09/01/2035		507,365
1,000,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)		5.000			05/01/2038		1,135,550
2,095,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)		9.750			05/01/2038		2,331,358
1,010,000	Brea, CA Redevel. Agency		6.591	2		08/01/2031		466,044
2,930,000	Brea, CA Redevel. Agency		6.675	2		08/01/2032		1,248,561
2,300,000	Brea, CA Redevel. Agency		6.830	2		08/01/2033		899,208
5,000,000	Brea, CA Redevel. Agency		6.869	2		08/01/2034		1,794,850

20          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$30,000	Butte County, CA Hsg. Authority (Affordable Hsg. Pool)		7.000	%		10/01/2020	$	30,067
3,000,000	CA ABAG Finance Authority for NonProfit Corporations (Casa De Las Campanas)		6.000			09/01/2037		3,143,670
25,000	CA ABAG Finance Authority for NonProfit Corporations COP (Palo Alto Gardens Apartments)		5.350			10/01/2029		25,050
15,000	CA Bay Area Governments Association		4.125			09/01/2019		15,000
2,845,000	CA Communities Transportation Revenue COP		6.000			06/01/2042		3,202,190
2,500,000	CA Community College Financing Authority (NCCD-Orange Coast Properties)		5.250			05/01/2053		2,977,725
2,500,000	CA Community Hsg. Agency (Annadel Apartments)		5.000			04/01/2049		2,811,425
4,000,000	CA Community Hsg. Agency (Verdant at Green Valley)		5.000			08/01/2049		4,541,640
5,290,000	CA County Tobacco Securitization Agency		4.000			06/01/2029		5,378,978
3,185,000	CA County Tobacco Securitization Agency		4.461	2		06/01/2033		1,457,934
62,110,000	CA County Tobacco Securitization Agency		5.305	2		06/01/2046		11,229,488
45,600,000	CA County Tobacco Securitization Agency		5.368	2		06/01/2057		1,963,080
55,250,000	CA County Tobacco Securitization Agency		6.045	2		06/01/2057		1,657,500
51,500,000	CA County Tobacco Securitization Agency		6.695	2		06/01/2057		1,850,395
71,700,000	CA County Tobacco Securitization Agency		6.998	2		06/01/2055		5,036,925
320,360,000	CA County Tobacco Securitization Agency		7.548	2		06/01/2055		19,545,164
309,500,000	CA County Tobacco Securitization Agency		8.248	2		06/01/2055		19,275,660
700,000	CA County Tobacco Securitization Agency (TASC)		5.100	3		06/01/2028		700,280
3,725,000	CA County Tobacco Securitization Agency (TASC)		5.125			06/01/2038		3,726,266
675,000	CA County Tobacco Securitization Agency (TASC)		5.750			06/01/2029		681,770
12,275,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2035		12,391,735
2,070,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2043		2,097,220
10,835,000	CA County Tobacco Securitization Agency (TASC)		6.000			06/01/2035		10,842,801
18,385,000	CA County Tobacco Securitization Agency (TASC)		6.000			06/01/2042		18,551,017
9,700,000	CA County Tobacco Securitization Agency (TASC)		6.125			06/01/2038		9,703,104
41,800,000	CA County Tobacco Securitization Agency (TASC)		7.070	2		06/01/2046		6,755,298
290,000	CA Dept. of Water Resources (Center Valley)4		5.250			12/01/2035		305,458
9,710,000	CA Dept. of Water Resources (Center Valley)4		5.250			12/01/2035		10,227,592
5,000,000	CA Educational Facilities Authority (Pepperdine University)		5.000			10/01/2049		5,947,550
2,730,000	CA Educational Facilities Authority (University of San Francisco)		5.000			10/01/2043		3,385,391
635,000	CA Educational Facilities Authority (University of San Francisco)		6.125			10/01/2036		703,885
615,000	CA Educational Facilities Authority (University of San Francisco)		6.125			10/01/2036		681,039
2,500,000	CA Enterprise Devel. Authority (Sunpower Corp.)		8.500			04/01/2031		2,625,375
25,150,000	CA GO4		5.000			09/01/2034		30,331,008
13,000,000	CA GO		5.000			08/01/2035		16,305,510
10,000,000	CA GO		5.000			08/01/2036		12,328,800
3,550,000	CA GO		5.000			02/01/2038		3,861,796
20,000	CA GO		5.250			06/01/2021		20,208

21          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$5,000	CA GO		5.500	%		10/01/2022	$	5,017
5,000	CA GO		5.750			05/01/2030		5,017
1,500,000	CA GO		6.000			03/01/2033		1,536,465
50,000	CA GO		6.250			10/01/2019		50,199
15,000	CA GO		6.250			10/01/2019		15,060
3,000,000	CA Golden State Tobacco Securitization Corp.		5.000			06/01/2047		3,076,980
2,500,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.000			06/01/2040		2,950,475
2,030,000	CA Health Facilities Financing Authority (Community Programs for Persons with Developmental Disabilities)		6.250			02/01/2026		2,172,567
14,215,000	CA Health Facilities Financing Authority (Providence Health & Service/Provident Health System-Oregon Obligated Group)4		5.500			10/01/2039		14,264,983
13,500,000	CA Health Facilities Financing Authority (SHlth/EMC/MPHS/PAMFHCR&E/SCHosp/SCVH/SEBH/SGMF/SHSSR/SMF/SMCCV Obligated Group)4		5.250			08/15/2031		14,567,141
10,000,000	CA Health Facilities Financing Authority (SHlth/SBH/SVNA&H/SVMF/SVlyH/SCHosp/SEBH/SBMF Obligated Group)		5.000			11/15/2048		12,254,900
5,000,000	CA HFA, Series A		4.250			01/15/2035		5,988,600
885,000	CA Independent Cities Finance Authority Mobile Home Park (Hacienda Valley Estates)		5.000			11/15/2034		1,009,307
1,000,000	CA Independent Cities Finance Authority Mobile Home Park (Lamplighter Salinas)		6.250			07/15/2045		1,038,990
1,000,000	CA Independent Cities Finance Authority Mobile Home Park (Rancho Del Sol & Grandview)		5.500			05/15/2047		1,084,560
1,000,000	CA Independent Cities Finance Authority Mobile Home Park (Union City Tropics)		5.000			05/15/2048		1,206,410
2,000,000	CA Infrastructure and Economic Devel. (AOMPAAS/TVSRF/AcadF/AFound/AMF Obligated Group)		5.000			11/01/2041		2,272,680
55,000	CAM-S-R Public Power Agency (San Juan)		6.000			07/01/2022		60,342
505,000	CA Municipal Finance Authority (Caritas Acquisitions/Caritas Corp. Obligated Group)		6.400			08/15/2045		530,740
250,000	CA Municipal Finance Authority (Casa Griffin Apartments)		5.750			10/01/2034		258,135
3,750,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000			02/01/2034		4,542,337
4,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000			02/01/2035		4,832,040
2,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000			02/01/2036		2,410,100
1,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000			02/01/2037		1,202,000
4,250,000	CA Municipal Finance Authority(CHF-Davis-West Village Student Hsg.)		5.000			05/15/2043		5,147,430
3,000,000	CA Municipal Finance Authority(CHF-Riverside-UCR Dundee Glasgow Student Hsg.)		5.000			05/15/2043		3,633,480

22          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$1,000,000	CA Municipal Finance Authority (Emerson College)		5.750	%		01/01/2033	$	1,111,820
1,000,000	CA Municipal Finance Authority (Emerson College)		6.000			01/01/2042		1,117,560
500,000	CA Municipal Finance Authority (Goodwill Sacramento Valley & Northern Nevada)		5.750			01/01/2022		517,745
1,070,000	CA Municipal Finance Authority (Goodwill Sacramento Valley & Northern Nevada)		6.625			01/01/2032		1,133,397
2,135,000	CA Municipal Finance Authority (Goodwill Sacramento Valley & Northern Nevada)		6.875			01/01/2042		2,269,334
7,000,000	CA Municipal Finance Authority (Irvine Apartment Communities)		1.400	5		04/01/2025		7,000,000
8,000,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)		5.000			12/31/2036		9,878,480
18,200,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)		5.000			12/31/2043		22,043,476
1,500,000	CA Municipal Finance Authority (OCEAA)		7.000			10/01/2039		1,501,650
7,500,000	CA Municipal Finance Authority (Orange County Civic Center)		5.000			06/01/2043		9,272,100
26,360,000	CA Municipal Finance Authority (Orange County Civic Center)		5.000			06/01/2048		32,329,486
1,000,000	CA Municipal Finance Authority (River Springs Charter School)		4.000			08/15/2020		1,016,060
600,000	CA Municipal Finance Authority (Southwestern Law School)		6.500			11/01/2031		673,356
1,250,000	CA Municipal Finance Authority (Southwestern Law School)		6.500			11/01/2041		1,393,062
2,620,000	CA Municipal Finance Authority (Town & Country Manor of the Christian & Missionary Alliance)		5.000			07/01/2049		3,276,939
5,000,000	CA Municipal Finance Authority Mobile Home Park (Caritas Acquisitions)		5.500			08/15/2047		5,392,600
1,200,000	CA Municipal Finance Authority Mobile Home Park (Caritas Affordable Housing)		5.250			08/15/2039		1,367,040
2,000,000	CA Pollution Control Financing Authority (Aemerge Redpak Services Southern CA)6		8.000			12/01/2027		600,000
3,500,000	CA Pollution Control Financing Authority (Aemerge Redpak Services Southern California)6		7.000			12/01/2027		1,750,000
1,425,000	CA Pollution Control Financing Authority (Calplant I)		7.500			07/01/2032		1,492,730
1,900,000	CA Pollution Control Financing Authority (Calplant I)		8.000			07/01/2039		2,080,918
1,500,000	CA Pollution Control Financing Authority (San Diego County Water Authority)		5.000			11/21/2045		1,815,705
1,400,000	CA Public Finance Authority Charter School (Laverne Elementary Preparatory Academy)		5.000			06/15/2049		1,446,102
255,000	CA Public Financing Authority (Trinity Classical Academy)		5.000			07/01/2044		272,116
600,000	CA Public Financing Authority (Trinity Classical Academy)		5.000			07/01/2054		635,304

23          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$11,905,000	CA Public Works		4.000	%		04/01/2033	$	13,701,941
2,795,000	CA Public Works		5.750			03/01/2030		2,862,332
2,500,000	CA Public Works		6.000			03/01/2035		2,563,275
365,000	CA Public Works		6.125			11/01/2029		368,029
8,370,000	CA Public Works		6.375			11/01/2034		8,442,735
2,000,000	CA Public Works (California State Prisons)		5.750			10/01/2031		2,189,740
900,000	CA Public Works (Dept. of Mental Health)		5.000			11/01/2031		902,502
1,250,000	CA Public Works (Judicial Council)		5.000			12/01/2031		1,357,250
3,485,000	CA School Finance Authority Charter School (Inspire Charter Schools)		3.000			07/15/2020		3,491,412
1,250,000	CA School Finance Authority School Facility (Escuela Popular Del Pueblo)		6.250			07/01/2037		1,316,962
870,000	CA School Finance Authority School Facility (Kipp LA Schools)		5.000			07/01/2047		1,022,433
12,650,000	CA Silicon Valley Tobacco Securitization Authority		5.845	2		06/01/2047		2,500,526
50,000,000	CA Silicon Valley Tobacco Securitization Authority		7.108	2		06/01/2056		4,835,500
18,420,000	CA Silicon Valley Tobacco Securitization Authority		8.818	2		06/01/2036		7,277,558
10,000,000	CA Silicon Valley Tobacco Securitization Authority		10.496	2		06/01/2041		2,959,200
100,000	CA Statewide CDA		4.446	2		09/01/2028		52,084
100,000	CA Statewide CDA		5.078	2		09/01/2034		33,183
50,000	CA Statewide CDA		6.750			09/01/2037		50,060
2,625,000	CA Statewide CDA (Bentley School)		7.000			07/01/2040		2,751,236
2,705,000	CA Statewide CDA (Cathedral City Heritage Park/Glendale Heritage Park Obligated Group)		5.200			06/01/2036		2,717,172
1,200,000	CA Statewide CDA(CHF-Irvine)		5.000			05/15/2040		1,414,560
1,500,000	CA Statewide CDA (COCAD/CEDCA Obligated Group)1		5.000			09/02/2049		1,756,020
1,375,000	CA Statewide CDA (Front Porch Communities & Services)		5.000			04/01/2047		1,632,249
1,400,000	CA Statewide CDA (Guidance Charter School)6,7		6.500			07/01/2037		546,000
5,100,000	CA Statewide CDA (Guidance Charter School)6,7		6.750			07/01/2052		1,989,000
5,000,000	CA Statewide CDA (Loma Linda University Medical Center)		5.500			12/01/2058		5,963,250
1,000,000	CA Statewide CDA (Methodist Hospital of Southern California)		5.000			01/01/2043		1,195,510
3,375,000	CA Statewide CDA (NCCD-Hooper Street - College of the Arts)		5.250			07/01/2049		3,917,126
2,570,000	CA Statewide CDA (Orinda Wilder)1		5.000			09/01/2037		2,945,143
650,000	CA Statewide CDA (Pacific Highlands Ranch)		5.000			09/02/2049		784,062
2,865,000	CA Statewide CDA (Yucaipa Valley Water Reservoir)1		6.000			09/02/2044		2,967,825
2,000,000	CA Statewide CDA School Facilities (47th & Main)		6.375			07/01/2047		2,153,780
45,000	CA Statewide CDA Special Tax Community Facilities District No. 971		3.872	2		09/01/2022		38,169
5,000	CA Statewide CDA Water		7.000			07/01/2022		5,008
1,045,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2037		1,051,887

24          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$8,550,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000	%		05/01/2037	$	8,606,344
45,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2043		45,252
490,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2043		492,744
1,320,000	CA Valley Sanitation District		5.200			09/02/2030		1,340,486
2,500,000	Calexico, CA Community Facilities District No.2005-1 Special Tax (Hearthstone)8		5.500			09/01/2036		700,000
2,325,000	Calexico, CA Community Facilities District No.2005-1 Special Tax (Hearthstone)8		5.550			09/01/2036		999,750
35,000	Calexico, CA Community Redevel. Agency Tax Allocation (Central Business District & Residential Redevel.)		7.250			08/01/2033		38,590
25,000	Carlsbad, CA Improvement Bond Act 1915		5.500			09/02/2028		25,413
545,000	Carson, CA Public Financing Authority (Carson Reassessment DistrictNo. 2001-1)		5.000			09/02/2030		701,922
100,000	Carson, CA Public Financing Authority (Remediation)		6.500			10/01/2036		100,412
95,000	Carson, CA Redevel. Agency		4.500			01/01/2032		95,218
925,000	Castaic, CA Union School District Community Facilities DistrictNo. 92-1		9.000			10/01/2019		928,228
3,035,000	Central Basin, CA Municipal Water District		5.000			08/01/2044		3,572,286
1,100,000	Chino, CA Public Financing Authority		5.000			09/01/2034		1,322,497
865,000	Chino, CA Public Financing Authority		5.000			09/01/2035		1,037,766
12,480,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)		4.000			05/01/2039		12,488,736
2,000,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)		5.875			01/01/2034		2,007,320
5,000,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)		5.875			02/15/2034		5,018,300
35,000	Clovis, CA Public Financing Authority		4.625			08/01/2029		35,090
1,060,000	Clovis, CA Wastewater		5.250			08/01/2030		1,294,928
500,000	Clovis, CA Wastewater		5.250			08/01/2031		609,230
650,000	Coachella, CA Community Facilities District No.2018-1 (Glenroy)1		5.000			09/01/2030		741,767
1,090,000	Coachella, CA Community Facilities District No.2018-1 (Glenroy)		5.000			09/01/2038		1,223,874
2,015,000	Coachella, CA Community Facilities District No.2018-1 (Glenroy)		5.000			09/01/2048		2,255,410
1,525,000	Coachella, CA Community Facilities District No.2018-1 (Glenroy)		5.000			09/01/2053		1,688,358
1,000,000	Compton, CA Public Finance Authority		5.250			09/01/2027		1,002,300
6,750,000	Compton, CA Unified School District		4.000			06/01/2049		7,557,907
4,870,000	Corcoran, CA Hospital District		8.000			08/01/2034		4,892,451
935,000	Corona, CA Community Facilities District (Buchanan Street)		5.150			09/01/2036		940,264
105,000	Corona, CA Community Facilities District (Eagle Glen II)1		6.000			09/01/2031		105,991

25          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$50,000	Daly City, CA Hsg. Devel. Finance Agency (Franciscan Mobile Home Park)		5.000	%		12/15/2037	$	50,124
915,000	Daly City, CA Hsg. Devel. Finance Agency (Third Tier Franciscan)		6.500			12/15/2047		916,665
1,220,000	Dehesa, CA School District		5.500			06/01/2044		1,412,528
1,855,000	Desert Hot Springs, CA Community Facilities District Special Tax		6.375			09/01/2038		1,904,992
1,000,000	Dinuba, CA Wastewater System		5.375			09/01/2038		1,006,940
1,725,000	East Bay, CA Municipal Utility District (Water System)		5.000			06/01/2036		2,083,817
15,000,000	East Bay, CA Municipal Utility District (Water System)4		5.000			06/01/2036		15,454,950
865,000	Fairfield, CA Community Facilities District Special Tax (Fairfield Commons)		6.875			09/01/2038		888,813
1,000,000	Fontana, CA Special Tax Community Facilities District No. 80		5.000			09/01/2046		1,172,030
1,600,000	Hollister, CA Redevel. Agency Tax Allocation (Hollister Community Devel.)		5.000			10/01/2030		1,880,704
1,305,000	Hollister, CA Redevel. Agency Tax Allocation (Hollister Community Devel.)		5.000			10/01/2032		1,530,230
3,675,000	Hollister, CA School District		4.000			09/01/2046		4,082,300
1,430,000	Imperial County, CA Community Facilities DistrictNo. 2004-2 Special Tax		5.900			09/01/2037		1,454,524
4,500,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		3.678			06/01/2038		4,729,680
630,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)		5.000			09/01/2032		681,673
335,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)		5.000			09/01/2037		360,282
1,175,000	Lake Elsinore, CA Public Financing Authority (Villages Wasson Canyon)		5.250			09/01/2038		1,260,552
420,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.000			09/01/2025		448,371
375,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.100			09/01/2026		400,845
885,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.150			09/01/2027		945,941
1,000,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.200			09/01/2028		1,067,320
500,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.250			09/01/2029		533,480
500,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.300			09/01/2030		533,455
1,000,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.375			09/01/2032		1,066,230
3,685,000	Lathrop, CA Special Tax Community Facilities DistrictNo. 03-21		7.000			09/01/2033		3,696,718
1,000,000	Lennox, CA School District COP		5.000			10/01/2034		1,103,030

26          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$50,000	Long Beach, CA Bond Finance Authority Natural Gas		5.500	%		11/15/2028	$	65,548
1,000,000	Long Beach, CA Bond Finance Authority Natural Gas		5.500			11/15/2037		1,449,300
1,300,000	Long Beach, CA Harbor Revenue		5.000			05/15/2037		1,585,194
14,670,000	Long Beach, CA Harbor Revenue		5.000			05/15/2040		17,746,446
8,210,000	Long Beach, CA Harbor Revenue		5.000			05/15/2043		9,884,512
8,175,000	Long Beach, CA Unified School District		5.000			08/01/2036		10,060,645
1,200,000	Los Alamitos, CA Unified School District COP		0.000			08/01/2034		1,295,736
2,560,000	Los Angeles County, CA Facilities (Vermont Corridor County Administration Building)		5.000			12/01/2037		3,254,170
7,000,000	Los Angeles County, CA MTA (Green Bond)		5.000			07/01/2044		8,804,040
10,000,000	Los Angeles, CA Community College District		4.000			08/01/2037		10,925,800
30,000,000	Los Angeles, CA Community Redevel. Agency (Hollywood & Vine Apartments)		1.360	5		04/15/2042		30,000,000
3,500,000	Los Angeles, CA Dept. of Airports		5.000			05/15/2032		4,408,775
4,365,000	Los Angeles, CA Dept. of Airports		5.000			05/15/2033		5,136,601
15,145,000	Los Angeles, CA Dept. of Airports4		5.000			05/15/2033		18,983,909
12,000,000	Los Angeles, CA Dept. of Airports4		5.000			05/15/2034		14,997,200
5,795,000	Los Angeles, CA Dept. of Airports		5.000			05/15/2034		6,805,416
22,350,000	Los Angeles, CA Dept. of Airports		5.000			05/15/2047		26,676,736
2,500,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)		5.000			05/15/2038		3,058,775
8,250,000	Los Angeles, CA Dept. of Water & Power		5.000			07/01/2041		10,168,620
15,525,000	Los Angeles, CA Dept. of Water & Power		5.000			07/01/2042		19,272,269
16,500,000	Los Angeles, CA Dept. of Water & Power4		5.000			07/01/2047		20,212,445
2,000,000	Los Angeles, CA Hsg. Auth. (Property Acquisition)		6.000			06/01/2029		2,005,920
2,000,000	Los Angeles, CA Hsg. Auth. (Property Acquisition)		6.250			06/01/2034		2,006,340
500,000	Los Angeles, CA Hsg. Auth. (Property Acquisition)		6.375			06/01/2039		501,645
645,000	Los Angeles, CA IDA (Santee Court Parking Facility)		5.000			12/01/2020		645,110
3,185,000	Lynwood, CA Public Finance Authority		5.250			06/01/2048		3,978,065
85,000	Madera County, CA COP (Valley Children’s Hospital)		5.750			03/15/2028		85,304
8,945,000	Madera, CA Unified School District		4.000			08/01/2044		10,082,893
10,325,000	Manteca, CA Unified School District		4.000			08/01/2042		11,670,967
250,000	Marina, CA Redevel. Agency Tax Allocation		5.000			09/01/2038		285,295
50,000	Maywood, CA Public Financing Authority		7.000			09/01/2038		50,081
1,750,000	McFarland, CA Unified School District		5.500			11/01/2038		2,097,952
1,375,000	Mendota, CA Joint Powers Financing Authority Wastewater		5.150			07/01/2035		1,376,595
1,000,000	Menifee, CA Union School District Special Tax		5.000			09/01/2033		1,210,280
1,000,000	Menifee, CA Union School District Special Tax		5.000			09/01/2043		1,160,910
1,500,000	Menifee, CA Union School District Special Tax		5.000			09/01/2048		1,735,545
3,020,000	Merced, CA City School District		5.000			08/01/2048		3,745,344
1,500,000	Montebello, CA Public Financing Authority (Montebello Hotel)		5.000			12/01/2033		1,504,590
2,050,000	Moreno Valley, CA Unified School District Community Facilities DistrictNo. 2004-4		5.000			09/01/2045		2,325,807

27          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$485,000	Moreno Valley, CA Unified School District Community Facilities DistrictNo. 2015-2		5.000	%		09/01/2048	$	554,922
435,000	Moreno Valley, CA Unified School District Community Facilities DistrictNo. 2015-5		5.000			09/01/2044		498,758
655,000	Murrieta, CA Community Facilities District Special Tax (Golden City)		5.000			09/01/2042		769,324
1,500,000	Norco, CA Community Redevel. Agency		5.000			03/01/2030		1,743,360
2,000,000	Norco, CA Redevel. Agency Tax Allocation		6.000			03/01/2036		2,049,620
10,000,000	Northern CA Energy Authority		4.000	5		07/01/2049		11,042,700
4,115,000	Northern Humboldt, CA Union High School District		5.000			08/01/2043		4,860,144
1,250,000	Northern Humboldt, CA Union High School District		6.500			08/01/2034		1,383,400
2,000,000	Northern, CA Inyo County Local Hospital District		6.375			12/01/2025		2,071,320
8,680,000	Oak Grove, CA School District		0.000			08/01/2038		5,168,159
5,755,000	Oak Grove, CA School District		0.000			08/01/2042		3,364,200
1,000,000	Oak Valley, CA Hospital District		7.000			11/01/2035		1,031,050
5,000,000	Oceanside, CA Unified School District		4.000			08/01/2048		5,608,300
1,000,000	Ontario, CA Community Facilities District No. 25 Special Tax (Park Place Facilities)		5.000			09/01/2049		1,152,840
585,000	Ontario, CA Improvement Bond Act 1915 Assessment District No. 1081		7.500			09/02/2020		603,855
1,350,000	Orange County, CA Community Facilities District (Esencia Village)		5.000			08/15/2031		1,602,625
14,055,000	Orange County, CA Local Transportation Authority		5.000			02/15/2041		18,042,685
1,250,000	Oxnard, CA Financing Authority Wastewater		5.000			06/01/2032		1,461,150
1,500,000	Oxnard, CA Financing Authority Wastewater		5.000			06/01/2033		1,750,365
850,000	Oxnard, CA Financing Authority Wastewater		5.000			06/01/2034		989,748
40,000	Palm Desert, CA Financing Authority		5.000			08/01/2033		40,773
445,000	Palm Springs, CA Community Redevel. Agency Tax Allocation		5.000			09/01/2032		519,947
5,315,000	Palmdale, CA Community Facilities District Special Tax1		6.125			09/01/2037		5,357,254
4,325,000	Palmdale, CA Community Facilities District Special Tax1		6.250			09/01/2035		4,363,233
4,835,000	Palomar, CA Health (Palomar Health/Arch Health Partners Obligated Group)		5.000			11/01/2042		5,698,047
235,000	Perris, CA Elementary School District		6.000			08/01/2029		287,365
290,000	Perris, CA Elementary School District		6.000			08/01/2030		353,620
10,225,000	Perris, CA Union High School District		4.000			09/01/2043		11,886,256
12,930,000	Perris, CA Union High School District		4.000			09/01/2048		14,895,360
3,000,000	Perris, CA Union High School District		5.000			10/01/2048		3,748,890
1,000,000	Pixley, CA Union School District (Pixley Union Elementary School District)		5.250			08/01/2044		1,178,570
50,000	Pomona, CA Unified School District		6.150			08/01/2030		56,705
1,975,000	Poway, CA Unified School District Public Financing Authority Special Tax		5.000			09/01/2035		2,376,992
500,000	Ravenswood, CA City School District		5.000			08/01/2031		615,005
500,000	Ravenswood, CA City School District		5.000			08/01/2033		612,420

28          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$750,000	Ravenswood, CA City School District		5.000	%		08/01/2035	$	912,938
5,300,000	Ravenswood, CA City School District		5.000			08/01/2043		6,321,257
2,500,000	Ridgecrest, CA Redevel. Agency (Ridgecrest Redevel.)		6.250			06/30/2037		2,608,650
10,530,000	Rio Hondo, CA Community College District		0.000			08/01/2042		13,038,035
498,944	Riverbank, CA Redevel. Agency (Riverbank Reinvestment)6		5.000			08/01/2032		446,555
535,000	Riverside County, CA Community Facilities District Special TaxNo. 07-2 (Clinton Keith)		5.000			09/01/2045		628,261
3,000,000	Riverside County, CA Redevel. Agency (Desert Communities)		6.000			10/01/2037		3,163,950
1,000,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)		0.000			10/01/2027		1,288,250
1,000,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)		0.000			10/01/2031		1,278,700
1,325,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)		6.500			10/01/2025		1,469,571
1,200,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)		6.750			10/01/2030		1,333,128
1,050,000	Riverside, CA Special Tax Community Facilities DistrictNo. 92-1, Series A		5.300			09/01/2034		1,056,773
1,000,000	Ross Valley, CA School District		5.500			08/01/2041		1,089,430
2,200,000	Sacramento County, CA Airport System		5.000			07/01/2038		2,709,300
7,810,000	Sacramento County, CA Airport System		5.000			07/01/2039		9,595,054
1,005,000	Sacramento County, CA Hsg. Authority (Vintage Willow Creek Senior Apartments)		5.250			06/01/2027		1,006,065
1,095,000	Sacramento, CA City Financing Authority (North Natomas CFD No. 2)1		6.250			09/01/2023		1,122,627
1,290,000	Sacramento, CA Special Tax (North Natomas Community Facilities District No. 4)		5.000			09/01/2032		1,503,805
1,200,000	Sacramento, CA Special Tax (North Natomas Community Facilities District No. 4)		5.000			09/01/2033		1,396,644
1,600,000	San Bernardino County, CA Special Tax (Lytle Creek North)		5.000			09/01/2045		1,816,528
1,375,000	San Bernardino, CA Joint Powers Financing Authority (Central City)		5.750			07/01/2020		1,410,296
100,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)1		5.500			09/01/2020		100,328
10,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)		5.500			09/01/2024		10,032
1,175,000	San Bernardino, CA Mountains Community Hospital District COP		5.000			02/01/2027		1,176,434
3,235,000	San Bernardino, CA Mountains Community Hospital District COP		5.000			02/01/2037		3,238,073
3,000,000	San Buenaventura, CA Community Memorial Health Systems		8.000			12/01/2031		3,395,400
5,780,000	San Diego County, CA Redevel. Agency (Gillespie Field)		5.750			12/01/2032		5,793,583
10,000,000	San Diego County, CA Water Authority		5.000			05/01/2033		12,405,100

29          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$10,000,000	San Diego County, CA Water Authority		5.000	%		05/01/2034	$	12,361,900
10,125,000	San Diego County, CA Water Authority		5.000			05/01/2037		12,428,438
3,000,000	San Diego, CA Hsg. Authority (Sorrento Tower Apartments)		5.000			05/01/2029		3,163,020
14,155,000	San Diego, CA Unified School District		4.000			07/01/2047		16,022,186
15,000,000	San Francisco, CA Bay Area Rapid Transit District		4.000			08/01/2044		17,587,200
1,000,000	San Francisco, CA Bay Area Rapid Transit District		5.000			07/01/2031		1,213,420
5,000,000	San Francisco, CA City & County Airports Commission1		4.000			05/01/2050		5,618,900
1,000,000	San Francisco, CA City & County Airports Commission		5.000			05/01/2031		1,090,150
1,930,000	San Francisco, CA City & County Airports Commission		5.000			05/01/2042		2,321,076
12,020,000	San Francisco, CA City & County Airports Commission		5.000			05/01/2043		14,645,649
5,275,000	San Francisco, CA City & County Airports Commission		5.000			05/01/2047		6,299,880
13,250,000	San Francisco, CA City & County Airports Commission		5.000			05/01/2048		16,039,920
15,540,000	San Francisco, CA City & County Airports Commission (San Francisco International Airport)		5.000			05/01/2046		18,284,986
7,250,000	San Francisco, CA City & County Public Utilities Commission		5.000			10/01/2043		9,129,853
500,000	San Francisco, CA City & County Redevel. Agency (Mission Bay South Public Improvements)		5.000			08/01/2031		544,090
400,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		6.750			08/01/2033		432,964
500,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		7.000			08/01/2033		542,655
500,000	San Gorgonio, CA Memorial Health Care District		5.000			08/01/2032		564,950
250,000	San Jacinto, CA Unified School District Special Tax		5.000			09/01/2043		284,970
1,000,000	San Jose, CA Airport (Norman Y Mineta San Jose International Airport)		5.000			03/01/2025		1,057,450
35,000	San Jose, CA Improvement Bond Act 1915		5.875			09/02/2023		36,358
3,150,000	San Jose, CA Multifamily Hsg. (El Parador Apartments)		6.200			01/01/2041		3,152,363
4,025,000	San Jose, CA Multifamily Hsg. (Fallen Leaves Apartments)		5.100			12/01/2032		4,029,428
5,275,000	San Jose, CA Multifamily Hsg. (Orvieto Family Apartments)		4.750			08/01/2029		5,421,803
25,000	San Jose, CA Special Tax Community Facilities District No. 9 (Bailey Highway 101)		6.600			09/01/2027		25,016
5,000,000	San Leandro, CA Unified School District		4.000			08/01/2043		5,642,650
10,000,000	San Marcos, CA Unified School District4		5.250			08/01/2031		10,841,250
750,000	San Marcos, CA Unified School District Special Tax		5.000			09/01/2048		867,180
10,000,000	San Mateo County, CA Community College District		5.000			09/01/2045		12,707,800

30          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$18,075,000	San Mateo County, CA Joint Powers Financing Authority		5.000	%		07/15/2043	$	22,544,767
5,000,000	San Mateo Foster City, CA Public Financing Authority (San Mateo Sewer/Estero Municipal Improvement Obligated Group)		4.000			08/01/2044		5,779,950
2,950,000	San Rafael, CA Elementary School District		4.000			08/01/2047		3,312,998
12,695,000	Santa Barbara County, CA Solid Waste System		5.000			12/01/2037		15,940,731
5,000,000	Santa Barbara County, CA Solid Waste System		5.000			12/01/2038		6,229,050
4,010,000	Santa Clara County, CA Hsg. Authority (Julian Street Partners)		4.750			11/01/2027		4,171,563
1,000,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments)		5.850			08/01/2031		1,001,780
2,070,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments)		6.000			08/01/2041		2,073,188
3,000,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)		5.750			06/01/2026		3,254,100
1,750,000	Santa Monica, CA Redevel. Agency Tax Allocation (Earthquake Recovery Redevel.)		5.875			07/01/2036		1,900,553
2,600,000	Santa Monica, CA Redevel. Agency Tax Allocation (Earthquake Recovery Redevel.)		5.875			07/01/2042		2,818,738
1,500,000	Saugus, CA Union School District Community Facilities District No. 20061		11.625			09/01/2038		1,500,000
2,825,000	Saugus, CA Union School District Community Facilities District No. 20061		11.625			09/01/2038		2,825,000
5,000,000	Sequoia, CA Unified High School District		6.000			07/01/2043		5,471,000
1,720,000	Signal Hill, CA Redevel. Agency Tax Allocation		7.000			10/01/2026		1,859,268
4,150,000	South El Monte, CA Improvement District		5.000			08/01/2035		4,868,614
790,000	Southern CA Mono Health Care District		5.000			08/01/2021		843,823
2,085,000	Southern CA Public Power Authority		5.000			11/01/2033		2,775,469
13,000,000	Southern CA Public Power Authority		5.000			07/01/2035		15,199,990
470,000	Southern CA Public Power Authority		5.250			11/01/2022		524,182
50,000	Southern CA Public Power Authority		5.250			11/01/2023		57,351
250,000	Southern CA Public Power Authority		5.250			11/01/2026		307,358
205,000	Southern CA Public Power Authority Natural Gas		5.000			11/01/2028		257,382
165,000	Southern CA Public Power Authority Natural Gas		5.000			11/01/2029		210,350
2,255,000	Southern CA Public Power Authority Natural Gas		5.250			11/01/2027		2,828,244
4,000,000	Southern CA Tobacco Securitization Authority (TASC)		5.000			06/01/2037		4,017,000
225,000	Stockton, CA Public Financing Authority (Parking)		5.125			09/01/2030		225,119
1,000,000	Stockton, CA Redevel. Agency		5.000			09/01/2034		1,212,140
3,325,000	Susanville, CA Natural Gas1		4.000			06/01/2045		3,743,751
1,000,000	Susanville, CA Public Financing Authority (Utility Enterprises)		5.500			06/01/2030		1,021,020
3,000,000	Tahoe-Truckee, CA Unified School District		5.000			08/01/2039		3,654,480
950,000	Tahoe-Truckee, CA Unified School District		5.000			08/01/2041		1,149,947
25,000	Tracy, CA Operating Partnership Joint Powers Authority		4.500			03/01/2037		25,055
500,000	Tulare, CA Health Care District		6.500			08/01/2026		501,740

31          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$375,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)		7.125	%		09/01/2026	$	420,656
500,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)		7.400			09/01/2032		563,585
415,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)		7.400			09/01/2032		467,776
425,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)		7.650			09/01/2042		481,138
4,000,000	University of California		1.250	5		05/15/2048		4,000,000
12,840,000	University of California4		5.000			05/15/2037		15,679,395
15,000,000	University of California4		5.000			05/15/2038		16,931,350
5,000,000	University of California		5.000			05/15/2042		6,173,350
16,000,000	University of California		5.000			05/15/2043		19,995,840
4,000,000	University of California		5.000			05/15/2048		4,966,440
750,000	Upland, CA Community Facilities District Special Tax (Improvement Area No. 1)		4.000			09/01/2049		812,310
1,030,000	Upland, CA Community Facilities District Special Tax (Improvement Area No. 2 Colonies San Antonio)		5.000			09/01/2029		1,165,939
1,080,000	Upland, CA Community Facilities District Special Tax (Improvement Area No. 2 Colonies San Antonio)		5.000			09/01/2030		1,220,033
1,000,000	Vernon, CA Electric System		5.125			08/01/2033		1,071,720
4,000,000	Vernon, CA Electric System		5.500			08/01/2041		4,303,840
65,000	Vernon, CA Redevel. Agency Tax Allocation		5.000			09/01/2035		65,086
485,000	Victorville, CA Special Tax Community Facilities District07-011		5.350			09/01/2042		505,486
1,000,000	Vista, CA Unified School District		4.000			08/01/2044		1,155,990
445,000	West Covina, CA Public Financing Authority		5.000			05/01/2031		549,571
1,500,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)		7.500			09/01/2042		1,697,640
610,000	West Patterson, CA Financing Authority Special Tax Community Facilities DistrictNo. 2015-1		5.250			09/01/2035		667,596
1,550,000	West Patterson, CA Financing Authority Special Tax Community Facilities DistrictNo. 2015-1		5.250			09/01/2045		1,678,914
1,065,000	West Sacramento, CA Special Tax Community Facilities District No. 29 (Port Towne)1		5.000			09/01/2044		1,245,145
2,300,000	Woodland, CA Finance Authority		6.000			03/01/2036		2,458,976
1,500,000	Woodland, CA Finance Authority		6.000			03/01/2041		1,602,525
1,150,000	Woodland, CA Special Tax Community Facilities DistrictNo. 2004-1		5.000			09/01/2044		1,331,666
4,285,000	Yuba, CA Community College District		4.000			08/01/2047		4,812,269
								1,558,005,390
U.S. Possessions—7.1%
1,000,000	Guam International Airport Authority		6.000			10/01/2034		1,180,480
2,500,000	Guam International Airport Authority		6.125			10/01/2043		2,939,900
250,000	Guam Power Authority, Series A		5.000			10/01/2023		278,175
320,000	Guam Power Authority, Series A		5.000			10/01/2024		355,942

32          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$570,000	Guam Power Authority, Series A		5.000	%		10/01/2030	$	630,528
1,915,000	Northern Mariana Islands Ports Authority, Series A		5.500			03/15/2031		1,869,691
1,080,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		1,044,101
12,000,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		12,180,000
2,515,000	Puerto Rico Aqueduct & Sewer Authority		6.125			07/01/2024		2,697,338
2,920,000	Puerto Rico Children’s Trust Fund (TASC)		5.375			05/15/2033		2,962,866
8,455,000	Puerto Rico Children’s Trust Fund (TASC)		5.500			05/15/2039		8,599,581
500,000	Puerto Rico Commonwealth GO6		5.250			07/01/2030		366,250
1,450,000	Puerto Rico Commonwealth GO6		5.375			07/01/2030		1,004,125
1,480,000	Puerto Rico Commonwealth GO, NPFGC		5.500			07/01/2020		1,513,522
1,000,000	Puerto Rico Commonwealth GO, FGIC9		5.500			07/01/2021		830,000
5,000,000	Puerto Rico Commonwealth GO6		5.500			07/01/2026		3,225,000
1,615,000	Puerto Rico Commonwealth GO6		5.500			07/01/2027		1,041,675
4,525,000	Puerto Rico Commonwealth GO6		5.750			07/01/2028		2,918,625
1,020,000	Puerto Rico Commonwealth GO6		5.750			07/01/2038		729,300
80,000	Puerto Rico Commonwealth GO, AGC		6.000			07/01/2036		83,005
2,500,000	Puerto Rico Commonwealth GO6		6.000			07/01/2039		1,831,250
3,000,000	Puerto Rico Commonwealth GO6		6.500			07/01/2037		2,212,500
1,000,000	Puerto Rico Commonwealth GO6		6.500			07/01/2040		695,000
7,350,000	Puerto Rico Electric Power Authority6		6.750			07/01/2036		6,036,188
4,000,000	Puerto Rico Electric Power Authority, Series A6		5.000			07/01/2042		3,200,000
1,000,000	Puerto Rico Electric Power Authority, Series A6		5.050			07/01/2042		800,000
476,247	Puerto Rico Electric Power Authority, SeriesA-46		10.000			07/01/2019		407,786
476,247	Puerto Rico Electric Power Authority, SeriesB-46		10.000			07/01/2019		407,786
453,432	Puerto Rico Electric Power Authority, SeriesE-16		10.000			01/01/2021		401,854
453,432	Puerto Rico Electric Power Authority, SeriesE-26		10.000			07/01/2021		401,854
151,144	Puerto Rico Electric Power Authority, SeriesE-26		10.000			01/01/2022		133,951
151,143	Puerto Rico Electric Power Authority, SeriesE-46		10.000			07/01/2022		133,950
2,500,000	Puerto Rico Highway & Transportation Authority6		5.500			07/01/2030		2,156,250
100,000	Puerto Rico Infrastructure, FGIC9		5.500			07/01/2020		83,250
1,220,000	Puerto Rico Infrastructure (Mepsi Campus)6		6.500			10/01/2037		247,050
170,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		170,653
225,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		225,563
6,055,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		6,213,944
930,000	Puerto Rico ITEMECF (Guaynabo Municipal Government Center)		5.625			07/01/2022		839,325
5,000,000	Puerto Rico Public Buildings Authority6		6.750			07/01/2036		4,318,750
3,586,343	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.242	2		08/01/2043		2,609,065
3,817,508	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.252	2		08/01/2042		2,777,237
1,180,941	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.330	2		08/01/2043		162,379
1,257,086	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.344	2		08/01/2042		172,849
1,616,000	Puerto Rico Sales Tax Financing Corp., Series A		4.825	2		07/01/2031		1,095,551
11,974,000	Puerto Rico Sales Tax Financing Corp., Series A		4.859	2		07/01/2033		7,406,398

33          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$213,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		3.973	%2		07/01/2024	$	185,845
404,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.259	2		07/01/2027		319,681
419,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.500			07/01/2034		448,523
212,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.550			07/01/2040		218,824
395,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.560	2		07/01/2029		290,558
1,556,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.750			07/01/2053		1,599,272
8,179,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.000			07/01/2058		8,548,364
5,445,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.894	2		07/01/2046		1,462,200
4,436,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.951	2		07/01/2051		862,092
2,154,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.329			07/01/2040		2,194,388
65,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.536			07/01/2053		66,054
865,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.784			07/01/2058		889,869
2,190,000	University of Puerto Rico, Series P		5.000			06/01/2030		2,179,050
3,055,000	V.I. Public Finance Authority (Matching Fund Loan Note)		5.000			10/01/2019		3,055,000
840,000	V.I. Public Finance Authority (Matching Fund Loan Note)		5.000			10/01/2032		837,900
								114,748,107
Total Investments, at Value (Cost $1,577,483,570)—103.8%								1,672,753,497
Net Other Assets (Liabilities)—(3.8)								(61,827,143	)
Net Assets—100.0%							$	1,610,926,354

Footnotes to Schedule 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 1 of the accompanying Notes.

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

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

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

5. This 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.

6. 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.

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

8. This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

9. 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.

To simplify the listings of securities, abbreviations are used per the table below:
ABAG	Association of Bay Area Governments
AcadF	Academy Foundation

34          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
AFound		Archival Foundation
AGC		Assured Guaranty Corp.
AMF		Academy Museum Foundation
AOMPAAS		Academy of Motion Pictures Arts and Sciences
CDA		Communities Devel. Authority
CEDCA		County of El Dorado CA Assesment DistrictNo. 19-01
CFD		Community Facilities District
CHCC		Community Hospitals of Central California
CHF		City Hospital Foundation
COCAD		City of Oakley CA Assessment DistrictNo. 19-02
COFINA		Corporación del Fondo de Interés Apremiante
COP		Certificates of Participation
EBPC		East Bay Prenatal Center
EMC		Eden Medical Center
FCHMC		Fresno Community Hospital & Medical Center
FGIC		Financial Guaranty Insurance Co.
GO		General Obligation
HFA		Housing Finance Agency
IDA		Industrial Devel. Agency
ITEMECF	��	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
MPHS		Mills-Peninsula Health Services
M-S-R		Modesto Irrigation District of the City of Santa Clara and the City of Redding
MTA		Metropolitan Transportation Authority
NCCD		National Campus and Community Development
NPFGC		National Public Finance Guarantee Corp.
OCEAA		Orange County Educational Arts Academy
PAMFHCR&E		Palo Alto Medical Foundation for Health Care Research & Education
SBH		Sutter Bay Hospitals
SBMF		Sutter Bay Medical Foundation
SCHosp		Sutter Coast Hospital
SCVH		Sutter Central Valley Hospitals
SEBH		Sutter East Bay Hospitals
SGMF		Sutter Gould Medical Foundation
SHlth		Sutter Health
SHSSR		Sutter Health Sacramento Sierra Regional
SMCCV		Sutter Medical Center of Castro Valley
SMF		Sutter Medical Foundation
SVlyH		Sutter Valley Hospitals
SVMF		Sutter Valley Medical Foundation
SVNA&H		Sutter Visiting Nurse Association & Hospice
TASC		Tobacco Settlement Asset-Backed Bonds
TVSRF		The Vince Street Archive Foundation
UCR		University of California, Riverside
V.I.		United States Virgin Islands

See accompanying Notes to Financial Statements.

35          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSJuly 31, 2019

Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—105.0%
California—97.7%
$1,000,000	Adelanto, CA Community Facilities District Special TaxNo. 2006-2		5.000	%		09/01/2045	$	1,112,830
2,675,000	Adelanto, CA Elementary School District Community Facilities District No. 1		5.250			09/01/2026		2,676,685
1,570,000	Adelanto, CA Elementary School District Community Facilities District No. 11		5.400			09/01/2036		1,570,832
25,000	Adelanto, CA Improvement Agency, Series B		5.500			12/01/2023		25,076
1,115,000	Adelanto, CA Public Utility Authority		5.000			07/01/2024		1,117,687
5,710,000	Adelanto, CA Public Utility Authority		5.000			07/01/2039		5,960,441
2,000,000	Adelanto, CA Public Utility Authority		5.000			07/01/2039		2,414,840
1,270,000	Alhambra, CA (Atherton Baptist Homes)		7.500			01/01/2030		1,303,998
1,000,000	Alhambra, CA (Atherton Baptist Homes)		7.625			01/01/2040		1,027,280
3,375,000	Alta Loma, CA School District		5.000			08/01/2044		4,021,717
1,350,000	Anaheim, CA Public Financing Authority		5.000			05/01/2034		1,568,254
25,000	Apple Valley, CA Redevel. Agency Tax Allocation		5.000			06/01/2032		25,031
1,250,000	Atwater, CA Wastewater		5.000			05/01/2040		1,485,650
1,300,000	Atwater, CA Wastewater		5.000			05/01/2043		1,540,760
765,000	Azusa, CA Special Tax Community Facilities DistrictNo. 05-1		5.000			09/01/2021		767,463
415,000	Bakersfield, CA Improvement Bond Act 1915		5.350			09/02/2022		298,800
1,130,000	Bakersfield, CA Improvement Bond Act 1915		5.400			09/02/2025		813,600
1,085,000	Bakersfield, CA Improvement Bond Act 19151		7.375			09/02/2028		1,086,085
750,000	Beaumont, CA Financing Authority, Series A		5.000			09/01/2036		814,095
115,000	Beaumont, CA Financing Authority, Series A		5.125			09/01/2028		124,812
120,000	Beaumont, CA Financing Authority, Series A		5.250			09/01/2029		130,266
250,000	Beaumont, CA Financing Authority, Series A		5.625			09/01/2032		273,112
4,405,000	Beaumont, CA Financing Authority, Series A		5.875			09/01/2042		4,793,829
1,500,000	Beaumont, CA Financing Authority, Series A		6.375			09/01/2042		1,618,995
5,000	Beaumont, CA Financing Authority, Series A		7.000			09/01/2023		5,009
1,560,000	Beaumont, CA Financing Authority, Series B		5.000			09/01/2025		1,781,504
635,000	Beaumont, CA Financing Authority, Series B		5.000			09/01/2034		694,144
125,000	Beaumont, CA Special Tax Community Facilities DistrictNo. 2016-1 (Fairway Canyon)		5.000			09/01/2030		147,055
140,000	Beaumont, CA Special Tax Community Facilities DistrictNo. 2016-1 (Fairway Canyon)		5.000			09/01/2031		163,908
775,000	Beaumont, CA Special Tax Community Facilities DistrictNo. 2016-1 (Fairway Canyon)		5.000			09/01/2049		880,477
500,000	Blythe, CA Community Facilities District Special Tax (Hidden Beaches)		5.300			09/01/2035		501,060
1,000,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)		5.000			05/01/2038		1,116,560
2,095,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)		9.750			05/01/2038		2,331,127
1,010,000	Brea, CA Redevel. Agency		6.591	2		08/01/2031		465,065
2,930,000	Brea, CA Redevel. Agency		6.675	2		08/01/2032		1,245,924
2,300,000	Brea, CA Redevel. Agency		6.830	2		08/01/2033		897,299
5,000,000	Brea, CA Redevel. Agency		6.869	2		08/01/2034		1,791,050

36          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$30,000	Butte County, CA Hsg. Authority (Affordable Hsg. Pool)1		7.000	%		10/01/2020	$	30,137
3,000,000	CA ABAG Finance Authority for NonProfit Corporations (Casa De Las Campanas)		6.000			09/01/2037		3,154,740
25,000	CA ABAG Finance Authority for NonProfit Corporations COP (Palo Alto Gardens Apartments)		5.350			10/01/2029		25,050
15,000	CA Bay Area Governments Association		4.125			09/01/2019		15,026
2,845,000	CA Communities Transportation Revenue COP		6.000			06/01/2042		3,181,763
2,500,000	CA Community College Financing Authority (NCCD-Orange Coast Properties)		5.250			05/01/2053		2,905,525
2,500,000	CA Community Hsg. Agency (Annadel Apartments)		5.000			04/01/2049		2,753,350
5,290,000	CA County Tobacco Securitization Agency		4.000			06/01/2029		5,388,182
3,185,000	CA County Tobacco Securitization Agency		4.461	2		06/01/2033		1,451,341
62,110,000	CA County Tobacco Securitization Agency		5.305	2		06/01/2046		11,165,515
45,600,000	CA County Tobacco Securitization Agency		5.368	2		06/01/2057		1,767,000
55,250,000	CA County Tobacco Securitization Agency		6.045	2		06/01/2057		1,491,197
51,500,000	CA County Tobacco Securitization Agency		6.695	2		06/01/2057		1,664,995
71,700,000	CA County Tobacco Securitization Agency		6.998	2		06/01/2055		4,558,686
320,360,000	CA County Tobacco Securitization Agency		7.548	2		06/01/2055		17,687,076
309,500,000	CA County Tobacco Securitization Agency		8.248	2		06/01/2055		17,443,420
700,000	CA County Tobacco Securitization Agency (TASC)		5.100	3		06/01/2028		700,280
3,725,000	CA County Tobacco Securitization Agency (TASC)		5.125			06/01/2038		3,725,596
675,000	CA County Tobacco Securitization Agency (TASC)		5.750			06/01/2029		682,405
12,275,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2035		12,402,414
2,070,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2043		2,099,911
10,835,000	CA County Tobacco Securitization Agency (TASC)		6.000			06/01/2035		10,841,284
18,385,000	CA County Tobacco Securitization Agency (TASC)		6.000			06/01/2042		18,566,092
9,685,000	CA County Tobacco Securitization Agency (TASC)		6.125			06/01/2038		9,686,356
41,800,000	CA County Tobacco Securitization Agency (TASC)		7.070	2		06/01/2046		6,260,804
290,000	CA Dept. of Water Resources (Center Valley)4		5.250			12/01/2035		306,361
9,710,000	CA Dept. of Water Resources (Center Valley)4		5.250			12/01/2035		10,257,838
5,000,000	CA Educational Facilities Authority (Pepperdine University)		5.000			10/01/2049		5,836,050
2,730,000	CA Educational Facilities Authority (University of San Francisco)		5.000			10/01/2043		3,296,584
635,000	CA Educational Facilities Authority (University of San Francisco)		6.125			10/01/2036		705,936
615,000	CA Educational Facilities Authority (University of San Francisco)		6.125			10/01/2036		682,994
2,500,000	CA Enterprise Devel. Authority (Sunpower Corp.)		8.500			04/01/2031		2,621,850
25,150,000	CA GO4		5.000			09/01/2034		29,825,392
13,000,000	CA GO		5.000			08/01/2035		16,032,770
10,000,000	CA GO		5.000			08/01/2036		12,063,200
3,550,000	CA GO		5.000			02/01/2038		3,868,435
20,000	CA GO		5.250			06/01/2021		20,288
5,000	CA GO		5.500			10/01/2022		5,038
5,000	CA GO		5.750			05/01/2030		5,019

37          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$1,500,000	CA GO		6.000	%		03/01/2033	$	1,542,585
15,000	CA GO		6.250			10/01/2019		15,130
50,000	CA GO		6.250			10/01/2019		50,433
3,000,000	CA Golden State Tobacco Securitization Corp.		5.000			06/01/2047		3,031,560
2,500,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.000			06/01/2040		2,895,975
2,030,000	CA Health Facilities Financing Authority (Community Programs for Persons with Developmental Disabilities)		6.250			02/01/2026		2,179,956
14,215,000	CA Health Facilities Financing Authority (Providence Health & Service/Provident Health System-Oregon Obligated Group)4		5.500			10/01/2039		14,323,072
13,500,000	CA Health Facilities Financing Authority (SHlth/EMC/MPHS/PAMFHCR&E/SCHosp/SCVH/SEBH/ SGMF/SHSSR/SMF/SMCCV Obligated Group)4		5.250			08/15/2031		14,575,039
10,000,000	CA Health Facilities Financing Authority (SHlth/SBH/SVNA&H/SVMF/SVlyH/SCHosp/SEBH/SBMF Obligated Group)		5.000			11/15/2048		11,890,400
885,000	CA Independent Cities Finance Authority Mobile Home Park (Hacienda Valley Estates)		5.000			11/15/2034		995,138
1,000,000	CA Independent Cities Finance Authority Mobile Home Park (Lamplighter Salinas)		6.250			07/15/2045		1,039,420
1,000,000	CA Independent Cities Finance Authority Mobile Home Park (Rancho Del Sol & Grandview)		5.500			05/15/2047		1,079,370
1,000,000	CA Independent Cities Finance Authority Mobile Home Park (Union City Tropics)		5.000			05/15/2048		1,176,830
2,000,000	CA Infrastructure and Economic Devel. (AOMPAAS/TVSRF/AcadF/AFound/AMF Obligated Group)		5.000			11/01/2041		2,245,300
55,000	CAM-S-R Public Power Agency (San Juan)		6.000			07/01/2022		60,542
505,000	CA Municipal Finance Authority (Caritas Acquisitions/Caritas Corp. Obligated Group)1		6.400			08/15/2045		531,280
250,000	CA Municipal Finance Authority (Casa Griffin Apartments)		5.750			10/01/2034		257,000
3,750,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000			02/01/2034		4,423,612
4,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000			02/01/2035		4,702,640
2,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000			02/01/2036		2,344,220
1,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000			02/01/2037		1,168,510
4,250,000	CA Municipal Finance Authority(CHF-Davis-West Village Student Hsg.)		5.000			05/15/2043		5,013,640
3,000,000	CA Municipal Finance Authority(CHF-Riverside-UCR Dundee Glasgow Student Hsg.)		5.000			05/15/2043		3,539,040
1,000,000	CA Municipal Finance Authority (Emerson College)		5.750			01/01/2033		1,114,530

38          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$1,000,000	CA Municipal Finance Authority (Emerson College)		6.000	%		01/01/2042	$	1,120,480
500,000	CA Municipal Finance Authority (Goodwill Sacramento Valley & Northern Nevada)		5.750			01/01/2022		517,660
1,070,000	CA Municipal Finance Authority (Goodwill Sacramento Valley & Northern Nevada)		6.625			01/01/2032		1,130,936
2,135,000	CA Municipal Finance Authority (Goodwill Sacramento Valley & Northern Nevada)		6.875			01/01/2042		2,264,701
8,000,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)		5.000			12/31/2036		9,535,760
18,200,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)		5.000			12/31/2043		21,354,242
1,500,000	CA Municipal Finance Authority (OCEAA)		7.000			10/01/2039		1,501,500
7,500,000	CA Municipal Finance Authority (Orange County Civic Center)		5.000			06/01/2043		9,036,150
26,360,000	CA Municipal Finance Authority (Orange County Civic Center)		5.000			06/01/2048		31,540,531
600,000	CA Municipal Finance Authority (Southwestern Law School)		6.500			11/01/2031		671,976
1,250,000	CA Municipal Finance Authority (Southwestern Law School)		6.500			11/01/2041		1,387,725
2,620,000	CA Municipal Finance Authority (Town & Country Manor of the Christian & Missionary Alliance)		5.000			07/01/2049		3,187,571
5,000,000	CA Municipal Finance Authority Mobile Home Park (Caritas Acquisitions)		5.500			08/15/2047		5,361,700
1,200,000	CA Municipal Finance Authority Mobile Home Park (Caritas Affordable Housing)		5.250			08/15/2039		1,352,808
2,000,000	CA Pollution Control Financing Authority (Aemerge Redpak Services Southern CA)5		8.000			12/01/2027		1,300,000
3,500,000	CA Pollution Control Financing Authority (Aemerge Redpak Services Southern California)5		7.000			12/01/2027		2,800,000
1,425,000	CA Pollution Control Financing Authority (Calplant I)		7.500			07/01/2032		1,495,495
1,900,000	CA Pollution Control Financing Authority (Calplant I)		8.000			07/01/2039		2,067,884
1,500,000	CA Pollution Control Financing Authority (San Diego County Water Authority)		5.000			11/21/2045		1,783,695
1,400,000	CA Public Finance Authority Charter School (Laverne Elementary Preparatory Academy)		5.000			06/15/2049		1,433,012
255,000	CA Public Financing Authority (Trinity Classical Academy)		5.000			07/01/2044		264,272
600,000	CA Public Financing Authority (Trinity Classical Academy)		5.000			07/01/2054		614,586
11,905,000	CA Public Works		4.000			04/01/2033		13,445,507
2,795,000	CA Public Works		5.750			03/01/2030		2,874,126
2,500,000	CA Public Works		6.000			03/01/2035		2,574,375
365,000	CA Public Works		6.125			11/01/2029		369,712
8,370,000	CA Public Works		6.375			11/01/2034		8,483,162
2,000,000	CA Public Works (California State Prisons)		5.750			10/01/2031		2,195,540

39          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$900,000	CA Public Works (Dept. of Mental Health)		5.000	%		11/01/2031	$	902,745
1,250,000	CA Public Works (Judicial Council)		5.000			12/01/2031		1,359,937
3,485,000	CA School Finance Authority Charter School (Inspire Charter Schools)		3.000			07/15/2020		3,490,506
1,250,000	CA School Finance Authority School Facility (Escuela Popular Del Pueblo)		6.250			07/01/2037		1,294,837
870,000	CA School Finance Authority School Facility (Kipp LA Schools)		5.000			07/01/2047		999,439
12,650,000	CA Silicon Valley Tobacco Securitization Authority		5.845	2		06/01/2047		2,312,547
50,000,000	CA Silicon Valley Tobacco Securitization Authority		7.108	2		06/01/2056		4,367,000
18,420,000	CA Silicon Valley Tobacco Securitization Authority		8.818	2		06/01/2036		7,241,086
10,000,000	CA Silicon Valley Tobacco Securitization Authority		10.496	2		06/01/2041		2,919,500
100,000	CA Statewide CDA		4.446	2		09/01/2028		51,826
100,000	CA Statewide CDA		5.078	2		09/01/2034		32,995
50,000	CA Statewide CDA		6.750			09/01/2037		50,070
2,625,000	CA Statewide CDA (Bentley School)		7.000			07/01/2040		2,755,069
2,705,000	CA Statewide CDA (Cathedral City Heritage Park/ Glendale Heritage Park Obligated Group)		5.200			06/01/2036		2,720,635
1,200,000	CA Statewide CDA(CHF-Irvine)		5.000			05/15/2040		1,386,336
1,375,000	CA Statewide CDA (Front Porch Communities & Services)		5.000			04/01/2047		1,596,719
1,400,000	CA Statewide CDA (Guidance Charter School)5,6		6.500			07/01/2037		546,000
5,100,000	CA Statewide CDA (Guidance Charter School)5,6		6.750			07/01/2052		1,989,000
5,000,000	CA Statewide CDA (Loma Linda University Medical Center)		5.500			12/01/2058		5,818,900
1,000,000	CA Statewide CDA (Methodist Hospital of Southern California)		5.000			01/01/2043		1,166,220
3,375,000	CA Statewide CDA (NCCD-Hooper Street - College of the Arts)		5.250			07/01/2049		3,835,755
2,735,000	CA Statewide CDA (Orinda Wilder)		5.000			09/01/2037		3,083,521
650,000	CA Statewide CDA (Pacific Highlands Ranch)		5.000			09/02/2049		763,691
2,865,000	CA Statewide CDA (Yucaipa Valley Water Reservoir)1		6.000			09/02/2044		2,926,941
2,000,000	CA Statewide CDA School Facilities (47th & Main)		6.375			07/01/2047		2,142,100
65,000	CA Statewide CDA Special Tax Community Facilities District No. 97		3.872	2		09/01/2022		54,730
5,000	CA Statewide CDA Water		7.000			07/01/2022		5,008
1,045,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2037		1,052,451
8,550,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2037		8,610,961
45,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2043		45,271
185,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2043		186,116
1,320,000	CA Valley Sanitation District		5.200			09/02/2030		1,323,076
2,500,000	Calexico, CA Community Facilities District No.2005-1 Special Tax (Hearthstone)7		5.500			09/01/2036		700,000

40          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$2,325,000	Calexico, CA Community Facilities District No.2005-1 Special Tax (Hearthstone)7		5.550	%		09/01/2036	$	999,750
35,000	Calexico, CA Community Redevel. Agency Tax Allocation (Central Business District & Residential Redevel.)		7.250			08/01/2033		38,522
25,000	Carlsbad, CA Improvement Bond Act 1915		5.500			09/02/2028		25,063
545,000	Carson, CA Public Financing Authority (Carson Reassessment DistrictNo. 2001-1)		5.000			09/02/2030		683,368
100,000	Carson, CA Public Financing Authority (Remediation)		6.500			10/01/2036		100,898
95,000	Carson, CA Redevel. Agency		4.500			01/01/2032		95,218
925,000	Castaic, CA Union School District Community Facilities DistrictNo. 92-1		9.000			10/01/2019		931,799
3,035,000	Central Basin, CA Municipal Water District		5.000			08/01/2044		3,480,386
1,100,000	Chino, CA Public Financing Authority		5.000			09/01/2034		1,301,674
865,000	Chino, CA Public Financing Authority		5.000			09/01/2035		1,020,890
12,480,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)		4.000			05/01/2039		12,485,990
2,000,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)		5.875			01/01/2034		2,008,080
5,000,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)		5.875			02/15/2034		5,020,200
35,000	Clovis, CA Public Financing Authority		4.625			08/01/2029		35,093
1,060,000	Clovis, CA Wastewater		5.250			08/01/2030		1,287,084
500,000	Clovis, CA Wastewater		5.250			08/01/2031		605,520
650,000	Coachella, CA Community Facilities District No.2018-1 (Glenroy)1		5.000			09/01/2030		730,242
1,090,000	Coachella, CA Community Facilities District No.2018-1 (Glenroy)		5.000			09/01/2038		1,203,393
2,015,000	Coachella, CA Community Facilities District No.2018-1 (Glenroy)		5.000			09/01/2048		2,217,588
1,525,000	Coachella, CA Community Facilities District No.2018-1 (Glenroy)		5.000			09/01/2053		1,660,740
1,000,000	Compton, CA Public Finance Authority		5.250			09/01/2027		1,002,410
4,870,000	Corcoran, CA Hospital District		8.000			08/01/2034		4,886,461
935,000	Corona, CA Community Facilities District (Buchanan Street)		5.150			09/01/2036		935,552
110,000	Corona, CA Community Facilities District (Eagle Glen II)		6.000			09/01/2031		110,135
50,000	Daly City, CA Hsg. Devel. Finance Agency (Franciscan Mobile Home Park)		5.000			12/15/2037		50,123
915,000	Daly City, CA Hsg. Devel. Finance Agency (Third Tier Franciscan)		6.500			12/15/2047		916,647
1,220,000	Dehesa, CA School District		5.500			06/01/2044		1,413,272
1,855,000	Desert Hot Springs, CA Community Facilities District Special Tax		6.375			09/01/2038		1,906,977
3,725,000	Desert Hot Springs, CA Redevel. Agency Tax Allocation		7.375			09/01/2039		3,743,923
1,000,000	Dinuba, CA Wastewater System		5.375			09/01/2038		1,007,370

41          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$15,000,000	East Bay, CA Municipal Utility District (Water System)4		5.000	%		06/01/2036	$	15,504,375
1,725,000	East Bay, CA Municipal Utility District (Water System)		5.000			06/01/2036		2,072,656
865,000	Fairfield, CA Community Facilities District Special Tax (Fairfield Commons)		6.875			09/01/2038		868,858
1,000,000	Fontana, CA Special Tax Community Facilities District No. 80		5.000			09/01/2046		1,147,040
5,145,000	Grossmont, CA Union High School District4		5.500			08/01/2030		5,145,000
4,895,000	Grossmont, CA Union High School District4		5.500			08/01/2031		4,895,000
500,000	Hollister, CA Redevel. Agency Tax Allocation		7.000			10/01/2032		504,790
1,600,000	Hollister, CA Redevel. Agency Tax Allocation (Hollister Community Devel.)		5.000			10/01/2030		1,860,144
1,305,000	Hollister, CA Redevel. Agency Tax Allocation (Hollister Community Devel.)		5.000			10/01/2032		1,511,634
3,675,000	Hollister, CA School District		4.000			09/01/2046		3,983,112
1,430,000	Imperial County, CA Community Facilities DistrictNo. 2004-2 Special Tax		5.900			09/01/2037		1,433,589
4,500,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		3.678			06/01/2038		4,641,255
630,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)		5.000			09/01/2032		676,708
335,000	Lake Elsinore, CA Public Financing Authority (Canyon Hills)		5.000			09/01/2037		357,502
1,175,000	Lake Elsinore, CA Public Financing Authority (Villages Wasson Canyon)		5.250			09/01/2038		1,250,787
420,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.000	3		09/01/2025		445,586
375,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.100	3		09/01/2026		398,145
885,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.150	3		09/01/2027		939,578
1,000,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.200	3		09/01/2028		1,059,800
500,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.250	3		09/01/2029		529,570
500,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.300	3		09/01/2030		529,545
1,000,000	Lammersville, CA School District Community Facilities District (Mountain House)		5.375	3		09/01/2032		1,058,110
580,000	Lancaster, CA Redevel. Agency Tax Allocation (Comb Redevel.)		6.875			08/01/2039		580,000
3,805,000	Lathrop, CA Special Tax Community Facilities DistrictNo. 03-2		7.000			09/01/2033		3,817,480
1,000,000	Lennox, CA School District COP		5.000			10/01/2034		1,094,830
50,000	Long Beach, CA Bond Finance Authority Natural Gas		5.500			11/15/2028		64,312
1,000,000	Long Beach, CA Bond Finance Authority Natural Gas		5.500			11/15/2037		1,384,960

42          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$1,300,000	Long Beach, CA Harbor Revenue		5.000	%		05/15/2037	$	1,550,484
14,670,000	Long Beach, CA Harbor Revenue		5.000			05/15/2040		17,343,461
8,210,000	Long Beach, CA Harbor Revenue		5.000			05/15/2043		9,660,297
8,175,000	Long Beach, CA Unified School District		5.000			08/01/2036		9,867,634
1,200,000	Los Alamitos, CA Unified School District COP		0.000	3		08/01/2034		1,252,944
2,560,000	Los Angeles County, CA Facilities (Vermont Corridor County Administration Building)		5.000			12/01/2037		3,157,248
7,000,000	Los Angeles County, CA MTA (Green Bond)		5.000			07/01/2044		8,593,830
10,000,000	Los Angeles, CA Community College District		4.000			08/01/2037		10,798,700
2,075,000	Los Angeles, CA Community Devel. Agency (Adelante Eastside Redevel.)		6.500			09/01/2039		2,084,877
3,500,000	Los Angeles, CA Dept. of Airports		5.000			05/15/2032		4,323,340
15,145,000	Los Angeles, CA Dept. of Airports4		5.000			05/15/2033		18,620,461
4,365,000	Los Angeles, CA Dept. of Airports		5.000			05/15/2033		5,070,864
12,000,000	Los Angeles, CA Dept. of Airports4		5.000			05/15/2034		14,696,440
5,795,000	Los Angeles, CA Dept. of Airports		5.000			05/15/2034		6,713,855
22,350,000	Los Angeles, CA Dept. of Airports		5.000			05/15/2047		26,173,862
2,500,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)		5.000			05/15/2038		2,999,125
8,250,000	Los Angeles, CA Dept. of Water & Power		5.000			07/01/2041		9,949,418
15,525,000	Los Angeles, CA Dept. of Water & Power		5.000			07/01/2042		18,779,195
16,500,000	Los Angeles, CA Dept. of Water & Power4		5.000			07/01/2047		19,720,525
2,000,000	Los Angeles, CA Hsg. Auth. (Property Acquisition)		6.000			06/01/2029		2,006,160
2,000,000	Los Angeles, CA Hsg. Auth. (Property Acquisition)		6.250			06/01/2034		2,006,520
500,000	Los Angeles, CA Hsg. Auth. (Property Acquisition)		6.375			06/01/2039		501,680
645,000	Los Angeles, CA IDA (Santee Court Parking Facility)		5.000			12/01/2020		645,045
4,000,000	Los Angeles, CA Municipal Improvement Corp. (Real Property)		6.000			09/01/2039		4,016,240
3,185,000	Lynwood, CA Public Finance Authority		5.250			06/01/2048		3,882,133
85,000	Madera County, CA COP (Valley Children’s Hospital)		5.750			03/15/2028		85,336
8,945,000	Madera, CA Unified School District		4.000			08/01/2044		9,711,408
10,325,000	Manteca, CA Unified School District		4.000			08/01/2042		11,330,036
250,000	Marina, CA Redevel. Agency Tax Allocation		5.000			09/01/2038		280,565
50,000	Maywood, CA Public Financing Authority		7.000			09/01/2038		50,083
1,750,000	McFarland, CA Unified School District		5.500			11/01/2038		2,067,695
1,375,000	Mendota, CA Joint Powers Financing Authority Wastewater		5.150			07/01/2035		1,376,293
1,000,000	Menifee, CA Union School District Special Tax		5.000			09/01/2033		1,188,600
1,000,000	Menifee, CA Union School District Special Tax		5.000			09/01/2043		1,141,870
1,500,000	Menifee, CA Union School District Special Tax		5.000			09/01/2048		1,707,015
3,020,000	Merced, CA City School District		5.000			08/01/2048		3,652,811
1,500,000	Montebello, CA Public Financing Authority (Montebello Hotel)		5.000			12/01/2033		1,505,070
2,050,000	Moreno Valley, CA Unified School District Community Facilities DistrictNo. 2004-4		5.000			09/01/2045		2,287,964
485,000	Moreno Valley, CA Unified School District Community Facilities DistrictNo. 2015-2		5.000			09/01/2048		545,741

43          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$435,000	Moreno Valley, CA Unified School District Community Facilities DistrictNo. 2015-5		5.000	%		09/01/2044	$	490,515
655,000	Murrieta, CA Community Facilities District Special Tax (Golden City)		5.000			09/01/2042		752,929
1,500,000	Norco, CA Community Redevel. Agency		5.000			03/01/2030		1,727,625
2,000,000	Norco, CA Redevel. Agency Tax Allocation		6.000			03/01/2036		2,058,320
10,000,000	Northern CA Energy Authority		4.000	8		07/01/2049		10,965,900
4,115,000	Northern Humboldt, CA Union High School District		5.000			08/01/2043		4,775,499
1,250,000	Northern Humboldt, CA Union High School District		6.500			08/01/2034		1,387,988
2,000,000	Northern, CA Inyo County Local Hospital District		6.375			12/01/2025		2,071,380
8,680,000	Oak Grove, CA School District		0.000	3		08/01/2038		4,993,517
5,755,000	Oak Grove, CA School District		0.000	3		08/01/2042		3,257,330
1,000,000	Oak Valley, CA Hospital District		7.000			11/01/2035		1,029,040
5,000,000	Oceanside, CA Unified School District		4.000			08/01/2048		5,424,600
1,000,000	Ontario, CA Community Facilities District No. 25 Special Tax (Park Place Facilities)		5.000			09/01/2049		1,133,850
1,135,000	Ontario, CA Improvement Bond Act 1915 Assessment District No. 108		7.500			09/02/2020		1,141,163
1,350,000	Orange County, CA Community Facilities District (Esencia Village)		5.000			08/15/2031		1,573,925
14,055,000	Orange County, CA Local Transportation Authority		5.000			02/15/2041		17,508,595
1,250,000	Oxnard, CA Financing Authority Wastewater		5.000			06/01/2032		1,459,175
1,500,000	Oxnard, CA Financing Authority Wastewater		5.000			06/01/2033		1,747,950
850,000	Oxnard, CA Financing Authority Wastewater		5.000			06/01/2034		988,346
40,000	Palm Desert, CA Financing Authority		5.000			08/01/2033		40,931
445,000	Palm Springs, CA Community Redevel. Agency Tax Allocation		5.000			09/01/2032		513,761
1,355,000	Palmdale, CA Community Facilities District Special Tax		5.400			09/01/2035		1,359,797
5,315,000	Palmdale, CA Community Facilities District Special Tax1		6.125			09/01/2037		5,320,102
4,325,000	Palmdale, CA Community Facilities District Special Tax1		6.250			09/01/2035		4,329,801
4,835,000	Palomar, CA Health (Palomar Health/Arch Health Partners Obligated Group)		5.000			11/01/2042		5,443,533
235,000	Perris, CA Elementary School District		6.000			08/01/2029		284,841
290,000	Perris, CA Elementary School District		6.000			08/01/2030		350,221
10,225,000	Perris, CA Union High School District		4.000			09/01/2043		11,443,309
12,930,000	Perris, CA Union High School District		4.000			09/01/2048		14,381,780
3,000,000	Perris, CA Union High School District		5.000			10/01/2048		3,615,360
1,000,000	Pixley, CA Union School District (Pixley Union Elementary School District)		5.250			08/01/2044		1,162,250
50,000	Pomona, CA Unified School District		6.150			08/01/2030		56,633
1,975,000	Poway, CA Unified School District Public Financing Authority Special Tax		5.000			09/01/2035		2,338,400
500,000	Ravenswood, CA City School District		5.000			08/01/2031		605,160
500,000	Ravenswood, CA City School District		5.000			08/01/2033		601,735

44          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$750,000	Ravenswood, CA City School District		5.000	%		08/01/2035	$	895,778
5,300,000	Ravenswood, CA City School District		5.000			08/01/2043		6,192,255
2,500,000	Ridgecrest, CA Redevel. Agency (Ridgecrest Redevel.)		6.250			06/30/2037		2,619,425
10,530,000	Rio Hondo, CA Community College District		0.000	3		08/01/2042		12,402,866
527,564	Riverbank, CA Redevel. Agency (Riverbank Reinvestment)5		5.000			08/01/2032		472,170
535,000	Riverside County, CA Community Facilities District Special TaxNo. 07-2 (Clinton Keith)		5.000			09/01/2045		614,870
3,000,000	Riverside County, CA Redevel. Agency (Desert Communities)		6.000			10/01/2037		3,175,620
1,000,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)		0.000	3		10/01/2027		1,272,440
1,000,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)		0.000	3		10/01/2031		1,259,250
1,325,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)		6.500			10/01/2025		1,474,208
1,200,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)		6.750			10/01/2030		1,337,412
1,050,000	Riverside, CA Special Tax Community Facilities DistrictNo. 92-1, Series A		5.300			09/01/2034		1,050,767
1,000,000	Ross Valley, CA School District		5.500			08/01/2041		1,085,440
2,200,000	Sacramento County, CA Airport System		5.000			07/01/2038		2,662,352
7,810,000	Sacramento County, CA Airport System		5.000			07/01/2039		9,425,811
1,005,000	Sacramento County, CA Hsg. Authority (Vintage Willow Creek Senior Apartments)		5.250			06/01/2027		1,005,965
1,400,000	Sacramento, CA City Financing Authority (North Natomas CFD No. 2)		6.250			09/01/2023		1,405,488
1,290,000	Sacramento, CA Special Tax (North Natomas Community Facilities District No. 4)		5.000			09/01/2032		1,481,578
1,200,000	Sacramento, CA Special Tax (North Natomas Community Facilities District No. 4)		5.000			09/01/2033		1,374,972
8,655,000	San Bernardino County, CA COP (Arrowhead)		5.500			08/01/2021		8,655,000
1,600,000	San Bernardino County, CA Special Tax (Lytle Creek North)		5.000			09/01/2045		1,786,976
1,375,000	San Bernardino, CA Joint Powers Financing Authority (Central City)		5.750			07/01/2020		1,410,805
100,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)1		5.500			09/01/2020		100,361
10,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)		5.500			09/01/2024		10,035
1,175,000	San Bernardino, CA Mountains Community Hospital District COP		5.000			02/01/2027		1,176,363
3,235,000	San Bernardino, CA Mountains Community Hospital District COP		5.000			02/01/2037		3,237,459
3,000,000	San Buenaventura, CA Community Memorial Health Systems		8.000			12/01/2031		3,388,230
5,780,000	San Diego County, CA Redevel. Agency (Gillespie Field)		5.750			12/01/2032		5,793,583

45          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$10,000,000	San Diego County, CA Water Authority		5.000	%		05/01/2033	$	12,200,500
10,000,000	San Diego County, CA Water Authority		5.000			05/01/2034		12,148,500
10,125,000	San Diego County, CA Water Authority		5.000			05/01/2037		12,194,449
3,000,000	San Diego, CA Hsg. Authority (Sorrento Tower Apartments)		5.000			05/01/2029		3,157,410
14,155,000	San Diego, CA Unified School District		4.000			07/01/2047		15,475,378
15,000,000	San Francisco, CA Bay Area Rapid Transit District1		4.000			08/01/2044		16,945,200
1,000,000	San Francisco, CA Bay Area Rapid Transit District		5.000			07/01/2031		1,204,560
1,000,000	San Francisco, CA City & County Airports Commission		5.000			05/01/2031		1,091,580
1,930,000	San Francisco, CA City & County Airports Commission		5.000			05/01/2042		2,259,548
12,020,000	San Francisco, CA City & County Airports Commission		5.000			05/01/2043		14,264,855
5,275,000	San Francisco, CA City & County Airports Commission		5.000			05/01/2047		6,137,410
13,250,000	San Francisco, CA City & County Airports Commission		5.000			05/01/2048		15,627,845
15,540,000	San Francisco, CA City & County Airports Commission (San Francisco International Airport)		5.000			05/01/2046		17,828,731
7,250,000	San Francisco, CA City & County Public Utilities Commission		5.000			10/01/2043		8,903,145
500,000	San Francisco, CA City & County Redevel. Agency (Mission Bay South Public Improvements)		5.000			08/01/2031		540,090
400,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		6.750			08/01/2033		434,724
500,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		7.000			08/01/2033		544,945
500,000	San Gorgonio, CA Memorial Health Care District		5.000			08/01/2032		557,890
250,000	San Jacinto, CA Unified School District Special Tax		5.000			09/01/2043		281,060
1,000,000	San Jose, CA Airport (Norman Y Mineta San Jose International Airport)		5.000			03/01/2025		1,060,040
35,000	San Jose, CA Improvement Bond Act 1915		5.875			09/02/2023		36,092
3,150,000	San Jose, CA Multifamily Hsg. (El Parador Apartments)		6.200			01/01/2041		3,151,670
4,025,000	San Jose, CA Multifamily Hsg. (Fallen Leaves Apartments)		5.100			12/01/2032		4,029,025
5,275,000	San Jose, CA Multifamily Hsg. (Orvieto Family Apartments)		4.750			08/01/2029		5,421,751
25,000	San Jose, CA Special Tax Community Facilities District No. 9 (Bailey Highway 101)		6.600			09/01/2027		25,015
5,000,000	San Leandro, CA Unified School District		4.000			08/01/2043		5,489,150
10,000,000	San Marcos, CA Unified School District4		5.250			08/01/2031		10,867,800
750,000	San Marcos, CA Unified School District Special Tax		5.000			09/01/2048		852,915
10,000,000	San Mateo County, CA Community College District		5.000			09/01/2045		12,291,900
18,075,000	San Mateo County, CA Joint Powers Financing Authority		5.000			07/15/2043		21,964,921

46          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$5,000,000	San Mateo Foster City, CA Public Financing Authority (San Mateo Sewer/Estero Municipal Improvement Obligated Group)		4.000	%		08/01/2044	$	5,595,500
2,950,000	San Rafael, CA Elementary School District		4.000			08/01/2047		3,220,899
12,695,000	Santa Barbara County, CA Solid Waste System		5.000			12/01/2037		15,524,969
5,000,000	Santa Barbara County, CA Solid Waste System		5.000			12/01/2038		6,064,150
1,000,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments)		5.850			08/01/2031		1,001,740
2,070,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments)		6.000			08/01/2041		2,072,898
3,000,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)		5.750			06/01/2026		3,264,120
8,395,000	Santa Cruz County, CA Redevel. Agency (Live Oak/Soquel Community)		7.000			09/01/2036		8,435,128
1,750,000	Santa Monica, CA Redevel. Agency Tax Allocation (Earthquake Recovery Redevel.)		5.875			07/01/2036		1,906,153
2,600,000	Santa Monica, CA Redevel. Agency Tax Allocation (Earthquake Recovery Redevel.)		5.875			07/01/2042		2,826,304
1,500,000	Saugus, CA Union School District Community Facilities District No. 20061		11.625			09/01/2038		1,512,645
2,825,000	Saugus, CA Union School District Community Facilities District No. 20061		11.625			09/01/2038		2,848,815
5,000,000	Sequoia, CA Unified High School District		6.000			07/01/2043		5,488,750
1,720,000	Signal Hill, CA Redevel. Agency Tax Allocation		7.000			10/01/2026		1,858,408
2,000,000	South Bayside, CA Waste Management Authority (Shoreway Environmental)		6.000			09/01/2036		2,008,120
4,150,000	South El Monte, CA Improvement District		5.000			08/01/2035		4,789,847
790,000	Southern CA Mono Health Care District		5.000			08/01/2021		845,340
2,085,000	Southern CA Public Power Authority		5.000			11/01/2033		2,658,417
13,000,000	Southern CA Public Power Authority		5.000			07/01/2035		15,176,460
470,000	Southern CA Public Power Authority		5.250			11/01/2022		521,733
50,000	Southern CA Public Power Authority		5.250			11/01/2023		56,940
250,000	Southern CA Public Power Authority		5.250			11/01/2026		302,653
205,000	Southern CA Public Power Authority Natural Gas		5.000			11/01/2028		252,236
165,000	Southern CA Public Power Authority Natural Gas		5.000			11/01/2029		204,885
2,255,000	Southern CA Public Power Authority Natural Gas		5.250			11/01/2027		2,777,100
4,000,000	Southern CA Tobacco Securitization Authority (TASC)		5.000			06/01/2037		4,023,720
225,000	Stockton, CA Public Financing Authority (Parking)		5.125			09/01/2030		225,097
1,000,000	Stockton, CA Redevel. Agency		5.000			09/01/2034		1,189,660
1,000,000	Susanville, CA Public Financing Authority (Utility Enterprises)		5.500			06/01/2030		1,023,510
3,000,000	Tahoe-Truckee, CA Unified School District		5.000			08/01/2039		3,574,140
950,000	Tahoe-Truckee, CA Unified School District		5.000			08/01/2041		1,123,755
25,000	Tracy, CA Operating Partnership Joint Powers Authority		4.500			03/01/2037		25,054
500,000	Tulare, CA Health Care District		6.500			08/01/2026		501,840
375,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)		7.125			09/01/2026		422,171

47          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$500,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)		7.400	%		09/01/2032	$	565,720
415,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)		7.400			09/01/2032		469,548
425,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)		7.650			09/01/2042		483,047
4,000,000	University of California		1.430	8		05/15/2048		4,000,000
12,840,000	University of California4		5.000			05/15/2037		15,326,295
15,000,000	University of California4		5.000			05/15/2038		16,938,350
5,000,000	University of California		5.000			05/15/2042		6,033,600
16,000,000	University of California		5.000			05/15/2043		19,532,800
4,000,000	University of California		5.000			05/15/2048		4,856,560
750,000	Upland, CA Community Facilities District Special Tax (Improvement Area No. 1)		4.000			09/01/2049		790,740
1,030,000	Upland, CA Community Facilities District Special Tax (Improvement Area No. 2 Colonies San Antonio)		5.000			09/01/2029		1,151,386
1,080,000	Upland, CA Community Facilities District Special Tax (Improvement Area No. 2 Colonies San Antonio)		5.000			09/01/2030		1,204,772
1,000,000	Vernon, CA Electric System		5.125			08/01/2033		1,066,400
4,000,000	Vernon, CA Electric System		5.500			08/01/2041		4,283,080
65,000	Vernon, CA Redevel. Agency Tax Allocation		5.000			09/01/2035		65,078
500,000	Victorville, CA Special Tax Community Facilities District07-01		5.350			09/01/2042		515,845
1,000,000	Vista, CA Unified School District		4.000			08/01/2044		1,113,520
445,000	West Covina, CA Public Financing Authority		5.000			05/01/2031		538,615
1,500,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)		7.500			09/01/2042		1,693,800
610,000	West Patterson, CA Financing Authority Special Tax Community Facilities DistrictNo. 2015-1		5.250			09/01/2035		656,574
1,550,000	West Patterson, CA Financing Authority Special Tax Community Facilities DistrictNo. 2015-1		5.250			09/01/2045		1,651,029
2,300,000	Woodland, CA Finance Authority		6.000			03/01/2036		2,466,497
1,500,000	Woodland, CA Finance Authority		6.000			03/01/2041		1,607,355
1,150,000	Woodland, CA Special Tax Community Facilities DistrictNo. 2004-1		5.000			09/01/2044		1,309,793
4,285,000	Yuba, CA Community College District		4.000			08/01/2047		4,672,064
								1,500,769,559
U.S. Possessions—7.3%
1,000,000	Guam International Airport Authority		6.000			10/01/2034		1,169,180
2,500,000	Guam International Airport Authority		6.125			10/01/2043		2,908,175
250,000	Guam Power Authority, Series A		5.000			10/01/2023		278,370
320,000	Guam Power Authority, Series A		5.000			10/01/2024		355,824
570,000	Guam Power Authority, Series A		5.000			10/01/2030		626,806
1,915,000	Northern Mariana Islands Ports Authority, Series A		5.500			03/15/2031		1,869,691

48          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$1,080,000	Northern Mariana Islands Ports Authority, Series A		6.250	%		03/15/2028	$	1,044,101
12,000,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		12,150,000
2,515,000	Puerto Rico Aqueduct & Sewer Authority		6.125	3		07/01/2024		2,628,175
2,920,000	Puerto Rico Children’s Trust Fund (TASC)		5.375			05/15/2033		2,967,187
8,455,000	Puerto Rico Children’s Trust Fund (TASC)		5.500			05/15/2039		8,614,546
500,000	Puerto Rico Commonwealth GO5		5.250			07/01/2030		371,250
1,450,000	Puerto Rico Commonwealth GO5		5.375			07/01/2030		1,049,437
1,480,000	Puerto Rico Commonwealth GO, NPFGC		5.500			07/01/2020		1,506,744
1,000,000	Puerto Rico Commonwealth GO, FGIC9		5.500			07/01/2021		840,000
5,000,000	Puerto Rico Commonwealth GO5		5.500			07/01/2026		3,118,750
1,615,000	Puerto Rico Commonwealth GO5		5.500			07/01/2027		1,007,356
4,525,000	Puerto Rico Commonwealth GO5		5.750			07/01/2028		2,822,469
1,020,000	Puerto Rico Commonwealth GO5		5.750			07/01/2038		757,350
80,000	Puerto Rico Commonwealth GO, AGC		6.000			07/01/2036		83,362
2,500,000	Puerto Rico Commonwealth GO5		6.000			07/01/2039		1,865,625
3,000,000	Puerto Rico Commonwealth GO5		6.500			07/01/2037		2,238,750
1,000,000	Puerto Rico Commonwealth GO5		6.500			07/01/2040		723,750
7,350,000	Puerto Rico Electric Power Authority5		6.750			07/01/2036		5,778,938
4,000,000	Puerto Rico Electric Power Authority, Series A5		5.000			07/01/2042		3,040,000
1,000,000	Puerto Rico Electric Power Authority, Series A5		5.050			07/01/2042		760,000
476,247	Puerto Rico Electric Power Authority, SeriesA-45		10.000			07/01/2019		411,954
476,247	Puerto Rico Electric Power Authority, SeriesB-45		10.000			07/01/2019		411,954
453,432	Puerto Rico Electric Power Authority, SeriesE-15		10.000			01/01/2021		393,352
453,432	Puerto Rico Electric Power Authority, SeriesE-25		10.000			07/01/2021		393,352
151,144	Puerto Rico Electric Power Authority, SeriesE-25		10.000			01/01/2022		131,117
151,143	Puerto Rico Electric Power Authority, SeriesE-45		10.000			07/01/2022		131,117
2,500,000	Puerto Rico Highway & Transportation Authority5		5.500			07/01/2030		2,056,250
100,000	Puerto Rico Infrastructure, FGIC9		5.500			07/01/2020		83,250
1,220,000	Puerto Rico Infrastructure (Mepsi Campus)5		6.500			10/01/2037		247,050
170,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		170,653
225,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		225,563
6,055,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		6,213,944
930,000	Puerto Rico ITEMECF (Guaynabo Municipal Government Center)		5.625			07/01/2022		839,325
5,000,000	Puerto Rico Public Buildings Authority5		6.750			07/01/2036		4,337,500
3,586,343	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.242	2		08/01/2043		2,609,065
3,817,508	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.252	2		08/01/2042		2,777,237
1,180,941	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.330	2		08/01/2043		162,379
1,257,086	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.344	2		08/01/2042		172,849
1,616,000	Puerto Rico Sales Tax Financing Corp., Series A		4.825	2		07/01/2031		1,018,096
11,940,000	Puerto Rico Sales Tax Financing Corp., Series A		4.861	2		07/01/2033		6,712,429
213,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		3.973	2		07/01/2024		182,711
404,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.259	2		07/01/2027		310,676
419,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.500			07/01/2034		433,388

49          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$212,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.550	%		07/01/2040	$	212,657
395,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.560	2		07/01/2029		278,163
1,556,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.750			07/01/2053		1,525,347
8,179,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.000			07/01/2058		8,199,039
5,445,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.894	2		07/01/2046		1,257,795
4,436,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.951	2		07/01/2051		756,161
2,154,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.550			07/01/2040		2,073,268
65,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.750			07/01/2053		61,182
865,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		5.000			07/01/2058		831,481
2,190,000	University of Puerto Rico, Series P		5.000			06/01/2030		2,129,775
3,055,000	V.I. Public Finance Authority (Matching Fund Loan Note)		5.000			10/01/2019		3,056,558
840,000	V.I. Public Finance Authority (Matching Fund Loan Note)		5.000			10/01/2032		841,176
								112,223,649
Total Investments, at Value (Cost $1,547,141,522)—105.0%								1,612,993,208
Net Other Assets (Liabilities)—(5.0)								(77,011,224	)
Net Assets—100.0%							$	1,535,981,984

Footnotes to Schedule 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 1 of the accompanying Notes.

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

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

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

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

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

7. This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

8. 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.

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.

To simplify the listings of securities, abbreviations are used per the table below:
ABAG	Association of Bay Area Governments
AcadF	Academy Foundation
AFound	Archival Foundation
AGC	Assured Guaranty Corp.
AMF	Academy Museum Foundation

50          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
AOMPAAS	Academy of Motion Pictures Arts and Sciences
CDA	Communities Devel. Authority
CFD	Community Facilities District
CHCC	Community Hospitals of Central California
CHF	City Hospital Foundation
COFINA	Corporación del Fondo de Interés Apremiante
COP	Certificates of Participation
EMC	Eden Medical Center
FCHMC	Fresno Community Hospital & Medical Center
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
IDA	Industrial Devel. Agency
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
MPHS	Mills-Peninsula Health Services
M-S-R	Modesto Irrigation District of the City of Santa Clara and the City of Redding
MTA	Metropolitan Transportation Authority
NCCD	National Campus and Community Development
NPFGC	National Public Finance Guarantee Corp.
OCEAA	Orange County Educational Arts Academy
PAMFHCR&E	Palo Alto Medical Foundation for Health Care Research & Education
SBH	Sutter Bay Hospitals
SBMF	Sutter Bay Medical Foundation
SCHosp	Sutter Coast Hospital
SCVH	Sutter Central Valley Hospitals
SEBH	Sutter East Bay Hospitals
SGMF	Sutter Gould Medical Foundation
SHlth	Sutter Health
SHSSR	Sutter Health Sacramento Sierra Regional
SMCCV	Sutter Medical Center of Castro Valley
SMF	Sutter Medical Foundation
SVlyH	Sutter Valley Hospitals
SVMF	Sutter Valley Medical Foundation
SVNA&H	Sutter Visiting Nurse Association & Hospice
TASC	Tobacco Settlement Asset-Backed Bonds
TVSRF	The Vince Street Archive Foundation
UCR	University of California, Riverside
V.I.	United States Virgin Islands
See accompanying Notes to Financial Statements.

51          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES

	August 31, 2019 (Unaudited)			July 31, 2019
Assets
Investments, at value (cost $1,577,483,570 (Unaudited) and $1,547,141,522)—see accompanying schedule of investments	$	1,672,753,497		$	1,612,993,208
Cash		5,141,920			5,880,640
Receivables and other assets:
Investments sold		24,432,352			23,087,883
Interest		17,030,683			17,727,172
Shares of beneficial interest sold		4,966,365			2,649,931
Other		422,595			478,412
Total assets		1,724,747,412			1,662,817,246
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued		99,150,000			106,675,000
Investments purchased		12,339,344			16,931,100
Shares of beneficial interest redeemed		816,237			837,064
Dividends		657,593			1,019,826
Distribution and service plan fees		362,388			353,576
Transfer and shareholder servicing agent fees		185,244			143,753
Trustees’ compensation		172,551			167,326
Advisory fees		36,996			618,662
Shareholder communications		13,723			10,250
Administration fees		1,234			55
Interest expense on borrowings		139			—
Other		85,609			78,650
Total liabilities		113,821,058			126,835,262
Net Assets	$	1,610,926,354		$	1,535,981,984
Composition of Net Assets
Shares of beneficial interest	$	1,747,761,922		$	1,702,195,048
Total accumulated loss		(136,835,568	)		(166,213,064	)
Net Assets	$	1,610,926,354		$	1,535,981,984

52          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

	August 31, 2019 (Unaudited)		July 31, 2019
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets and shares of beneficial interest outstanding of $1,002,929,164 and 110,949,153 at August 31, 2019 (Unaudited) and $960,938,905 and 108,325,776 at July 31, 2019)		$9.04		$8.87
Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)		$9.44		$9.26
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets and shares of beneficial interest outstanding of $186,910,308 and 20,773,073 at August 31, 2019 (Unaudited) and $178,207,006 and 20,182,133 at July 31, 2019)		$9.00		$8.83
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $421,076,603 and 46,567,042 at August 31, 2019 (Unaudited) and $396,825,987 and 44,719,921 at July 31, 2019)		$9.04		$8.87
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $10,279 and 1,136 at August 31, 2019 (Unaudited) and $10,086 and 1,136 at July 31, 2019)		$9.05		$8.88

See accompanying Notes to Financial Statements.

53        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF

OPERATIONS

	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019
Investment Income
Interest	$	5,082,393	$	72,415,592
Expenses
Advisory fees		563,354		5,973,033
Administration fees		18,796		17,854
Distribution and service plan fees:
Class A		207,700		2,014,604
Class C		154,689		2,033,908
Transfer and shareholder servicing agent fees:
Class A		49,017		759,522
Class C		9,127		188,816
Class Y		20,358		261,938
Class R6		—		1
Shareholder communications:
Class A		2,171		20,587
Class C		403		7,719
Class Y		899		9,811
Interest expense and fees on short-term floating rate notes issued		158,428		2,634,789
Borrowing fees		74,538		1,302,611
Trustees’ compensation		2,041		19,780
Custodian fees and expenses		616		9,197
Interest expense on borrowings		139		258,972
Other		7,711		216,158
Total expenses		1,269,987		15,729,300
Net Investment Income		3,812,406		56,686,292
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions		279,804		(29,187,470	)
Net change in unrealized appreciation/(depreciation) on investment transactions		29,418,241		82,004,332
Net Increase in Net Assets Resulting from Operations	$	33,510,451	$	109,503,154

See accompanying Notes to Financial Statements.

54          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

STATEMENT OF CHANGES IN NET ASSETS

	One Month Ended August 31, 2019 (Unaudited)			Year Ended July 31, 2019			Year Ended July 31, 2018
Operations
Net investment income	$	3,812,406		$	56,686,292		$	51,700,031
Net realized gain (loss)		279,804			(29,187,470	)		(31,304,782	)
Net change in unrealized appreciation/(depreciation)		29,418,241			82,004,332			21,327,205
Net increase in net assets resulting from operations		33,510,451			109,503,154			41,722,454
Dividends and/or Distributions to Shareholders1
Distributions to shareholders from distributable earnings:
Class A		(2,597,620	)		(30,155,500	)		(31,699,955	)
Class B		—			—			(8,446	)
Class C		(370,078	)		(5,911,816	)		(6,763,442	)
Class Y		(1,165,228	)		(11,261,499	)		(8,566,145	)
Class R6		(29	)		(71	)		—
Total distributions from distributable earnings		(4,132,955	)		(47,328,886	)		(47,037,988	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		23,620,557			133,380,488			(106,993,962	)
Class B		—			—			(621,705	)
Class C		5,297,683			(37,309,597	)		(28,507,591	)
Class Y		16,648,634			154,328,324			(6,402,040	)
Class R6		—			10,000			—
Total beneficial interest transactions		45,566,874			250,409,215			(142,525,298	)
Net Assets
Total increase (decrease)		74,944,370			312,583,483			(147,840,832	)
Beginning of period		1,535,981,984			1,223,398,501			1,371,239,333
End of period	$	1,610,926,354		$	1,535,981,984		$	1,223,398,501

1. The Securities Exchange Commission eliminated the requirement to disclose the distribution components separately, except for tax return of capital. For the year ended July 31, 2018, distributions to shareholders from distributable earnings consisted of distributions from net investment income.

See accompanying Notes to Financial Statements.

55          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$8.87		$8.49		$8.49		$8.61		$8.21		$8.37
Income (loss) from investment operations:
Net investment income1		0.02		0.37		0.36		0.38		0.43		0.47
Net realized and unrealized gain (loss)		0.18		0.32		(0.04)		(0.09)		0.42		(0.16)
Total from investment operations		0.20		0.69		0.32		0.29		0.85		0.31
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.31)		(0.32)		(0.41)		(0.45)		(0.47)
Net asset value, end of period		$9.04		$8.87		$8.49		$8.49		$8.61		$8.21
Total Return, at Net Asset Value2		2.19%		8.35%		3.95%		3.55%		10.67%		3.61%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,002,929		$960,939		$789,596		$899,847		$925,807		$879,253
Average net assets (in thousands)		$982,704		$827,087		$815,901		$893,655		$886,704		$926,912
Ratios to average net assets:3
Net investment income		2.88%		4.36%		4.26%		4.46%		5.10%		5.50%
Expenses excluding specific expenses listed below		0.75%		0.81%		0.85%		0.95%		1.06%		0.95%
Interest and fees from borrowings		0.06%		0.12%		0.16%		0.10%		0.05%		0.04%
Interest and fees on short-term floating rate notes issued4		0.12%		0.20%		0.05%		0.14%		0.09%		0.08%
Total expenses		0.93%		1.13%		1.06%		1.19%		1.20%		1.07%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.93%		1.13%		1.06%		1.19%		1.20%		1.07%
Portfolio turnover rate5		3%		37%		22%		30%		15%		21%

56          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

57        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

Class C	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$8.83		$8.45		$8.45		$8.57		$8.18		$8.34
Income (loss) from investment operations:
Net investment income1		0.02		0.31		0.29		0.31		0.36		0.40
Net realized and unrealized gain (loss)		0.17		0.32		(0.03)		(0.08)		0.42		(0.16)
Total from investment operations		0.19		0.63		0.26		0.23		0.78		0.24
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.25)		(0.26)		(0.35)		(0.39)		(0.40)
Net asset value, end of period		$9.00		$8.83		$8.45		$8.45		$8.57		$8.18
Total Return, at Net Asset Value2		2.13%		7.58%		3.18%		2.67%		9.89%		2.84%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$186,910		$178,207		$206,268		$235,727		$259,836		$253,773
Average net assets (in thousands)		$183,010		$203,412		$215,082		$247,604		$257,015		$269,613
Ratios to average net assets:3
Net investment income		2.13%		3.60%		3.50%		3.72%		4.35%		4.74%
Expenses excluding specific expenses listed below		1.50%		1.57%		1.61%		1.71%		1.81%		1.71%
Interest and fees from borrowings		0.06%		0.12%		0.16%		0.10%		0.05%		0.04%
Interest and fees on short-term floating rate notes issued4		0.12%		0.20%		0.05%		0.14%		0.09%		0.08%
Total expenses		1.68%		1.89%		1.82%		1.95%		1.95%		1.83%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.68%		1.89%		1.82%		1.95%		1.95%		1.83%
Portfolio turnover rate5		3%		37%		22%		30%		15%		21%

58        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

59        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

Class Y	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$8.87		$8.49		$8.49		$8.61		$8.21		$8.37
Income (loss) from investment operations:
Net investment income1		0.02		0.40		0.38		0.39		0.45		0.49
Net realized and unrealized gain (loss)		0.18		0.31		(0.04)		(0.08)		0.42		(0.16)
Total from investment operations		0.20		0.71		0.34		0.31		0.87		0.33
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.33)		(0.34)		(0.43)		(0.47)		(0.49)
Net asset value, end of period		$9.04		$8.87		$8.49		$8.49		$8.61		$8.21
Total Return, at Net Asset Value2		2.21%		8.61%		4.20%		3.80%		10.93%		3.86%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$421,077		$396,826		$227,535		$235,031		$173,862		$123,831
Average net assets (in thousands)		$408,184		$289,690		$208,026		$196,735		$146,478		$127,028
Ratios to average net assets:3
Net investment income		3.13%		4.60%		4.50%		4.63%		5.33%		5.74%
Expenses excluding specific expenses listed below		0.50%		0.56%		0.61%		0.70%		0.81%		0.71%
Interest and fees from borrowings		0.06%		0.12%		0.16%		0.10%		0.05%		0.04%
Interest and fees on short-term floating rate notes issued4		0.12%		0.20%		0.05%		0.14%		0.09%		0.08%
Total expenses		0.68%		0.88%		0.82%		0.94%		0.95%		0.83%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.68%		0.88%		0.82%		0.94%		0.95%		0.83%
Portfolio turnover rate5		3%		37%		22%		30%		15%		21%

60        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

61        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

Class R6	One Month Ended August 31, 2019 (Unaudited)		Period Ended July 31, 20191
Per Share Operating Data
Net asset value, beginning of period		$8.88		$8.80
Income (loss) from investment operations:
Net investment income2		0.02		0.08
Net realized and unrealized gain		0.18		0.06
Total from investment operations		0.20		0.14
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.06)
Net asset value, end of period		$9.05		$8.88
Total Return, at Net Asset Value3		2.21%		1.62%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10		$10
Average net assets (in thousands)		$10		$10
Ratios to average net assets:4
Net investment income		3.19%		4.64%
Expenses excluding specific expenses listed below		0.44%		0.52%
Interest and fees from borrowings		0.06%		0.12%
Interest and fees on short-term floating rate notes issued5		0.12%		0.20%
Total expenses		0.62%		0.84%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.62%		0.84%
Portfolio turnover rate6		3%		37%

62        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

1. For the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019.

2. 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.

6. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

63        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSAugust 31, 2019 (Unaudited) and July 31, 2019

Note 1 -Significant Accounting Policies

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

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

Effective August 31, 2019, the Fund changed its fiscal year end from July 31 to February 28.

The Fund’s investment objective is to seek tax free income.

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

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

64          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

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

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

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

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

65          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

D. Distributions -Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from 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.

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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 July 31, 2019, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table for the fiscal year ended July 31, 2019, represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

66          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$16,711,030		$—		$246,043,664		$64,341,627

1.At period end, the Fund had $246,043,664 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

2. During the reporting period, the Fund did not utilize any capital loss carryforward.

3.During the previous reporting period, the Fund did not utilize any capital loss carryforward.

4.During the reporting period, $31,408,386 of unused capital loss carryforward expired.

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 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.

Accordingly, the following amounts have been reclassified for the reporting period ended July 31, 2019. Net assets of the Fund were unaffected by the reclassifications.

Reduction toPaid-in Capital	Reduction to Accumulated Net Loss
$31,408,386		$31,408,386

The tax character of distributions paid during the reporting periods:

	Year Ended July 31, 2019		Year Ended July 31, 2018
Distributions paid from:
Exempt-interest dividends	$	46,489,723	$	45,987,450
Ordinary income		839,163		1,050,538
Total	$	47,328,886	$	47,037,988

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.

67          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019
Federal tax cost of securities	$	1,479,591,7671	$	1,443,245,9751
Gross unrealized appreciation	$	134,274,294	$	105,911,755
Gross unrealized depreciation		(39,004,367)		(41,570,128)
Net unrealized appreciation	$	95,269,927	$	64,341,627

1.The Federal tax cost of securities does not include cost of $97,891,803 and $105,405,606 for the one month ended August 31, 2019 (Unaudited) and the year ended July 31, 2019, respectively, 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 1.

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.

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

68          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

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 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

69          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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 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

70          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

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.

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

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

Fee Schedule*
Up to $200 million	0.60%
Next $100 million	0.55
Next $200 million	0.50
Next $250 million	0.45
Next $250 million	0.40
Next $4 billion	0.35
Over $5 billion	0.33

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

The effective annualized advisory fees incurred by the Fund was 0.42% and 0.45% for the one month ended August 31, 2019 (Unaudited) and the year ended July 31, 2019, respectively.

From August 1, 2018 until the date of the Reorganization, the Acquired Fund paid $4,766,913in 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

71          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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 0.96%, 1.71%, 0.70%, and 0.60%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary 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 one month period ended August 31, 2019 (Unaudited) and the one year period ended July 31, 2019, 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 one month ended August 31, 2019 (Unaudited) and the year ended July 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank, N.A serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services,sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services orsub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. Prior to the Reorganization, the Acquired Fund

72          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the one month ended August 31, 2019 (Unaudited) and the year ended July 31, 2019, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for 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 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 one month ended August 31, 2019 (Unaudited) and the year ended July 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund.Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the one month ended August 31, 2019 (Unaudited), IDI advised the Fund that IDI retained $5,555 infront-end sales commissions from the sale of Class A shares and $466 and $559 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders. During theyear ended July 31, 2019, IDI advised the Fund that IDI retained $20,236 infront-end sales commissions from the sale of Class A shares and $6,481 from Class C shares for CDSC imposed on redemptions by shareholders. From the beginning of the fiscal year to the date of the Reorganization, OppenheimerFunds Distributor, Inc. retained $78,265 in front–end sales commissions from the sale of Class A shares and $20,751 and $4,749 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,

73          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

��   

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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The following is a summary of the tiered valuation input levels, as of August 31, 2019 (Unaudited):

	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
California	$	—	$	1,555,470,390	$	2,535,000	$	1,558,005,390
U.S. Possessions		—		114,748,107		—		114,748,107
Total Assets	$	—	$	1,670,218,497	$	2,535,000	$	1,672,753,497

The following is a summary of the tiered valuation input levels, as of July 31, 2019:

74          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

	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
California	$	—	$	1,498,234,559	$	2,535,000	$	1,500,769,559
U.S. Possessions		—		112,223,649		—		112,223,649
Total Assets	$	—	$	1,610,458,208	$	2,535,000	$	1,612,993,208

Note 4 - Trustee and Officer Fees and Benefits

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

During the one month ended August 31, 2019 (Unaudited), the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	3,932
Payments Made to Retired Trustees		—
Accumulated Liability as of August 31, 2019		72,248

During the year ended July 31, 2019, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		8,042
Accumulated Liability as of July 31, 2019		68,316

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.

75          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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 the one month period ended August 31, 2019 (Unaudited) was $72,562,776 and $34,959,427, respectively, and during the year ended July 31, 2019 was $732,652,786 and $532,764,168, respectively.

Note 7 - Share Information

Transactions in shares of beneficial interest were as follows:

	One Month Ended
	August 31, 2019						Year Ended July 31, 20192						Year Ended July 31, 2018
				(Unaudited)1
	Shares			Amount			Shares			Amount			Shares			Amount
Class A
Sold		3,191,442		$	28,721,421			28,923,618		$	249,959,488			14,081,915		$	117,032,960
Dividends and/or distributions reinvested		255,988			2,311,574			2,796,750			23,999,964			3,057,431			25,407,590
Redeemed		(824,053	)		(7,412,438	)		(16,436,313	)		(140,578,964	)		(30,100,599	)		(249,434,512)
Net increase (decrease)		2,623,377		$	23,620,557			15,284,055		$	133,380,488			(12,961,253	)	$	(106,993,962)
Class B
Sold		—		$	—			—		$	—			78		$	766
Dividends and/or distributions reinvested		—			—			—			—			1,031			8,446
Redeemed3		—			—			—			—			(75,734	)		(630,917)
Net decrease		—		$	—			—		$	—			(74,625	)	$	(621,705)

76          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

	One Month Ended
	August 31, 2019						Year Ended July 31, 20192						Year Ended July 31, 2018
				(Unaudited)1
	Shares			Amount			Shares			Amount			Shares			Amount
Class C
Sold		996,248		$	8,931,445			5,872,239		$	50,511,948			2,960,862		$	24,515,748
Dividends and/or distributions reinvested		35,257			316,689			554,096			4,728,073			648,151			5,361,514
Redeemed		(440,565	)		(3,950,451	)		(10,658,531	)		(92,549,618	)		(7,082,601	)		(58,384,853)
Net increase (decrease)		590,940		$	5,297,683			(4,232,196	)	$	(37,309,597	)		(3,473,588	)	$	(28,507,591)
Class Y
Sold		2,606,344		$	23,471,506			27,955,569		$	239,928,995			12,201,182		$	101,578,829
Dividends and/or distributions reinvested		106,855			964,893			944,182			8,122,319			715,927			5,955,431
Redeemed		(866,078	)		(7,787,765	)		(10,983,254	)		(93,722,990	)		(13,792,849	)		(113,936,300)
Net increase (decrease)		1,847,121		$	16,648,634			17,916,497		$	154,328,324			(875,740	)	$	(6,402,040)
Class R64
Sold		—		$	—			1,136		$	10,000			—		$	—
Dividends and/or distributions reinvested		—			—			—			—			—			—
Redeemed		—			—			—			—			—			—
Net increase		—		$	—			1,136		$	10,000			—		$	—

1.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 57% (Unaudited) of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

2. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 53% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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

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

Note 8 - Borrowings

The Fund may utilize financial leverage to the maximum extent allowable under the 1940 Act, a fund generally may not borrow money greater than 331/3 of the Fund’s total assets.

The Acquired Fund had entered into a Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enabled the Fund to participate with certain other

77          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

Funds in a committed secured borrowing facility that permitted borrowing up to $2.5 billion, collectively, by certain Funds. This revolving credit agreement was secured by the assets of the Fund and terminated on May 24, 2019. In connection with this agreement, for the period August 1, 2018 to May 24, 2019, the Fund incurred fees of $1,052,286. The average daily balance borrowings under this agreement was $13,058,586with a weighted average interest rate of 2.40%.

On May 24, 2019, the Fund entered into a $2.5 billion Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds. This revolving agreement is secured by the assets of the Fund. In connection with this agreement, for the period August 1, 2019 to August 31, 2019 (Unaudited), the Fund incurred fees of $74,677 and for the period from May 24, 2019 to July 31, 2019, the Fund incurred fees of $156,890. The average daily balance of borrowings under this agreement during this period is $70,968 with a weighted average interest rate of 2.28% for the period from August 1, 2019 to August 31, 2019 (Unaudited) and is $329,412with a weighted average interest rate of 2.44% for the period May 25, 2019 to July 31, 2019. Expenses under the credit agreement are shown in the Statement of Operations as Interest expense on borrowings.

At August 31, 2019 (Unaudited) and at July 31, 2019 the Fund had no borrowings outstanding under this agreement.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the one month ended August 31, 2019 (Unaudited) were $102,912,500 and 1.82%, respectively. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended July 31, 2019 were $120,695,500 and 2.18%, respectively.

Note 9 - Reverse Repurchase Agreements

Prior to the reorganization, the Acquired Fund engaged in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement.

The Acquired Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty”) which enabled it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permitted aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest was charged to the Acquired Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Acquired Fund was also allocated itspro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility.

78          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

The Acquired Fund retained the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions were considered secured borrowings for financial reporting purposes. The Acquired Fund also received the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Acquired Fund’s participation in the Facility during the year ended July 31, 2019 are included in expenses on the 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 were valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund had the right to declare each Wednesday as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facility’s terms.

The Fund executed no transactions under the Facility during the reporting period. This Facility terminated on May 24, 2019.

79          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of AIMTax-Exempt Funds (InvescoTax-Exempt Funds) and Shareholders of Invesco Oppenheimer Rochester^® California Municipal Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer Rochester^® California Municipal Fund (one of the funds constituting AIMTax-Exempt Funds (InvescoTax-Exempt Funds), referred to hereafter as the “Fund”) as of July 31, 2019, the related statement of operations and the statement of changes in net assets for the year ended July 31, 2019, including the related notes, and the financial highlights for each of the periods ended July 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations, changes in its net assets for the year ended July 31, 2019 and the financial highlights for each of the periods ended July 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer Rochester^® California Municipal Fund (formerly known as Oppenheimer Rochester^® California Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2019 by correspondence with the custodian and brokers; when replies were

80          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, TX

October 14, 2019

We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

81          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

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.

82          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATIONUnaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 98.23% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

83          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTS

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^® California 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.

84          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL 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

85          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTS

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 also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other mutual funds andclosed-end funds in the Fund’s Lipper category advised orsub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2017.

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

86          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

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 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%

87          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTS

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 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.

88          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS Unaudited

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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-PORT. The most recent list of portfolio holdings is available at invesco. com/completeqtrholdings. Shareholders can also look up the Fund’s FormsN-PORT on the SEC website at sec.gov.

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

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

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

89          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

SHAREHOLDER PROXYUnaudited

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer Rochester^® California 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^® California Municipal Fund into Invesco Oppenheimer Rochester^® California 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		60,126,736		2,747,711		17,844,242		0

90          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited

The address of each trustee and officer is AIMTax-Exempt Funds (InvescoTax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified.

Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS
Martin L. Flanagan1— 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President,Co-Chief Executive Officer,Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	240	None
Philip A. Taylor2— 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser);	240	None
1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.
2 Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser.

91          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding

92          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.

93        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	240	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	240	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown3– 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	240	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance(non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry	240	None
3 Mss. Brown and Krentzman and Messrs. Motley, Vandivort and Vaughn were appointed as Trustees of the Trust effective June 10, 2019.

94          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Jack M. Fields (Continued)		company); Director of Cross Timbers Quail Research Ranch(non-profit); and member of the U.S. House of Representatives
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	240	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	240	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman3– 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the	240	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

95        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Elizabeth Krentzman (Continued)		Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	240	Blue Hills Bank; Chairman of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	240	None
Joel W. Motley3– 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization). Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	240	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	240	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)

96          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	240	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	240	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	240	None
Daniel S. Vandivort3–1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	240	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn3– 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	240	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement(non-profit)
Christopher L. Wilson – 1957 Trustee and Vice Chair	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios);	240	ISO New England, Inc.(non-profit organization managing regional electricity market)

97        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Christopher L. Wilson (Continued)		Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

98          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco	N/A	N/A

99        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Jeffrey H. Kupor (Continued)		India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC; Secretary, Jemstep, Inc. Formerly: Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.;	N/A	N/A

100          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Andrew R. Schlossberg (Continued)		Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC
John M. Zerr — 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent) Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and	N/A	N/A

101        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
John M. Zerr (Continued)		General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

102        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Assistant Treasurer, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer –Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A

103        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’ssub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza,	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers
Suite 1000	1555 Peachtree Street, N.E.	11 Greenway Plaza,	LLP
Houston, TX 77046-1173	Atlanta, GA 30309	Suite 1000	1000 Louisiana Street,
		Houston, TX	Suite 5800
		77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens & Young,	Independent Trustees	Invesco Investment	Citibank, N.A.
LLP	Goodwin Procter LLP	Services, Inc.	111 Wall Street
2005 Market Street,	901 New York Avenue, N.W.	11 Greenway Plaza,	New York, NY 10005
Suite 2600	Washington, D.C. 20001	Suite 1000
Philadelphia, PA 19103-7018		Houston, TX
		77046-1173

104          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

INVESCO’S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located 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

105          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL 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.

106          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

Security

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

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:

107        INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL 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.

108          INVESCO OPPENHEIMER ROCHESTER CALIFORNIA MUNICIPAL FUND

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Explore High-Conviction Investing with Invesco

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

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and
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Invesco mailing information

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

Invesco Distributors, Inc.	O-ROCAM-AR-1	09272019

	Shareholder Report For the One Month Ended 8/31/2019
	Annual Report 7/31/2019
	Invesco Oppenheimer Rochester® High Yield Municipal Fund* Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. *Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Rochester High Yield Municipal Fund. See Important Update on the following page for more information.

Important Update

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

Table of Contents

Fund Performance Discussion	5
Top Holdings and Allocations	9
Fund Expenses	14
Schedule of Investments	18
Statement of Assets and Liabilities	118
Statement of Operations	120
Statement of Changes in Net Assets	121
Statement of Cash Flows	122
Financial Highlights	123
Notes to Financial Statements	131
Report of Independent Registered Public Accounting Firm	156
Independent Registered Public Accounting Firm	158
Federal Income Tax Information	159
Approval of Investment Advisory andSub-Advisory Contracts	160
Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments	165
Shareholder Proxy	166
Trustees and Officers	167
Invesco’s Privacy Notice	181

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT8/31/19

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays   Municipal Bond Index
1-Month	2.63%	-1.77%	1.58%
1-Year	11.80	7.07	8.72
5-Year	8.19	7.25	3.85
10-Year	8.98	8.50	4.62

AVERAGE ANNUAL TOTAL RETURNS AT7/31/19

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays   Municipal Bond Index
1-Year	11.26%	6.48%	7.31%
5-Year	8.24	7.30	3.77
10-Year	9.83	9.36	4.63

3          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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. 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 HIGH YIELD MUNICIPAL FUND

Fund Performance Discussion

Performance summary

For the fiscal year ended July 31, 2019, the Class A shares of Invesco Oppenheimer Rochester High Yield Municipal Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Barclays Municipal Bond Index, the Fund’s benchmark. Please note that the fiscalyear-end for the Fund has changed from July 31 to February 28. The below is a discussion of the Fund’s performance as of its last fiscal year ended July 31, 2019.

Market conditions and your Fund

The broad municipal bond market experienced positive returns for the fifth consecutive year in 2018, and performance remained strong throughout this fiscal year. Investment grade municipals returned 7.31% and high yield municipals returned 8.08% during the fiscal year.¹ Performance has been particularly strong the first seven months of 2019 with investment grade municipals returning 5.94% and high yield municipals returning 7.33%.¹

The fiscal year was characterized by supportive technical conditions (supply and demand balances) as new issuance of municipal bonds underwhelmed, totaling $342 billion — down nearly 18% from the previous fiscal year.² Flows into the municipal bond asset class were positive for the last 30 weeks of the fiscal year.³ Consistent positive flow pattern, coupled with continued limited supply, resulted in strong performance across the municipal market. Fund flows totaled $54.2 billion from August 2018 through July 2019.⁴

The high yield municipal bond market outperformed the investment grade bond segment, led by improved price discovery on Puerto Rico bonds as a result of developments in the commonwealth’s debt restructuring and strong performance of high yield general obligation securities.

Municipal bonds withstood considerable headwinds during the fiscal year, including interest rate movements that had the10-year US Treasury yield breaching 2.00% in July 2019. Additionally, the US government shutdown, which occurred midway through the fiscal year and lasted 35 days, along with ongoingUS-China trade negotiations and Brexit developments created a challenging market environment. Both investment grade municipals and high yield municipals posted negative returns for the months of September and October 2018: Worsening market conditions exposed the municipal bond market to more sensitivity relating to asell-off in US Treasuries in September. Despite these challenges, the municipal market continued to perform positively this fiscal year as technical

5          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

conditions provided tailwinds.

Investors’ concerns about the future of interest rates, meanwhile, created increased demand for Treasuries and high-grade municipal bonds alike, and yields continued to fall at all maturities as high yield securities rallied. The yield curve for30-year,AAA-rated municipal bonds continued to flatten as trade tensions between the US and China increased worries about inflationary pressures.

During the fiscal year, the US Federal Reserve (the Fed) raised the federal funds rate two times (in September and December 2018) before lowering it in July 2019.⁵ The two rate hikes, the eighth and ninth since December

2008, were anticipated and reflected increased confidence in the US economy amid low unemployment, relatively stable inflation and overall robust economic growth. This expansionary monetary policy significantly flattened the US Treasury yield curve with a slight inversion on the short end occurring in December 2018.

However, the Fed’s dovish stance at the beginning of calendar year 2019 took the market by surprise, leading economists to change their predictions from two interest rate increases in 2019, to just one. Amid political pressure and despite favorable growth and labor trends, the Fed ultimately reversed course and lowered the Fed Funds rate in July, citing uncertainty about the global economic outlook. The Treasury curve was inverted at fiscalyear-end with investors preferring2- to7-year paper over shorter and

longer maturities. Economists were mixed as to whether this particular inversion, the first sincemid-2007, portends a recession.

Earlier in the fiscal year, as anticipated, US midterm election results had a positive impact on municipal securities as perceived threats to municipal tax exemptions, further tax reform and changes to the Affordable Care Act were greatly reduced. News of a possible ban on flavorede-cigarettes and menthol cigarettes made headlines, which caused a short-lived decline in the valuations of below-investment-grade tobacco settlement bonds. Meanwhile,year-end demand for yield and coupon payments caused the asset class to end 2018 on a strong note. Investors affected by the $10,000 cap on state and local tax (SALT) deductions poured a record $18.9 billion into municipal bond funds in the first 8 weeks of calendar year 2019, the most over that period in at least 13 years.⁴

At the close of the fiscal year, we believed municipal fundamentals remained strong and viewed the ongoing impact of the Tax Cut and Jobs Act of 2018 as a potential market factor. As a result, demand for municipal bond investments could remain strong as retail investors continue to seektax-exempt income.

Over the fiscal year, security selection in sales tax revenue and general obligation (G.O.) bonds, the Fund’s third and second largest sectors, respectively, significantly contributed to the Fund’s performance. Sales tax revenue bonds issued by the Commonwealth of Puerto Rico (COFINAs) represented nearly half of the

6          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Fund’s assets in that sector at fiscalyear-end. By far, the Fund’s holdings in the municipal leases sector produced the strongest single-sector returns this fiscal year. The sales tax revenue, G.O., casino, and correctional facilities sectors also outperformed relative to the Bloomberg Barclays Municipal Bond Index. In aggregate, the Fund’s diverse holdings in securities issued in Puerto Rico provided a larger contribution to the Fund’s total return than any single sector. The Fund’s holdings in the student housing and paper, containers and packaging sectors, which in combination represented less than 1% of assets at fiscalyear-end, had negative returns for the period and detracted slightly from the Fund’s performance.Pre-refunded bonds and the real estate sector, among others, were underperformers relative to the Bloomberg Barclays Municipal Bond Index.

During the fiscal year, leverage contributed to the Fund’s performance. The Fund achieved a leveraged position through the use of inverse floating rate securities and tender option bonds (TOBs). Exposure to TOBs aided performance due to the price appreciation in municipal holdings when interest rates declined. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to additional volatility. For more information about the Fund’s use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments. Investors are reminded that the Fund is not and will not be managed based on predictions of interest rate changes.

Oppenheimer Rochester High Yield Municipal Fund (the predecessor fund) was renamed Invesco Oppenheimer Rochester High Yield Municipal Fund after the close of business on May 24, 2019, when Invesco’s acquisition of OppenheimerFunds was finalized. Prior to the commencement of the Fund’s operations, Scott S. Cottier managed the predecessor fund since 2002. Effective June 21, 2019, the portfolio management team of this fund was

7          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

changed to Mr. Cottier (lead manager) and Mark Paris.

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

1 Sources: Bloomberg Barclays Municipal Bond Index, Bloomberg Barclays High Yield Municipal Bond Index

2 Source: The Bond Buyer

3 Source: Lipper

4 Source: Strategic Insight

5 Source: US Federal Reserve

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

8          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES

Tobacco Master Settlement Agreement	14.9	%
General Obligation	9.2
Sales Tax Revenue	8.2
Marine/Aviation Facilities	7.0
Adult Living Facilities	6.5
Education	5.7
Sewer Facilities	4.6
Tax Increment Financing (TIF)	4.4
Hospital/Healthcare	4.4
Special Assessment	4.3

Portfolio holdings and allocations are subject to change. Percentages are as of August 31, 2019 and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated	Adviser- Rated	Total
AAA	5.9%	1.5%	7.4%
AA	21.9	0.0	21.9
A	7.6	0.0	7.6
BBB	9.6	2.6	12.2
BB or lower	17.4	33.5	50.9
Total	62.4%	37.6%	100.0%

The percentages above are based on the market value of the securities as of August 31, 2019 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

9          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TOP TEN CATEGORIES

Tobacco Master Settlement Agreement	15.0	%
General Obligation	9.3
Sales Tax Revenue	7.7
Marine/Aviation Facilities	6.9
Adult Living Facilities	6.6
Education	5.8
Sewer Utilities	4.7
Special Assessment	4.6
Tax Increment Financing (TIF)	4.5
Hospital/Healthcare	4.0

Holdings are subject to change and are not buy/sell recommendations. Percentages are as of July 31, 2019 and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated	Adviser- Rated	Total
AAA	5.5%	2.1%	7.6%
AA	21.3	0.2	21.5
A	7.4	0.0	7.4
BBB	9.1	2.5	11.6
BB or lower	19.1	32.8	51.9
Total	62.4%	37.6%	100.0%

The percentages above are based on the market value of the securities as of July 31, 2019 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

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

10          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 8/31/19
	Inception														Since
	Date		1-Month			1-Year			5-Year			10-Year			Inception
Class A (ORNAX)		10/1/93		2.63	%		11.80	%		8.19	%		8.98	%		5.09	%
Class C (ORNCX)		8/29/95		2.59			11.14			7.45			8.18			4.87
Class Y (ORNYX)		11/29/10		2.66			12.09			8.41			N/A			8.56
Class R5* (IORHX)		5/24/19		2.79			11.83			8.20			8.98			N/A
Class R6* (IORYX)		5/24/19		2.79			11.84			8.20			8.98			N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 8/31/19
	Inception														Since
	Date		1-Month			1-Year			5-Year			10-Year			Inception
Class A (ORNAX)		10/1/93		-1.77	%		7.07	%		7.25	%		8.50	%		4.91	%
Class C (ORNCX)		8/29/95		1.59			10.14			7.45			8.18			4.87
Class Y (ORNYX)		11/29/10		2.66			12.09			8.41			N/A			8.56
Class R5* (IORHX)		5/24/19		2.79			11.83			8.20			8.98			N/A
Class R6* (IORYX)		5/24/19		2.79			11.84			8.20			8.98			N/A

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/19
	Inception											Since
	Date		1-Year			5-Year			10-Year			Inception
Class A (ORNAX)		10/1/93		11.26	%		8.24	%		9.83	%		5.00	%
Class C (ORNCX)		8/29/95		10.45			7.46			9.02			4.78
Class Y (ORNYX)		11/29/10		11.55			8.43			N/A			8.31
Class R5* (IORHX)		5/24/19		11.13			8.21			9.82			N/A
Class R6* (IORYX)		5/24/19		11.13			8.21			9.82			N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/19
	Inception											Since
	Date		1-Year			5-Year			10-Year			Inception
Class A (ORNAX)		10/1/93		6.48	%		7.30	%		9.36	%		4.82	%
Class C (ORNCX)		8/29/95		9.45			7.46			9.02			4.78
Class Y (ORNYX)		11/29/10		11.55			8.43			N/A			8.31
Class R5* (IORHX)		5/24/19		11.13			8.21			9.82			N/A
Class R6* (IORYX)		5/24/19		11.13			8.21			9.82			N/A

*Class R5 and R6 shares’ performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund’s Class A shares at net asset value (NAV) and includes the12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.

11          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

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 C shares is 1% for the1-year period. Class Y, Class R5 and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C and Class Y shares of the predecessor fund were reorganized into Class A, Class C and Class Y shares, respectively, of the Fund. Class R5 and R6 shares’ performance shown prior to the inception date is that of the predecessor fund’s Class A shares at NAV and includes 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, Class R5, and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

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

12          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Investments in tobacco settlement bonds, which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments byMSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share ofnon-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

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

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco. com/fundprospectus.

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

13          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended August 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended August 31, 2019” to estimate the expenses you paid on your account during this period.

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

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

14          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Actual	Beginning   Account   Value   March 1, 2019		Ending   Account   Value   August 31, 2019		Expenses   Paid During   6 Months Ended           August 31, 20191,2
Class A	$	1,000.00	$	1,105.90	$	5.09
Class C		1,000.00		1,101.40		8.54
Class Y		1,000.00		1,107.40		3.77
Class R5		1,000.00		1,106.20		2.14
Class R6		1,000.00		1,106.30		1.94
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.31		4.89
Class C		1,000.00		1,017.04		8.20
Class Y		1,000.00		1,021.57		3.61
Class R5		1,000.00		1,021.37		3.82
Class R6		1,000.00		1,021.72		3.46

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 184/366 (to reflect theone-half year period). Actual expenses paid for Class R5 and R6 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 99/366 to reflect the period from after the close of business on May 24, 2019 (inception of offering) to August 31, 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 184/366 (to reflect theone-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended August 31, 2019 for Classes A, C and Y and for the period from after the close of business on May 24, 2019 (inception of offering) to August 31, 2019 for Class R5 and R6 are as follows:

Class	Expense Ratios
Class A		0.96	%
Class C		1.61
Class Y		0.71
Class R5		0.75
Class R6		0.68

15          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended July 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended July 31, 2019” to estimate the expenses you paid on your account during this period.

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

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

16          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Actual	Beginning   Account   Value   February 1, 2019		Ending   Account   Value   July 31, 2019		Expenses   Paid During   6 Months Ended           July 31, 20191,2
Class A	$	1,000.00	$	1,097.70	$	5.84
Class C		1,000.00		1,093.20		9.22
Class Y		1,000.00		1,097.70		4.59
Class R5		1,000.00		1,096.40		1.78
Class R6		1,000.00		1,096.50		1.78
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.24		5.62
Class C		1,000.00		1,016.02		8.89
Class Y		1,000.00		1,020.43		4.42
Class R5		1,000.00		1,020.28		4.57
Class R6		1,000.00		1,020.28		4.57

1. Actual expenses paid for Class A, C and Y 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). Actual expenses paid for Class R5 and R6 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 68/365 to reflect the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 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 July 31, 2019 for Classes A, C and Yand for the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019 for Class R5 and R6 are as follows:

Class	Expense Ratios
Class A		1.12	%
Class C		1.77
Class Y		0.88
Class R5		0.91
Class R6		0.91

17          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSAugust 31, 2019 Unaudited

Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—109.0%
Alabama—4.6%
$5,000,000	AL Economic Settlement Authority (BP Exploration & Production)		4.000	%		09/15/2033	$	5,545,750
2,710,000	AL Port Authority (Alabama Docks Dept.)		5.000			10/01/2028		3,334,872
2,380,000	AL Port Authority (Alabama Docks Dept.)		5.000			10/01/2029		2,915,785
1,700,000	Birmingham, AL GO Warrants		5.000			12/01/2036		2,119,509
1,535,000	Birmingham, AL GO Warrants		5.000			12/01/2037		1,906,577
1,575,000	Birmingham, AL GO Warrants		5.000			12/01/2038		1,950,133
5,190,000	Birmingham, AL GO Warrants		5.000			12/01/2043		6,355,726
7,040,000	Birmingham-Jefferson, AL Civic Center Authority		4.000			07/01/2043		7,867,059
1,365,000	Birmingham-Jefferson, AL Civic Center Authority		5.000			05/01/2035		1,683,127
1,170,000	Birmingham-Jefferson, AL Civic Center Authority		5.000			05/01/2036		1,438,726
12,870,000	Birmingham-Jefferson, AL Civic Center Authority1		5.000			05/01/2048		15,432,927
18,120,000	Birmingham-Jefferson, AL Civic Center Authority1		5.000			07/01/2048		21,785,948
10,500,000	Birmingham-Jefferson, AL Civic Center Authority		5.000			07/01/2048		12,653,340
4,500,000	Homewood, AL Educational Building Authority (Samford University)		5.000			12/01/2047		5,306,085
21,895,000	Jefferson County, AL Sewer		0.000	2		10/01/2039		21,283,473
20,045,000	Jefferson County, AL Sewer		0.000	2		10/01/2046		19,535,456
30,000,000	Jefferson County, AL Sewer		0.000	2		10/01/2046		29,037,600
17,500,000	Jefferson County, AL Sewer		0.000	2		10/01/2050		17,013,500
44,050,000	Jefferson County, AL Sewer		0.000	2		10/01/2050		42,532,918
5,000,000	Jefferson County, AL Sewer		5.500			10/01/2053		5,819,200
51,500,000	Jefferson County, AL Sewer		6.500			10/01/2053		62,559,110
25,000,000	Jefferson County, AL Sewer		7.000			10/01/2051		30,898,750
8,000,000	Lower AL Gas District		5.000			09/01/2046		11,675,120
500,000	Mobile, AL Improvement District (McGowin Park)		5.250			08/01/2030		532,720
1,300,000	Mobile, AL Improvement District (McGowin Park)		5.500			08/01/2035		1,384,812
15,365,000	Tuscaloosa County, AL IDA (Hunt Refining)		5.250			05/01/2044		17,769,930
								350,338,153
Alaska—0.3%
1,650,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)3,4		5.875			12/01/2027		82,500
500,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)3,4		6.000			12/01/2036		25,000
1,755,000	AK Municipal Bond Bank Authority		5.000			12/01/2030		2,119,092
1,365,000	AK Municipal Bond Bank Authority		5.000			12/01/2031		1,641,877
1,960,000	AK Municipal Bond Bank Authority		5.000			12/01/2032		2,352,431
2,055,000	AK Municipal Bond Bank Authority		5.000			12/01/2033		2,461,232
10,350,000	Koyukuk, AK (Tanana Chiefs Conference Health Care Facility)		7.750			10/01/2041		10,400,819
								19,082,951
Arizona—2.1%
1,165,000	AZ IDA (Academies of Mathematics & Science)		5.500			07/01/2038		1,283,492
2,250,000	AZ IDA (Academies of Mathematics & Science)		5.625			07/01/2048		2,465,077
3,500,000	AZ IDA (Academies of Mathematics & Science)		5.750			07/01/2053		3,843,420
2,515,000	AZ IDA (Accel Schools)		5.125			08/01/2038		2,723,242

18          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Arizona (Continued)
$3,945,000	AZ IDA (Accel Schools)		5.250	%		08/01/2048	$	4,253,065
580,000	AZ IDA (Franklin Phonetic Charter School)		5.500			07/01/2037		610,044
680,000	AZ IDA (Franklin Phonetic Charter School)		5.750			07/01/2047		718,502
645,000	AZ IDA (Franklin Phonetic Charter School)		5.875			07/01/2052		682,410
1,415,000	AZ IDA (Mater Academy of Nevada)		5.250			12/15/2038		1,548,109
2,260,000	AZ IDA (Mater Academy of Nevada)		5.500			12/15/2048		2,476,576
2,250,000	AZ IDA (Provident Group-NCCU Properties)		5.000			06/01/2049		2,702,812
3,250,000	AZ IDA (Provident Group-NCCU Properties)		5.000			06/01/2054		3,875,755
1,930,000	AZ IDA (Provident Group-NCCU Properties)		5.000			06/01/2058		2,287,089
3,399,000	Buckeye, AZ Watson Road Community Facilities District		6.000			07/01/2030		3,398,932
450,000	Cadence, AZ Community Facilities District		4.500			07/01/2043		463,680
3,180,000	East San Luis, AZ Community Facilities District Special Assessment (Area One)3,4		6.375			01/01/2028		1,749,000
140,000	East San Luis, AZ Community Facilities District Special Assessment (Area Two)3,4		8.500			01/01/2028		91,000
3,100,000	Glendale, AZ IDA (Beatitudes Campus)		5.000			11/15/2045		3,350,201
500,000	La Paz County, AZ IDA (Harmony Public Schools)		5.000			02/15/2038		588,885
1,200,000	La Paz County, AZ IDA (Harmony Public Schools)		5.000			02/15/2048		1,387,632
7,225,000	Maricopa County, AZ IDA (Christian Care Surprise)		6.000			01/01/2048		7,690,362
220,000	Maricopa County, AZ IDA (Greathearts Arizona)		5.000			07/01/2037		265,005
405,000	Maricopa County, AZ IDA (Greathearts Arizona)		5.000			07/01/2048		480,456
1,870,000	Maricopa County, AZ IDA (Immanuel Campus Care)3,4		8.500			04/20/2041		1,290,300
265,000	Merrill Ranch, AZ Community Facilities District No. 1 Special Assessment Lien		5.250			07/01/2024		265,429
810,000	Merrill Ranch, AZ Community Facilities District No. 2		5.250			07/15/2040		937,664
225,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien		5.250			07/01/2024		225,364
551,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien		5.300			07/01/2030		551,782
420,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)		5.300			07/15/2025		396,299
350,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)		5.350			07/15/2031		309,879
10,000,000	Phoenix, AZ Civic Improvement Corp. Airport		5.000			07/01/2048		12,166,200
1,000,000	Phoenix, AZ IDA (Downtown Phoenix Student Hsg.)		5.000			07/01/2042		1,177,510
1,625,000	Phoenix, AZ IDA (Espiritu Community Devel. Corp.)		6.250			07/01/2036		1,626,138
4,135,000	Phoenix, AZ IDA (Freedom Academy)		5.500			07/01/2046		4,559,086
2,855,000	Phoenix, AZ IDA (Gourmet Boutique West)4		5.875			11/01/2037		2,501,865
595,000	Phoenix, AZ IDA (Leman Academy of Excellence)		5.000			07/01/2049		613,457
530,000	Phoenix, AZ IDA (Leman Academy of Excellence)		5.000			07/01/2054		544,723
5,530,000	Phoenix, AZ IDA (Milestone Charter School)		6.500			11/01/2047		5,716,582
1,185,000	Phoenix, AZ IDA (Vista College Preparatory)		5.000			07/01/2048		1,416,573

19          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Arizona (Continued)
$2,970,000	Pima County, AZ IDA (American Leadership Academy)		5.000	%		06/15/2052	$	3,069,376
2,250,000	Pima County, AZ IDA (American Leadership Academy)		5.625			06/15/2045		2,483,258
4,355,000	Pima County, AZ IDA (Arizona Charter School)		5.375			07/01/2031		4,606,850
1,550,000	Pima County, AZ IDA (Christian Care Tucson)		5.000			06/15/2037		1,807,595
2,830,000	Pima County, AZ IDA (Christian Care Tucson)		5.000			12/15/2047		3,263,103
2,400,000	Pima County, AZ IDA (Excalibur Charter School)		5.500			09/01/2046		2,532,288
2,955,000	Pima County, AZ IDA (New Plan Learning/OG Ohio/250 Shoup Mill Obligated Group)		8.125			07/01/2041		2,960,378
3,315,000	Pima County, AZ IDA (P.L.C. Charter Schools)		6.000			12/01/2036		3,621,273
6,310,000	Pima County, AZ IDA (P.L.C. Charter Schools)		6.000			12/01/2046		6,824,139
5,730,000	Pima County, AZ IDA (P.L.C. Charter Schools)		7.500			04/01/2041		6,648,920
650,000	Pima County, AZ IDA (Paideia Academies)		5.125			07/01/2039		659,919
810,000	Pima County, AZ IDA (Paideia Academies)		5.250			07/01/2049		823,341
1,025,000	Pima County, AZ IDA (Paideia Academies)		6.000			07/01/2035		1,095,366
3,310,000	Pima County, AZ IDA (Paideia Academies)		6.125			07/01/2045		3,532,035
500,000	Pinal County, AZ IDA (San Manuel Facility)		6.250			06/01/2026		529,475
20,000,000	Pinal County, AZ IDA (WOF SW GGP 1)		7.250			10/01/2033		22,141,000
1,022,000	Prescott Valley, AZ Southside Community Facilities District No. 1		7.250			07/01/2032		628,172
220,000	Show Low Bluff, AZ Community Facilities District		5.600			07/01/2031		210,272
1,010,000	Tempe, AZ IDA (Mirabella at ASU)		6.000			10/01/2037		1,174,670
2,360,000	Tempe, AZ IDA (Mirabella at ASU)		6.125			10/01/2052		2,711,852
695,000	Tempe, AZ IDA (Tempe Life Care Village)		6.000			12/01/2032		737,506
1,550,000	Tempe, AZ IDA (Tempe Life Care Village)		6.250			12/01/2042		1,646,891
675,000	Verrado, AZ Community Facilities District No. 1		5.700			07/15/2029		723,155
1,800,000	Verrado, AZ Community Facilities District No. 1		6.000			07/15/2027		1,955,124
610,000	Verrado, AZ Community Facilities District No. 1		6.000			07/15/2033		654,823
								160,274,378
Arkansas—0.0%
5,045,000	Cave Springs, AR Municipal Property (Creeks Special Sewer District)3,4		6.250			02/01/2038		3,682,850
California—12.9%
7,300,000	Alameda, CA Corridor Transportation Authority		5.000			10/01/2034		8,842,417
750,000	Alhambra, CA (Atherton Baptist Homes)		7.625			01/01/2040		766,117
175,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)		6.200			05/01/2031		175,215
127,310,000	CA County Tobacco Securitization Agency		5.307	5		06/01/2046		23,017,648
107,400,000	CA County Tobacco Securitization Agency		5.502	5		06/01/2050		12,725,826
212,950,000	CA County Tobacco Securitization Agency		6.341	5		06/01/2055		12,992,079
33,920,000	CA County Tobacco Securitization Agency		6.647	5		06/01/2046		5,867,482
215,100,000	CA County Tobacco Securitization Agency		6.998	5		06/01/2055		15,110,775
6,620,000	CA County Tobacco Securitization Agency		8.145	5		06/01/2033		3,030,305
7,000,000	CA County Tobacco Securitization Agency (TASC)		5.250			06/01/2046		7,001,260
520,920,000	CA County Tobacco Securitization Agency (TASC)		5.559	5		06/01/2050		79,726,806
18,500,000	CA County Tobacco Securitization Agency (TASC)		5.650	2		06/01/2041		18,618,955

20          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$18,030,000	CA County Tobacco Securitization Agency (TASC)		5.700	%2		06/01/2046	$	18,138,901
2,775,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2035		2,801,390
7,145,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2043		7,238,957
19,120,000	CA County Tobacco Securitization Agency (TASC)		6.000			06/01/2042		19,292,654
5,000,000	CA County Tobacco Securitization Agency (TASC)		6.125			06/01/2038		5,001,600
9,125,000	CA Enterprise Devel. Authority (Sunpower Corp.)		8.500			04/01/2031		9,582,619
16,780,000	CA GO		4.000			11/01/2033		19,701,734
24,160,000	CA GO		4.000			11/01/2034		28,238,691
20,000,000	CA GO		4.000			11/01/2035		23,278,200
3,740,000	CA GO		5.000			08/01/2030		4,759,412
2,160,000	CA GO		5.000			09/01/2031		2,685,938
3,200,000	CA GO		5.000			04/01/2049		4,058,304
555,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.000			06/01/2029		671,178
25,350,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.300	2		06/01/2037		26,367,296
607,062	CA HFA, Series A		4.250			01/15/2035		727,090
1,835,000	CA Independent Cities Finance Authority Mobile Home Park (Lamplighter Salinas)		6.250			07/15/2050		1,900,510
10,000,000	CA Infrastructure and Economic Devel. (SanfordConsortium)1		5.000			05/15/2040		10,288,350
31,530,000	CA Infrastructure and Economic Devel. (University of California)1		5.000			05/15/2052		38,432,328
4,500,000	CA Morongo Band of Mission Indians		5.000			10/01/2042		5,125,905
5,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000			02/01/2047		5,932,450
750,000	CA Municipal Finance Authority (Harbor Regional Center)		8.500			11/01/2039		758,805
10,800,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)		5.000			12/31/2043		13,080,744
2,750,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)		5.000			12/31/2047		3,311,192
2,575,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)		5.000			06/01/2048		3,092,189
3,000,000	CA Pollution Control Financing Authority (Aemerge Redpak Services Southern CA)3		8.000			12/01/2027		900,000
6,075,000	CA Pollution Control Financing Authority (Calplant I)		7.500			07/01/2032		6,363,745
14,995,000	CA Pollution Control Financing Authority (Calplant I)		8.000			07/01/2039		16,422,824
5,945,000	CA School Finance Authority Charter School (Grimmway Schools)		5.250			07/01/2051		6,579,094
385,000	CA School Finance Authority Charter School (Kepler Neighborhood School)		5.000			05/01/2027		386,921
900,000	CA School Finance Authority Charter School (Kepler Neighborhood School)		5.750			05/01/2037		919,467
1,230,000	CA School Finance Authority Charter School (Kepler Neighborhood School)		5.875			05/01/2047		1,256,101

21          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$595,000	CA School Finance Authority Charter School (RE/ REW/RLSA/RDP/RRCP/RSCP/RNNE/RMS/RSSPA/ RBM/RSA Obligated Group)		5.125	%		06/01/2047	$	646,259
665,000	CA School Finance Authority Charter School (RE/ REW/RLSA/RDP/RRCP/RSCP/RNNE/RMS/RSSPA/ RBM/RSA Obligated Group)		5.250			06/01/2052		723,068
4,330,000	CA School Finance Authority School Facility (Escuela Popular Del Pueblo)		6.500			07/01/2050		4,554,164
61,600,000	CA Silicon Valley Tobacco Securitization Authority		8.146	5		06/01/2056		5,957,336
58,990,000	CA Silicon Valley Tobacco Securitization Authority		8.898	5		06/01/2047		12,406,777
60,785,000	CA Silicon Valley Tobacco Securitization Authority		8.995	5		06/01/2036		24,015,546
13,505,000	CA Silicon Valley Tobacco Securitization Authority		8.998	5		06/01/2047		2,669,533
25,920,000	CA State University		5.000			11/01/2047		31,633,286
10,000	CA Statewide CDA (Escrow Term)		6.750			09/01/2037		10,012
4,020,000	CA Statewide CDA (Guidance Charter School)3,4		6.500			07/01/2037		1,567,800
14,690,000	CA Statewide CDA (Guidance Charter School)3,4		6.750			07/01/2052		5,729,100
1,450,000	CA Statewide CDA (NCCD-Hooper Street - College of the Arts)		5.250			07/01/2052		1,676,330
7,645,000	CA Statewide CDA (Yucaipa Valley Water Reservoir)6		6.000			09/02/2044		7,919,379
4,515,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2037		4,544,754
100,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2043		100,560
1,120,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2043		1,126,272
2,500,000	Calexico, CA Community Redevel. Agency Tax Allocation (Central Business District & Residential Redevel.)		7.250			08/01/2033		2,756,400
1,215,000	Desert Hot Springs, CA Redevel. Agency Tax Allocation		5.000			09/01/2030		1,525,809
18,275,000	Fremont, CA Union High School District1		4.000			08/01/2043		19,615,015
7,780,000	Fresno, CA Unified School District		4.319	5		08/01/2042		3,600,117
4,320,000	Garden Grove, CA Unified School District		4.000			08/01/2045		4,863,802
8,915,000	Garden Grove, CA Unified School District		4.000			08/01/2047		10,011,991
9,625,000	Garden Grove, CA Unified School District		4.000			08/01/2048		10,795,977
1,200,000	Irvine, CA Unified School District Community Facilities DistrictNo. 09-16		4.000			09/01/2044		1,372,824
2,150,000	Irvine, CA Unified School District Community Facilities DistrictNo. 09-16		4.000			09/01/2049		2,449,409
1,140,000	Lathrop, CA Special Tax Community Facilities DistrictNo. 03-26		7.000			09/01/2033		1,143,625
4,000,000	Long Beach, CA Harbor Revenue		5.000			05/15/2043		4,815,840
13,345,000	Los Angeles County, CA Facilities (Vermont Corridor County Administration Building)		5.000			12/01/2043		16,662,167
7,875,000	Los Angeles County, CA Facilities (Vermont Corridor County Administration Building)		5.000			12/01/2051		9,709,796
1,625,000	Los Angeles, CA Community Facilities District Special Tax (Legends at Cascades)		5.750			09/01/2040		1,666,941

22          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$1,500,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)		5.000	%		05/15/2033	$	1,803,810
1,000,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)		5.000			05/15/2035		1,245,590
1,385,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)		5.000			05/15/2036		1,720,405
25,000,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)1		5.000			05/15/2043		30,971,500
55,750,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)1		5.000			05/15/2044		67,261,094
10,000,000	Los Angeles, CA Dept. of Water & Power		5.000			07/01/2047		12,134,200
20,000,000	Los Angeles, CA Dept. of Water & Power		5.250			07/01/2049		25,652,400
6,580,000	Los Angeles, CA Regional Airports Improvement Corp. (Delta-Continental Airlines)		9.250			08/01/2024		6,623,428
255,000	Maywood, CA Public Financing Authority		7.000			09/01/2038		255,413
10,200,000	Northern CA Tobacco Securitization Authority (TASC)		5.375			06/01/2038		10,236,108
45,000	Placer County, CA Improvement Bond Act 1915		6.500			09/02/2030		45,340
3,975,000	Rialto, CA Redevel. Agency (Merged Project Area)		5.000			09/01/2037		4,980,476
1,750,000	Riverside County, CA Redevel. Agency		7.125			10/01/2042		1,971,883
27,015,000	Riverside County, CA Transportation Commission1		4.000			06/01/2036		31,253,019
10,000,000	Sacramento, CA Convention Center Complex		5.000			06/01/2048		12,202,200
2,000,000	San Buenaventura, CA Community Memorial Health Systems		8.000			12/01/2031		2,263,600
10,000,000	San Francisco, CA City & County Airports Commission		5.000			05/01/2044		12,334,000
4,700,000	San Francisco, CA City & County Airports Commission		5.000			05/01/2048		5,689,632
13,000,000	San Francisco, CA City & County Airports Commission		5.000			05/01/2049		15,921,490
10,000,000	San Francisco, CA City & County Airports Commission6		5.000			05/01/2050		12,231,700
750,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		6.750			08/01/2041		811,808
1,000,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		7.000			08/01/2041		1,085,310
15,920,000	Santa Clara County, CA GO1		4.000			08/01/2040		16,967,417
6,000,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)		5.750			06/01/2026		6,508,200
12,115,000	Stockton, CA Unified School District		5.918	5		08/01/2038		7,332,240
14,735,000	Stockton, CA Unified School District		5.948	5		08/01/2041		8,027,186
17,145,000	Stockton, CA Unified School District		5.948	5		08/01/2043		8,675,884
6,245,000	Stockton, CA Unified School District		5.997	5		08/01/2037		3,925,545
1,335,000	Susanville, CA Public Financing Authority (Utility Enterprises)		5.875			06/01/2035		1,364,263
1,425,000	Susanville, CA Public Financing Authority (Utility Enterprises)		6.000			06/01/2045		1,456,664

23          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$3,500,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)		7.500	%		09/01/2042	$	3,961,160
								988,352,328
Colorado—4.1%
1,075,000	Amber Creek, CO Metropolitan District		5.125			12/01/2047		1,124,826
515,000	Amber Creek, CO Metropolitan District		7.750			12/15/2047		535,332
1,240,000	Arista, CO Metropolitan District		5.000			12/01/2038		1,321,989
3,500,000	Arista, CO Metropolitan District		5.125			12/01/2048		3,731,630
3,260,000	Banning Lewis Ranch, CO Metropolitan District No. 2		5.750			12/01/2048		3,467,792
2,195,000	Banning Lewis Ranch, CO Metropolitan District No. 2		5.750			12/01/2048		2,334,909
500,000	Banning Lewis Ranch, CO Metropolitan District No. 2		8.000			12/15/2048		528,950
3,100,000	Base Village, CO Metropolitan District No. 2		5.750			12/01/2046		3,277,320
3,000,000	Berthoud-Heritage, CO Metropolitan District No. 1		5.625			12/01/2048		3,154,050
500,000	Blue Lake, CO Metropolitan District No. 2		8.000			12/15/2046		524,380
1,750,000	Blue Lake, CO Metropolitan District No. 3		5.250			12/01/2048		1,828,032
551,000	BNC, CO Metropolitan District No. 1		7.375			12/15/2047		575,255
670,000	Brighton Crossing, CO Metropolitan District No. 4		7.000			12/15/2047		693,705
1,000,000	Bromley Park, CO Metropolitan District No. 2		6.375			12/15/2047		1,046,170
2,734,000	Buffalo Ridge, CO Metropolitan District		7.375			12/15/2047		2,868,075
1,345,000	Cherrylane, CO Metropolitan District		5.250			12/01/2047		1,419,419
574,000	Cherrylane, CO Metropolitan District		7.375			12/15/2047		602,482
500,000	Clear Creek Station, CO Metropolitan District No. 2		7.375			12/15/2047		524,085
4,500,000	CO Canyons Metropolitan District No. 5		6.125			12/01/2047		4,761,585
2,000,000	CO Canyons Metropolitan District No. 6		6.125			12/01/2047		2,074,700
1,025,000	CO Country Club Highlands Metropolitan District4,7		7.250			12/01/2037		871,250
2,600,000	CO Elbert and Highway 86 Metropolitan District		5.750			12/01/2046		2,916,186
4,475,000	CO Elbert and Highway 86 Metropolitan District4,7		7.500			12/01/2032		3,356,250
1,780,000	CO Fossil Ridge Metropolitan District No. 1		7.250			12/01/2040		1,842,727
6,000,000	CO Health Facilities Authority (Ascension Health System Sunbelt)		4.000			11/15/2043		6,872,520
5,190,000	CO Health Facilities Authority (Commonsprirt Health)		5.000			08/01/2044		6,329,568
4,425,000	CO Health Facilities Authority (ELGS/ELGSS/ ELGSF/GSSH Obligated Group)		5.000			06/01/2047		5,586,120
14,350,000	CO Health Facilities Authority (Sisters of Charity of Leavenworth Health System)1		5.000			01/01/2044		16,146,261
1,030,000	CO Health Facilities Authority Health & Residential Care Facilities (Volunteers of America)		5.300			07/01/2037		1,030,515
1,040,000	CO International Center Metropolitan District No. 3		7.500			12/15/2038		1,085,614
1,919,000	CO Midcities Metropolitan District No. 2		7.750			12/15/2046		1,974,709

24          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Colorado (Continued)
$1,590,000	CO Potomac Farms Metropolitan District		7.250	%		12/01/2037	$	1,590,811
196,000	CO Potomac Farms Metropolitan District		7.625	2		12/01/2023		196,151
1,720,000	CO Sorrell Ranch Metropolitan District3,4		6.750			12/15/2036		481,600
569,000	CO Table Mountain Metropolitan District		7.750			12/15/2045		600,073
8,000,000	CO Talon Pointe Metropolitan District3,4		8.000			12/01/2039		960,000
500,000	Copperleaf, CO Metropolitan District No. 3		5.000			12/01/2037		529,325
700,000	Copperleaf, CO Metropolitan District No. 3		5.125			12/01/2047		737,541
506,000	Copperleaf, CO Metropolitan District No. 3		7.625			12/15/2047		529,377
3,415,000	Cundall Farms, CO Metropolitan District		6.875			12/01/2044		3,458,814
750,000	Cundall Farms, CO Metropolitan District		7.375			12/15/2047		772,238
785,000	Cundall Farms, CO Metropolitan District		7.750			12/15/2044		821,832
792,000	Cundall Farms, CO Metropolitan District		12.000			12/15/2049		811,135
34,120,000	Denver, CO City & County Airport		5.000			12/01/2048		41,641,754
26,450,000	Denver, CO City & County Airport		5.250			12/01/2048		33,002,194
1,250,000	Denver, CO Connection West Metropolitan District		5.375			08/01/2047		1,315,100
1,360,000	Denver, CO Gateway Center Metropolitan District		5.500			12/01/2038		1,457,730
2,130,000	Denver, CO Gateway Center Metropolitan District		5.625			12/01/2048		2,284,659
2,290,000	Denver, CO International Business Center Metropolitan District No. 1		6.000			12/01/2048		2,420,736
1,285,000	Dinosaur Ridge, CO Metropolitan District		5.000			06/01/2049		1,319,759
1,690,000	Dublin North, CO Metropolitan District No. 2		5.125			12/01/2047		1,766,236
2,000,000	Erie Farm, CO Metropolitan District		5.500			12/01/2045		2,103,620
600,000	Erie Farm, CO Metropolitan District		7.750			12/15/2045		623,340
515,000	First Creek Village, CO Metropolitan District		6.750			08/01/2049		521,875
2,965,000	Flying Horse, CO Metropolitan District No. 3		6.000			12/01/2049		3,032,157
920,000	Godding Hollow, CO Metropolitan District		6.500			12/01/2034		974,814
2,065,000	Hawthorn, CO Metropolitan District No. 2		6.375			12/01/2044		2,091,122
950,000	Hawthorn, CO Metropolitan District No. 2		7.750			12/15/2044		995,743
928,000	Hawthorn, CO Metropolitan District No. 2		10.000			12/15/2051		950,959
1,825,000	Hunters Overlook, CO Metropolitan District No. 5		8.500			12/15/2049		1,839,418
5,015,000	Hunting Hill, CO Metropolitan District		5.625			12/01/2048		5,336,110
775,000	Iliff Commons, CO Metropolitan District No. 3		6.000			12/01/2046		811,619
2,235,000	Interpark, CO Metropolitan District		5.500			12/01/2048		2,325,406
1,365,000	Interquest South, CO Business Improvement District		5.000			12/01/2047		1,412,202
1,619,000	Lewis Pointe, CO Metropolitan District		7.750			12/15/2047		1,637,019
500,000	Leyden Ranch, CO Metropolitan District		7.000			12/15/2047		526,655
1,195,000	Leyden Rock, CO Metropolitan District No. 10		7.250			12/15/2045		1,244,473
1,025,000	Leyden Rock, CO Metropolitan District No. 10		10.750			12/15/2049		1,049,692
1,140,000	Littleton Village, CO Metropolitan District No. 2		7.625			12/15/2028		1,191,403
8,065,000	Millers Landing, CO Business Improvement District		6.000			12/01/2048		8,439,539
2,185,000	Millers Landing, CO Business Improvement District		8.000			12/01/2048		2,275,699
1,000,000	Mountain Shadows, CO Metropolitan District		5.000			12/01/2046		1,050,750
1,760,000	North Holly, CO Metropolitan District		5.500			12/01/2048		1,834,466
2,290,000	Powhaton Road, CO Metropolitan District No. 2		5.625			12/01/2048		2,416,408
2,290,000	Prairie Farm, CO Metropolitan District		5.250			12/01/2048		2,405,279

25          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Colorado (Continued)
$1,270,000	Prairie Farm, CO Metropolitan District		7.375	%		12/15/2048	$	1,322,629
2,595,000	Prairiestar, CO Metropolitan District No. 2		5.750			12/01/2046		2,746,885
12,585,000	PV-ERU Holding Trust, CO		7.957			2/14/2039		2,642,850
4,340,000	Rendezvous, CO Metropolitan District No. 4		5.625			12/01/2048		4,570,324
2,000,000	Ritoro, CO Metropolitan District		5.000			12/01/2049		2,055,400
1,200,000	Sheridan Station West, CO Metropolitan District		6.000			12/01/2047		1,242,744
2,815,000	South Aurora, CO Regional Improvement Authority		6.250			12/01/2057		2,980,184
1,000,000	South Timnath, CO Metropolitan District No. 1		5.500			12/01/2048		1,049,350
2,208,000	South Timnath, CO Metropolitan District No. 1		8.000			12/15/2048		2,304,997
810,000	Southglenn, CO Metropolitan District		5.000			12/01/2036		856,421
2,000,000	Stone Creek, CO Metropolitan District		5.625			12/01/2047		2,094,780
600,000	Stone Creek, CO Metropolitan District		7.875			12/15/2047		629,982
680,000	Tabernash Meadows, CO Water & Sanitation District		7.125			12/01/2034		702,508
7,550,000	Tailholt, CO Metropolitan District No. 3		6.000			12/01/2048		8,125,914
294,000	Tallyns Reach, CO Metropolitan District No. 3		5.000			12/01/2033		315,665
1,220,000	Tallyns Reach, CO Metropolitan District No. 3		6.750			11/01/2038		1,259,809
1,400,000	Thompson Crossing, CO Metropolitan District No. 46		5.000			12/01/2039		1,505,168
2,125,000	Thompson Crossing, CO Metropolitan District No. 46		5.000			12/01/2049		2,249,716
749,000	Thompson Crossing, CO Metropolitan District No. 6		6.000			12/01/2044		780,046
1,500,000	Timnath Ranch, CO Metropolitan District No. 4		5.250			12/01/2037		1,570,650
1,900,000	Timnath Ranch, CO Metropolitan District No. 4		5.375			12/01/2047		1,989,680
953,000	Timnath Ranch, CO Metropolitan District No. 4		7.750			12/15/2047		994,179
2,000,000	Trails at Crowfoot, CO Metropolitan District No. 3		5.000			12/01/2049		2,067,840
1,610,000	Two Bridges, CO Metropolitan District		5.625			08/01/2048		1,680,808
508,000	Two Bridges, CO Metropolitan District		7.875			08/01/2048		528,218
1,570,000	Village at Dry Creek, CO Metropolitan District No. 2		4.375			12/01/2044		1,612,186
1,375,000	Village at Southgate, CO Metropolitan District		5.625			12/01/2048		1,436,751
1,645,000	Villas Eastlake Reservoir, CO Metropolitan District		6.500			12/01/2046		1,746,891
1,300,000	Westcreek, CO Metropolitan District No. 2		5.375			12/01/2048		1,355,016
1,455,000	Willow Bend, CO Metropolitan District		5.000			12/01/2049		1,542,446
755,000	Willow Bend, CO Metropolitan District		7.625			12/15/2049		768,779
5,191,763	Woodmen Heights, CO Metropolitan District No. 1		6.000			12/01/2041		5,297,883
27,590,594	Woodmen Heights, CO Metropolitan District No. 1		7.300	2		12/15/2041		24,262,064
1,245,000	York Street, CO Metropolitan District		6.250			12/01/2047		1,298,971
								315,780,973
Connecticut—0.7%
5,295,000	CT GO		4.000			08/15/2031		6,034,976
4,500,000	CT GO		5.000			09/15/2033		5,712,840
2,000,000	CT GO		5.000			09/15/2034		2,530,560
2,500,000	CT GO		5.000			09/15/2035		3,153,725

26          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Connecticut (Continued)
$2,000,000	CT GO		5.000	%		09/15/2037	$	2,507,640
2,500,000	CT H&EFA (Ascension Health Credit Group)		5.000			11/15/2040		2,517,950
3,870,000	CT H&EFA (Nuvance Health)		4.000			07/01/2041		4,344,191
5,000,000	CT H&EFA (Nuvance Health)		4.000			07/01/2049		5,541,900
6,000,000	CT Special Tax (Transportation Infrastructure)		5.000			08/01/2032		7,133,100
7,965,000	CT Special Tax (Transportation Infrastructure)		5.000			08/01/2033		9,444,021
470,000	Georgetown, CT Special Taxing District3,4		5.125			10/01/2036		150,400
1,580,000	Hartford, CT GO		5.000			10/01/2033		1,824,079
13,082,023	Mashantucket Western Pequot Tribe CT3,8		6.050			07/01/2031		448,059
								51,343,441
Delaware—0.0%
1,100,000	Bridgeville, DE Special Obligation (Heritage Shores)		5.450			07/01/2035		1,100,462
District of Columbia—3.8%
4,745,000	District of Columbia (Howard University)		6.250			10/01/2032		5,128,586
5,255,000	District of Columbia (Howard University)		6.250			10/01/2032		5,514,019
315,000	District of Columbia (Howard University)		6.500			10/01/2041		341,640
19,295,000	District of Columbia (Howard University)		6.500			10/01/2041		20,210,162
310,000	District of Columbia (Rocketship Public School)		5.300			06/01/2023		315,558
2,900,000	District of Columbia Center for Strategic & International Studies		6.375			03/01/2031		3,122,546
2,000,000	District of Columbia Center for Strategic & International Studies		6.625			03/01/2041		2,162,420
30,840,000	District of Columbia GO		5.000			10/15/2044		39,020,002
32,955,000	District of Columbia Tobacco Settlement Financing Corp.		6.750			05/15/2040		33,995,719
1,275,680,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		5.912	5		06/15/2055		61,423,992
1,055,000,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.211	5		06/15/2055		45,839,750
11,045,000	District of Columbia Water & Sewer Authority		5.000			10/01/2049		13,596,947
11,530,000	Metropolitan Washington D.C. Airport Authority1		4.000			10/01/2035		12,903,606
6,375,000	Metropolitan Washington D.C. Airport Authority		5.000			10/01/2034		8,012,036
11,000,000	Metropolitan Washington D.C. Airport Authority		5.000			10/01/2037		13,699,400
20,000,000	Metropolitan Washington D.C. Airport Authority		5.000			10/01/2044		25,017,600
1,810,000	Metropolitan Washington D.C. Airport Authority		5.000			10/01/2048		2,211,349
								292,515,332
Florida—6.7%
750,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)		8.000			10/01/2032		857,235
1,000,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)		8.000			10/01/2042		1,138,580
1,000,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)		8.000			10/01/2046		1,135,440
3,035,000	Amelia Concourse, FL Community Devel. District		5.650			05/01/2049		3,234,733

27          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$4,655,000	Amelia Concourse, FL Community Devel. District3,4		5.750	%		05/01/2038	$	4,329,150
2,990,000	Amelia Concourse, FL Community Devel. District		6.000			05/01/2047		3,143,955
1,415,000	Amelia Concourse, FL Community Devel. District		7.250			05/01/2029		1,502,574
4,315,000	Arlington Ridge, FL Community Devel. District		5.500			05/01/2036		4,315,000
1,045,000	Avignon Villages, FL Community Devel. District3,4		5.300			05/01/2014		73,150
755,000	Avignon Villages, FL Community Devel. District3,4		5.400			05/01/2037		52,850
7,555,000	Belle Isle, FL Charter School (Cornerstone Charter Academy & Cornerstone Charter High School Obligated Group)		6.000			10/01/2042		8,133,033
5,845,000	Buckeye Park, FL Community Devel. District3,4		7.875			05/01/2038		2,513,350
765,000	Carlton Lakes, FL Community Devel. District Special Assessment		5.625			11/01/2036		828,870
1,875,000	Carlton Lakes, FL Community Devel. District Special Assessment		5.750			11/01/2047		2,041,669
7,612,827	CFM, FL Community Devel. District		0.000	2		05/01/2035		5,586,521
8,285,000	CFM, FL Community Devel. District		6.250			05/01/2035		8,284,172
1,987,173	CFM, FL Community Devel. District, Series A3,4		6.250			05/01/2035		397,435
7,075,000	Chapel Creek, FL Community Devel. District Special Assessment3,4		5.500			05/01/2038		6,367,500
13,074,058	Clearwater Cay, FL Community Devel. District3,4		5.500			05/01/2037		7,452,213
1,150,000	Collier County, FL IDA (Gulf Coast Charter Academy South)		5.000			12/01/2037		1,220,863
1,875,000	Collier County, FL IDA (Gulf Coast Charter Academy South)		5.000			12/01/2047		1,963,819
1,690,000	Creekside, FL Community Devel. District3,4		5.200			05/01/2038		760,500
815,000	Crosscreek, FL Community Devel. District		5.600			05/01/2037		806,826
20,000	Crosscreek, FL Community Devel. District3		5.600			05/01/2039		19,418
1,210,000	Crosscreek, FL Community Devel. District		6.750			11/30/2021		1,214,417
55,000	Dade County, FL HFA (Golden Lakes Apartments)		6.050			11/01/2039		55,112
3,230,000	FL Capital Trust Agency (AHFP/AAD/AAHI/APH/ AWHC/AAHII/AW Obligated Group)		6.000			07/01/2042		3,342,921
1,025,000	FL Capital Trust Agency (Elim Senior Hsg.)		5.625			08/01/2037		1,083,507
3,850,000	FL Capital Trust Agency (Elim Senior Hsg.)		5.875			08/01/2052		4,062,481
850,000	FL Capital Trust Agency (Florida Charter Educational Foundation)		5.375			06/15/2038		961,987
1,590,000	FL Capital Trust Agency (Florida Charter Educational Foundation)		5.375			06/15/2048		1,769,113
1,545,000	FL Capital Trust Agency (IAS/ASchH/CAMS/ CAM&S Obligated Group)		5.000			12/15/2049		1,701,354
1,085,000	FL Capital Trust Agency (IAS/ASchH/CAMS/ CAM&S Obligated Group)		5.000			12/15/2054		1,187,901
3,735,000	FL Capital Trust Agency (Paragon Academy of Techonolgy/Sunshine Elementary Charter School Obligation Group)		5.750			06/01/2054		3,916,297
390,000	FL Capital Trust Agency (Paragon Academy of Techonolgy/Sunshine Elementary Charter School Obligation Group)		6.000			06/01/2028		406,520
1,100,000	FL Capital Trust Agency (Viera Charter School)		5.000			10/15/2047		1,176,318

28          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$755,000	FL Capital Trust Agency (Viera Charter School)		5.000	%		10/15/2052	$	801,999
3,725,000	FL Dept. of Transportation (Acquisition & Bridge Construction)1		4.000			07/01/2037		4,333,386
4,030,000	FL Dept. of Transportation (Acquisition & Bridge Construction)1		4.000			07/01/2038		4,675,925
4,195,000	FL Dept. of Transportation (Acquisition & Bridge Construction)1		4.000			07/01/2039		4,855,503
4,360,000	FL Dept. of Transportation (Acquisition & Bridge Construction)1		4.000			07/01/2040		5,034,176
6,045,000	FL Devel. Finance Corp. (Florida Charter Educational Foundation)		5.000			07/15/2046		6,243,095
300,000	FL Devel. Finance Corp. (Learning Gate Community School)		5.000			02/15/2038		331,833
985,000	FL Devel. Finance Corp. (Learning Gate Community School)		5.000			02/15/2048		1,085,283
13,000,000	FL Devel. Finance Corp. (Virgin Trains USA Florida)		6.375	9		01/01/2049		12,444,510
17,000,000	FL Devel. Finance Corp. (Virgin Trains USA Florida)		6.500	9		01/01/2049		16,214,430
2,388,640	FL Lake Ashton II Community Devel. District		5.375			05/01/2036		2,325,675
3,019,862	Glades, FL Correctional Devel. Corp.		0.000	2		03/01/2030		362,383
5,428,094	Glades, FL Correctional Devel. Corp.		7.000			03/01/2030		4,890,930
2,730,000	Greater Lakes/Sawgrass Bay, FL Community Devel. District		5.500			05/01/2038		2,607,232
1,555,000	Harbor Bay, FL Community Devel. District		6.750			05/01/2034		1,561,282
325,000	Highland Meadows, FL Community Devel. District Special Assessment, Series A		5.500			05/01/2036		325,052
13,120,000	Hillsborough County, FL Aviation Authority (Tampa International Airport)		5.000			10/01/2043		16,135,632
1,500,000	Hillsborough County, FL Aviation Authority (Tampa International Airport)		5.000			10/01/2048		1,816,185
4,775,000	Indigo, FL Community Devel. District3,4		5.750			05/01/2036		3,342,500
635,000	Lake County, FL Educational Facilities		5.000			01/15/2054		680,955
820,000	Lake County, FL Educational Facilities (Imagine South Lake Charter School)		5.000			01/15/2049		889,036
15,300,000	Lake County, FL Senior Living (Village Veranda at Lady Lake/VVLL Properties Obligated Group)		7.125			01/01/2052		15,901,443
1,685,000	Lake Helen, FL Educational Facilities (Ivy Hawn Charter School)		5.500			07/15/2048		1,801,231
1,830,000	Lake Helen, FL Educational Facilities (Ivy Hawn Charter School)		5.750			07/15/2053		1,971,990
16,715,000	Lakewood Ranch, FL Stewardship District (Country Club East Investors)		5.400			05/01/2037		16,783,532
1,785,000	Lee County, FL IDA (VOA Lee County Health Care Facility)		5.750			12/01/2052		1,914,216
2,980,000	Legends Bay, FL Community Devel. District		5.875			05/01/2038		2,982,503
5,000,000	Magnolia Creek, FL Community Devel. District3,4		5.600			05/01/2014		900,000
5,360,000	Magnolia Creek, FL Community Devel. District3,4		5.900			05/01/2039		964,800
190,000	Magnolia West, FL Community Devel. District Special Assessment		5.350			05/01/2037		205,409

29          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$2,000,000	Martin County, FL Health Facilities Authority (Cleveland Clinic Health System)		4.000	%		01/01/2046	$	2,262,000
1,715,000	Miami, FL World Center Community Devel. District		5.125			11/01/2039		1,894,492
2,570,000	Miami, FL World Center Community Devel. District		5.250			11/01/2049		2,842,471
18,645,000	Miami-Dade County, FL Aviation		5.000			10/01/2040		22,560,077
30,790,000	Miami-Dade County, FL Aviation		5.000			10/01/2049		38,015,181
10,000	Miami-Dade County, FL School Board		5.000			05/01/2032		11,829
2,460,000	Miami-Dade County, FL Seaport		6.000			10/01/2042		2,860,045
11,000,000	Miami-Dade County, FL Transit System1		4.000			07/01/2045		12,376,073
5,310,385	Montecito, FL Community Devel. District3,4		5.100			05/01/2013		5,097,969
5,310,000	Montecito, FL Community Devel. District3,4		5.500			05/01/2037		5,097,600
9,515,000	Nassau County, FL (Nassau Care Centers)		6.900			01/01/2038		9,555,534
3,640,000	Naturewalk, FL Community Devel. District3,4		5.300			05/01/2016		2,875,600
4,345,000	Naturewalk, FL Community Devel. District3,4		5.500			05/01/2038		3,432,550
3,000,000	Palm Beach County, FL Health Facilities Authority (Sinai Residences Boca Raton)		7.500			06/01/2049		3,395,910
11,270,000	Palm Coast Park, FL Community Devel. District Special Assessment		5.700			05/01/2037		11,274,508
1,850,000	Palm River, FL Community Devel. District3,4		5.150			05/01/2013		925,000
1,565,000	Palm River, FL Community Devel. District3,4		5.375			05/01/2036		782,500
5,097,649	Pine Ridge Plantation, FL Community Devel. District		5.400			05/01/2037		4,745,911
2,250,000	Pinellas County, FL Educational Facilities Authority (Pinellas Prep Academy)		7.125			09/15/2041		2,506,500
1,750,000	Pinellas County, FL IDA (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding)		5.000			07/01/2039		2,063,793
800,000	Polk County, FL IDA (Carpenter’s Home Estates)		5.000			01/01/2055		895,264
5,000,000	Pompano Beach, FL GO		4.000			07/01/2048		5,698,250
9,000,000	Portico, FL Community Devel. District		5.450			05/01/2037		8,883,450
5,905,000	Portofino Isles, FL Community Devel. District (Portofino Court)3,4		5.600			05/01/2036		2,480,100
2,470,000	Portofino Vista, FL Community Devel. District3,4		5.000			05/01/2013		1,235,000
3,420,000	Reunion East, FL Community Devel. District3,4		5.800			05/01/2036		34
1,410,000	Reunion East, FL Community Devel. District		6.600			05/01/2033		1,537,253
3,380,000	Reunion East, FL Community Devel. District		6.600			05/01/2036		3,685,045
1,425,000	Reunion East, FL Community Devel. District3,4		7.375			05/01/2033		14
135,000	Ridgewood Trails, FL Community Devel. District		5.650			05/01/2038		132,547
7,580,000	River Glen, FL Community Devel. District Special Assessment3,4		5.450			05/01/2038		4,169,000
140,928	Santa Rosa Bay, FL Bridge Authority		6.250			07/01/2028		141,282
1,895,000	Sarasota County, FL Educational Facilities (School of Arts & Sciences)		6.500			07/01/2040		1,931,611
3,670,000	Seminole County, FL IDA (Progressive Health)		7.500			03/01/2035		3,674,367
7,035,000	South Bay, FL Community Devel. District		5.125			05/01/2020		7,043,723
6,780,000	South Bay, FL Community Devel. District		5.950			05/01/2036		6,715,793
5,110,000	South Bay, FL Community Devel. District3,4		5.950			05/01/2036		51
3,240,000	South Bay, FL Community Devel. District3,4		6.600	2		05/01/2025		1,631,534

30          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$8,750,000	South Bay, FL Community Devel. District3,4		6.600	%2		05/01/2036	$	4,410,613
3,450,000	South Fork East, FL Community Devel. District		6.500	2		05/01/2038		3,500,750
14,000,000	South Miami, FL Health Facilities Authority (BHSF/BHM/HHI/SMH/MarH/DrsH/WKBP/ BOS/FHlth/BHlth/BethH Obligated Group)1		4.000			08/15/2036		15,733,690
3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)		5.875			08/01/2040		3,648,645
3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)		6.000			08/01/2045		3,652,565
1,000,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)		5.250			10/01/2041		853,450
610,000	Tern Bay, FL Community Devel. District		5.375			05/01/2037		610,287
12,705,000	Town Center, FL at Palm Coast Community Devel. District		6.000			05/01/2036		12,755,312
4,950,000	Treeline, FL Preservation Community Devel. District3,4		6.800			05/01/2039		2,722,500
480,000	Villages of Glen Creek FL Community Devel. District Community Devel. District		4.750			05/01/2026		485,198
1,080,000	Villages of Glen Creek FL Community Devel. District Community Devel. District		5.250			05/01/2036		1,099,958
2,470,000	Villages of Glen Creek FL Community Devel. District Community Devel. District		5.375			05/01/2046		2,513,349
1,815,000	Villages of Glen Creek FL Community Devel. District Community Devel. District		5.375			05/01/2046		1,846,853
3,346,447	Waterford Estates, FL Community Devel. District Special Assessment3,4		5.125			05/01/2013		3,179,124
2,754,253	Waterford Estates, FL Community Devel. District Special Assessment3,4		5.500			05/01/2037		2,616,540
122,000	Waters Edge, FL Community Devel. District		5.350			05/01/2039		122,049
2,455,000	Waters Edge, FL Community Devel. District		6.600	2		05/01/2039		2,478,691
1,214,282	Waterstone, FL Community Devel. District4		0.000	2		05/01/2037		970,661
8,231,933	Waterstone, FL Community Devel. District4		5.020	5		11/01/2028		4,875,774
2,327,525	Waterstone, FL Community Devel. District3,4		5.500			05/01/2018		1,512,891
1,215,000	West Villages, FL Improvement District3,4		5.350			05/01/2015		972,000
18,150,000	West Villages, FL Improvement District3,4		5.800			05/01/2036		14,520,000
1,615,000	Westridge, FL Community Devel. District3,4		5.800			05/01/2037		1,615,000
250,000	Westside, FL Community Devel. District3,4		5.650			05/01/2037		87,500
4,490,000	Westside, FL Community Devel. District		5.650			05/01/2037		4,491,482
1,475,000	Westside, FL Community Devel. District3		5.650			05/01/2037		1,373,948
6,520,000	Westside, FL Community Devel. District		7.200			05/01/2038		6,521,500
705,000	Westside, FL Community Devel. District3		7.200			05/01/2038		654,515
500,000	Westside, FL Community Devel. District3,4		7.200			05/01/2038		175,000
7,420,000	Wyld Palms, FL Community Devel. District3,4		5.400			05/01/2015		2,300,200
4,340,000	Wyld Palms, FL Community Devel. District3,4		5.500			05/01/2038		1,345,400
3,786,132	Zephyr Ridge, FL Community Devel. District3,4		5.250			05/01/2013		3,180,351

31          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$2,634,476	Zephyr Ridge, FL Community Devel. District3,4		5.625	%		05/01/2037	$	2,212,959
								514,887,526
Georgia—1.6%
1,445,000	Cobb County, GA Devel. Authority (Provident Group-Creekside Properties)		6.000			07/01/2036		1,452,081
5,440,000	Cobb County, GA Devel. Authority (Provident Group-Creekside Properties)		6.000			07/01/2051		5,259,827
3,100,000	Floyd County, GA Devel. Authority (Lavender Mountain Senior Living)		5.750			12/01/2033		3,226,046
17,030,000	Floyd County, GA Devel. Authority (Lavender Mountain Senior Living)		6.250			12/01/2048		17,847,440
9,710,000	Floyd County, GA Devel. Authority (Lavender Mountain Senior Living)		6.500			12/01/2053		10,263,470
6,850,000	Floyd County, GA Devel. Authority (Spires at Berry College)		6.000			12/01/2038		7,139,413
1,270,000	GA Environmental Loan Acquisition Corp. (Local Water Authority)		5.125			03/15/2031		1,273,556
3,400,000	GA Main Street Natural Gas		5.000			05/15/2043		4,110,124
17,330,000	GA Main Street Natural Gas		5.000			05/15/2049		24,864,564
9,100,000	GA Road & Tollway Authority(I-75 S Express Lanes)		0.000	2		06/01/2049		7,200,284
2,250,000	GA Road & Tollway Authority(I-75 S Express Lanes)		6.246	5		06/01/2024		1,776,915
3,750,000	GA Road & Tollway Authority(I-75 S Express Lanes)		6.748	5		06/01/2034		1,574,475
1,720,000	Gainesville & Hall County, GA Devel. Authority Educational Facilities (Riverside Military Academy)		5.000			03/01/2047		1,921,911
1,720,000	Gainesville & Hall County, GA Devel. Authority Educational Facilities (Riverside Military Academy)		5.125			03/01/2052		1,922,943
9,000,000	Houston County, GA Healthcare System		5.000			10/01/2031		10,031,490
6,375,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		5.500			12/01/2028		6,504,923
2,090,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		5.500	9		12/01/2053		2,167,288
2,635,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		6.125			12/01/2038		2,825,800
3,675,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		6.250			12/01/2048		3,935,447
3,090,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		6.375			12/01/2053		3,308,957
								118,606,954
Hawaii—0.4%
9,355,000	HI Airports System		5.000			07/01/2043		11,464,365
15,450,000	HI Airports System		5.000			07/01/2048		18,796,779
610,000	HI Dept. of Transportation (Continental Airlines)		5.625			11/15/2027		615,661

32          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Hawaii (Continued)
$1,105,000	Kuakini, HI Health System (KMC/KHS/KGC/KSS Obligated Group)		6.300	%		07/01/2022	$	1,108,437
								31,985,242
Idaho—0.0%
960,000	ID Health Facilities Authority (Valley Vista Care Corp./Vista Community Hsg. Corp. Obligated Group)		5.250			11/15/2047		1,027,863
100,000	ID Hsg. & Finance Assoc. (Compass Public Charter School)		5.875			07/01/2022		101,530
370,000	ID Hsg. & Finance Assoc. (Compass Public Charter School)		6.000			07/01/2039		435,993
1,135,000	ID Hsg. & Finance Assoc. (Compass Public Charter School)		6.000			07/01/2054		1,310,539
92,400	Nampa, ID Local Improvement District No. 1486		6.625			09/01/2030		95,976
								2,971,901
Illinois—5.6%
3,000,000	Carol Stream, IL Park District		5.000			01/01/2037		3,521,730
30,685,000	Caseyville, IL Tax (Forest Lakes)3,4		7.000			12/30/2022		306,850
7,555,000	Chicago, IL Board of Education		5.000			04/01/2046		8,619,953
5,700,000	Chicago, IL Board of Education		6.000			04/01/2046		6,909,369
1,850,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2023		2,077,587
3,500,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2024		4,026,610
2,500,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2025		2,942,550
1,725,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2026		2,071,949
2,100,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2027		2,566,032
2,000,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2029		2,470,980
1,250,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2032		1,524,350
3,000,000	Chicago, IL Board of Education (School Reform)		5.000			12/01/2035		3,626,100
1,500,000	Chicago, IL Board of Education (School Reform)		6.500			12/01/2046		1,820,850
7,000,000	Chicago, IL Board of Education (School Reform)		7.000			12/01/2044		8,538,670
3,580,000	Chicago, IL Metropolitan Water Reclamation		5.000			12/01/2028		4,410,130
6,870,000	Chicago, IL Metropolitan Water Reclamation		5.000			12/01/2044		7,805,694
3,000,000	Chicago, IL Midway Airport, Series A		5.000			01/01/2033		3,373,350
30,000	Chicago, IL Multifamily Hsg. (Cottage View Terrace)		6.125			02/20/2042		30,048
2,500,000	Chicago, IL O’Hare International Airport		5.000			01/01/2047		2,932,100
10,000,000	Chicago, IL O’Hare International Airport		5.000			01/01/2048		12,070,300
3,750,000	Chicago, IL O’Hare International Airport		5.000			07/01/2048		4,437,225
5,000,000	Chicago, IL O’Hare International Airport		5.000			01/01/2052		5,835,200
16,890,000	Chicago, IL O’Hare International Airport		5.000			01/01/2053		20,664,577
2,755,000	Chicago, IL Waterworks		5.250			11/01/2030		3,432,482
2,900,000	Chicago, IL Waterworks		5.250			11/01/2031		3,597,218
2,135,000	Chicago, IL Waterworks		5.250			11/01/2032		2,641,870
2,000,000	Chicago, IL Waterworks		5.250			11/01/2033		2,469,260
2,885,000	Chicago, IL Waterworks		5.250			11/01/2035		3,541,684
1,190,000	Cook County, IL School District No. 111 Burbank		4.000			12/01/2033		1,318,484
1,000,000	Cook County, IL School District No. 111 Burbank		4.000			12/01/2034		1,104,920

33          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Illinois (Continued)
$1,000,000	Cook County, IL School District No. 111 Burbank		4.000	%		12/01/2035	$	1,102,180
10,032,000	Cortland, IL Special Tax (Sheaffer System)3,4		5.500			03/01/2017		2,006,400
900,000	Du Page County, IL Special Service Area No. 31 Special Tax (Monarch Landing)		5.625			03/01/2036		905,301
1,585,000	Franklin Park, IL GO		6.250			07/01/2030		1,720,010
2,069,343	Gilberts, IL Special Service Area No. 24 Special Tax (Conservancy)		5.375			03/01/2034		2,069,591
6,165,000	Harvey, IL GO3		5.500			12/01/2027		3,716,878
1,800,000	Harvey, IL GO3		5.625			12/01/2032		1,085,220
9,645,000	IL Educational Facilities Authority (Plum Creek Rolling Meadows)		6.500			12/01/2037		9,658,407
1,000,000	IL Finance Authority (Admiral at the Lake)		5.125			05/15/2038		1,079,780
3,220,000	IL Finance Authority (Admiral at the Lake)		5.250			05/15/2042		3,473,704
2,825,000	IL Finance Authority (Admiral at the Lake)		5.250			05/15/2054		3,029,869
100,000	IL Finance Authority (Art Institute of Chicago)		5.250			03/01/2040		101,915
12,500,000	IL Finance Authority (CDHS)1		5.500			11/01/2039		12,586,188
5,000,000	IL Finance Authority (CDHS/CDHA)1		5.375			11/01/2039		5,033,488
5,425,000	IL Finance Authority (DeKalb Supportive Living)		6.100			12/01/2041		5,426,085
2,000,000	IL Finance Authority (Friendship Village Schaumburg)		5.000			02/15/2027		2,083,180
7,000,000	IL Finance Authority (Friendship Village Schaumburg)		5.000			02/15/2037		7,034,370
3,120,000	IL Finance Authority (Friendship Village Schaumburg)		5.125			02/15/2045		3,116,381
1,000,000	IL Finance Authority (Lake Forest College)		6.000			10/01/2048		1,084,070
645,000	IL Finance Authority (Luther Oaks)		6.000			08/15/2026		645,677
1,500,000	IL Finance Authority (Luther Oaks)		6.000			08/15/2039		1,500,990
575,000	IL Finance Authority (Rogers Park Montessori School)		6.000			02/01/2034		635,950
1,310,000	IL Finance Authority (Rogers Park Montessori School)		6.125			02/01/2045		1,436,402
575,000	IL Finance Authority (Rosalind Franklin University of Medicine & Science)		5.000			08/01/2042		662,618
700,000	IL Finance Authority (Rosalind Franklin University of Medicine & Science)		5.000			08/01/2047		803,747
11,745,000	IL Finance Authority (St. Anthony Lassing)		6.500			12/01/2032		12,130,471
1,500,000	IL Finance Authority (The New Admiral at the Lake)		8.000			05/15/2040		1,570,140
5,775,000	IL Finance Authority (The New Admiral at the Lake)		8.000			05/15/2046		6,045,039
3,935,000	IL Finance Authority (Villa St. Benedict)		6.125			11/15/2035		4,442,615
4,400,000	IL Finance Authority (Villa St. Benedict)		6.375			11/15/2043		4,988,896
4,625,000	IL GO		5.000			10/01/2028		5,539,594
3,000,000	IL GO		5.000			10/01/2028		3,593,250
5,000,000	IL GO		5.000			10/01/2029		5,959,700
6,500,000	IL GO		5.000			10/01/2029		7,747,610
3,000,000	IL GO		5.000			10/01/2030		3,555,750
10,000,000	IL GO		5.000			10/01/2030		11,852,500
3,360,000	IL GO		5.000			10/01/2033		3,942,557

34          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Illinois (Continued)
$5,000,000	IL GO		5.500	%		01/01/2029	$	6,211,650
1,640,000	IL Hsg. Devel. Authority (Stonebridge Gurnee)		5.450			01/01/2046		1,642,476
1,775,000	IL Hsg. Devel. Authority (Stonebridge Gurnee)		5.600			01/01/2056		1,785,171
31,755,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.418	5		06/15/2047		12,556,245
6,450,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.509	5		06/15/2043		2,984,931
15,000,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.539	5		06/15/2046		6,191,250
22,000,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.549	5		12/15/2056		6,020,300
10,225,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.609	5		06/15/2044		4,561,577
5,000,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.628	5		12/15/2041		2,442,550
15,580,000	IL Sales Tax		4.000			06/15/2028		17,055,738
5,000,000	IL Sales Tax		4.000			06/15/2029		5,442,150
10,625,000	IL Sales Tax		4.000			06/15/2030		11,416,137
2,010,000	IL Sales Tax		4.000			06/15/2031		2,167,604
5,000,000	IL Sales Tax		4.000			06/15/2032		5,321,700
5,820,000	IL Sales Tax		4.000			06/15/2032		6,194,459
12,830,000	IL Sales Tax Securitization Corp.		5.000			01/01/2038		14,945,924
4,000,000	IL Sales Tax Securitization Corp.		5.000			01/01/2048		4,597,600
1,395,000	IL Sports Facilities Authority6		5.000			06/15/2028		1,695,106
1,545,000	IL Sports Facilities Authority6		5.000			06/15/2029		1,894,556
855,000	IL Sports Facilities Authority6		5.000			06/15/2030		1,044,827
1,778,000	Manhattan, IL Special Service Area Special Tax (Lakeside Towns Liberty)3,4		5.750			03/01/2022		444,500
3,485,000	Plano, IL Special Service Area No. 53,4		6.000			03/01/2036		2,962,250
5,280,000	Quad Cities, IL Regional EDA (Pheasant Ridge Apartments)4		6.375			08/01/2040		3,976,104
162	Robbins, IL Res Rec (Robbins Res Rec Partners)		7.250			10/15/2024		165
1,340,000	Southwestern IL Devel. Authority (Comprehensive Mental Health Center)		6.625			06/01/2037		964,023
1,500,000	Southwestern IL Devel. Authority (Eden Retirement Center)		5.850			12/01/2036		1,447,785
10,395,000	Southwestern IL Devel. Authority (Local Government Programming)4		7.000			10/01/2022		6,029,100
3,215,000	Southwestern IL Devel. Authority (Village of Sauget)		5.625			11/01/2026		3,198,861
12,555,000	Upper, IL River Valley Devel. Authority (DeerPath Huntley)		6.500			12/01/2032		12,780,237
4,000,000	Will County, IL GO		4.000			11/15/2047		4,539,000
								426,568,621
Indiana—2.3%
10,000,000	Allen County, IN Multifamily Hsg. (Evergreen Village Fort Wayne)		6.375			02/01/2039		10,754,100
4,300,000	Carmel, IN Redevel. District COP		6.500			07/15/2035		4,609,127

35          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Indiana (Continued)
$11,925,000	Columbus, IN Multifamily Hsg. (Vivera Senior Living)		5.625	%		05/01/2039	$	12,480,228
3,430,000	Evansville, IN Multifamily Hsg. (Silver Birch Evansville)		5.450			01/01/2038		3,631,958
7,000,000	Fort Wayne, IN Multifamily Hsg. (Silver Birch at Cook Road)		5.625			01/01/2038		7,533,120
595,000	Fort Wayne, IN Multifamily Hsg. (Silver Birch Fort Wayne)		5.125			01/01/2032		630,920
3,850,000	Fort Wayne, IN Multifamily Hsg. (Silver Birch Fort Wayne)		5.350			01/01/2038		4,050,315
2,050,000	IN Finance Authority (Avondale Meadows Academy)		5.375			07/01/2047		2,233,352
1,675,000	IN Finance Authority (BHI Senior Living)		5.500			11/15/2031		1,798,950
2,850,000	IN Finance Authority (BHI Senior Living)		5.750			11/15/2041		3,060,757
11,505,000	IN Finance Authority (Marian University)		6.375			09/15/2041		12,498,112
10,000,000	IN Finance Authority (Parkview Health System/Parkview Hospital Obligated Group)1		4.000			11/01/2048		11,034,525
3,950,000	IN Hsg. & Community Devel. Authority (Evergreen Village Bloomington)		5.500			01/01/2037		4,156,190
6,225,000	IN Hsg. & Community Devel. Authority (Hammond Assisted Living Community)		5.750			01/01/2036		6,405,276
3,365,000	IN Hsg. & Community Devel. Authority (Lake Meadows Assisted Living)		5.000			01/01/2039		3,475,608
770,000	Indiana, IA Finance Authority (Irvington Community School)		5.900			07/01/2038		811,742
685,000	Indiana, IA Finance Authority (Irvington Community School)		6.000			07/01/2048		722,264
10,000,000	Indianapolis, IN Local Public Improvement Bond Bank		5.000			02/01/2049		12,496,000
1,095,000	Kokomo, IN Multifamily Hsg. (Silver Birch of Kokomo)		5.750			01/01/2034		1,183,443
4,570,000	Kokomo, IN Multifamily Hsg. (Silver Birch of Kokomo)		5.875			01/01/2037		4,930,984
1,060,000	Lafayette, IN Multifamily Hsg. (Glasswater Creek of Lafayette)		5.600			01/01/2033		1,148,616
5,160,000	Lafayette, IN Multifamily Hsg. (Glasswater Creek of Lafayette)		5.800			01/01/2037		5,575,535
4,965,000	Merrillville, IN Economic Devel. (Belvedere Hsg.)		5.750			04/01/2036		5,010,678
14,565,000	Michigan City, IN Multifamily Hsg. (Silver Birch Project)		5.150			01/01/2037		14,891,693
17,510,000	Mishawaka, IN Multifamily Hsg. (Hellenic Senior Living of Mishawaka)		5.750			10/01/2038		18,935,314
4,975,000	Mishawaka, IN Multifamily Hsg. (Silver Birch Mishawaka)		5.375			01/01/2038		5,242,357
2,560,000	Muncie, IN Multifamily Hsg. (Silver Birch Project)		5.250			01/01/2037		2,665,472
8,000,000	Plainfield, IN Multifamily Hsg. (Glasswater Creek)		5.375			09/01/2038		8,325,680
3,880,000	Terre Haute, IN Multifamily Hsg. (Silver Birch of Terre Haute)		5.350			01/01/2038		4,081,876

36          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Indiana (Continued)
$3,225,000	Vincennes, IN Economic Devel. (Southwest Indiana Regional Youth Village)		6.250	%		01/01/2029	$	3,306,786
								177,680,978
Iowa—0.2%
1,405,000	Clear Lake, IA Senior Hsg. (Timbercrest Apartments)		6.000			10/01/2043		1,563,807
2,780,000	Clear Lake, IA Senior Hsg. (Timbercrest Apartments)		6.000			10/01/2048		3,070,899
1,160,000	IA Finance Authority (Boys & Girls Home and Family Services)3,4		5.900			12/01/2028		58,000
750,000	IA Finance Authority Senior Hsg. (PHS Council Bluffs)		5.000			08/01/2038		798,435
1,750,000	IA Finance Authority Senior Hsg. (PHS Council Bluffs)		5.125			08/01/2048		1,858,360
2,500,000	IA Finance Authority Senior Hsg. (PHS Council Bluffs)		5.250			08/01/2055		2,659,450
640,000	IA Finance Authority Senior Hsg. (Wedum Walnut Ridge)		5.375			06/01/2025		640,045
2,725,000	IA Tobacco Settlement Authority (TASC)		6.500			06/01/2023		2,762,823
								13,411,819
Kansas—0.0%
2,961,065	Olathe, KS Tax Increment (Gateway)4,7		5.000			03/01/2026		1,628,586
675,000	Pittsburgh, KS Special Obligation (North Broadway Redevel.)		4.900			04/01/2024		626,110
								2,254,696
Kentucky—0.3%
1,660,000	Kuttawa, KY (1stMtg.-GF/Kentucky)		6.750			03/01/2029		1,661,477
1,250,000	KY EDFA (Masonic Homes of Kentucky/Masonic Home Independent Living II Obligated Group)		7.250			05/15/2041		1,377,538
1,000,000	KY EDFA (Masonic Homes of Kentucky/Masonic Home Independent Living II Obligated Group)		7.375			05/15/2046		1,104,130
1,000,000	KY EDFA (Owensboro Health/Owensboro Health Medical Group Obligated Group)		5.000			06/01/2045		1,141,650
6,785,000	KY Municipal Power Agency		5.000			09/01/2034		8,057,391
5,000,000	KY Municipal Power Agency		5.000			09/01/2036		5,871,300
1,900,000	KY Property & Building Commission		5.000			05/01/2031		2,379,028
1,900,000	KY Property & Building Commission		5.000			05/01/2032		2,370,820
900,000	KY Property & Building Commission		5.000			05/01/2033		1,120,374
900,000	KY Property & Building Commission		5.000			05/01/2034		1,117,134
								26,200,842
Louisiana—0.4%
11,415,000	LA HFA (La Chateau)		7.250			09/01/2039		11,417,511
1,220,000	LA Local Government EF&CD Authority (Better Waterworks)		5.250			05/01/2043		1,257,808

37          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Louisiana (Continued)
$3,385,000	LA Local Government EF&CD Authority (St. Martin Parish)		4.400	%		11/01/2044	$	3,480,694
2,575,000	LA Local Government EF&CD Authority (Tangipahoa Parish Gomesa)		5.375			11/01/2038		2,820,346
2,300,000	New Orleans, LA Aviation Board (Parking Facilities)		5.000			10/01/2043		2,799,077
4,220,000	New Orleans, LA Aviation Board (Parking Facilities)		5.000			10/01/2048		5,105,736
								26,881,172
Maine—0.3%
2,000,000	ME Finance Authority (Casella Waste Systems)		4.375	9		08/01/2035		2,208,220
2,000,000	ME H&HEFA (Maine General Medical Center)		6.750			07/01/2041		2,164,460
4,800,000	Rumford, ME Pollution Control (Boise Cascade Corp.)		6.625			07/01/2020		4,865,040
12,265,000	Rumford, ME Solid Waste Disposal (Boise Cascade Corp.)		6.875			10/01/2026		12,431,191
								21,668,911
Maryland—0.9%
9,525,000	Baltimore County, MD GO1		4.000			03/01/2040		10,878,798
1,100,000	Baltimore, MD Special Obligation (Center/West Devel.)		5.375			06/01/2036		1,175,130
1,360,000	Baltimore, MD Special Obligation (Center/West Devel.)		5.500			06/01/2043		1,456,179
1,000,000	MD EDC (Air Cargo)		4.000			07/01/2039		1,123,140
500,000	MD EDC (Air Cargo)		4.000			07/01/2044		555,540
45,950,000	MD Stadium Authority (Construction & Revitalization Program)1		5.000			05/01/2047		55,881,627
								71,070,414
Massachusetts—1.1%
6,905,000	MA Devel. Finance Agency (Lasell College)		6.000			07/01/2041		7,362,664
1,600,702	MA Devel. Finance Agency (Linden Ponds)		1.009	5		11/15/2056		477,457
4,565,000	MA Devel. Finance Agency (Linden Ponds)		5.125			11/15/2046		5,203,917
8,665,000	MA GO		5.000			11/01/2043		10,660,896
9,820,000	MA H&EFA (Milford Regional Medical Center)		5.000			07/15/2032		9,908,675
4,850,000	MA HFA, Series C1		5.350			12/01/2042		4,874,493
5,000,000	MA Port Authority Facilities		5.000			07/01/2038		6,295,900
6,000,000	MA Port Authority Facilities		5.000			07/01/2039		7,535,280
4,000,000	MA Port Authority Facilities		5.000			07/01/2040		5,010,480
10,735,000	MA School Building Authority		4.000			02/15/2039		11,638,780
2,240,000	Saugus, MA GO1		4.000			03/01/2039		2,574,824
2,500,000	Saugus, MA GO1		4.000			03/01/2040		2,858,863
2,670,000	Saugus, MA GO1		4.000			03/01/2041		3,040,765

38          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Massachusetts (Continued)
$2,750,000	Saugus, MA GO1		4.000	%		03/01/2042	$	3,126,692
								80,569,686
Michigan—3.2%
1,600,000	American Montessori Academy, MI Public School Academy		7.000			12/01/2046		1,669,888
3,465,000	Arts & Technology Academy Pontiac, MI Public School Academy		6.000			11/01/2046		3,505,506
2,740,000	Charyl Stockwell Academy, MI Public School Academy		5.500			10/01/2035		2,819,159
4,140,000	Charyl Stockwell Academy, MI Public School Academy		5.750			10/01/2045		4,273,722
10,100,000	Detroit, MI City School District1		6.000			05/01/2029		12,845,534
1,550,000	Detroit, MI Downtown Devel. Authority		5.000			07/01/2043		1,744,773
13,450,000	Detroit, MI Downtown Devel. Authority		5.000			07/01/2048		15,107,981
803,643	Detroit, MI GO		5.000			04/01/2020		803,667
906,750	Detroit, MI GO		5.000			04/01/2021		905,000
155,000	Detroit, MI GO		5.250			04/01/2020		155,011
350,300	Detroit, MI GO		5.250			04/01/2020		350,325
342,550	Detroit, MI GO		5.250			04/01/2021		342,571
206,150	Detroit, MI GO		5.250			04/01/2022		206,148
15,500	Detroit, MI GO		5.250			04/01/2023		15,499
810,000	Detroit, MI Local Devel. Finance Authority		6.700			05/01/2021		812,665
365,000	Detroit, MI Local Devel. Finance Authority		6.850			05/01/2021		366,241
3,150,000	Haslett, MI Public School District		5.000			05/01/2048		3,810,523
15,000,000	MI Finance Authority (Henry Ford Health System)		4.000			11/15/2050		16,695,150
200,000	MI Finance Authority (HFHS/HFMHCT/HFWH/ WAFMH Obligated Group)		5.000			11/15/2041		239,160
3,000,000	MI Finance Authority (Lawrence Technological University)		5.250			02/01/2032		3,346,050
22,220,000	MI Finance Authority (Thomas M Cooley Law School)		6.750			07/01/2044		23,515,648
2,000,000	MI Finance Authority (Universal Learning Academy)		5.750			11/01/2040		2,119,560
12,000,000	MI Hospital Finance Authority (McLaren Health Care Corp.)		4.000			02/15/2050		13,428,480
1,215,000	MI Hospital Finance Authority (McLaren Health Care Corp.)		5.000			05/15/2034		1,431,185
5,000,000	MI Hsg. Devel. Authority, Series A		4.000			12/01/2044		5,481,900
2,500,000	MI Hsg. Devel. Authority, Series A		4.000			06/01/2049		2,724,475
595,000	MI Public Educational Facilities Authority (American Montessori)		6.500			12/01/2037		595,422
1,400,000	MI Public Educational Facilities Authority (Old Redford Academy)		6.000			12/01/2035		1,400,644
1,002,750	MI Strategic Fund Limited Obligation (Wolverine Human Services)		7.875			08/31/2028		1,004,395
2,200,000	MI Strategic Fund Solid Waste (Genesee Power Station)		7.500			01/01/2021		2,199,670
2,725,780,000	MI Tobacco Settlement Finance Authority		7.965	5		06/01/2058		87,333,991

39          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Michigan (Continued)
$3,820,000	Michigan State University		5.000	%		02/15/2044	$	4,791,273
5,350,000	Michigan State University		5.000			02/15/2048		6,673,429
1,400,000	Old Redford Academy, MI Public School Academy		5.900			12/01/2030		1,415,204
3,500,000	Summit Academy North, MI Public School Academy		5.000			11/01/2031		3,588,270
2,800,000	Summit Academy North, MI Public School Academy		5.000			11/01/2035		2,855,496
13,540,000	Wayne, MI Charter County Airport Facilities (Northwest Airlines)		6.000			12/01/2029		13,579,943
								244,153,558
Minnesota—0.7%
3,330,000	Bethel, MN Hsg. & Healthcare (Benedictine Living Communities - St. Peter Communities)		5.500			12/01/2048		3,528,701
2,610,000	Bethel, MN Senior Hsg. (Birchwood Landing)		5.000			05/01/2054		2,767,383
1,000,000	Bethel, MN Senior Hsg. (Lodge at Lakes at Stillwater)		5.000			06/01/2048		1,059,520
600,000	Bethel, MN Senior Hsg. (Lodge at Lakes at Stillwater)		5.000			06/01/2053		633,552
1,625,000	Bethel, MN Senior Hsg. (Lodge at Lakes at Stillwater)		5.250			06/01/2058		1,729,894
6,915,000	Brooklyn Center, MN Multifamily Hsg. (Sanctuary Brooklyn Center)		5.500			11/01/2035		7,173,690
3,115,000	Brooklyn Center, MN Multifamily Hsg. (Sanctuary Brooklyn Center)		6.500			11/01/2035		3,114,844
5,735,000	Dakota County, MN Community Devel. Agency (Sanctuary at West St. Paul)		6.000			08/01/2035		5,943,754
380,000	Duluth, MN EDA Health Care Facilities (Cambia Hills of Bethel)		5.450			12/01/2046		409,047
1,000,000	Duluth, MN EDA Health Care Facilities (Cambia Hills of Bethel)		5.625			12/01/2055		1,077,480
6,570,000	International Falls, MN Solid Waste Disposal (Boise Cascade Corp.)		6.850			12/01/2029		6,659,023
1,075,000	Minneapolis, MN Charter School (Spero Academy)		6.250			07/01/2037		1,132,588
4,740,000	Minneapolis, MN Charter School (Spero Academy)		6.500			07/01/2048		5,022,220
500,000	Minneapolis, MN Student Hsg. (Riverton Community Hsg.)		5.000			08/01/2053		535,630
515,000	Red Wing, MN Senior Hsg. (Benedictine Living Community of Northfield)		5.000			08/01/2053		541,038
1,400,000	St. Paul, MN Hsg. & Redevel. Authority (Bridgecreek Senior Place)6		7.000			09/15/2037		1,400,644
1,459,941	St. Paul, MN Hsg. & Redevel. Authority (Episcopal Nursing Home)		5.630			10/01/2033		1,460,963
2,003,000	St. Paul, MN Hsg. & Redevel. Authority (Great Northern Lofts)6		6.250			03/01/2029		1,940,426
1,075,000	St. Paul, MN Hsg. & Redevel. Authority (Great River School)		5.500			07/01/2052		1,163,591

40          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Minnesota (Continued)
$1,000,000	St. Paul, MN Hsg. & Redevel. Authority Charter School (German Immersion School)6		5.000	%		07/01/2049	$	1,115,430
1,000,000	St. Paul, MN Hsg. & Redevel. Authority Charter School (German Immersion School)6		5.000			07/01/2055		1,108,170
2,305,000	St. Paul, MN Hsg. & Redevel. Authority Charter School (Hmong College Prep Academy)		5.500			09/01/2043		2,365,437
1,000,000	Wayzata, MN Senior Hsg. (Folkstone Senior Living Community)		5.000			08/01/2049		1,106,450
								52,989,475
Mississippi—0.5%
1,670,000	Meridian, MS Tax Increment (Meridian Crossroads)		8.750			12/01/2024		1,712,067
13,015,000	Mississippi State University Educational Building1		4.000			08/01/2043		14,465,558
10,000,000	MS Devel. Bank (Capital City Convention Center)		5.000			03/01/2036		13,404,600
2,250,000	MS Devel. Bank (Hancock County Gomesa Project)		4.550			11/01/2039		2,323,080
1,395,000	Ridgeland, MS Tax Increment (Colony Park)		5.250			10/01/2027		1,398,781
1,755,000	Ridgeland, MS Tax Increment (Colony Park)		5.375			10/01/2028		1,759,914
16,410,000	Stonebridge, MS Public Improvement District Special Assessment3		7.500			10/01/2042		1,312,800
								36,376,800
Missouri—0.9%
4,900,000	Branson, MO Commerce Park Community Improvement District3		5.750			06/01/2026		1,078,000
2,310,000	Branson, MO IDA (Branson Hills Redevel.)		5.750			05/01/2026		1,691,382
12,200,000	Branson, MO IDA (Branson Hills Redevel.)4		7.050			05/01/2027		8,892,458
275,000	Branson, MO IDA (Branson Landing)		5.250			06/01/2021		275,047
2,970,000	Branson, MO IDA (Branson Landing)		5.500			06/01/2029		2,970,475
570,000	Broadway-Fairview, MO Transportation Devel. District (Columbia)4,7		6.125			12/01/2036		370,500
5,000,000	Chesterfield Valley, MO Transportation Devel. District		0.000	2		05/15/2046		2,906,200
545,000	Chillicothe, MO Tax Increment (South U.S. 65)4		5.500			04/01/2021		496,184
3,100,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.625			04/01/2027		2,664,512
5,000,000	Kansas City, MO IDA (Kansas City International Airport Terminal)		5.000			03/01/2049		6,146,050
5,835,000	Kansas City, MO IDA (Platte Purchase)		5.000			07/01/2040		5,962,203
1,000,000	Kansas City, MO IDA (Sales Tax)		5.000			04/01/2036		1,054,330
740,000	Kansas City, MO IDA (Sales Tax)		5.000			04/01/2046		769,800
1,095,000	Kansas City, MO IDA (West Paseo)		6.750			07/01/2036		1,095,657
1,200,000	Lees Summit, MO IDA (Kensington Farms)3		5.500			03/01/2021		768,000
750,000	Lees Summit, MO IDA (Kensington Farms)3		5.750			03/01/2029		480,000
2,800,000	Lees Summit, MO Tax (Summit Fair Community Improvement District)		6.000			05/01/2042		2,816,968
3,020,000	MO Dardenne Town Square Transportation Devel. District7		5.000			05/01/2026		1,359,000

41          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Missouri (Continued)
$3,825,000	MO Dardenne Town Square Transportation Devel. District7		5.000	%		05/01/2036	$	1,721,250
180,000	MO Grindstone Plaza Transportation Devel. District		5.250			10/01/2021		180,014
400,000	MO Grindstone Plaza Transportation Devel. District		5.400			10/01/2026		400,016
115,000	MO Grindstone Plaza Transportation Devel. District		5.550			10/01/2036		111,462
2,000,000	Move Rolla, MO Transportation Devel. District		4.625			06/01/2042		2,192,960
700,000	Northwoods, MO Transportation Devel. District		5.850			02/01/2031		691,369
795,000	Rock Hill, MO IDA (Market McKnight Redevel.)		4.500			11/01/2028		827,237
2,750,000	Saint Charles County, MO IDA (Suemandy/Mid-Rivers Community Improvement District)		5.000			10/01/2046		2,822,270
3,100,000	St. Louis County, MO IDA (University Place Transportation Development District)		5.875			03/01/2033		3,294,587
4,580,000	St. Louis, MO IDA (Railway Exchange Building Redevel.)3,4		8.000			04/27/2033		137,400
2,000,000	St. Louis, MO Land Clearance Redevel. Authority (14th & Market Community Improvement District)		6.375			04/01/2043		2,084,500
4,000,000	St. Louis, MO Land Clearance Redevel. Authority (Scottrade Center)		5.000			04/01/2038		4,848,200
2,442,000	St. Louis, MO Tax Increment (1601 Washington Redevel.)4,7		6.000			08/21/2026		805,860
2,030,982	St. Louis, MO Tax Increment (Pet Building Redevel.)4		5.500			05/29/2028		824,802
1,660,000	St. Louis, MO Tax Increment (Printers Lofts)4,7		6.000			08/21/2026		415,000
3,043,000	St. Louis, MO Tax Increment (Security Building Redevel.)4,7		6.300			04/01/2027		699,890
2,285,000	St. Louis, MO Tax Increment (Washington East Condominiums)4		5.500			01/20/2028		1,142,500
1,510,000	St. Louis, MO Tax Increment (Washington East Condominiums)4,7		5.500			01/20/2028		362,400
1,108,000	St. Louis, MO Tax Increment Financing, Series A4		5.500			09/02/2028		498,600
1,865,000	Stone Canyon, MO Improvement District (Infrastructure)3,4		5.700			04/01/2022		484,900
975,000	Stone Canyon, MO Improvement District (Infrastructure)3,4		5.750			04/01/2027		253,500

42          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Missouri (Continued)
$4,900,000	Western Gateway, MO Transportation Devel. District(I-470)		5.250	%		12/01/2048	$	5,164,894
								71,760,377
Montana—0.0%
5,935,000	Hardin, MT Tax Increment Industrial Infrastructure Devel. (Rocky Mountain Power)4,7		6.250	2		09/01/2031		860,575
Nebraska—0.0%
2,500,000	NE Central Plains Gas Energy		5.000			09/01/2042		3,551,300
Nevada—1.2%
17,500,000	Clark County, NV GO		5.000			05/01/2048		21,449,750
27,500,000	Clark County, NV GO1		5.000			05/01/2048		33,626,381
26,160,000	Clark County, NV GO (Stadium Improvements)		5.000			06/01/2043		32,270,453
975,000	Clark County, NV Improvement District		5.000			02/01/2026		983,707
750,000	Clark County, NV Improvement District		5.050			02/01/2031		756,240
80,000	Mesquite, NV Special Improvement District (Canyon Creek)		5.400			08/01/2020		80,743
280,000	Mesquite, NV Special Improvement District (Canyon Creek)		5.500			08/01/2025		281,733
29,000,000	Reno, NV Sales Tax		6.143	5		07/01/2058		4,213,990
								93,662,997
New Hampshire—0.2%
1,400,000	National Finance Authority NH (Christian Health Care Center)		5.250			07/01/2039		1,530,326
770,000	National Finance Authority NH (Christian Health Care Center)		5.625			07/01/2046		849,756
1,930,000	National Finance Authority NH (Christian Health Care Center)		5.750			07/01/2054		2,128,481
1,340,000	NH Business Finance Authority (Huggins Hospital)		6.875			10/01/2039		1,345,749
100,000	NH H&EFA (Hillside Village)		5.250			07/01/2027		104,253
1,725,000	NH H&EFA (Hillside Village)		6.125			07/01/2037		1,883,821
3,875,000	NH H&EFA (Hillside Village)		6.125			07/01/2052		4,212,319
865,000	NH H&EFA (Hillside Village)		6.250			07/01/2042		946,898
								13,001,603
New Jersey—1.7%
3,583,000	Newark, NJ GO		5.000			07/15/2029		3,984,690
5,000,000	NJ EDA		5.000			06/15/2041		5,780,700
40,000	NJ EDA (Continental Airlines)		4.875			09/15/2019		40,036
3,750,000	NJ EDA (Continental Airlines)		5.625			11/15/2030		4,362,487
2,055,000	NJ EDA (Friends of Teaneck Community Charter School)		5.125			09/01/2052		2,261,959
690,000	NJ EDA (Golden Door Charter School)		6.500			11/01/2052		786,476
1,865,000	NJ EDA (Hatikvah International Academy Charter School)		5.375			07/01/2047		1,982,887
565,000	NJ EDA (Leap Academy Charter School)		6.000			10/01/2034		603,313

43          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
New Jersey (Continued)
$750,000	NJ EDA (Leap Academy Charter School)		6.200	%		10/01/2044	$	796,763
500,000	NJ EDA (Leap Academy Charter School)		6.300			10/01/2049		532,245
5,000,000	NJ EDA (Marion P Thomas Charter School)		5.375			10/01/2050		5,280,850
80,000	NJ EDA (Marion P Thomas Charter School)6		5.500			10/01/2020		80,207
3,320,000	NJ EDA (Newark Downtown District Management Corp.)		5.125			06/15/2037		4,048,308
1,875,000	NJ EDA (North Star Academy Charter School of Newark)		5.000			07/15/2047		2,158,687
1,000,000	NJ EDA (Paterson Charter School Science & Technology)		6.100			07/01/2044		1,033,880
650,000	NJ EDA (Provident Group-Kean Properties)		5.000			07/01/2047		727,252
2,630,000	NJ EDA (University Heights Charter School)		5.750			09/01/2050		2,877,010
5,000,000	NJ Educational Facilities Authority (College of St. Elizabeth)		5.000			07/01/2046		5,388,650
5,000,000	NJ Health Care Facilities Financing Authority (Village Drive Healthcare Urban Renewal)		5.750			10/01/2038		5,259,500
44,350,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2046		49,674,661
18,650,000	NJ Tobacco Settlement Financing Corp. (TASC)		5.000			06/01/2046		21,421,390
10,000,000	NJ Transportation Trust Fund Authority		4.497	5		12/15/2037		6,012,200
3,300,000	NJ Transportation Trust Fund Authority		5.000			06/15/2031		3,905,088
210,000	Weehawken Township, NJ GO		6.000			08/01/2021		218,822
210,000	Weehawken Township, NJ GO		6.000			08/01/2022		218,770
								129,436,831
New Mexico—0.0%
615,000	Boulders, NM Pubic Improvement District		5.750			10/01/2044		641,168
65,000	Mariposa East, NM Public Improvement District6		5.900			09/01/2032		67,351
450,000	Mariposa East, NM Public Improvement District		5.900	2		09/01/2032		466,272
510,000	Mariposa East, NM Public Improvement District6		5.900			09/01/2032		518,991
410,000	Mariposa East, NM Public Improvement District		12.874	5		03/01/2032		188,600
1,925,000	NM Trails Public Improvement District		7.750			10/01/2038		1,926,983
								3,809,365
New York—12.1%
5,000,000	Erie County, NY Tobacco Asset Securitization Corp.		5.000			06/01/2038		5,001,200
17,700,000	Erie County, NY Tobacco Asset Securitization Corp.		5.630	5		06/01/2055		1,121,472
4,245,000	Essex County, NY IDA (Champlain Valley Milling Corp.)		6.250			06/01/2047		4,516,171
5,400,000	Guilderland, NY IDA (Promenade Albany Senior Living)		5.875			01/01/2052		5,559,570
8,500,000	Hudson Yards, NY Infrastructure Corp.		5.000			02/15/2037		10,515,180
5,000,000	L.I., NY Power Authority		5.000			09/01/2042		6,137,100
1,000,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		6.000			06/01/2030		1,081,720
2,937,408	Nassau County, NY IDA (Amsterdam at Harborside)3		2.000			01/01/2049		477,329

44          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$911,543	Nassau County, NY IDA (Amsterdam at Harborside)		5.500	%		07/01/2020	$	911,962
144,966	Nassau County, NY IDA (Amsterdam at Harborside)		5.875			01/01/2023		146,655
922,500	Nassau County, NY IDA (Amsterdam at Harborside)		6.500			01/01/2032		943,708
1,761,557	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2049		1,766,895
6,100,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2049		6,118,483
234,000,000	NY Counties Tobacco Trust V		6.732	5		06/01/2060		9,465,300
37,380,000	NY Liberty Devel. Corp. (Bank of America Tower)1		5.125			01/15/2044		37,947,580
5,005,000	NY MTA		5.250			11/15/2056		5,978,372
3,000,000	NY MTA (Green Bond)		5.000			11/15/2042		3,707,340
22,270,000	NY MTA (Green Bond)		5.000			11/15/2045		27,416,820
10,470,000	NY MTA (Green Bond)		5.000			11/15/2051		12,527,250
10,000,000	NY MTA (Green Bond)1		5.250			11/15/2057		12,292,175
13,190,000	NY MTA Hudson Rail Yards		5.000			11/15/2056		14,781,110
4,680,000	NY MTA, Series D		4.000			11/15/2042		5,255,827
900,000	NY MTA, Series D		5.250			11/15/2029		1,061,703
900,000	NY MTA, Series D		5.250			11/15/2033		1,061,703
1,975,000	NYC GO		5.000			04/01/2039		2,467,051
10,000,000	NYC GO		5.000			12/01/2040		12,609,400
9,850,000	NYC GO		5.000			12/01/2041		12,398,589
8,670,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		6.200			10/01/2022		9,670,518
5,000,000	NYC Municipal Water Finance Authority		5.000			06/15/2038		6,177,400
16,810,000	NYC Transitional Finance Authority1		5.000			05/01/2041		20,802,732
5,000,000	NYC Transitional Finance Authority (Building Aid)		4.000			07/15/2037		5,796,400
25,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2035		31,618,313
15,000,000	NYC Transitional Finance Authority (Future Tax)1		4.000			08/01/2041		16,824,638
1,360,000	NYC Transitional Finance Authority (Future Tax)		5.000			02/01/2032		1,695,213
9,545,000	NYC Transitional Finance Authority (Future Tax)		5.000			08/01/2040		11,725,078
2,450,000	NYC Transitional Finance Authority (Future Tax)		5.000			08/01/2040		3,060,956
53,425,000	NYC Transitional Finance Authority (Future Tax)1		5.000			08/01/2041		65,329,829
75,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000			05/01/2042		91,166,250
13,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000			08/01/2042		16,136,153
20,140,000	NYC Transitional Finance Authority (Future Tax)1		5.000			08/01/2045		24,368,343
12,095,000	NYC Transitional Finance Authority (Future Tax)		5.000			08/01/2045		14,674,501
16,675,000	NYS DA (Personal Income Tax)		5.000			03/15/2046		20,854,422
25,000,000	NYS DA (Sales Tax)1		5.000			03/15/2037		31,323,000
6,500,000	NYS DA (Sales Tax)		5.000			03/15/2037		8,255,845
13,270,000	NYS DA (Sales Tax)1		5.000			03/15/2039		16,519,284
15,000,000	NYS DA (Sales Tax)1		5.000			03/15/2040		18,604,050
10,000,000	NYS DA (Sales Tax)		5.000			03/15/2040		12,434,000
10,000,000	NYS DA (Sales Tax)1		5.000			03/15/2041		12,490,100
31,720,000	NYS DA (Sales Tax)1		5.000			03/15/2041		39,238,988
5,000,000	NYS DA (Sales Tax)		5.000			03/15/2042		6,249,450
15,000,000	NYS DA (Sales Tax)1		5.000			03/15/2044		18,184,538

45          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$17,200,000	NYS DA (St. Mary’s Hospital for Children)		7.875	%		11/15/2041	$	17,788,068
6,500,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2043		7,820,410
30,690,000	NYS DA (State Personal Income Tax Authority)		5.000			03/15/2047		38,328,127
6,705,000	NYS DA (State University of New York)		5.000			07/01/2048		7,891,852
8,320,000	NYS EFC (Clean Water & Drinking Revolving Funds)		5.000			06/15/2048		10,384,691
21,750,000	NYS Liberty Devel. Corp. (4 World Trade Center)		5.750			11/15/2051		23,909,557
13,000,000	NYS Transportation Devel. Corp. (American Airlines/JFK International Airport)		5.000			08/01/2026		13,780,520
5,150,000	NYS Transportation Devel. Corp. (Delta Air Lines/ LaGuardia Airport Terminals)		4.000			01/01/2036		5,696,982
2,525,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)		4.000			07/01/2031		2,728,490
2,500,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)		5.000			07/01/2034		2,842,725
2,500,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)		5.000			07/01/2046		2,797,700
9,500,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)		5.250			01/01/2050		10,712,200
5,750,000	NYS UDC (State Personal Income Tax Authority)		5.000			03/15/2041		7,065,370
200,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2025		207,372
810,000	Port Authority NY/NJ (KIAC)		6.750			10/01/2019		826,751
11,050,000	Port Authority NY/NJ, 200th Series1		5.000			04/15/2057		13,258,000
13,000,000	Port Authority NY/NJ, 205th Series1		5.000			05/15/2057		15,780,083
2,000,000	Port Authority NY/NJ, 206th Series1		5.000			11/15/2042		2,428,140
19,725,000	Port Authority NY/NJ, 206th Series1		5.000			11/15/2047		23,787,172
8,385,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.000			06/01/2048		8,398,332
600,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series98-C		6.200			03/01/2020		600,690
								923,500,898
North Carolina—0.3%
1,000,000	Charlotte, NC COP		4.000			06/01/2038		1,163,900
750,000	Charlotte, NC COP		4.000			06/01/2039		868,447
13,905,000	NC Medical Care Commission (Novant Health)		4.000			11/01/2049		15,901,202
1,650,000	NC Medical Care Commission (Whitestone)		7.750			03/01/2031		1,807,757
5,415,000	NC Turnpike Authority		5.000			01/01/2038		6,751,909
								26,493,215
North Dakota—0.1%
6,500,000	Grand Forks, ND (Red River Biorefinery)		5.375			09/15/2038		6,396,910
Ohio—7.1%
9,950,000	Allen County, OH Hospital Facilities (Catholic Healthcare)1		5.000			06/01/2038		10,229,005
7,385,000	Brecksville-Broadview Heights, OH City School District		5.250			12/01/2054		8,390,837

46          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Ohio (Continued)
$10,840,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.125	%		06/01/2024	$	10,840,217
17,115,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.375			06/01/2024		17,116,369
9,195,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.750			06/01/2034		9,208,701
43,385,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.875			06/01/2030		43,660,929
85,985,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.875			06/01/2047		86,415,785
13,227,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.000			06/01/2042		13,326,335
62,055,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.250	2		06/01/2037		63,988,013
68,160,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.500			06/01/2047		69,864,682
433,800,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.542	5		06/01/2052		18,675,090
5,645,000	Butler County, OH Port Authority (Maple Knoll Communities)		7.000			07/01/2043		6,303,376
815,000	Cleveland-Cuyahoga County, OH Port Authority (Playhouse Square Foundation)		5.250			12/01/2038		956,981
735,000	Cleveland-Cuyahoga County, OH Port Authority (Playhouse Square Foundation)		5.500			12/01/2043		868,638
2,900,000	Cleveland-Cuyahoga County, OH Port Authority (Playhouse Square Foundation)		5.500			12/01/2053		3,401,961
205,000	Columbus-Franklin County, OH Finance Authority, Series A		6.000			05/15/2035		207,331
14,550,000	Cuyahoga County, OH Hospital (Metro Health System)		5.500			02/15/2052		17,182,822
4,900,000	Cuyahoga County, OH Hospital (Metro Health System)		5.500			02/15/2057		5,768,623
1,000,000	Drake County, OH Hospital Facilities (Wayne Hospital)6		4.000			09/01/2040		1,062,460
1,750,000	Drake County, OH Hospital Facilities (Wayne Hospital)6		4.000			09/01/2045		1,841,997
35,450,000	Gallia County, OH Hospital Facilities (Holzer/HHlthS/HMCG/HMCJ Obligated Group)		8.000			07/01/2042		40,366,206
1,450,000	Hancock County, OH Hospital (BVRHC/BVHF Obligated Group)		6.250			12/01/2034		1,578,180
20,000	Lake County, OH Hospital Facilities (Lake Hospital System)		5.750			08/15/2038		20,065
315,000	Lorain County, OH Port Authority (Alumalloy LLC)		6.000			11/15/2025		315,151
10,000,000	Montgomery County, OH (Miami Valley Hospital)1		5.750			11/15/2023		10,478,375
1,090,000	Norwood, OH Special Obligation (Central Parke)		6.000			12/01/2046		1,157,722
10,000,000	OH Air Quality Devel. Authority (AMG Vanadium)		5.000			07/01/2049		11,158,200
700,000	OH Air Quality Devel. Authority (First Energy Generation)3		5.625			06/01/2018		714,000

47          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Ohio (Continued)
$2,000,000	OH Air Quality Devel. Authority (FirstEnergy Generation)3		3.100	%9		03/01/2023	$	1,747,500
7,750,000	OH Air Quality Devel. Authority (FirstEnergy Generation)3		3.750	9		12/01/2023		6,771,562
10,795,000	OH Air Quality Devel. Authority (FirstEnergy Generation)3		4.250	9		08/01/2029		11,118,850
5,400,000	OH HFA (Sanctuary at Springboro)		5.450			01/01/2038		5,684,580
10,960,000	OH Higher Educational Facility Commission (Denison University)		5.000			11/01/2044		13,922,598
23,700,000	OH Higher Educational Facility Commission (Hiram College)		6.000			10/01/2041		25,580,358
5,750,000	OH Higher Educational Facility Commission (Menorah Park)		5.250			01/01/2048		6,091,377
1,500,000	OH Water Devel. Authority (FirstEnergy Generation)3		3.000			05/15/2019		1,310,625
1,125,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.300			02/15/2024		1,120,657
2,500,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.400			02/15/2034		2,476,675
1,450,000	South Western City, OH School District (School Facilities Constriction)6		4.000			12/01/2048		1,663,976
4,100,000	Southeastern OH Port Authority Hospital Facility (Memorial Health System)		5.750			12/01/2032		4,517,052
1,436,519	Toledo-Lucas County, OH Port Authority (Town Square at Levis Commons)		5.400			11/01/2036		1,436,706
								538,540,567
Oklahoma—0.1%
5,000,000	Atoka County, OK Healthcare Authority (Atoka Memorial Hospital)		6.625			10/01/2037		4,000,000
100,000	OK Ordnance Works Authority Sewer & Solid Waste Disposal Facilities (Ralston Purina Group)		6.500			09/01/2026		100,333
								4,100,333
Oregon—0.3%
17,045,000	Clackamas County, OR School District No. 62C (Oregon City)		5.000			06/15/2049		21,029,951
700,000	OR Facilities Authority (Concordia University)		6.125			09/01/2030		731,087
2,625,000	OR Facilities Authority (Personalized Learning-Redmond Proficiency Academy)		5.250			06/15/2051		2,707,871
1,740,000	OR Facilities Authority (Personalized Learning-Redmond Proficiency Academy)		5.750			06/15/2046		1,847,671
								26,316,580
Pennsylvania—3.1%
17,800,000	Allegheny County, PA HDA (Allegheny Health Network)		5.000			04/01/2047		21,314,076
1,000,000	Allentown, PA Neighborhood Improvement Zone		5.000			05/01/2033		1,178,180
3,000,000	Allentown, PA Neighborhood Improvement Zone		5.000			05/01/2042		3,412,740

48          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$8,000,000	Allentown, PA Neighborhood Improvement Zone		5.375	%		05/01/2042	$	9,047,840
22,300,000	Beaver County, PA IDA (FirstEnergy Generation)3		4.500	9		06/01/2028		22,969,000
2,700,000	Chester County, PA H&EFA (Immaculata University)		7.000			11/01/2041		3,335,769
1,710,000	Chester County, PA IDA (Hickman Friends Senior Community of West Chester)		5.250			01/01/2037		1,791,310
11,080,000	Chester County, PA IDA (Hickman Friends Senior Community of West Chester)		5.500			01/01/2052		11,602,200
525,000	Chester County, PA IDA (Woodlands at Graystone)		5.000			03/01/2038		564,832
1,050,000	Chester County, PA IDA (Woodlands at Graystone)		5.125			03/01/2048		1,128,078
2,750,000	Crawford County, PA Hospital Authority (MMedC/COHS/MMedCF/MPS/HCCO/TAHC/ TAH/TAHCF/TAHS/CVHC/HCrawC/FCIM Obligated Group)		6.000			06/01/2046		3,204,245
3,215,000	Crawford County, PA Hospital Authority (MMedC/COHS/MMedCF/MPS/HCCO/TAHC/ TAH/TAHCF/TAHS/CVHC/HCrawC/FCIM Obligated Group)		6.000			06/01/2051		3,717,858
5,000	Lancaster, PA GO		4.000			11/01/2040		5,626
4,775,000	Lancaster, PA GO		4.000			11/01/2043		5,347,904
185,000	Luzerne County, PA IDA		7.500			12/15/2019		188,243
500,000	Luzerne County, PA IDA		7.750			12/15/2027		509,115
1,260,000	Montgomery County, PA HEHA (Pennsylvania LTC)		5.000			12/01/2032		1,301,139
1,705,000	Montgomery County, PA HEHA (Pennsylvania LTC)		5.250			12/01/2037		1,764,811
500,000	Montgomery County, PA HEHA (Pennsylvania LTC)		5.300			12/01/2038		517,500
3,140,000	Montgomery County, PA HEHA (Pennsylvania LTC)		5.375			12/01/2047		3,210,870
10,000,000	Montgomery County, PA HEHA (Thomas Jefferson University)		4.000			09/01/2049		11,032,900
1,992,121	Northampton County, PA IDA (Northampton Generating)4,7,8		5.000			12/31/2023		597,636
8,238,655	Northampton County, PA IDA (Northampton Generating)4,7,8		5.000			12/31/2023		2,471,596
5,000,000	PA EDFA (Carbonlite)		5.750			06/01/2036		5,381,900
15,000,000	PA EDFA (FirstEnergy Generation)3		4.500	9		06/01/2028		15,450,000
1,210,000	PA EDFA(UPMC/M-WHOUPMC/UPMC-P/UPMC-PS/UPMC-SM Obligated Group)		4.000			03/15/2036		1,356,035
2,980,000	PA GO		4.000			09/15/2032		3,400,985
12,500,000	PA GO		4.000			03/01/2035		14,305,125
4,000,000	PA HEFA (Shippensburg University)		6.250			10/01/2043		4,424,920
1,370,000	PA HEFA (Ursinus College)		5.000			01/01/2027		1,462,639
13,395	PA HFA Multifamily Hsg. (Country Commons Apartments)		3.600			08/01/2035		15,246
3,000,000	PA Public School Building Authority (School District of Philadelphia)		5.000			04/01/2030		3,250,860

49          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$7,500,000	PA Southcentral General Authority (Wellspan Health Obligated Group)		5.000	%		06/01/2049	$	9,263,325
20,000,000	PA State Public School Building Authority (Philadelphia School District)		5.000			06/01/2032		24,029,400
1,500,000	Philadelphia, PA Authority for Industrial Devel. (Architecture & Design Charter School)4		6.125			03/15/2043		1,500,000
560,000	Philadelphia, PA Authority for Industrial Devel. (Green Woods Charter School)		5.500			06/15/2022		586,471
2,000,000	Philadelphia, PA Authority for Industrial Devel. (Green Woods Charter School)		5.500			06/15/2032		2,121,340
8,430,000	Philadelphia, PA Authority for Industrial Devel. (University of the Arts)		5.000			03/15/2045		9,059,300
2,390,000	Philadelphia, PA Gas Works		5.000			10/01/2033		2,890,442
3,350,000	Philadelphia, PA H&HEFA (Temple University Health System)		5.625			07/01/2036		3,660,311
5,250,000	Philadelphia, PA H&HEFA (Temple University Health System)		5.625			07/01/2042		5,718,143
4,000,000	Philadelphia, PA School District		5.250			09/01/2023		4,158,720
785,000	Reading, PA School District		5.000			03/01/2035		948,586
720,000	Reading, PA School District		5.000			03/01/2036		867,910
2,500,000	Wilkes-Barre, PA Area School District		4.000			04/15/2049		2,807,175
5,470,000	York, PA GO		7.250			11/15/2041		6,191,274
								233,063,575
Rhode Island—0.3%
44,240,000	Central Falls, RI Detention Facility3		7.250			07/15/2035		7,963,200
5,000,000	RI Tobacco Settlement Financing Corp. (TASC)		5.000			06/01/2035		5,659,350
5,000,000	RI Tobacco Settlement Financing Corp. (TASC)		5.000			06/01/2040		5,605,100
								19,227,650
South Carolina—1.1%
6,144,000	Hardeeville, SC Assessment Revenue (Anderson Tract Municipal Improvement District)		7.750			11/01/2039		6,151,803
12,555,000	Lancaster County, SC School District1		4.000			03/01/2036		14,195,242
12,791,000	Richland County, SC Assessment Revenue (Village at Sandhill Improvement District)4		6.200			11/01/2036		11,552,447
6,915,055	SC Connector 2000 Assoc. Toll Road, Series B		2.871	5		01/01/2020		6,765,759
186,954	SC Connector 2000 Assoc. Toll Road, Series B		6.295	5		01/01/2026		122,735
7,875,561	SC Connector 2000 Assoc. Toll Road, Series B		6.620	5		01/01/2024		5,903,442
5,000,000	SCJobs-EDA (GreenBond-AAC East)		7.000			05/01/2039		5,126,200
1,500,000	SC Ports Authority		5.000			07/01/2043		1,818,105
3,750,000	SC Ports Authority		5.000			07/01/2055		4,463,475
11,000,000	SC Public Service Authority		5.000			12/01/2055		12,582,350
5,070,000	SC Public Service Authority (Santee Cooper)		5.000			12/01/2029		5,460,390
6,465,000	SC Public Service Authority (Santee Cooper)		5.500			12/01/2033		7,457,959
								81,599,907
Tennessee—0.5%
1,000,000	Bristol, TN Industrial Devel. Board		5.022	5		12/01/2022		871,730

50          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Tennessee (Continued)
$775,000	Chattanooga, TN HE&HFB (Commonspirit Health)		4.000	%		08/01/2038	$	871,860
1,545,000	Chattanooga, TN HE&HFB (Commonspirit Health)		4.000			08/01/2044		1,712,045
1,160,000	Chattanooga, TN HE&HFB (Commonspirit Health)		5.000			08/01/2044		1,414,701
1,545,000	Chattanooga, TN HE&HFB (Commonspirit Health)		5.000			08/01/2049		1,879,724
10,765,000	Memphis, TN GO1		4.000			06/01/2047		11,802,130
7,250,000	Memphis-Shelby County, TN Airport Authority		5.000			07/01/2043		8,768,223
600,000	Nashville, TN Metropolitan Development & Hsg. Agency (Fifth & Broadway Devel. District)		5.125			06/01/2036		669,024
9,000,000	Shelby County, TN HE&HFB (Trezevant Manor)		5.500			09/01/2047		9,288,990
6,350,000	Shelby County, TN HE&HFB (Trezevant Manor)		8.000			09/01/2044		317,500
								37,595,927
Texas—8.5%
890,000	Argyle, TX Special Assessment (Highlands Argyle Public Improvement District No. 1)		5.000			09/01/2037		928,697
1,475,000	Argyle, TX Special Assessment (Highlands Argyle Public Improvement District No. 1)		5.250			09/01/2047		1,539,502
1,325,000	Arlington, TX Higher Education Finance Corp. (Leadership Prep School)		5.000			06/15/2046		1,354,799
785,000	Arlington, TX Higher Education Finance Corp. (UMEP)		5.000			08/15/2053		824,878
4,115,000	Arlington, TX Higher Education Finance Corp. (Winfree Academy Charter School)		5.750			08/15/2043		4,551,560
675,000	Aubrey, TX Special Assessment (Jackson Ridge Public Improvement District No. 1)		7.250			09/01/2045		723,789
260,000	Beaumont, TX Multifamily HDC (Madison on the Lake Apartments)		7.750			12/01/2028		249,839
15,135,000	Cambridge, TX Student Hsg. (Cambridge Student Hsg. Devel.)3,4		7.000			11/01/2039		6,054,000
575,000	Celina, TX Special Assessment6		5.375			09/01/2028		597,816
400,000	Celina, TX Special Assessment		5.500			09/01/2032		415,676
1,100,000	Celina, TX Special Assessment		5.875			09/01/2040		1,142,889
1,845,000	Celina, TX Special Assessment6		6.250			09/01/2045		1,961,659
3,915,000	Celina, TX Special Assessment6		7.500			09/01/2045		4,290,214
1,000,000	Celina, TX Special Assessment (Sutton Fields II)		7.250			09/01/2045		1,052,140
750,000	Clifton, TX Higher Education Finance Corp. (Idea Public Schools)		5.750			08/15/2041		815,325
5,000,000	Clifton, TX Higher Education Finance Corp. (International American Education Federation)		6.000			08/15/2038		5,645,750
1,250,000	Crane, TX Independent School District		5.000			02/15/2030		1,253,725
5,000,000	Cypress-Fairbanks, TX Independent School District		4.000			02/15/2043		5,686,850
4,250,000	Denton, TX Independent School District		4.000			08/15/2048		4,809,682
34,970,000	Denton, TX Independent School District1		5.000			08/15/2045		41,061,680
14,860,000	Denton, TX Independent School District		5.000			08/15/2048		18,085,660
1,645,000	Edinburg, TX Economic Devel. Corp.		5.000			08/15/2044		1,741,019
1,200,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)		6.125			09/01/2028		1,200,000
1,500,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)		6.500			09/01/2036		1,500,000

51          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$2,000,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)		6.750	%		09/01/2043	$	2,000,000
1,950,000	Galveston, TX Special Assessment6		5.625			09/01/2028		1,680,373
3,700,000	Galveston, TX Special Assessment		6.000			09/01/2038		3,136,860
3,500,000	Galveston, TX Special Assessment		6.125			09/01/2044		2,956,030
15,000,000	Grand Parkway, TX Transportation Corp.1		5.000			10/01/2043		18,415,763
32,525,000	Grand Parkway, TX Transportation Corp.1		5.000			10/01/2048		39,682,824
5,000,000	Grand Parkway, TX Transportation Corp.		5.000			10/01/2048		6,114,400
10,000,000	Grand Parkway, TX Transportation Corp.1		5.000			04/01/2053		11,220,750
20,000	Gulf Coast, TX IDA Solid Waste (Citgo Petroleum Corp.)		8.000			04/01/2028		20,103
8,250,000	Houston, TX Airport System (United Airlines)		5.000			07/15/2028		10,060,215
380,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)		6.500			05/15/2031		413,258
435,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)		6.500			05/15/2031		473,071
700,000	Houston, TX Higher Education Finance Corp. (Ninos)		6.000			08/15/2036		721,532
950,000	Houston, TX Higher Education Finance Corp. (Ninos)		6.000			08/15/2041		977,455
7,500,000	Katy, TX Independent School District		4.000			02/15/2047		8,420,925
5,000,000	Katy, TX Independent School District		4.000			02/15/2048		5,657,550
375,000	Leander, TX Special Assessment (Oak Creek Public Improvement District)6		5.375			09/01/2028		381,671
600,000	Leander, TX Special Assessment (Oak Creek Public Improvement District)		5.750			09/01/2038		611,190
575,000	Leander, TX Special Assessment (Oak Creek Public Improvement District)		5.875			09/01/2044		586,103
12,875,000	Little Elm, TX Independent School District		5.000			08/15/2046		15,823,504
450,000	Mclendon-Chisholm, TX Special Assessment (Sonoma Public Improvement District)		5.375			09/15/2035		468,531
400,000	Mclendon-Chisholm, TX Special Assessment (Sonoma Public Improvement District)		5.500			09/15/2040		416,304
8,645,000	Mission, TX EDC (Carbonlite Recycling)		6.500			12/01/2033		9,006,275
20,000,000	Mission, TX EDC (Natgasoline)		4.625			10/01/2031		21,625,000
520,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Beta Foundation)6		5.000			08/15/2049		550,779
3,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. (CHSTX/CMCD/CMCtrF Obligated Group)		4.000			08/15/2033		3,413,820
2,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. (CHSTX/CMCD/CMCtrF Obligated Group)		4.000			08/15/2034		2,268,980
3,280,000	New Hope, TX Cultural Educational Facilities Finance Corp. (CHSTX/CMCD/CMCtrF Obligated Group)		4.000			08/15/2035		3,710,828
700,000	New Hope, TX Cultural Educational Facilities Finance Corp. (East Grand Preparatory Academy)		5.500			08/15/2046		720,524

52          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$1,200,000	New Hope, TX Cultural Educational Facilities Finance Corp. (East Grand Preparatory Academy)		5.500	%		08/15/2051	$	1,234,044
2,085,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Jubilee Academic Center)		5.125			08/15/2047		2,142,254
8,250,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Legacy at Midtown Park)		5.500			07/01/2054		8,782,950
1,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Legacy Preparatory Charter Academy)		6.000			08/15/2037		1,084,170
13,435,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Legacy Preparatory Charter Academy)		6.000			08/15/2047		14,489,110
2,500,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Presbyterian Village-North)		5.250			10/01/2049		2,788,000
500,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Women’s University-COHF-Collegiate Hsg. Denton)		5.000			07/01/2038		592,590
1,750,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Women’s University-COHF-Collegiate Hsg. Denton)		5.000			07/01/2048		2,050,125
2,400,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Women’s University-COHF-Collegiate Hsg. Denton)		5.000			07/01/2058		2,769,432
350,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (CardinalBay-Village on the Park Carriage Inn)		5.000			07/01/2031		402,209
1,750,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (CardinalBay-Village on the Park Carriage Inn)		5.000			07/01/2046		1,953,052
1,750,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (CardinalBay-Village on the Park Carriage Inn)		5.000			07/01/2051		1,930,390
400,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living-Langford Project)		5.375			11/15/2036		432,520
650,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living-Langford Project)		5.500			11/15/2046		695,312
1,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living-Langford Project)		5.500			11/15/2052		1,065,890
1,080,000	New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University - Collegiate Hsg. Corpus Christi II)		5.000			04/01/2048		1,104,235
2,315,000	New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University - Collegiate Hsg. San Antonio I)		5.000			04/01/2048		2,466,656
1,300,000	New Hope, TX Educational Facilities Finance Corp. Retirement Facility (Wesleyan Homes)		5.500			01/01/2049		1,412,086

53          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$785,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)		5.875	%		04/01/2036	$	873,823
1,950,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)		6.000			04/01/2045		2,161,010
375,000	Newark, TX Higher Education Finance Corp. (Austin Achieve Public Schools)		5.000			06/15/2038		389,659
750,000	Newark, TX Higher Education Finance Corp. (Austin Achieve Public Schools)		5.000			06/15/2048		774,893
1,600,000	North Central TX HFC (Village Kaufman Apartments)		6.150	9		01/01/2043		1,676,272
655,000	Pottsboro, TX Higher Education Finance Corp. (Imagine International Academy of North Texas)		5.000			08/15/2036		712,168
1,000,000	Pottsboro, TX Higher Education Finance Corp. (Imagine International Academy of North Texas)		5.000			08/15/2046		1,069,500
5,975,000	Prosper, TX Independent School District		5.000			02/15/2044		7,383,367
6,300,000	Prosper, TX Independent School District		5.000			02/15/2048		7,745,976
5,370,000	Red River, TX Educational Finance Corp. (Houston Baptist University)		5.500			10/01/2046		6,220,877
3,000,000	Red River, TX Health Facilities Devel. Corp. (Happy Harbor Methodist Home)		8.000			11/15/2049		3,604,590
455,000	Rowlett, TX Special Assessment (Bayside Public Improvement District)		6.000			09/15/2046		462,840
1,995,000	Sabine Neches, TX HFC (Fox Run Apartments)		6.150			01/01/2043		2,049,543
26,820,000	Sanger, TX Industrial Devel. Corp. (Texas Pellets)3,4		7.500			07/01/2038		6,705,000
11,000,000	Sherman, TX Independent School District		5.000			02/15/2045		13,538,360
3,810,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community)3		5.750			11/15/2037		2,667,000
3,500,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living Ventana)		6.750			11/15/2047		4,059,090
2,000,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living Ventana)		6.750			11/15/2052		2,312,380
13,500,000	Tarrant County, TX Health Facilities Devel. Corp. (Cook Childrens Medical Center)1		5.000			12/01/2033		13,602,870
27,525,000	Travis County, TX HFDC (Longhorn Village)		7.125			01/01/2046		29,657,912
1,000,000	Trinity River Authority, TX Central Regional Wastewater System		5.000			08/01/2033		1,250,380
1,000,000	Trinity River Authority, TX Central Regional Wastewater System		5.000			08/01/2034		1,246,730
2,000,000	Trinity River Authority, TX Central Regional Wastewater System		5.000			08/01/2035		2,485,000
1,000,000	Trinity River Authority, TX Central Regional Wastewater System		5.000			08/01/2037		1,235,760
34,600,000	TX Angelina & Neches River Authority (Aspen Power)3,4		6.500			11/01/2029		346
53,695,000	TX Municipal Gas Acquisition & Supply Corp.		6.250			12/15/2026		63,356,341
5,250,000	TX Private Activity (NTE Mobility Partners)		6.875			12/31/2039		5,351,378

54          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$400,000	TX Public Finance Authority Charter School Finance Corp.(Ed-Burnham Wood)		6.250	%		09/01/2036	$	400,560
285,000	TX Student Hsg. Corp. (University of North Texas)		6.750			07/01/2021		285,117
215,000	TX Student Hsg. Corp. (University of North Texas)		6.850			07/01/2031		215,034
3,750,000	TX Transportation Commission (State Highway 249 System)		4.785	5		08/01/2043		1,378,088
4,400,000	TX Transportation Commission (State Highway 249 System)		4.815	5		08/01/2044		1,529,220
1,000,000	TX Transportation Commission (State Highway 249 System)		4.848	5		08/01/2046		312,620
1,000,000	TX Transportation Commission (State Highway 249 System)		4.862	5		08/01/2047		296,750
1,000,000	TX Transportation Commission (State Highway 249 System)		4.875	5		08/01/2048		281,550
1,500,000	TX Transportation Commission (State Highway 249 System)		4.916	5		08/01/2050		376,785
5,000,000	TX Water Devel. Board		4.000			10/15/2041		5,611,800
33,660,000	TX Water Devel. Board1		5.000			04/15/2049		41,809,648
41,015,000	TX Water Devel. Board		5.000			04/15/2049		51,100,999
13,515,000	TX Water Devel. Board1		5.000			10/15/2053		16,751,891
2,033,000	Vintage Township, TX Public Facilities Corp.		7.375			10/01/2038		2,034,606
6,375,000	Waxahachie, TX Special Assessment		6.000			08/15/2045		6,549,994
2,920,000	Wise County, TX (Parket County Junior College District)		7.500			08/15/2025		3,162,039
4,615,000	Wise County, TX (Parket County Junior College District)		7.750			08/15/2028		5,000,952
								646,107,510
Utah—0.8%
170,000	Hideout, UT Local District No. 1 Special Assessment		7.750			08/01/2024		186,782
610,000	Hideout, UT Local District No. 1 Special Assessment		8.250			08/01/2034		656,842
14,600,000	Salt Lake City, UT Airport		5.000			07/01/2043		17,748,198
4,000,000	Salt Lake City, UT Airport		5.000			07/01/2048		4,830,920
7,410,000	Salt Lake City, UT Airport		5.250			07/01/2048		9,135,789
385,000	UT Charter School Finance Authority (Endeavor Hall)		5.500			07/15/2022		394,382
1,750,000	UT Charter School Finance Authority (Endeavor Hall)		6.000			07/15/2032		1,792,753
3,870,000	UT Charter School Finance Authority (Endeavor Hall)		6.250			07/15/2042		3,955,914
50,000	UT Charter School Finance Authority (Esperanza Elementary School)		5.000			10/15/2038		51,305
1,435,000	UT Charter School Finance Authority (Esperanza Elementary School)		5.250			10/15/2048		1,471,420
4,810,000	UT Charter School Finance Authority (Freedom Academy Foundation)		5.250			06/15/2037		5,105,863

55          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Utah (Continued)
$7,415,000	UT Charter School Finance Authority (Freedom Academy Foundation)		5.375	%		06/15/2048	$	7,816,448
3,645,000	UT Charter School Finance Authority (Merit Preparatory Academy)		5.375			06/15/2049		3,744,253
750,000	UT Charter School Finance Authority (Vista Entrada School of Performing Arts & Technology)		6.300			07/15/2032		810,923
1,640,000	UT Charter School Finance Authority (Vista Entrada School of Performing Arts & Technology)		6.550			07/15/2042		1,775,366
775,000	Utah County, UT Charter School (Renaissance Academy)		5.625			07/15/2037		775,876
415,000	Utah County, UT Charter School (Ronald Wilson Reagan Academy)		5.000			02/15/2036		448,403
855,000	Utah County, UT Charter School (Ronald Wilson Reagan Academy)		5.000			02/15/2046		909,643
								61,611,080
Vermont—0.1%
960,000	East Central, VT Telecommunications District		5.600			12/01/2043		993,341
1,450,000	East Central, VT Telecommunications District		5.750			12/01/2036		1,555,357
1,650,000	VT EDA (Casella Waste Systems)		4.625	9		04/01/2036		1,893,144
								4,441,842
Virginia—0.7%
1,608,000	Celebrate, VA North CDA Special Assessment3,4		6.750			03/01/2034		964,800
8,000,000	Chesapeake Bay, VA Bridge & Tunnel District		5.000			07/01/2046		9,311,440
1,238,000	Lewistown, VA Commerce Center Community Devel. Authority		6.050			03/01/2044		1,200,451
2,825,000	Lewistown, VA Commerce Center Community Devel. Authority		6.050			03/01/2044		2,739,289
1,965,000	Lewistown, VA Commerce Center Community Devel. Authority3		6.050			03/01/2054		358,613
3,300,000	Norfolk, VA Redevel. & Hsg. Authority (Fort Norfolk Retirement Community-Harbors Edge)		5.250			01/01/2054		3,609,573
1,750,000	Peninsula, VA Town Center Community Devel. Authority Special Obligation		5.000			09/01/2037		1,982,330
2,350,000	Peninsula, VA Town Center Community Devel. Authority Special Obligation		5.000			09/01/2045		2,622,741
2,160,000	Richmond, VA Redevel. & Hsg. Authority (American Tobacco Apartments)		5.550			01/01/2037		2,304,202
14,735,000	Roanoke County, VA EDA Residential Care Facility (Richfield Living)		5.250			09/01/2049		15,411,189
7,215,000	Roanoke County, VA EDA Residential Care Facility (Richfield Living)		5.375			09/01/2054		7,617,453
1,690,000	VA Small Business Financing Authority (Covanta Holding Corp.)		5.000	9		01/01/2048		1,812,474
1,515,000	VA Tobacco Settlement Financing Corp.		5.000			06/01/2047		1,518,818

56          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Virginia (Continued)
$2,404,674	West Point, VA IDA Solid Waste (Chesapeake Corp.)3,4		6.375	%		03/01/2019	$	240
								51,453,613
Washington—0.9%
750,000	Greater Wenatchee, WA Regional Events Center		5.000			09/01/2027		777,585
185,000	Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments)		5.600			03/01/2028		185,179
50,000	Kitsap County, WA Consolidated Hsg. Authority (Heritage Apartments)		6.100			10/01/2031		50,059
3,000,000	Port of Seattle, WA Revenue		5.000			05/01/2043		3,585,840
2,354,358	Tacoma, WA Consolidated Local Improvements District No. 65		5.750			04/01/2043		2,368,720
27,655,000	WA EDFA (Columbia Pulp I)		7.500			01/01/2032		28,635,646
2,425,000	WA GO		5.000			02/01/2030		3,045,849
17,410,000	WA Health Care Facilities Authority (Peacehealth)1		5.000			11/01/2028		17,514,373
1,000,000	WA Hsg. Finance Commission (Heron’s Key)		7.000			07/01/2045		1,084,670
1,700,000	WA Hsg. Finance Commission (Heron’s Key)		7.000			07/01/2050		1,839,519
2,250,000	WA Kalispel Tribe Indians Priority District		5.000			01/01/2032		2,540,340
500,000	WA Kalispel Tribe Indians Priority District		5.000			01/01/2032		564,520
3,000,000	WA Kalispel Tribe Indians Priority District		5.250			01/01/2038		3,357,780
1,000,000	WA Kalispel Tribe Indians Priority District		5.250			01/01/2038		1,119,260
								66,669,340
West Virginia—0.8%
3,000,000	Brooke County, WV (Bethany College)		6.500			10/01/2031		3,049,020
4,500,000	Brooke County, WV (Bethany College)		6.750			10/01/2037		4,574,025
19,000,000	Harrison County, WV Special District Excise Tax (Charles Pointe Ecomonic Opportunity Devel. District)		5.750			06/01/2042		19,195,700
6,140,000	Harrison County, WV Special District Excise Tax (Charles Pointe Ecomonic Opportunity Devel. District)		7.500			06/01/2042		6,185,252
27,145,000	Harrison County, WV Tax Increment (Charles Pointe)3		7.000			06/01/2035		13,572,500
3,435,000	Monongalia County, WV Special District Excise Tax (University Town Center)		5.750			06/01/2043		3,802,682
10,465,000	Ohio County, WV Devel. Authority (Ohio County Sports Complex)		5.000			09/01/2048		10,934,983
								61,314,162
Wisconsin—2.9%
3,000,000	WI H&EFA (AE Nursing Centers)3,4		7.250			06/01/2038		540,000
750,000	WI H&EFA (Beloit College)		6.125			06/01/2035		777,690
2,015,000	WI H&EFA (Beloit College)		6.125			06/01/2039		2,089,394
2,750,000	WI H&EFA (Clement Manor)		5.000			08/01/2049		2,810,253
63,000,000	WI Public Finance Authority (American Dream at Meadowlands Project)		6.750			08/01/2031		75,566,610

57          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Wisconsin (Continued)
$33,850,000	WI Public Finance Authority (American Dream at Meadowlands Project)		7.000	%		12/01/2050	$	40,890,800
2,075,000	WI Public Finance Authority (Bancroft Neurohealth/Bancroft Rehabilitation Services Obligated Group)		5.125			06/01/2048		2,233,198
7,900,000	WI Public Finance Authority(CHF-Wilmington- University of North Carolina)		5.000			07/01/2058		9,139,589
1,821,047	WI Public Finance Authority (Conference Center & Hotel)		5.360	5		01/01/2067		59,548
151,210	WI Public Finance Authority (Conference Center & Hotel)		5.449	5		01/01/2066		4,957
7,500,378	WI Public Finance Authority (Conference Center & Hotel)8		5.500			07/01/2056		7,368,971
140,331	WI Public Finance Authority (Conference Center & Hotel)		5.542	5		01/01/2065		4,613
142,507	WI Public Finance Authority (Conference Center & Hotel)		5.638	5		01/01/2064		4,697
145,770	WI Public Finance Authority (Conference Center & Hotel)		5.738	5		01/01/2063		4,818
149,034	WI Public Finance Authority (Conference Center & Hotel)		5.841	5		01/01/2062		4,940
153,385	WI Public Finance Authority (Conference Center & Hotel)		5.948	5		01/01/2061		5,102
155,561	WI Public Finance Authority (Conference Center & Hotel)		6.059	5		01/01/2060		5,190
158,824	WI Public Finance Authority (Conference Center & Hotel)		6.175	5		01/01/2059		5,317
163,176	WI Public Finance Authority (Conference Center & Hotel)		6.294	5		01/01/2058		5,483
167,527	WI Public Finance Authority (Conference Center & Hotel)		6.418	5		01/01/2057		5,649
151,210	WI Public Finance Authority (Conference Center & Hotel)		6.548	5		01/01/2056		5,118
154,473	WI Public Finance Authority (Conference Center & Hotel)		6.682	5		01/01/2055		5,251
157,737	WI Public Finance Authority (Conference Center & Hotel)		6.823	5		01/01/2054		5,384
163,176	WI Public Finance Authority (Conference Center & Hotel)		6.969	5		01/01/2053		5,595
165,352	WI Public Finance Authority (Conference Center & Hotel)		7.122	5		01/01/2052		5,696
127,277	WI Public Finance Authority (Conference Center & Hotel)		7.282	5		01/01/2051		4,406
129,453	WI Public Finance Authority (Conference Center & Hotel)		7.449	5		01/01/2050		4,506
133,804	WI Public Finance Authority (Conference Center & Hotel)		7.624	5		01/01/2049		4,683
135,980	WI Public Finance Authority (Conference Center & Hotel)		7.807	5		01/01/2048		4,788

58          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Wisconsin (Continued)
$155,561	WI Public Finance Authority (Conference Center & Hotel)		8.000	%5		01/01/2047	$	5,512
865,000	WI Public Finance Authority (DHSEP/NMA/CAA/ HCA/HAA/HA/LV/MwA/WA/WHA Obligated Group)		5.000			12/01/2052		897,437
1,055,000	WI Public Finance Authority (Las Ventanas Retirement Community)		0.210	5		10/01/2042		545,931
6,657,500	WI Public Finance Authority (Las Ventanas Retirement Community)		7.000			10/01/2042		6,804,697
2,000,000	WI Public Finance Authority (Las Ventanas Retirement Community)4		36.095	5		10/01/2042		41,200
520,000	WI Public Finance Authority (North Carolina Leadership Academy)		5.000			06/15/2049		555,038
455,000	WI Public Finance Authority (North Carolina Leadership Academy)		5.000			06/15/2054		482,177
660,000	WI Public Finance Authority (Thomas Jefferson Classical Academy)		7.000			07/01/2031		660,878
1,480,000	WI Public Finance Authority (Traders Point Christian Schools)		5.375			06/01/2044		1,553,882
1,840,000	WI Public Finance Authority (Traders Point Christian Schools)		5.500			06/01/2054		1,928,375
7,720,000	WI Public Finance Authority (University of Kansas)		5.000			03/01/2046		9,059,034
6,225,000	WI Public Finance Authority Charter School (Denver International Airport Great Hall)		5.000			09/30/2049		6,455,698
2,500,000	WI Public Finance Authority Charter School (Envision Science Academy)		5.250			05/01/2046		2,556,150
1,120,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)		5.750			07/15/2032		1,217,955
1,345,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)		6.000			07/15/2042		1,457,429
1,910,000	WI Public Finance Authority Educational Facility (Ask Academy)		6.000			02/01/2045		1,963,919
5,875,000	WI Public Finance Authority Educational Facility (Horizon Academy West Charter School)		6.000			09/01/2045		6,056,303
7,210,000	WI Public Financing Authority (Multifamily Hsg.)		5.000			12/01/2045		7,344,827
2,570,000	WI Public Financing Authority (Multifamily Hsg.)		5.000			12/01/2045		2,812,814
4,450,000	WI Public Financing Authority (Multifamily Hsg.)		5.150			12/01/2050		4,556,933
1,600,000	WI Public Financing Authority (Multifamily Hsg.)		5.150			12/01/2050		1,754,112
5,000,000	WI Public Financing Authority (Multifamily Hsg.)		5.350			12/01/2052		5,168,200
1,790,000	WI Public Financing Authority (Multifamily Hsg.)		5.350			12/01/2052		1,966,798
10,960,000	WI Public Financing Authority Multifamily Hsg. (Trinity-Eagle’s Point)		5.250			01/01/2052		11,858,391
								219,275,936
U.S. Possessions—12.6%
25,745,000	Northern Mariana Islands Commonwealth, Series B		5.000			10/01/2033		25,423,187
10,000	Puerto Rico Aqueduct & Sewer Authority, AGC		5.000			07/01/2025		10,253
19,468,000	Puerto Rico Aqueduct & Sewer Authority		5.000			07/01/2033		20,344,060

59          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$8,130,000	Puerto Rico Aqueduct & Sewer Authority		5.250	%		07/01/2029	$	8,556,825
10,000,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2042		10,500,000
250,000	Puerto Rico Aqueduct & Sewer Authority		5.500			07/01/2028		265,000
25,035,000	Puerto Rico Aqueduct & Sewer Authority		5.750			07/01/2037		26,599,687
3,325,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2038		3,374,875
13,645,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		13,849,675
37,380,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		39,809,700
8,650,000	Puerto Rico Children’s Trust Fund (TASC)		5.375			05/15/2033		8,776,982
33,540,000	Puerto Rico Children’s Trust Fund (TASC)		5.500			05/15/2039		34,113,534
96,100,000	Puerto Rico Children’s Trust Fund (TASC)		5.625			05/15/2043		97,743,310
28,000,000	Puerto Rico Children’s Trust Fund (TASC)		6.749	5		05/15/2050		3,937,080
127,450,000	Puerto Rico Children’s Trust Fund (TASC)		9.377	5		05/15/2055		9,516,691
285,000	Puerto Rico Commonwealth GO, AGC10		1.040			07/01/2020		284,732
1,500,000	Puerto Rico Commonwealth GO3		5.000			07/01/2024		1,093,125
2,550,000	Puerto Rico Commonwealth GO3		5.000			07/01/2033		1,625,625
10,000	Puerto Rico Commonwealth GO, AGC		5.000			07/01/2034		10,188
1,660,000	Puerto Rico Commonwealth GO3		5.000			07/01/2034		1,209,725
6,765,000	Puerto Rico Commonwealth GO3		5.000			07/01/2041		4,261,950
450,000	Puerto Rico Commonwealth GO3		5.125			07/01/2031		329,062
2,000,000	Puerto Rico Commonwealth GO3		5.125			07/01/2037		1,275,000
5,000	Puerto Rico Commonwealth GO, AGC		5.250			07/01/2024		5,280
1,920,000	Puerto Rico Commonwealth GO3		5.250			07/01/2026		1,406,400
2,165,000	Puerto Rico Commonwealth GO3		5.250			07/01/2037		1,585,862
40,000	Puerto Rico Commonwealth GO3		5.500			07/01/2018		29,200
3,255,000	Puerto Rico Commonwealth GO3		5.500			07/01/2026		2,099,475
14,695,000	Puerto Rico Commonwealth GO3		5.500			07/01/2026		9,478,275
340,000	Puerto Rico Commonwealth GO3		5.500			07/01/2027		219,300
11,540,000	Puerto Rico Commonwealth GO3		5.750			07/01/2036		7,991,450
1,345,000	Puerto Rico Commonwealth GO, AGC		5.750			07/01/2037		1,387,610
3,000,000	Puerto Rico Commonwealth GO3		5.750			07/01/2038		2,145,000
65,250,000	Puerto Rico Commonwealth GO3		5.750			07/01/2041		45,185,625
2,625,000	Puerto Rico Commonwealth GO3		6.000			07/01/2035		1,817,812
9,265,000	Puerto Rico Commonwealth GO3		6.000			07/01/2039		6,624,475
12,250,000	Puerto Rico Commonwealth GO3		6.000			07/01/2039		8,973,125
14,550,000	Puerto Rico Commonwealth GO3		6.500			07/01/2037		10,730,625
13,000,000	Puerto Rico Commonwealth GO3		6.500			07/01/2040		9,035,000
480,000	Puerto Rico Electric Power Authority3		7.000			07/01/2040		395,400
9,080,000	Puerto Rico Electric Power Authority3		7.000			07/01/2043		7,479,650
160,000	Puerto Rico Electric Power Authority3		7.250			07/01/2030		132,800
3,100,000	Puerto Rico Electric Power Authority, Series A3		5.000			07/01/2029		2,480,000
11,925,000	Puerto Rico Electric Power Authority, Series A3		5.050			07/01/2042		9,540,000
1,501,705	Puerto Rico Electric Power Authority, SeriesA-43		10.000			07/01/2019		1,285,835
40,000	Puerto Rico Electric Power Authority, Series AAA3		5.250			07/01/2021		32,100
40,000	Puerto Rico Electric Power Authority, Series AAA3		5.250			07/01/2022		32,100
10,000	Puerto Rico Electric Power Authority, Series AAA3		5.250			07/01/2023		8,025
4,570,000	Puerto Rico Electric Power Authority, Series AAA3		5.250			07/01/2026		3,667,425
2,600,000	Puerto Rico Electric Power Authority, Series AAA3		5.250			07/01/2028		2,086,500
445,000	Puerto Rico Electric Power Authority, Series AAA3		5.250			07/01/2029		357,113

60          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$95,000	Puerto Rico Electric Power Authority, Series AAA3		5.250	%		07/01/2030	$	76,238
1,501,705	Puerto Rico Electric Power Authority, SeriesB-43		10.000			07/01/2019		1,285,835
310,000	Puerto Rico Electric Power Authority, Series CCC3		5.000			07/01/2022		248,775
35,000	Puerto Rico Electric Power Authority, Series CCC3		5.000			07/01/2024		28,088
285,000	Puerto Rico Electric Power Authority, Series CCC3		5.000			07/01/2027		228,713
540,000	Puerto Rico Electric Power Authority, Series CCC3		5.000			07/01/2028		433,350
2,570,000	Puerto Rico Electric Power Authority, Series CCC3		5.250			07/01/2027		2,062,425
185,000	Puerto Rico Electric Power Authority, Series DDD3		5.000			07/01/2022		148,463
1,629,052	Puerto Rico Electric Power Authority, SeriesE-13		10.000			01/01/2021		1,443,747
1,629,051	Puerto Rico Electric Power Authority, SeriesE-23		10.000			07/01/2021		1,443,746
543,017	Puerto Rico Electric Power Authority, SeriesE-23		10.000			01/01/2022		481,249
543,018	Puerto Rico Electric Power Authority, SeriesE-43		10.000			07/01/2022		481,250
15,000	Puerto Rico Electric Power Authority, Series NN3		5.500			07/01/2020		12,037
170,000	Puerto Rico Electric Power Authority, Series TT3		5.000			07/01/2017		134,938
20,000	Puerto Rico Electric Power Authority, Series TT3		5.000			07/01/2018		15,875
5,000	Puerto Rico Electric Power Authority, Series TT3		5.000			07/01/2020		4,000
55,000	Puerto Rico Electric Power Authority, Series TT3		5.000			07/01/2021		44,000
210,000	Puerto Rico Electric Power Authority, Series TT3		5.000			07/01/2022		168,000
15,000	Puerto Rico Electric Power Authority, Series TT3		5.000			07/01/2024		12,000
895,000	Puerto Rico Electric Power Authority, Series TT3		5.000			07/01/2026		716,000
1,990,000	Puerto Rico Electric Power Authority, Series TT3		5.000			07/01/2027		1,592,000
3,680,000	Puerto Rico Electric Power Authority, Series TT3		5.000			07/01/2032		2,944,000
390,000	Puerto Rico Electric Power Authority, Series UU3		1.159	9		07/01/2017		277,388
7,905,000	Puerto Rico Electric Power Authority, Series UU, AGC		5.000			07/01/2026		8,099,937
22,000,000	Puerto Rico Electric Power Authority, Series VV, NPFGC		5.250			07/01/2033		23,832,600
465,000	Puerto Rico Electric Power Authority, Series VV, NPFGC		5.250			07/01/2035		502,656
415,000	Puerto Rico Electric Power Authority, Series WW3		5.250			07/01/2033		333,038
85,000	Puerto Rico Electric Power Authority, Series WW3		5.375			07/01/2022		68,213
390,000	Puerto Rico Electric Power Authority, Series WW3		5.375			07/01/2024		312,975
60,000	Puerto Rico Electric Power Authority, Series WW3		5.500			07/01/2021		48,150
605,000	Puerto Rico Electric Power Authority, Series WW3		5.500			07/01/2038		485,513
10,000	Puerto Rico Electric Power Authority, Series XX3		5.250			07/01/2026		8,025
845,000	Puerto Rico Electric Power Authority, Series XX3		5.250			07/01/2027		678,113
2,660,000	Puerto Rico Electric Power Authority, Series XX3		5.250			07/01/2035		2,134,650
28,430,000	Puerto Rico Electric Power Authority, Series XX3		5.250			07/01/2040		22,815,075
18,575,000	Puerto Rico Electric Power Authority, Series XX3		5.750			07/01/2036		14,999,313
190,000	Puerto Rico Electric Power Authority, Series ZZ3		4.625			07/01/2025		151,525
820,000	Puerto Rico Electric Power Authority, Series ZZ3		5.000			07/01/2017		648,825
95,000	Puerto Rico Electric Power Authority, Series ZZ3		5.000			07/01/2021		76,238
850,000	Puerto Rico Electric Power Authority, Series ZZ3		5.000			07/01/2022		682,125
215,000	Puerto Rico Electric Power Authority, Series ZZ3		5.000			07/01/2024		172,538
10,000	Puerto Rico Electric Power Authority, Series ZZ3		5.000			07/01/2026		8,025
25,000	Puerto Rico Electric Power Authority, Series ZZ3		5.250			07/01/2021		20,063
50,000	Puerto Rico Electric Power Authority, Series ZZ3		5.250			07/01/2022		40,125
275,000	Puerto Rico Electric Power Authority, Series ZZ3		5.250			07/01/2025		220,688

61          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$1,135,000	Puerto Rico Electric Power Authority, Series ZZ3		5.250	%		07/01/2026	$	910,838
215,000	Puerto Rico Highway & Transportation Authority, AGC		5.000			07/01/2023		220,106
45,000	Puerto Rico Highway & Transportation Authority, AGC		5.000			07/01/2027		46,105
1,360,000	Puerto Rico Highway & Transportation Authority3		5.000			07/01/2028		1,173,000
2,175,000	Puerto Rico Highway & Transportation Authority3		5.000			07/01/2028		261,000
250,000	Puerto Rico Highway & Transportation Authority, NPFGC		5.000			07/01/2029		251,972
1,035,000	Puerto Rico Highway & Transportation Authority3		5.000			07/01/2035		892,687
80,000	Puerto Rico Highway & Transportation Authority, AGC		5.250			07/01/2033		89,651
165,000	Puerto Rico Highway & Transportation Authority, NPFGC		5.250			07/01/2033		178,744
60,000	Puerto Rico Highway & Transportation Authority, AGC		5.250			07/01/2034		67,187
7,895,000	Puerto Rico Highway & Transportation Authority3		5.300			07/01/2035		6,809,437
25,000	Puerto Rico Highway & Transportation Authority, AGC		5.500			07/01/2023		27,147
5,000,000	Puerto Rico Highway & Transportation Authority3		5.500			07/01/2029		4,312,500
3,250,000	Puerto Rico Highway & Transportation Authority3		5.500			07/01/2030		2,803,125
350,000	Puerto Rico Highway & Transportation Authority, FGIC11		5.750			07/01/2021		289,625
9,000,000	Puerto Rico Highway & Transportation Authority, AGC		5.750			07/01/2022		9,320,130
605,000	Puerto Rico Highway & Transportation Authority, Series H3		5.450			07/01/2035		234,437
1,490,000	Puerto Rico Highway & Transportation Authority, Series L, NPFGC		5.250			07/01/2035		1,604,983
125,000	Puerto Rico Highway & Transportation Authority, Series L, AMBAC		5.250			07/01/2038		136,329
4,715,000	Puerto Rico Highway & Transportation Authority, Series M3		5.000			07/01/2046		1,827,062
5,000,000	Puerto Rico Infrastructure3		5.000			07/01/2031		1,187,500
3,000,000	Puerto Rico Infrastructure3		5.000			07/01/2037		712,500
7,300,000	Puerto Rico Infrastructure (Mepsi Campus)3		6.500			10/01/2037		1,478,250
25,000	Puerto Rico Infrastructure Financing Authority, AGC		5.000			07/01/2041		25,340
5,600,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		5,747,000
4,050,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)		6.000			07/01/2033		4,266,068
300,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2020		296,250
100,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2021		98,500
3,870,000	Puerto Rico Public Buildings Authority3		5.000			07/01/2032		3,221,775
150,000	Puerto Rico Public Buildings Authority3		5.000			07/01/2037		124,875
100,000	Puerto Rico Public Buildings Authority3		5.250			07/01/2023		71,625
73,395,000	Puerto Rico Public Buildings Authority3		5.250			07/01/2042		52,569,169
383,024	Puerto Rico Public Buildings Authority, AMBAC		5.500			07/01/2021		396,506

62          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$260,000	Puerto Rico Public Buildings Authority3		5.500	%		07/01/2023	$	213,200
200,000	Puerto Rico Public Buildings Authority3		5.500			07/01/2037		167,000
5,860,000	Puerto Rico Public Buildings Authority3		5.625			07/01/2039		4,929,725
12,845,000	Puerto Rico Public Buildings Authority3		5.750			07/01/2022		10,677,406
7,000,000	Puerto Rico Public Buildings Authority3		5.875			07/01/2039		5,845,000
8,825,000	Puerto Rico Public Buildings Authority3		6.000			07/01/2041		7,457,125
12,000,000	Puerto Rico Public Buildings Authority3		6.125			07/01/2023		10,275,000
5,100,000	Puerto Rico Public Buildings Authority3		6.250			07/01/2026		4,290,375
4,980,000	Puerto Rico Public Buildings Authority3		6.750			07/01/2036		4,301,475
1,515,000	Puerto Rico Public Buildings Authority, Series D3		5.250			07/01/2036		1,263,131
49,020,000	Puerto Rico Public Finance Corp., Series B3		5.500			08/01/2031		2,941,200
9,944,256	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.242	5		08/01/2043		7,234,446
11,108,275	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.252	5		08/01/2042		8,081,270
4,359,223	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.264	5		08/01/2041		3,171,335
3,274,529	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.330	5		08/01/2043		450,248
3,657,898	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.344	5		08/01/2042		502,961
1,435,428	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.359	5		08/01/2041		197,371
6,929,000	Puerto Rico Sales Tax Financing Corp., Series A		4.839	5		07/01/2031		4,697,446
7,799,000	Puerto Rico Sales Tax Financing Corp., Series A		5.090	5		07/01/2033		4,823,993
2,886,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		3.973	5		07/01/2024		2,518,064
5,519,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.259	5		07/01/2027		4,367,130
11,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.500			07/01/2034		11,775
2,892,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.550			07/01/2040		2,985,093
11,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.560	5		07/01/2029		8,091
31,297,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.750			07/01/2053		32,167,370
56,654,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.000			07/01/2058		59,212,495
150,103,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.760	5		07/01/2046		40,308,660
111,236,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		6.011	5		07/01/2051		21,617,604
51,599,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.329			07/01/2040		52,566,481
876,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.536			07/01/2053		890,209
14,781,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.784			07/01/2058		15,205,954
50,000	University of Puerto Rico, Series P		5.000			06/01/2021		50,125
100,000	University of Puerto Rico, Series P		5.000			06/01/2022		100,125
5,260,000	University of Puerto Rico, Series P		5.000			06/01/2030		5,233,700
1,025,000	University of Puerto Rico, Series Q		5.000			06/01/2036		1,019,869
								961,176,130
Total Municipal Bonds and Notes (Cost $8,123,506,070)								8,315,717,686
Corporate Bonds and Notes—0.0%
678,688	Texas Pellets Inc / German Pellets Texas LLC4,12 (Acquisition 06/15/16, Cost $678,688)		8.000			03/29/2020		678,688

63          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Corporate Bonds and Notes (Continued)
$711,565	Texas Pellets Inc / German Pellets Texas LLC4,12 (Acquisition 04/24/17, Cost $711,565)		8.000	%		03/29/2020	$	711,565
Total Corporate Bonds and Notes (Cost $1,390,253)								1,390,253
Corporate Loans—0.0%
7,000,000	Aspen Power Senior Secured Bridge Promissory Note3,4,12		9.000	9		11/15/2019		520,727
3,500,000	Aspen Power Senior Secured Bridge Promissory Note3,4,12		9.000	9		11/15/2019		260,364
6,000,000	Aspen Power Senior Secured Bridge Promissory Note3,4,12		9.000	9		11/15/2019		446,338
2,750,000	Aspen Power Senior Secured Bridge Promissory Note3,4,12		9.000	9		11/15/2019		204,571
Total Corporate Loans (Cost $19,250,000)								1,432,000
Shares
Common Stocks—0.0%
7,679	Delta Air Lines, Inc.12							444,307
2,919	General Motors Co.12							108,266
Total Common Stocks (Cost $54,137)								552,573
Total Investments, at Value (Cost $8,144,200,460)—109.0%								8,319,092,512
Net Other Assets (Liabilities)—(9.0)								(685,131,788	)
Net Assets—100.0%							$	7,633,960,724

Footnotes to Schedule of Investments

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

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

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

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

Notes.

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

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

7. This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

8. Interest or dividend ispaid-in-kind, when applicable.

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

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

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

64          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

12. Received as a result of a corporate action.

To simplify the listings of securities, abbreviations are used per the table below:
AAC	Auto Aerated Concrete
AAD	AHFO-Arbors at Denton
AAHI	AHFO-Arbors at Huntsville I
AAHII	AHFO-Arbors at Huntsville II
AE	American Eagle
AGC	Assured Guaranty Corp.
AHFP	Atlantic Housing Foundation Properties
AMBAC	AMBAC Indemnity Corp.
AMG	Aurora Medical Group
APH	AHFO-Palm House
ASchH	Advantage School of Hillsborough
ASU	Arizona State University
AWHC	AHFO-Windover Health Club
BethH	Bethesda Hospital
BHI	Baptist Homes of Indiana
BHlth	Bethesda Health
BHM	Baptist Hospital of Miami
BHSF	Baptist Health South Florida
BOS	Baptist Outpatient Services
BVHF	Blanchard Valley Health Foundation
BVRHC	Blanchard Valley Regional Health Care
CAA	Cooks Avenue Affordable
CAM&S	Channelside Academy of Math & Science
CAMS	Channelside Academy Middle School
CDA	Communities Devel. Authority
CDHA	Central Dupage Hospital Association
CDHS	Central Dupage Health System
CHCC	Community Hospitals of Central California
CHF	City Hospital Foundation
CHSTX	Children’s Health System of Texas
CMCD	Children’s Medical Center of Dallas
CMCtrF	Children’s Medical Center Foundation
COFINA	Corporación del Fondo de Interés Apremiante
COHF	Collegiate Housing Foundation
COHS	Community Health Service
COP	Certificates of Participation
CVHC	Conneaut Valley Health Center
DA	Dormitory Authority
DHSEP	Dogwoood Housing Southeast Portfolio
DrsH	Doctors Hospital
EDA	Economic Devel. Authority
EDC	Economic Devel. Corp.
EDFA	Economic Devel. Finance Authority
EF&CD	Environmental Facilities and Community Devel.
EFC	Environmental Facilities Corp.
ELGS	Evangelical Lutheran Good Samaritan
ELGSF	Evangelical Lutheran Good Samaritan Foundation
ELGSS	Evangelical Lutheran Good Samaritan Society

65          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
FCHMC	Fresno Community Hospital & Medical Center
FCIM	French Creek Internal Medicine
FGIC	Financial Guaranty Insurance Co.
FHlth	Fishermen’s Health
GO	General Obligation
GSSH	Good Samaritan Society HCBS
H&EFA	Health and Educational Facilities Authority
H&HEFA	Hospitals and Higher Education Facilities Authority
HA	Heatherwood Affordable
HAA	Hidden Acres Affordable
HCA	Hickory Creek Affordable
HCCO	Homecare Connections
HCrawC	Hospice of Crawford County
HDA	Hospital Devel. Authority
HDC	Housing Devel. Corp.
HE&HFB	Higher Educational and Housing Facility Board
HEFA	Higher Education Facilities Authority
HEHA	Higher Education and Health Authority
HFA	Housing Finance Agency
HFC	Housing Finance Corp.
HFDC	Health Facilities Devel. Corp.
HFHS	Henry Ford Health System
HFMHCT	Henry Ford Macomb Hospital Corp.-Clinton Township
HFWH	Henry Ford Wyandotte Hospital
HHI	Homestead Hospital
HHlthS	Holzer Health Systems
HMCG	Holzer Medical Center-Gallipolis
HMCJ	Holzer Medical Center-Jackson
IAS	Independence Academy of Schools
IDA	Industrial Devel. Agency
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK	John Fitzgerald Kennedy
KGC	Kuakini Geriatric Care
KHS	Kuakini Health System
KMC	Kuakini Medical Center
KSS	Kuakini Support Services
L.I.	Long Island
LV	Lakeview Affordable
M-WHOUPMC	Magee-Womens Hospital of UPMC
MarH	Mariners Hospital
MMedC	Meadville Medical Center
MMedCF	Meadville Medical Center Foundation
MPS	Meadville Physician Services
MRC	Methodist Retirement Communities
MTA	Metropolitan Transportation Authority
MwA	Mary Washington Hospital
NCCD	National Campus and Community Development
NCCU	North Carolina Central University
NMA	New Main Affordable
NPFGC	National Public Finance Guarantee Corp.

66          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
NTE	North Tarrant Express
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
PHS	Pinnacle Health System
PV-ERU	Park Valley-Equivalent Residentail Unit
RBM	Rocketship Brilliant Minds
RDP	Rocketship Discovery Prep
RE	Rocketship Education
Res Rec	Resource Recovery Facility
REW	Rocketship Education Wisconsin
RLSA	Rocketship Los Suenos Academy
RMS	Rocketship Mateo Sheedy
RNNE	Rocketship Nashville Northeast Elementary
RRCP	Rocketship Redwood City Prep
RSA	Rocketship Spark Academy
RSCP	Rocketship Southside Community Prep
RSSPA	Rocketship Si Se Puede Academy
SMH	South Miami Hospital
TAH	Titusville Area Hospital
TAHC	Titusville Area Health Center
TAHCF	Titusville Area Health Foundation
TAHS	Titusville Area Health Service
TASC	Tobacco Settlement Asset-Backed Bonds
UDC	Urban Development Corporation
UMEP	UME Preparatory Academy
UPMC	University of Pittsburgh Medical Center
UPMC-P	UPMC Passavant
UPMC-PS	UPMC Presbyterian Shadyside
UPMC-SM	UPMC St. Margaret
VOA	Volunteers of America
WA	Westlake Affordable
WAFMH	W A Foote Memorial Hospital
WHA	Weeden Heights Affordable
WKBP	West Kendall Baptist Hospital
See accompanying Notes to Financial Statements.

67          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSJuly 31, 2019

Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—110.2%
Alabama—4.7%
$5,000,000	AL Economic Settlement Authority (BP Exploration & Production)1		4.000	%		09/15/2033	$	5,438,700
2,710,000	AL Port Authority (Alabama Docks Dept.)1		5.000			10/01/2028		3,282,786
2,380,000	AL Port Authority (Alabama Docks Dept.)1		5.000			10/01/2029		2,866,377
1,700,000	Birmingham, AL GO Warrants1		5.000			12/01/2036		2,067,795
1,535,000	Birmingham, AL GO Warrants1		5.000			12/01/2037		1,859,284
1,575,000	Birmingham, AL GO Warrants1		5.000			12/01/2038		1,901,056
5,190,000	Birmingham, AL GO Warrants1		5.000			12/01/2043		6,194,732
3,140,000	Birmingham-Jefferson, AL Civic Center Authority1		4.000			07/01/2043		3,360,428
1,365,000	Birmingham-Jefferson, AL Civic Center Authority1		5.000			05/01/2035		1,640,361
1,170,000	Birmingham-Jefferson, AL Civic Center Authority1		5.000			05/01/2036		1,401,309
12,870,000	Birmingham-Jefferson, AL Civic Center Authority2		5.000			05/01/2048		15,036,030
18,120,000	Birmingham-Jefferson, AL Civic Center Authority2		5.000			07/01/2048		21,218,067
10,500,000	Birmingham-Jefferson, AL Civic Center Authority1		5.000			07/01/2048		12,314,505
4,500,000	Homewood, AL Educational Building Authority (Samford University)1		5.000			12/01/2047		5,188,590
21,895,000	Jefferson County, AL Sewer1		0.000	3		10/01/2039		20,862,213
20,045,000	Jefferson County, AL Sewer1		0.000	3		10/01/2046		19,212,531
30,000,000	Jefferson County, AL Sewer1		0.000	3		10/01/2046		28,471,500
17,500,000	Jefferson County, AL Sewer1		0.000	3		10/01/2050		16,733,150
44,050,000	Jefferson County, AL Sewer1		0.000	3		10/01/2050		41,706,100
5,000,000	Jefferson County, AL Sewer1		5.500			10/01/2053		5,731,100
51,500,000	Jefferson County, AL Sewer1		6.500			10/01/2053		61,732,535
25,000,000	Jefferson County, AL Sewer1		7.000			10/01/2051		30,502,750
8,000,000	Lower AL Gas District1		5.000			09/01/2046		10,895,040
500,000	Mobile, AL Improvement District (McGowin Park)1		5.250			08/01/2030		522,600
1,300,000	Mobile, AL Improvement District (McGowin Park)1		5.500			08/01/2035		1,357,148
15,365,000	Tuscaloosa County, AL IDA (Hunt Refining)		5.250			05/01/2044		17,072,205
								338,568,892
Alaska—0.3%
1,650,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)4,5		5.875			12/01/2027		82,500
500,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)4,5		6.000			12/01/2036		25,000
1,755,000	AK Municipal Bond Bank Authority1		5.000			12/01/2030		2,084,414
1,365,000	AK Municipal Bond Bank Authority1		5.000			12/01/2031		1,613,717
1,960,000	AK Municipal Bond Bank Authority1		5.000			12/01/2032		2,310,134
2,055,000	AK Municipal Bond Bank Authority1		5.000			12/01/2033		2,414,933
10,350,000	Koyukuk, AK (Tanana Chiefs Conference Health Care Facility)1		7.750			10/01/2041		10,460,745
								18,991,443
Arizona—2.1%
1,165,000	AZ IDA (Academies of Mathematics & Science)1		5.500			07/01/2038		1,262,895
2,250,000	AZ IDA (Academies of Mathematics & Science)1		5.625			07/01/2048		2,425,612
3,500,000	AZ IDA (Academies of Mathematics & Science)1		5.750			07/01/2053		3,782,205
2,515,000	AZ IDA (Accel Schools)1		5.125			08/01/2038		2,670,377

68          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Arizona (Continued)
$3,945,000	AZ IDA (Accel Schools)1		5.250	%		08/01/2048	$	4,170,891
580,000	AZ IDA (Franklin Phonetic Charter School)1		5.500			07/01/2037		599,500
680,000	AZ IDA (Franklin Phonetic Charter School)1		5.750			07/01/2047		706,214
645,000	AZ IDA (Franklin Phonetic Charter School)1		5.875			07/01/2052		670,800
1,415,000	AZ IDA (Mater Academy of Nevada)1		5.250			12/15/2038		1,523,120
2,260,000	AZ IDA (Mater Academy of Nevada)1		5.500			12/15/2048		2,436,958
2,250,000	AZ IDA (Provident Group-NCCU Properties)1		5.000			06/01/2049		2,635,740
3,250,000	AZ IDA (Provident Group-NCCU Properties)1		5.000			06/01/2054		3,770,520
1,930,000	AZ IDA (Provident Group-NCCU Properties)1		5.000			06/01/2058		2,224,962
3,399,000	Buckeye, AZ Watson Road Community Facilities District		6.000			07/01/2030		3,390,751
450,000	Cadence, AZ Community Facilities District1		4.500			07/01/2043		454,764
3,180,000	East San Luis, AZ Community Facilities District Special Assessment (Area One)4,5		6.375			01/01/2028		1,749,000
140,000	East San Luis, AZ Community Facilities District Special Assessment (Area Two)4,5		8.500			01/01/2028		91,000
3,100,000	Glendale, AZ IDA (Beatitudes Campus)1		5.000			11/15/2045		3,305,282
500,000	La Paz County, AZ IDA (Harmony Public Schools)1		5.000			02/15/2038		574,565
1,200,000	La Paz County, AZ IDA (Harmony Public Schools)1		5.000			02/15/2048		1,354,344
7,225,000	Maricopa County, AZ IDA (Christian Care Surprise)		6.000			01/01/2048		7,580,976
220,000	Maricopa County, AZ IDA (Greathearts Arizona)1		5.000			07/01/2037		259,079
405,000	Maricopa County, AZ IDA (Greathearts Arizona)1		5.000			07/01/2048		469,840
1,870,000	Maricopa County, AZ IDA (Immanuel Campus Care)4,5		8.500			04/20/2041		1,290,300
265,000	Merrill Ranch, AZ Community Facilities District No. 1 Special Assessment Lien1		5.250			07/01/2024		265,424
810,000	Merrill Ranch, AZ Community Facilities District No. 21		5.250			07/15/2040		918,516
225,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien1		5.250			07/01/2024		225,360
551,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien1		5.300			07/01/2030		551,738
420,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)		5.300			07/15/2025		393,070
350,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)		5.350			07/15/2031		305,791
10,000,000	Phoenix, AZ Civic Improvement Corp. Airport1		5.000			07/01/2048		11,814,600
1,000,000	Phoenix, AZ IDA (Downtown Phoenix Student Hsg.)1		5.000			07/01/2042		1,146,980
1,625,000	Phoenix, AZ IDA (Espiritu Community Devel. Corp.)		6.250			07/01/2036		1,625,894
4,135,000	Phoenix, AZ IDA (Freedom Academy)1		5.500			07/01/2046		4,490,651
2,855,000	Phoenix, AZ IDA (Gourmet Boutique West)5		5.875			11/01/2037		2,461,724
595,000	Phoenix, AZ IDA (Leman Academy of Excellence)1		5.000			07/01/2049		609,226
530,000	Phoenix, AZ IDA (Leman Academy of Excellence)1		5.000			07/01/2054		540,144
5,530,000	Phoenix, AZ IDA (Milestone Charter School)		6.500			11/01/2047		5,617,374
1,185,000	Phoenix, AZ IDA (Vista College Preparatory)1		5.000			07/01/2048		1,381,639

69          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Arizona (Continued)
$2,970,000	Pima County, AZ IDA (American Leadership Academy)1		5.000	%		06/15/2052	$	3,046,388
2,250,000	Pima County, AZ IDA (American Leadership Academy)1		5.625			06/15/2045		2,443,140
1,550,000	Pima County, AZ IDA (Christian Care Tucson)1		5.000			06/15/2037		1,778,005
2,830,000	Pima County, AZ IDA (Christian Care Tucson)1		5.000			12/15/2047		3,209,616
2,400,000	Pima County, AZ IDA (Excalibur Charter School)1		5.500			09/01/2046		2,492,448
2,955,000	Pima County, AZ IDA (New Plan Learning/OG Ohio/250 Shoup Mill Obligated Group)		8.125			07/01/2041		2,954,675
3,315,000	Pima County, AZ IDA (P.L.C. Charter Schools)1		6.000			12/01/2036		3,564,487
6,310,000	Pima County, AZ IDA (P.L.C. Charter Schools)1		6.000			12/01/2046		6,716,679
5,730,000	Pima County, AZ IDA (P.L.C. Charter Schools)1		7.500			04/01/2041		6,670,236
650,000	Pima County, AZ IDA (Paideia Academies)1		5.125			07/01/2039		650,793
810,000	Pima County, AZ IDA (Paideia Academies)1		5.250			07/01/2049		812,001
1,025,000	Pima County, AZ IDA (Paideia Academies)1		6.000			07/01/2035		1,081,160
3,310,000	Pima County, AZ IDA (Paideia Academies)1		6.125			07/01/2045		3,486,324
500,000	Pinal County, AZ IDA (San Manuel Facility)1		6.250			06/01/2026		524,430
20,000,000	Pinal County, AZ IDA (WOF SW GGP 1)		7.250			10/01/2033		21,931,800
1,022,000	Prescott Valley, AZ Southside Community Facilities District No. 1		7.250			07/01/2032		620,865
220,000	Show Low Bluff, AZ Community Facilities District		5.600			07/01/2031		204,950
1,010,000	Tempe, AZ IDA (Mirabella at ASU)1		6.000			10/01/2037		1,157,016
2,360,000	Tempe, AZ IDA (Mirabella at ASU)1		6.125			10/01/2052		2,671,095
695,000	Tempe, AZ IDA (Tempe Life Care Village)1		6.000			12/01/2032		735,122
1,550,000	Tempe, AZ IDA (Tempe Life Care Village)1		6.250			12/01/2042		1,641,651
675,000	Verrado, AZ Community Facilities District No. 11		5.700			07/15/2029		716,810
1,800,000	Verrado, AZ Community Facilities District No. 11		6.000			07/15/2027		1,939,932
610,000	Verrado, AZ Community Facilities District No. 11		6.000			07/15/2033		648,906
								153,446,355
Arkansas—0.0%
5,045,000	Cave Springs, AR Municipal Property (Creeks Special Sewer District)4,5		6.250			02/01/2038		3,682,850
California—13.2%
7,300,000	Alameda, CA Corridor Transportation Authority1		5.000			10/01/2034		8,675,977
750,000	Alhambra, CA (Atherton Baptist Homes)1		7.625			01/01/2040		770,460
50,000	Beaumont, CA Financing Authority, Series C1		5.000			09/01/2022		50,083
175,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)1		6.200			05/01/2031		175,194
5,500,000	Brea, CA Community Facilities District (Brea Plaza Area)1		7.375			09/01/2039		5,527,005
127,310,000	CA County Tobacco Securitization Agency		5.307	6		06/01/2046		22,886,519
107,400,000	CA County Tobacco Securitization Agency		5.502	6		06/01/2050		11,671,158
212,950,000	CA County Tobacco Securitization Agency		6.341	6		06/01/2055		11,756,969
33,920,000	CA County Tobacco Securitization Agency		6.647	6		06/01/2046		5,438,733
215,100,000	CA County Tobacco Securitization Agency		6.998	6		06/01/2055		13,676,058
6,620,000	CA County Tobacco Securitization Agency		8.145	6		06/01/2033		3,016,602
7,000,000	CA County Tobacco Securitization Agency (TASC)		5.250			06/01/2046		6,999,860

70          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$520,920,000	CA County Tobacco Securitization Agency (TASC)		5.559	%6		06/01/2050	$	79,054,819
18,500,000	CA County Tobacco Securitization Agency (TASC)1		5.650	3		06/01/2041		18,649,480
18,030,000	CA County Tobacco Securitization Agency (TASC)1		5.700	3		06/01/2046		18,166,667
2,775,000	CA County Tobacco Securitization Agency (TASC)1		5.875			06/01/2035		2,803,804
7,145,000	CA County Tobacco Securitization Agency (TASC)1		5.875			06/01/2043		7,248,245
19,120,000	CA County Tobacco Securitization Agency (TASC)1		6.000			06/01/2042		19,308,332
5,000,000	CA County Tobacco Securitization Agency (TASC)1		6.125			06/01/2038		5,000,700
9,125,000	CA Enterprise Devel. Authority (Sunpower Corp.)		8.500			04/01/2031		9,569,753
16,780,000	CA GO1		4.000			11/01/2033		19,268,977
24,160,000	CA GO1		4.000			11/01/2034		27,597,002
20,000,000	CA GO1		4.000			11/01/2035		22,734,000
3,740,000	CA GO1		5.000			08/01/2030		4,705,930
2,160,000	CA GO1		5.000			09/01/2031		2,647,620
3,200,000	CA GO1		5.000			04/01/2049		3,931,808
555,000	CA Golden State Tobacco Securitization Corp. (TASC)1		5.000			06/01/2029		657,003
25,350,000	CA Golden State Tobacco Securitization Corp. (TASC)1		5.300	3		06/01/2037		26,144,723
1,835,000	CA Independent Cities Finance Authority Mobile Home Park (Lamplighter Salinas)1		6.250			07/15/2050		1,900,803
10,000,000	CA Infrastructure and Economic Devel. (SanfordConsortium)2		5.000			05/15/2040		10,322,600
31,530,000	CA Infrastructure and Economic Devel. (University of California)2		5.000			05/15/2052		37,517,066
4,500,000	CA Morongo Band of Mission Indians1		5.000			10/01/2042		5,058,855
5,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)1		5.000			02/01/2047		5,718,400
750,000	CA Municipal Finance Authority (Harbor Regional Center)1		8.500			11/01/2039		763,717
10,800,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)1		5.000			12/31/2043		12,671,748
2,750,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)1		5.000			12/31/2047		3,212,357
2,575,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)		5.000			06/01/2048		3,003,351
3,000,000	CA Pollution Control Financing Authority (Aemerge Redpak Services Southern CA)4		8.000			12/01/2027		1,950,000
6,075,000	CA Pollution Control Financing Authority (Calplant I)		7.500			07/01/2032		6,375,530
14,995,000	CA Pollution Control Financing Authority (Calplant I)		8.000			07/01/2039		16,319,958
5,945,000	CA School Finance Authority Charter School (Grimmway Schools)1		5.250			07/01/2051		6,479,693
385,000	CA School Finance Authority Charter School (Kepler Neighborhood School)		5.000			05/01/2027		380,592
900,000	CA School Finance Authority Charter School (Kepler Neighborhood School)		5.750			05/01/2037		903,816
1,230,000	CA School Finance Authority Charter School (Kepler Neighborhood School)		5.875			05/01/2047		1,234,797

71          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$595,000	CA School Finance Authority Charter School (RE/REW/RLSA/RDP/RRCP/RSCP/ RNNE/RMS/RSSPA/ RBM/RSA Obligated Group)		5.125	%		06/01/2047	$	636,466
665,000	CA School Finance Authority Charter School (RE/REW/RLSA/RDP/RRCP/RSCP/ RNNE/RMS/RSSPA/RBM/RSA Obligated Group)		5.250			06/01/2052		712,168
4,330,000	CA School Finance Authority School Facility (Escuela Popular Del Pueblo)		6.500			07/01/2050		4,478,303
61,600,000	CA Silicon Valley Tobacco Securitization Authority		8.146	6		06/01/2056		5,380,144
58,990,000	CA Silicon Valley Tobacco Securitization Authority		8.898	6		06/01/2047		11,853,451
60,785,000	CA Silicon Valley Tobacco Securitization Authority		8.995	6		06/01/2036		23,895,191
13,505,000	CA Silicon Valley Tobacco Securitization Authority		8.998	6		06/01/2047		2,468,849
25,920,000	CA State University1		5.000			11/01/2047		30,863,722
10,000	CA Statewide CDA (Escrow Term)1		6.750			09/01/2037		10,014
4,020,000	CA Statewide CDA (Guidance Charter School)4,5		6.500			07/01/2037		1,567,800
14,690,000	CA Statewide CDA (Guidance Charter School)4,5		6.750			07/01/2052		5,729,100
1,450,000	CA Statewide CDA (NCCD-Hooper Street - College of the Arts)1		5.250			07/01/2052		1,641,487
7,645,000	CA Statewide CDA (Yucaipa Valley Water Reservoir)7		6.000			09/02/2044		7,810,285
4,515,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1		6.000			05/01/2037		4,547,192
1,120,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1		6.000			05/01/2043		1,126,754
100,000	CA Statewide Financing Authority Tobacco Settlement (TASC)1		6.000			05/01/2043		100,603
2,500,000	Calexico, CA Community Redevel. Agency Tax Allocation (Central Business District & Residential Redevel.)1		7.250			08/01/2033		2,751,575
1,440,000	Coyote Canyon, CA Public Facilities Community Facilities DistrictNo. 2004-11		6.625			09/01/2039		1,446,494
1,215,000	Desert Hot Springs, CA Redevel. Agency Tax Allocation1		5.000			09/01/2030		1,498,921
18,275,000	Fremont, CA Union High School District2		4.000			08/01/2043		19,346,025
7,780,000	Fresno, CA Unified School District		4.319	6		08/01/2042		3,498,822
4,320,000	Garden Grove, CA Unified School District1		4.000			08/01/2045		4,741,200
8,915,000	Garden Grove, CA Unified School District1		4.000			08/01/2047		9,747,126
9,625,000	Garden Grove, CA Unified School District1		4.000			08/01/2048		10,514,543
1,175,000	Lathrop, CA Special Tax Community Facilities DistrictNo. 03-21		7.000			09/01/2033		1,178,854
4,000,000	Long Beach, CA Harbor Revenue1		5.000			05/15/2043		4,706,600
13,345,000	Los Angeles County, CA Facilities (Vermont Corridor County Administration Building)1		5.000			12/01/2043		16,107,548
7,875,000	Los Angeles County, CA Facilities (Vermont Corridor County Administration Building)1		5.000			12/01/2051		9,422,910
1,625,000	Los Angeles, CA Community Facilities District Special Tax (Legends at Cascades)1		5.750			09/01/2040		1,644,971
1,500,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)1		5.000			05/15/2033		1,777,530

72          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
California (Continued)
$1,000,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)1		5.000	%		05/15/2035	$	1,219,160
1,385,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)1		5.000			05/15/2036		1,682,858
25,000,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)2		5.000			05/15/2043		30,268,313
55,750,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)2		5.000			05/15/2044		65,923,691
10,000,000	Los Angeles, CA Dept. of Water & Power1		5.000			07/01/2047		11,850,400
20,000,000	Los Angeles, CA Dept. of Water & Power1		5.250			07/01/2049		24,993,000
6,580,000	Los Angeles, CA Regional Airports Improvement Corp. (Delta-Continental Airlines)1,7		9.250			08/01/2024		6,627,837
255,000	Maywood, CA Public Financing Authority1		7.000			09/01/2038		255,421
10,200,000	Northern CA Tobacco Securitization Authority (TASC)1		5.375			06/01/2038		10,244,880
45,000	Placer County, CA Improvement Bond Act 19151		6.500			09/02/2030		45,042
3,975,000	Rialto, CA Redevel. Agency (Merged Project Area)1		5.000			09/01/2037		4,854,230
1,750,000	Riverside County, CA Redevel. Agency1		7.125			10/01/2042		1,978,848
27,015,000	Riverside County, CA Transportation Commission2		4.000			06/01/2036		30,417,561
10,000,000	Sacramento, CA Convention Center Complex1		5.000			06/01/2048		11,930,300
2,000,000	San Buenaventura, CA Community Memorial Health Systems1		8.000			12/01/2031		2,258,820
10,000,000	San Francisco, CA City & County Airports Commission1		5.000			05/01/2044		12,031,600
4,700,000	San Francisco, CA City & County Airports Commission1		5.000			05/01/2048		5,543,462
13,000,000	San Francisco, CA City & County Airports Commission1		5.000			05/01/2049		15,518,100
750,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)1		6.750			08/01/2041		815,108
1,000,000	San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)1		7.000			08/01/2041		1,089,890
15,920,000	Santa Clara County, CA GO2		4.000			08/01/2040		16,823,261
6,000,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)1		5.750			06/01/2026		6,528,240
12,115,000	Stockton, CA Unified School District		5.918	6		08/01/2038		6,812,386
14,735,000	Stockton, CA Unified School District		5.948	6		08/01/2041		7,379,141
17,145,000	Stockton, CA Unified School District		5.948	6		08/01/2043		7,919,961
6,245,000	Stockton, CA Unified School District		5.997	6		08/01/2037		3,670,436
1,335,000	Susanville, CA Public Financing Authority (Utility Enterprises)1		5.875			06/01/2035		1,366,292
1,425,000	Susanville, CA Public Financing Authority (Utility Enterprises)1		6.000			06/01/2045		1,456,920

73          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
California (Continued)
$3,500,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)1		7.500	%		09/01/2042	$	3,952,200
								958,608,770
Colorado—4.1%
1,075,000	Amber Creek, CO Metropolitan District		5.125			12/01/2047		1,105,627
515,000	Amber Creek, CO Metropolitan District		7.750			12/15/2047		526,835
1,240,000	Arista, CO Metropolitan District		5.000			12/01/2038		1,297,189
3,500,000	Arista, CO Metropolitan District		5.125			12/01/2048		3,664,010
3,260,000	Banning Lewis Ranch, CO Metropolitan District No. 2		5.750			12/01/2048		3,402,169
2,195,000	Banning Lewis Ranch, CO Metropolitan District No. 2		5.750			12/01/2048		2,290,724
500,000	Banning Lewis Ranch, CO Metropolitan District No. 2		8.000			12/15/2048		519,660
3,100,000	Base Village, CO Metropolitan District No. 21		5.750			12/01/2046		3,257,108
3,000,000	Berthoud-Heritage, CO Metropolitan District No. 1		5.625			12/01/2048		3,090,450
500,000	Blue Lake, CO Metropolitan District No. 2		8.000			12/15/2046		517,385
1,750,000	Blue Lake, CO Metropolitan District No. 31		5.250			12/01/2048		1,792,630
551,000	BNC, CO Metropolitan District No. 1		7.375			12/15/2047		566,070
670,000	Brighton Crossing, CO Metropolitan District No. 4		7.000			12/15/2047		681,042
1,000,000	Bromley Park, CO Metropolitan District No. 2		6.375			12/15/2047		1,026,720
2,734,000	Buffalo Ridge, CO Metropolitan District		7.375			12/15/2047		2,816,539
1,345,000	Cherrylane, CO Metropolitan District1		5.250			12/01/2047		1,392,021
574,000	Cherrylane, CO Metropolitan District		7.375			12/15/2047		591,662
500,000	Clear Creek Station, CO Metropolitan District No. 2		7.375			12/15/2047		515,735
4,500,000	CO Canyons Metropolitan District No. 5		6.125			12/01/2047		4,655,520
2,000,000	CO Canyons Metropolitan District No. 6		6.125			12/01/2047		2,040,200
1,025,000	CO Country Club Highlands Metropolitan District5,8		7.250			12/01/2037		871,250
2,600,000	CO Elbert and Highway 86 Metropolitan District1		5.750			12/01/2046		2,832,726
4,475,000	CO Elbert and Highway 86 Metropolitan District5,8		7.500			12/01/2032		3,356,250
1,780,000	CO Fossil Ridge Metropolitan District No. 11		7.250			12/01/2040		1,839,416
6,000,000	CO Health Facilities Authority (Ascension Health System Sunbelt)1,7		4.000			11/15/2043		6,632,220
1,100,000	CO Health Facilities Authority (Catholic Health Initiatives)1		5.000			09/01/2036		1,111,715
4,425,000	CO Health Facilities Authority (ELGS/ELGSS/ ELGSF/GSSH Obligated Group)1		5.000			06/01/2047		5,502,266
14,350,000	CO Health Facilities Authority (Sisters of Charity of Leavenworth Health System)2		5.000			01/01/2044		15,819,511
1,030,000	CO Health Facilities Authority Health & Residential Care Facilities (Volunteers of America)1		5.300			07/01/2037		1,030,371
1,040,000	CO International Center Metropolitan District No. 3		7.500			12/15/2038		1,066,177

74          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Colorado (Continued)
$1,919,000	CO Midcities Metropolitan District No. 2		7.750	%		12/15/2046	$	1,947,497
1,590,000	CO Potomac Farms Metropolitan District		7.250			12/01/2037		1,590,700
196,000	CO Potomac Farms Metropolitan District		7.625	3		12/01/2023		196,143
1,720,000	CO Sorrell Ranch Metropolitan District4,5		6.750			12/15/2036		481,600
569,000	CO Table Mountain Metropolitan District		7.750			12/15/2045		593,598
8,000,000	CO Talon Pointe Metropolitan District4,5		8.000			12/01/2039		960,000
500,000	Copperleaf, CO Metropolitan District No. 3		5.000			12/01/2037		519,190
700,000	Copperleaf, CO Metropolitan District No. 3		5.125			12/01/2047		724,213
506,000	Copperleaf, CO Metropolitan District No. 3		7.625			12/15/2047		519,966
3,415,000	Cundall Farms, CO Metropolitan District1		6.875			12/01/2044		3,474,728
750,000	Cundall Farms, CO Metropolitan District		7.375			12/15/2047		759,840
785,000	Cundall Farms, CO Metropolitan District1		7.750			12/15/2044		825,977
792,000	Cundall Farms, CO Metropolitan District		12.000			12/15/2049		799,659
34,120,000	Denver, CO City & County Airport1		5.000			12/01/2048		40,354,748
26,450,000	Denver, CO City & County Airport1		5.250			12/01/2048		31,847,916
1,250,000	Denver, CO Connection West Metropolitan District		5.375			08/01/2047		1,292,887
1,360,000	Denver, CO Gateway Center Metropolitan District		5.500			12/01/2038		1,434,474
2,130,000	Denver, CO Gateway Center Metropolitan District		5.625			12/01/2048		2,249,493
2,290,000	Denver, CO International Business Center Metropolitan District No. 1		6.000			12/01/2048		2,373,196
1,285,000	Dinosaur Ridge, CO Metropolitan District		5.000			06/01/2049		1,292,350
1,690,000	Dublin North, CO Metropolitan District No. 21		5.125			12/01/2047		1,731,895
2,000,000	Erie Farm, CO Metropolitan District		5.500			12/01/2045		2,065,020
600,000	Erie Farm, CO Metropolitan District		7.750			12/15/2045		611,796
2,965,000	Flying Horse, CO Metropolitan District No. 3		6.000			12/01/2049		2,950,397
920,000	Godding Hollow, CO Metropolitan District		6.500			12/01/2034		956,809
2,065,000	Hawthorn, CO Metropolitan District No. 21		6.375			12/01/2044		2,100,580
950,000	Hawthorn, CO Metropolitan District No. 2		7.750			12/15/2044		1,001,129
928,000	Hawthorn, CO Metropolitan District No. 2		10.000			12/15/2051		937,633
5,015,000	Hunting Hill, CO Metropolitan District		5.625			12/01/2048		5,234,707
775,000	Iliff Commons, CO Metropolitan District No. 31		6.000			12/01/2046		800,094
2,235,000	Interpark, CO Metropolitan District		5.500			12/01/2048		2,280,728
1,365,000	Interquest South, CO Business Improvement District1		5.000			12/01/2047		1,387,864
1,619,000	Lewis Pointe, CO Metropolitan District		7.750			12/15/2047		1,631,288
500,000	Leyden Ranch, CO Metropolitan District		7.000			12/15/2047		518,185
1,195,000	Leyden Rock, CO Metropolitan District No. 10		7.250			12/15/2045		1,225,903
1,025,000	Leyden Rock, CO Metropolitan District No. 10		10.750			12/15/2049		1,033,846
1,140,000	Littleton Village, CO Metropolitan District No. 2		7.625			12/15/2028		1,172,102
8,065,000	Millers Landing, CO Business Improvement District		6.000			12/01/2048		8,280,416
2,185,000	Millers Landing, CO Business Improvement District		8.000			12/01/2048		2,228,176
1,000,000	Mountain Shadows, CO Metropolitan District1		5.000			12/01/2046		1,033,900
1,760,000	North Holly, CO Metropolitan District		5.500			12/01/2048		1,799,230
2,290,000	Powhaton Road, CO Metropolitan District No. 2		5.625			12/01/2048		2,370,379
2,290,000	Prairie Farm, CO Metropolitan District		5.250			12/01/2048		2,364,448
1,270,000	Prairie Farm, CO Metropolitan District		7.375			12/15/2048		1,301,483

75          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Colorado (Continued)
$2,595,000	Prairiestar, CO Metropolitan District No. 2		5.750	%		12/01/2046	$	2,730,070
12,585,000	PV-ERU Holding Trust, CO		7.957	6		2/14/2039		2,642,850
4,340,000	Rendezvous, CO Metropolitan District No. 4		5.625			12/01/2048		4,483,177
2,000,000	Ritoro, CO Metropolitan District		5.000			12/01/2049		2,022,336
1,200,000	Sheridan Station West, CO Metropolitan District		6.000			12/01/2047		1,221,984
2,815,000	South Aurora, CO Regional Improvement Authority		6.250			12/01/2057		2,928,332
1,000,000	South Timnath, CO Metropolitan District No. 1		5.500			12/01/2048		1,028,080
2,208,000	South Timnath, CO Metropolitan District No. 1		8.000			12/15/2048		2,262,979
810,000	Southglenn, CO Metropolitan District1		5.000			12/01/2036		842,181
2,000,000	Stone Creek, CO Metropolitan District		5.625			12/01/2047		2,054,780
600,000	Stone Creek, CO Metropolitan District		7.875			12/15/2047		618,882
680,000	Tabernash Meadows, CO Water & Sanitation District1		7.125			12/01/2034		701,148
7,550,000	Tailholt, CO Metropolitan District No. 3		6.000			12/01/2048		8,001,188
294,000	Tallyns Reach, CO Metropolitan District No. 31		5.000			12/01/2033		312,416
1,220,000	Tallyns Reach, CO Metropolitan District No. 3		6.750			11/01/2038		1,242,350
749,000	Thompson Crossing, CO Metropolitan District No. 61		6.000			12/01/2044		768,406
1,500,000	Timnath Ranch, CO Metropolitan District No. 41		5.250			12/01/2037		1,540,260
1,900,000	Timnath Ranch, CO Metropolitan District No. 41		5.375			12/01/2047		1,951,357
953,000	Timnath Ranch, CO Metropolitan District No. 4		7.750			12/15/2047		976,444
2,000,000	Trails at Crowfoot, CO Metropolitan District No. 3		5.000			12/01/2049		2,025,340
1,610,000	Two Bridges, CO Metropolitan District		5.625			08/01/2048		1,648,672
508,000	Two Bridges, CO Metropolitan District		7.875			08/01/2048		518,866
1,570,000	Village at Dry Creek, CO Metropolitan District No. 21		4.375			12/01/2044		1,579,491
1,375,000	Village at Southgate, CO Metropolitan District		5.625			12/01/2048		1,409,292
1,645,000	Villas Eastlake Reservoir, CO Metropolitan District1		6.500			12/01/2046		1,736,495
1,300,000	Westcreek, CO Metropolitan District No. 2		5.375			12/01/2048		1,327,378
5,191,763	Woodmen Heights, CO Metropolitan District No. 11		6.000			12/01/2041		5,264,344
27,590,594	Woodmen Heights, CO Metropolitan District No. 1		7.300	3		12/15/2041		23,890,143
1,245,000	York Street, CO Metropolitan District		6.250			12/01/2047		1,280,582
								296,077,204
Connecticut—0.6%
5,295,000	CT GO1		4.000			08/15/2031		5,931,089
4,500,000	CT GO1		5.000			09/15/2033		5,582,160
2,000,000	CT GO1		5.000			09/15/2034		2,470,660
2,500,000	CT GO1		5.000			09/15/2035		3,076,850
2,000,000	CT GO1		5.000			09/15/2037		2,443,780
2,500,000	CT H&EFA (Ascension Health Credit Group)1		5.000			11/15/2040		2,525,400
6,000,000	CT Special Tax (Transportation Infrastructure)1		5.000			08/01/2032		7,008,960
7,965,000	CT Special Tax (Transportation Infrastructure)1		5.000			08/01/2033		9,283,287
470,000	Georgetown, CT Special Taxing District4,5		5.125			10/01/2036		150,400
1,580,000	Hartford, CT GO1		5.000			10/01/2033		1,800,410

76          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Connecticut (Continued)
$13,082,023	Mashantucket Western Pequot Tribe CT4,9		6.050	%		07/01/2031	$	448,059
								40,721,055
Delaware—0.0%
1,100,000	Bridgeville, DE Special Obligation (Heritage Shores)1		5.450			07/01/2035		1,100,242
District of Columbia—3.8%
4,745,000	District of Columbia (Howard University)1		6.250			10/01/2032		5,145,905
5,255,000	District of Columbia (Howard University)1		6.250			10/01/2032		5,503,719
315,000	District of Columbia (Howard University)1		6.500			10/01/2041		342,853
19,295,000	District of Columbia (Howard University)1		6.500			10/01/2041		20,170,607
310,000	District of Columbia (Rocketship Public School)		5.300			06/01/2023		313,202
2,900,000	District of Columbia Center for Strategic & International Studies1		6.375			03/01/2031		3,124,257
2,000,000	District of Columbia Center for Strategic & International Studies1		6.625			03/01/2041		2,170,340
30,840,000	District of Columbia GO1		5.000			10/15/2044		37,714,236
32,955,000	District of Columbia Tobacco Settlement Financing Corp.1		6.750			05/15/2040		34,110,732
1,275,680,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		5.912	6		06/15/2055		55,568,621
1,055,000,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.211	6		06/15/2055		41,461,500
11,045,000	District of Columbia Water & Sewer Authority1		5.000			10/01/2049		13,230,695
11,530,000	Metropolitan Washington D.C. Airport Authority2		4.000			10/01/2035		12,644,879
6,375,000	Metropolitan Washington D.C. Airport Authority1		5.000			10/01/2034		7,815,176
11,000,000	Metropolitan Washington D.C. Airport Authority1		5.000			10/01/2037		13,338,380
20,000,000	Metropolitan Washington D.C. Airport Authority1		5.000			10/01/2044		24,224,400
1,810,000	Metropolitan Washington D.C. Airport Authority1		5.000			10/01/2048		2,150,642
								279,030,144
Florida—7.1%
750,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)1		8.000			10/01/2032		853,665
1,000,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)1		8.000			10/01/2042		1,133,730
1,000,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)1		8.000			10/01/2046		1,130,530
3,035,000	Amelia Concourse, FL Community Devel. District		5.650			05/01/2049		3,159,314
4,655,000	Amelia Concourse, FL Community Devel. District4,5		5.750			05/01/2038		4,329,150
2,990,000	Amelia Concourse, FL Community Devel. District1		6.000			05/01/2047		3,062,208
1,415,000	Amelia Concourse, FL Community Devel. District		7.250			05/01/2029		1,464,723
4,315,000	Arlington Ridge, FL Community Devel. District1		5.500			05/01/2036		4,303,565
1,045,000	Avignon Villages, FL Community Devel. District4,5		5.300			05/01/2014		73,150
755,000	Avignon Villages, FL Community Devel. District4,5		5.400			05/01/2037		52,850

77          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$7,555,000	Belle Isle, FL Charter School (Cornerstone Charter Academy & Cornerstone Charter High School Obligated Group)1		6.000	%		10/01/2042	$	8,075,842
5,845,000	Buckeye Park, FL Community Devel. District4		7.875			05/01/2038		2,513,350
765,000	Carlton Lakes, FL Community Devel. District Special Assessment1,7		5.625			11/01/2036		813,845
1,875,000	Carlton Lakes, FL Community Devel. District Special Assessment1,7		5.750			11/01/2047		2,004,881
17,885,000	CFM, FL Community Devel. District, Series A4,5		6.250			05/01/2035		11,982,950
7,075,000	Chapel Creek, FL Community Devel. District Special Assessment4,5		5.500			05/01/2038		6,367,500
13,074,058	Clearwater Cay, FL Community Devel. District4,5		5.500			05/01/2037		7,452,213
1,150,000	Collier County, FL IDA (Gulf Coast Charter Academy South)1		5.000			12/01/2037		1,198,438
1,875,000	Collier County, FL IDA (Gulf Coast Charter Academy South)1		5.000			12/01/2047		1,927,613
1,690,000	Creekside, FL Community Devel. District4,5		5.200			05/01/2038		760,500
815,000	Crosscreek, FL Community Devel. District		5.600			05/01/2037		793,484
20,000	Crosscreek, FL Community Devel. District4		5.600			05/01/2039		19,079
1,210,000	Crosscreek, FL Community Devel. District		6.750			11/30/2021		1,210,823
55,000	Dade County, FL HFA (Golden Lakes Apartments)1		6.050			11/01/2039		55,108
3,230,000	FL Capital Trust Agency (AHFP/AAD/AAHI/APH/ AWHC/AAHII/AW Obligated Group)1		6.000			07/01/2042		3,283,037
1,025,000	FL Capital Trust Agency (Elim Senior Hsg.)		5.625			08/01/2037		1,070,233
3,850,000	FL Capital Trust Agency (Elim Senior Hsg.)		5.875			08/01/2052		4,023,404
850,000	FL Capital Trust Agency (Florida Charter Educational Foundation)		5.375			06/15/2038		943,882
1,590,000	FL Capital Trust Agency (Florida Charter Educational Foundation)		5.375			06/15/2048		1,735,676
1,545,000	FL Capital Trust Agency (IAS/ASchH/CAMS/ CAM&S Obligated Group)1		5.000			12/15/2049		1,672,602
1,085,000	FL Capital Trust Agency (IAS/ASchH/CAMS/ CAM&S Obligated Group)1		5.000			12/15/2054		1,167,764
3,735,000	FL Capital Trust Agency (Paragon Academy of Techonolgy/Sunshine Elementary Charter School Obligation Group)		5.750			06/01/2054		3,836,256
390,000	FL Capital Trust Agency (Paragon Academy of Techonolgy/Sunshine Elementary Charter School Obligation Group)		6.000			06/01/2028		398,451
1,100,000	FL Capital Trust Agency (Viera Charter School)1		5.000			10/15/2047		1,155,011
755,000	FL Capital Trust Agency (Viera Charter School)1		5.000			10/15/2052		787,442
3,725,000	FL Dept. of Transportation (Acquisition & Bridge Construction)2		4.000			07/01/2037		4,210,602
4,030,000	FL Dept. of Transportation (Acquisition & Bridge Construction)2		4.000			07/01/2038		4,541,848
4,195,000	FL Dept. of Transportation (Acquisition & Bridge Construction)2		4.000			07/01/2039		4,714,824
4,360,000	FL Dept. of Transportation (Acquisition & Bridge Construction)2		4.000			07/01/2040		4,887,309

78          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$6,045,000	FL Devel. Finance Corp. (Florida Charter Educational Foundation)1		5.000	%		07/15/2046	$	6,144,198
300,000	FL Devel. Finance Corp. (Learning Gate Community School)1		5.000			02/15/2038		327,339
985,000	FL Devel. Finance Corp. (Learning Gate Community School)1		5.000			02/15/2048		1,070,084
13,000,000	FL Devel. Finance Corp. (Virgin Trains USA Florida)		6.375	10		01/01/2049		12,434,630
17,000,000	FL Devel. Finance Corp. (Virgin Trains USA Florida)		6.500	10		01/01/2049		16,226,670
2,388,640	FL Lake Ashton II Community Devel. District1		5.375			05/01/2036		2,287,959
3,019,862	Glades, FL Correctional Devel. Corp.		0.000	3		03/01/2030		362,383
5,428,094	Glades, FL Correctional Devel. Corp.		7.000			03/01/2030		4,791,759
2,730,000	Greater Lakes/Sawgrass Bay, FL Community Devel. District1		5.500			05/01/2038		2,562,733
1,555,000	Harbor Bay, FL Community Devel. District1		6.750			05/01/2034		1,562,309
325,000	Highland Meadows, FL Community Devel. District Special Assessment, Series A		5.500			05/01/2036		325,020
13,120,000	Hillsborough County, FL Aviation Authority (Tampa International Airport)1		5.000			10/01/2043		15,629,331
1,500,000	Hillsborough County, FL Aviation Authority (Tampa International Airport)1		5.000			10/01/2048		1,770,270
4,775,000	Indigo, FL Community Devel. District4,5		5.750			05/01/2036		3,342,500
820,000	Lake County, FL Educational Facilities (Imagine South Lake Charter School)1		5.000			01/15/2049		871,512
635,000	Lake County, FL Educational Facilities (Imagine South Lake Charter School)1		5.000			01/15/2054		667,661
15,300,000	Lake County, FL Senior Living (Village Veranda at Lady Lake/VVLL Properties Obligated Group)		7.125			01/01/2052		15,681,888
1,685,000	Lake Helen, FL Educational Facilities (Ivy Hawn Charter School)		5.500			07/15/2048		1,766,857
1,830,000	Lake Helen, FL Educational Facilities (Ivy Hawn Charter School)		5.750			07/15/2053		1,934,804
16,715,000	Lakewood Ranch, FL Stewardship District (Country Club East Investors)1		5.400			05/01/2037		16,787,209
1,785,000	Lee County, FL IDA (VOA Lee County Health Care Facility)		5.750			12/01/2052		1,883,871
2,980,000	Legends Bay, FL Community Devel. District1		5.875			05/01/2038		2,982,026
5,000,000	Magnolia Creek, FL Community Devel. District4,5		5.600			05/01/2014		900,000
5,360,000	Magnolia Creek, FL Community Devel. District4,5		5.900			05/01/2039		964,800
190,000	Magnolia West, FL Community Devel. District Special Assessment1		5.350			05/01/2037		197,976
1,715,000	Miami, FL World Center Community Devel. District1		5.125			11/01/2039		1,855,493
2,570,000	Miami, FL World Center Community Devel. District1		5.250			11/01/2049		2,784,235
18,645,000	Miami-Dade County, FL Aviation1		5.000			10/01/2040		21,948,521
30,790,000	Miami-Dade County, FL Aviation1		5.000			10/01/2049		36,833,461
10,000	Miami-Dade County, FL School Board1		5.000			05/01/2032		11,670
2,460,000	Miami-Dade County, FL Seaport1		6.000			10/01/2042		2,828,262
11,000,000	Miami-Dade County, FL Transit System2		4.000			07/01/2045		12,013,293

79          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$5,310,385	Montecito, FL Community Devel. District4,5		5.100	%		05/01/2013	$	5,097,969
5,310,000	Montecito, FL Community Devel. District4,5		5.500			05/01/2037		5,097,600
9,515,000	Nassau County, FL (Nassau Care Centers)		6.900			01/01/2038		9,556,866
3,640,000	Naturewalk, FL Community Devel. District4,5		5.300			05/01/2016		2,875,600
4,345,000	Naturewalk, FL Community Devel. District4,5		5.500			05/01/2038		3,432,550
3,000,000	Palm Beach County, FL Health Facilities Authority (Sinai Residences Boca Raton)1		7.500			06/01/2049		3,384,480
11,270,000	Palm Coast Park, FL Community Devel. District Special Assessment		5.700			05/01/2037		11,272,141
1,850,000	Palm River, FL Community Devel. District4,5		5.150			05/01/2013		925,000
1,565,000	Palm River, FL Community Devel. District4,5		5.375			05/01/2036		782,500
5,097,649	Pine Ridge Plantation, FL Community Devel. District		5.400			05/01/2037		4,667,050
2,250,000	Pinellas County, FL Educational Facilities Authority (Pinellas Prep Academy)1		7.125			09/15/2041		2,514,510
1,750,000	Pinellas County, FL IDA (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding)1,7		5.000			07/01/2039		1,993,793
800,000	Polk County, FL IDA (Carpenter’s Home Estates)1		5.000			01/01/2055		888,341
5,000,000	Pompano Beach, FL GO1		4.000			07/01/2048		5,551,150
9,000,000	Portico, FL Community Devel. District		5.450			05/01/2037		8,734,950
5,905,000	Portofino Isles, FL Community Devel. District (Portofino Court)4,5		5.600			05/01/2036		2,480,100
2,470,000	Portofino Vista, FL Community Devel. District4,5		5.000			05/01/2013		1,235,000
3,420,000	Reunion East, FL Community Devel. District4,5		5.800			05/01/2036		34
1,410,000	Reunion East, FL Community Devel. District		6.600			05/01/2033		1,426,723
3,380,000	Reunion East, FL Community Devel. District		6.600			05/01/2036		3,420,087
1,425,000	Reunion East, FL Community Devel. District4,5		7.375			05/01/2033		14
135,000	Ridgewood Trails, FL Community Devel. District		5.650			05/01/2038		130,299
7,580,000	River Glen, FL Community Devel. District Special Assessment4,5		5.450			05/01/2038		4,548,000
140,928	Santa Rosa Bay, FL Bridge Authority		6.250			07/01/2028		141,306
1,895,000	Sarasota County, FL Educational Facilities (School of Arts & Sciences)1		6.500			07/01/2040		1,930,342
3,670,000	Seminole County, FL IDA (Progressive Health)1		7.500			03/01/2035		3,674,147
7,035,000	South Bay, FL Community Devel. District1		5.125			05/01/2020		7,037,251
5,110,000	South Bay, FL Community Devel. District4,5		5.950			05/01/2036		51
6,780,000	South Bay, FL Community Devel. District		5.950			05/01/2036		6,611,042
3,240,000	South Bay, FL Community Devel. District4,5		6.600	3		05/01/2025		1,631,534
8,750,000	South Bay, FL Community Devel. District4,5		6.600	3		05/01/2036		4,410,613
3,450,000	South Fork East, FL Community Devel. District1		6.500	3		05/01/2038		3,503,648
14,000,000	South Miami, FL Health Facilities Authority (BHSF/ BHM/HHI/SMH/MarH/DrsH/ WKBP/BOS/FHlth/ BHlth/BethH Obligated Group)2		4.000			08/15/2036		15,374,240
3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)1		5.875			08/01/2040		3,661,350
3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)1		6.000			08/01/2045		3,665,690
1,000,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)		5.250			10/01/2041		837,750

80          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Florida (Continued)
$610,000	Tern Bay, FL Community Devel. District		5.375	%		05/01/2037	$	610,165
12,705,000	Town Center, FL at Palm Coast Community Devel. District1		6.000			05/01/2036		12,757,726
4,950,000	Treeline, FL Preservation Community Devel. District4,5		6.800			05/01/2039		2,722,500
480,000	Villages of Glen Creek FL Community Devel. District Community Devel. District		4.750			05/01/2026		479,419
1,080,000	Villages of Glen Creek FL Community Devel. District Community Devel. District		5.250			05/01/2036		1,075,151
1,815,000	Villages of Glen Creek FL Community Devel. District Community Devel. District		5.375			05/01/2046		1,800,843
2,470,000	Villages of Glen Creek FL Community Devel. District Community Devel. District		5.375			05/01/2046		2,450,734
3,346,447	Waterford Estates, FL Community Devel. District Special Assessment4,5		5.125			05/01/2013		3,179,124
2,754,253	Waterford Estates, FL Community Devel. District Special Assessment4,5		5.500			05/01/2037		2,616,540
122,000	Waters Edge, FL Community Devel. District1		5.350			05/01/2039		122,023
2,455,000	Waters Edge, FL Community Devel. District1		6.600	3		05/01/2039		2,470,172
1,214,282	Waterstone, FL Community Devel. District		0.000	3		05/01/2037		952,252
8,231,933	Waterstone, FL Community Devel. District		5.020	6		11/01/2028		4,786,128
2,327,525	Waterstone, FL Community Devel. District4,5		5.500			05/01/2018		1,512,891
1,215,000	West Villages, FL Improvement District4,5		5.350			05/01/2015		972,000
18,150,000	West Villages, FL Improvement District4,5		5.800			05/01/2036		14,520,000
14,925,000	Westridge, FL Community Devel. District4,5		5.800			05/01/2037		11,193,750
1,475,000	Westside, FL Community Devel. District4		5.650			05/01/2037		1,351,557
4,490,000	Westside, FL Community Devel. District		5.650			05/01/2037		4,490,943
250,000	Westside, FL Community Devel. District4,5		5.650			05/01/2037		87,500
6,520,000	Westside, FL Community Devel. District		7.200			05/01/2038		6,520,587
500,000	Westside, FL Community Devel. District4,5		7.200			05/01/2038		175,000
705,000	Westside, FL Community Devel. District4		7.200			05/01/2038		644,807
7,420,000	Wyld Palms, FL Community Devel. District4,5		5.400			05/01/2015		2,300,200
4,340,000	Wyld Palms, FL Community Devel. District4,5		5.500			05/01/2038		1,345,400
3,786,132	Zephyr Ridge, FL Community Devel. District4,5		5.250			05/01/2013		3,180,351
2,634,476	Zephyr Ridge, FL Community Devel. District4,5		5.625			05/01/2037		2,212,959
								513,942,019
Georgia—1.6%
1,445,000	Cobb County, GA Devel. Authority (Provident Group-Creekside Properties)		6.000			07/01/2036		1,406,043
5,440,000	Cobb County, GA Devel. Authority (Provident Group-Creekside Properties)		6.000			07/01/2051		5,048,048
3,100,000	Floyd County, GA Devel. Authority (Lavender Mountain Senior Living)1		5.750			12/01/2033		3,191,326
17,030,000	Floyd County, GA Devel. Authority (Lavender Mountain Senior Living)1		6.250			12/01/2048		17,659,258
9,710,000	Floyd County, GA Devel. Authority (Lavender Mountain Senior Living)1		6.500			12/01/2053		10,157,048

81          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Georgia (Continued)
$6,850,000	Floyd County, GA Devel. Authority (Spires at Berry College)1		6.000	%		12/01/2038	$	7,063,172
1,315,000	GA Environmental Loan Acquisition Corp. (Local Water Authority)1		5.125			03/15/2031		1,318,906
3,400,000	GA Main Street Natural Gas1		5.000			05/15/2043		3,988,676
17,330,000	GA Main Street Natural Gas1		5.000			05/15/2049		23,444,197
9,100,000	GA Road & Tollway Authority(I-75 S Express Lanes)1		0.000	3		06/01/2049		6,852,027
2,250,000	GA Road & Tollway Authority(I-75 S Express Lanes)		6.246	6		06/01/2024		1,722,375
3,750,000	GA Road & Tollway Authority(I-75 S Express Lanes)		6.748	6		06/01/2034		1,483,425
1,720,000	Gainesville & Hall County, GA Devel. Authority Educational Facilities (Riverside Military Academy)1		5.000			03/01/2047		1,885,636
1,720,000	Gainesville & Hall County, GA Devel. Authority Educational Facilities (Riverside Military Academy)1		5.125			03/01/2052		1,887,838
9,000,000	Houston County, GA Healthcare System1		5.000			10/01/2031		9,922,950
6,375,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		5.500			12/01/2028		6,474,641
2,090,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		5.500	10		12/01/2053		2,148,081
2,635,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		6.125			12/01/2038		2,777,290
3,675,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		6.250			12/01/2048		3,868,232
3,090,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		6.375			12/01/2053		3,252,719
								115,551,888
Hawaii—0.4%
9,355,000	HI Airports System1		5.000			07/01/2043		11,120,663
15,450,000	HI Airports System1		5.000			07/01/2048		18,266,999
610,000	HI Dept. of Transportation (Continental Airlines)1		5.625			11/15/2027		618,625
1,105,000	Kuakini, HI Health System (KMC/KHS/KGC/KSS Obligated Group)1		6.300			07/01/2022		1,108,779
								31,115,066
Idaho—0.0%
960,000	ID Health Facilities Authority (Valley Vista Care Corp./Vista Community Hsg. Corp. Obligated Group)1		5.250			11/15/2047		1,011,312
100,000	ID Hsg. & Finance Assoc. (Compass Public Charter School)1		5.875			07/01/2022		101,038
370,000	ID Hsg. & Finance Assoc. (Compass Public Charter School)1		6.000			07/01/2039		428,016
1,135,000	ID Hsg. & Finance Assoc. (Compass Public Charter School)1		6.000			07/01/2054		1,286,454

82          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Idaho (Continued)
$92,400	Nampa, ID Local Improvement District No. 1487		6.625	%		09/01/2030	$	94,351
								2,921,171
Illinois—5.8%
3,000,000	Carol Stream, IL Park District1		5.000			01/01/2037		3,458,160
30,685,000	Caseyville, IL Tax (Forest Lakes)4,5		7.000			12/30/2022		306,850
7,555,000	Chicago, IL Board of Education1		5.000			04/01/2046		8,347,746
5,700,000	Chicago, IL Board of Education1		6.000			04/01/2046		6,700,578
1,850,000	Chicago, IL Board of Education (School Reform)1		5.000			12/01/2023		2,075,829
3,500,000	Chicago, IL Board of Education (School Reform)1		5.000			12/01/2024		4,012,400
2,500,000	Chicago, IL Board of Education (School Reform)1		5.000			12/01/2025		2,918,150
1,725,000	Chicago, IL Board of Education (School Reform)1		5.000			12/01/2026		2,045,505
2,100,000	Chicago, IL Board of Education (School Reform)1		5.000			12/01/2027		2,527,056
2,000,000	Chicago, IL Board of Education (School Reform)1		5.000			12/01/2029		2,422,760
1,250,000	Chicago, IL Board of Education (School Reform)1		5.000			12/01/2032		1,489,788
3,000,000	Chicago, IL Board of Education (School Reform)1		5.000			12/01/2035		3,534,900
1,500,000	Chicago, IL Board of Education (School Reform)1		6.500			12/01/2046		1,796,160
7,000,000	Chicago, IL Board of Education (School Reform)1		7.000			12/01/2044		8,421,350
3,580,000	Chicago, IL Metropolitan Water Reclamation1		5.000			12/01/2028		4,348,196
6,870,000	Chicago, IL Metropolitan Water Reclamation1		5.000			12/01/2044		7,685,126
3,000,000	Chicago, IL Midway Airport, Series A1		5.000			01/01/2033		3,369,960
30,000	Chicago, IL Multifamily Hsg. (Cottage View Terrace)1		6.125			02/20/2042		30,044
2,500,000	Chicago, IL O’Hare International Airport1		5.000			01/01/2047		2,864,750
10,000,000	Chicago, IL O’Hare International Airport1		5.000			01/01/2048		11,746,100
3,750,000	Chicago, IL O’Hare International Airport1		5.000			07/01/2048		4,327,650
5,000,000	Chicago, IL O’Hare International Airport1		5.000			01/01/2052		5,705,500
16,890,000	Chicago, IL O’Hare International Airport1		5.000			01/01/2053		20,281,681
2,755,000	Chicago, IL Waterworks1		5.250			11/01/2030		3,370,467
2,900,000	Chicago, IL Waterworks1		5.250			11/01/2031		3,517,004
2,135,000	Chicago, IL Waterworks1		5.250			11/01/2032		2,580,575
2,000,000	Chicago, IL Waterworks1		5.250			11/01/2033		2,408,060
2,885,000	Chicago, IL Waterworks1		5.250			11/01/2035		3,449,162
1,190,000	Cook County, IL School District No. 111 Burbank1		4.000			12/01/2033		1,292,114
1,000,000	Cook County, IL School District No. 111 Burbank1		4.000			12/01/2034		1,082,080
1,000,000	Cook County, IL School District No. 111 Burbank1		4.000			12/01/2035		1,078,760
10,032,000	Cortland, IL Special Tax (Sheaffer System)4,5		5.500			03/01/2017		2,006,400
900,000	Du Page County, IL Special Service Area No. 31 Special Tax (Monarch Landing)1		5.625			03/01/2036		900,585
1,585,000	Franklin Park, IL GO1		6.250			07/01/2030		1,725,003
2,069,343	Gilberts, IL Special Service Area No. 24 Special Tax (Conservancy)		5.375			03/01/2034		2,069,301
6,165,000	Harvey, IL GO4		5.500			12/01/2027		3,390,750
1,800,000	Harvey, IL GO4		5.625			12/01/2032		990,000
9,645,000	IL Educational Facilities Authority (Plum Creek Rolling Meadows)1		6.500			12/01/2037		9,656,381
1,000,000	IL Finance Authority (Admiral at the Lake)		5.125			05/15/2038		1,037,940
3,220,000	IL Finance Authority (Admiral at the Lake)		5.250			05/15/2042		3,355,433
2,825,000	IL Finance Authority (Admiral at the Lake)		5.250			05/15/2054		2,919,553

83          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Illinois (Continued)
$100,000	IL Finance Authority (Art Institute of Chicago)1		5.250	%		03/01/2040	$	102,229
12,500,000	IL Finance Authority (CDHS)2		5.500			11/01/2039		12,633,812
5,000,000	IL Finance Authority (CDHS/CDHA)2		5.375			11/01/2039		5,051,987
5,425,000	IL Finance Authority (DeKalb Supportive Living)1		6.100			12/01/2041		5,425,054
2,000,000	IL Finance Authority (Friendship Village Schaumburg)		5.000			02/15/2027		2,047,860
7,000,000	IL Finance Authority (Friendship Village Schaumburg)		5.000			02/15/2037		6,840,050
3,120,000	IL Finance Authority (Friendship Village Schaumburg)		5.125			02/15/2045		3,010,176
1,000,000	IL Finance Authority (Lake Forest College)1		6.000			10/01/2048		1,076,690
645,000	IL Finance Authority (Luther Oaks)7		6.000			08/15/2026		645,619
1,500,000	IL Finance Authority (Luther Oaks)		6.000			08/15/2039		1,500,810
105,000	IL Finance Authority (PHN/PCTC/PC&SHN/PLC/ PCHN/PSSC/PHCr/PBH/PAS/PHFBT Obligated Group)1		7.750			08/15/2034		105,248
11,050,000	IL Finance Authority (PHN/PCTC/PC&SHN/PLC/ PCHN/PSSC/PHCr/PBH/PAS/PHFBT Obligated Group)1		7.750			08/15/2034		11,076,078
575,000	IL Finance Authority (Rogers Park Montessori School)1		6.000			02/01/2034		630,079
1,310,000	IL Finance Authority (Rogers Park Montessori School)1		6.125			02/01/2045		1,422,974
575,000	IL Finance Authority (Rosalind Franklin University of Medicine & Science)1		5.000			08/01/2042		647,013
700,000	IL Finance Authority (Rosalind Franklin University of Medicine & Science)1		5.000			08/01/2047		785,414
11,745,000	IL Finance Authority (St. Anthony Lassing)1		6.500			12/01/2032		12,133,642
1,500,000	IL Finance Authority (The New Admiral at the Lake)1		8.000			05/15/2040		1,578,675
5,775,000	IL Finance Authority (The New Admiral at the Lake)1		8.000			05/15/2046		6,077,899
3,935,000	IL Finance Authority (Villa St. Benedict)1		6.125			11/15/2035		4,390,791
4,400,000	IL Finance Authority (Villa St. Benedict)1		6.375			11/15/2043		4,931,300
4,625,000	IL GO1		5.000			10/01/2028		5,372,585
3,000,000	IL GO1		5.000			10/01/2028		3,484,920
6,500,000	IL GO1		5.000			10/01/2029		7,503,080
5,000,000	IL GO1		5.000			10/01/2029		5,771,600
3,000,000	IL GO1		5.000			10/01/2030		3,439,320
10,000,000	IL GO1		5.000			10/01/2030		11,464,400
3,360,000	IL GO1		5.000			10/01/2033		3,802,109
5,000,000	IL GO1		5.500			01/01/2029		6,021,950
1,640,000	IL Hsg. Devel. Authority (Stonebridge Gurnee)		5.450			01/01/2046		1,590,816
1,775,000	IL Hsg. Devel. Authority (Stonebridge Gurnee)		5.600			01/01/2056		1,737,122
31,755,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.418	6		06/15/2047		11,452,758
6,450,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.509	6		06/15/2043		2,770,662

84          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Illinois (Continued)
$15,000,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.539	%6		06/15/2046	$	5,649,300
22,000,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.549	6		12/15/2056		5,277,580
10,225,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.609	6		06/15/2044		4,204,622
5,000,000	IL Metropolitan Pier & Exposition Authority (McCormick Place Exposition)		4.628	6		12/15/2041		2,278,750
15,580,000	IL Sales Tax1		4.000			06/15/2028		16,807,704
5,000,000	IL Sales Tax1		4.000			06/15/2029		5,366,000
10,625,000	IL Sales Tax1		4.000			06/15/2030		11,248,263
2,010,000	IL Sales Tax1		4.000			06/15/2031		2,135,786
5,820,000	IL Sales Tax1		4.000			06/15/2032		6,102,852
5,000,000	IL Sales Tax1		4.000			06/15/2032		5,243,000
12,830,000	IL Sales Tax Securitization Corp.1		5.000			01/01/2038		14,696,637
4,000,000	IL Sales Tax Securitization Corp.1		5.000			01/01/2048		4,520,600
1,778,000	Manhattan, IL Special Service Area Special Tax (Lakeside Towns Liberty)4,5		5.750			03/01/2022		444,500
3,485,000	Plano, IL Special Service Area No. 54,5		6.000			03/01/2036		2,613,750
5,280,000	Quad Cities, IL Regional EDA (Pheasant Ridge Apartments)5,7		6.375			08/01/2040		3,927,475
162	Robbins, IL Res Rec (Robbins Res Rec Partners)1		7.250			10/15/2024		163
1,340,000	Southwestern IL Devel. Authority (Comprehensive Mental Health Center)		6.625			06/01/2037		958,998
1,500,000	Southwestern IL Devel. Authority (Eden Retirement Center)		5.850			12/01/2036		1,409,730
10,395,000	Southwestern IL Devel. Authority (Local Government Programming)5		7.000			10/01/2022		6,029,100
3,195,000	Southwestern IL Devel. Authority (Village of Sauget)1		5.625			11/01/2026		3,128,736
12,555,000	Upper, IL River Valley Devel. Authority (DeerPath Huntley)1		6.500			12/01/2032		12,691,724
4,000,000	Will County, IL GO1		4.000			11/15/2047		4,385,680
								422,891,479
Indiana—2.4%
10,000,000	Allen County, IN Multifamily Hsg. (Evergreen Village Fort Wayne)		6.375			02/01/2039		10,594,600
4,300,000	Carmel, IN Redevel. District COP1		6.500			07/15/2035		4,625,897
11,925,000	Columbus, IN Multifamily Hsg. (Vivera Senior Living)1		5.625			05/01/2039		12,252,580
3,430,000	Evansville, IN Multifamily Hsg. (Silver Birch Evansville)1		5.450			01/01/2038		3,573,065
7,000,000	Fort Wayne, IN Multifamily Hsg. (Silver Birch at Cook Road)1		5.625			01/01/2038		7,400,400
595,000	Fort Wayne, IN Multifamily Hsg. (Silver Birch Fort Wayne)1		5.125			01/01/2032		621,103
3,850,000	Fort Wayne, IN Multifamily Hsg. (Silver Birch Fort Wayne)1		5.350			01/01/2038		3,984,211

85          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Indiana (Continued)
$2,050,000	IN Finance Authority (Avondale Meadows Academy)1		5.375	%		07/01/2047	$	2,194,996
1,675,000	IN Finance Authority (BHI Senior Living)1		5.500			11/15/2031		1,792,719
2,850,000	IN Finance Authority (BHI Senior Living)1		5.750			11/15/2041		3,045,567
11,505,000	IN Finance Authority (Marian University)1		6.375			09/15/2041		12,325,191
10,000,000	IN Finance Authority (Parkview Health System/ Parkview Hospital Obligated Group)2		4.000			11/01/2048		10,745,875
3,950,000	IN Hsg. & Community Devel. Authority (Evergreen Village Bloomington)1		5.500			01/01/2037		4,103,141
6,225,000	IN Hsg. & Community Devel. Authority (Hammond Assisted Living Community)1		5.750			01/01/2036		6,334,498
770,000	Indiana, IA Finance Authority (Irvington Community School)		5.900			07/01/2038		801,070
685,000	Indiana, IA Finance Authority (Irvington Community School)		6.000			07/01/2048		712,804
10,000,000	Indianapolis, IN Local Public Improvement Bond Bank1		5.000			02/01/2049		12,066,200
1,095,000	Kokomo, IN Multifamily Hsg. (Silver Birch of Kokomo)1		5.750			01/01/2034		1,176,567
4,570,000	Kokomo, IN Multifamily Hsg. (Silver Birch of Kokomo)1		5.875			01/01/2037		4,893,190
1,060,000	Lafayette, IN Multifamily Hsg. (Glasswater Creek of Lafayette)1		5.600			01/01/2033		1,133,108
5,160,000	Lafayette, IN Multifamily Hsg. (Glasswater Creek of Lafayette)1		5.800			01/01/2037		5,499,683
4,965,000	Merrillville, IN Economic Devel. (Belvedere Hsg.)1		5.750			04/01/2036		4,922,549
14,565,000	Michigan City, IN Multifamily Hsg. (Silver Birch Project)1		5.150			01/01/2037		14,631,562
17,510,000	Mishawaka, IN Multifamily Hsg. (Hellenic Senior Living of Mishawaka)1		5.750			10/01/2038		18,385,850
4,975,000	Mishawaka, IN Multifamily Hsg. (Silver Birch Mishawaka)1		5.375			01/01/2038		5,156,936
2,560,000	Muncie, IN Multifamily Hsg. (Silver Birch Project)1		5.250			01/01/2037		2,628,506
8,000,000	Plainfield, IN Multifamily Hsg. (Glasswater Creek)1		5.375			09/01/2038		8,222,800
3,880,000	Terre Haute, IN Multifamily Hsg. (Silver Birch of Terre Haute)1		5.350			01/01/2038		4,015,257
3,225,000	Vincennes, IN Economic Devel. (Southwest Indiana Regional Youth Village)		6.250			01/01/2029		3,300,626
								171,140,551
Iowa—0.2%
1,405,000	Clear Lake, IA Senior Hsg. (Timbercrest Apartments)1		6.000			10/01/2043		1,542,662
2,780,000	Clear Lake, IA Senior Hsg. (Timbercrest Apartments)1		6.000			10/01/2048		3,029,199
1,160,000	IA Finance Authority (Boys & Girls Home and Family Services)4,5		5.900			12/01/2028		58,000

86          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Iowa (Continued)
$750,000	IA Finance Authority Senior Hsg. (PHS Council Bluffs)1		5.000	%		08/01/2038	$	791,970
1,750,000	IA Finance Authority Senior Hsg. (PHS Council Bluffs)1		5.125			08/01/2048		1,841,665
2,500,000	IA Finance Authority Senior Hsg. (PHS Council Bluffs)1		5.250			08/01/2055		2,637,900
640,000	IA Finance Authority Senior Hsg. (Wedum Walnut Ridge)		5.375			06/01/2025		639,975
2,725,000	IA Tobacco Settlement Authority (TASC)1		6.500			06/01/2023		2,766,638
								13,308,009
Kansas—0.0%
2,961,065	Olathe, KS Tax Increment (Gateway)5,8		5.000			03/01/2026		1,628,586
675,000	Pittsburgh, KS Special Obligation (North Broadway Redevel.)		4.900			04/01/2024		621,472
								2,250,058
Kentucky—0.4%
1,660,000	Kuttawa, KY (1stMtg.-GF/Kentucky)1		6.750			03/01/2029		1,661,312
1,250,000	KY EDFA (Masonic Home Independent Living II)1		7.250			05/15/2041		1,382,975
1,000,000	KY EDFA (Masonic Home Independent Living II)1		7.375			05/15/2046		1,108,580
1,000,000	KY EDFA (Owensboro Health/Owensboro Health Medical Group Obligated Group)1		5.000			06/01/2045		1,115,880
6,785,000	KY Municipal Power Agency1		5.000			09/01/2034		7,906,764
5,000,000	KY Municipal Power Agency1		5.000			09/01/2036		5,754,650
1,900,000	KY Property & Building Commission1		5.000			05/01/2031		2,331,756
1,900,000	KY Property & Building Commission1		5.000			05/01/2032		2,321,686
900,000	KY Property & Building Commission1		5.000			05/01/2033		1,096,137
900,000	KY Property & Building Commission1		5.000			05/01/2034		1,091,943
								25,771,683
Louisiana—0.4%
1,200,000	Juban Park, LA Community Devel. District Special Assessment4,5		5.150			10/01/2014		324,000
11,415,000	LA HFA (La Chateau)1		7.250			09/01/2039		11,415,114
1,220,000	LA Local Government EF&CD Authority (Better Waterworks)1		5.250			05/01/2043		1,239,422
3,385,000	LA Local Government EF&CD Authority (St. Martin Parish)		4.400			11/01/2044		3,431,781
2,575,000	LA Local Government EF&CD Authority (Tangipahoa Parish Gomesa)		5.375			11/01/2038		2,783,189
2,300,000	New Orleans, LA Aviation Board (Parking Facilities)1		5.000			10/01/2043		2,725,500
4,220,000	New Orleans, LA Aviation Board (Parking Facilities)1		5.000			10/01/2048		4,976,604
								26,895,610
Maine—0.3%
2,000,000	ME Finance Authority (Casella Waste Systems)1		4.375	10		08/01/2035		2,153,320

87          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Maine (Continued)
$2,000,000	ME H&HEFA (Maine General Medical Center)1		6.750	%		07/01/2041	$	2,157,560
4,800,000	Rumford, ME Pollution Control (Boise Cascade Corp.)1		6.625			07/01/2020		4,872,000
12,265,000	Rumford, ME Solid Waste Disposal (Boise Cascade Corp.)1		6.875			10/01/2026		12,448,975
								21,631,855
Maryland—0.9%
9,525,000	Baltimore County, MD GO2		4.000			03/01/2040		10,602,615
1,100,000	Baltimore, MD Special Obligation (Center/West Devel.)1		5.375			06/01/2036		1,155,330
1,360,000	Baltimore, MD Special Obligation (Center/West Devel.)1		5.500			06/01/2043		1,431,767
45,950,000	MD Stadium Authority (Construction & Revitalization Program)2		5.000			05/01/2047		54,545,210
								67,734,922
Massachusetts—1.1%
6,905,000	MA Devel. Finance Agency (Lasell College)1		6.000			07/01/2041		7,343,053
1,600,702	MA Devel. Finance Agency (Linden Ponds)		1.009	6		11/15/2056		450,598
4,565,000	MA Devel. Finance Agency (Linden Ponds)1		5.125			11/15/2046		4,992,010
1,000,000	MA Devel. Finance Agency (VOA Concord)1		5.200			11/01/2041		1,000,640
8,665,000	MA GO1		5.000			11/01/2043		10,429,281
9,820,000	MA H&EFA (Milford Regional Medical Center)1		5.000			07/15/2032		9,916,432
5,755,000	MA HFA, Series C2		5.350			12/01/2042		5,794,370
5,000,000	MA Port Authority Facilities1		5.000			07/01/2038		6,140,600
6,000,000	MA Port Authority Facilities1		5.000			07/01/2039		7,347,000
4,000,000	MA Port Authority Facilities1		5.000			07/01/2040		4,884,200
10,735,000	MA School Building Authority1		4.000			02/15/2039		11,476,896
2,240,000	Saugus, MA GO2		4.000			03/01/2039		2,492,202
2,500,000	Saugus, MA GO2		4.000			03/01/2040		2,786,281
2,670,000	Saugus, MA GO2		4.000			03/01/2041		2,963,319
2,750,000	Saugus, MA GO2		4.000			03/01/2042		3,046,962
								81,063,844
Michigan—3.2%
1,600,000	American Montessori Academy, MI Public School Academy		7.000			12/01/2046		1,641,344
3,465,000	Arts & Technology Academy Pontiac, MI Public School Academy		6.000			11/01/2046		3,441,611
2,740,000	Charyl Stockwell Academy, MI Public School Academy1		5.500			10/01/2035		2,785,265
4,140,000	Charyl Stockwell Academy, MI Public School Academy1		5.750			10/01/2045		4,222,883
10,100,000	Detroit, MI City School District2		6.000			05/01/2029		12,679,842
1,550,000	Detroit, MI Downtown Devel. Authority1		5.000			07/01/2043		1,712,052
13,450,000	Detroit, MI Downtown Devel. Authority1		5.000			07/01/2048		14,808,450
803,643	Detroit, MI GO1		5.000			04/01/2020		803,579
906,750	Detroit, MI GO1		5.000			04/01/2021		904,039

88          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Michigan (Continued)
$155,000	Detroit, MI GO		5.250	%		04/01/2020	$	155,005
350,300	Detroit, MI GO1		5.250			04/01/2020		350,311
342,550	Detroit, MI GO		5.250			04/01/2021		342,557
206,150	Detroit, MI GO1		5.250			04/01/2022		206,138
15,500	Detroit, MI GO		5.250			04/01/2023		15,471
810,000	Detroit, MI Local Devel. Finance Authority1		6.700			05/01/2021		812,867
365,000	Detroit, MI Local Devel. Finance Authority1		6.850			05/01/2021		366,336
3,150,000	Haslett, MI Public School District1		5.000			05/01/2048		3,717,976
15,000,000	MI Finance Authority (Henry Ford Health System)1		4.000			11/15/2050		16,147,350
200,000	MI Finance Authority (HFHS/HFMHCT/HFWH/ WAFMH Obligated Group)1		5.000			11/15/2041		232,308
3,000,000	MI Finance Authority (Lawrence Technological University)1		5.250			02/01/2032		3,291,660
22,220,000	MI Finance Authority (Thomas M Cooley Law School)1		6.750			07/01/2044		23,264,340
2,000,000	MI Finance Authority (Universal Learning Academy)1		5.750			11/01/2040		2,078,280
12,000,000	MI Hospital Finance Authority (McLaren Health Care Corp.)1		4.000			02/15/2050		12,931,440
1,215,000	MI Hospital Finance Authority (McLaren Health Care Corp.)1		5.000			05/15/2034		1,406,934
5,000,000	MI Hsg. Devel. Authority, Series A1		4.000			12/01/2044		5,360,650
2,500,000	MI Hsg. Devel. Authority, Series A1		4.000			06/01/2049		2,655,625
595,000	MI Public Educational Facilities Authority (American Montessori)		6.500			12/01/2037		595,339
1,400,000	MI Public Educational Facilities Authority (Old Redford Academy)1		6.000			12/01/2035		1,400,406
1,002,750	MI Strategic Fund Limited Obligation (Wolverine Human Services)1		7.875			08/31/2028		1,004,465
2,200,000	MI Strategic Fund Solid Waste (Genesee Power Station)1		7.500			01/01/2021		2,193,708
2,725,780,000	MI Tobacco Settlement Finance Authority		7.965	6		06/01/2058		78,393,433
3,820,000	Michigan State University1		5.000			02/15/2044		4,661,584
5,350,000	Michigan State University1		5.000			02/15/2048		6,498,056
1,400,000	Old Redford Academy, MI Public School Academy1		5.900			12/01/2030		1,411,256
3,500,000	Summit Academy North, MI Public School Academy1		5.000			11/01/2031		3,569,195
2,800,000	Summit Academy North, MI Public School Academy1		5.000			11/01/2035		2,839,760
13,540,000	Wayne, MI Charter County Airport Facilities (Northwest Airlines)1		6.000			12/01/2029		13,581,297
								232,482,812
Minnesota—0.7%
3,330,000	Bethel, MN Hsg. & Healthcare (Benedictine Living Communities—St. Peter Communities)1		5.500			12/01/2048		3,472,025
2,610,000	Bethel, MN Senior Hsg. (Birchwood Landing)1		5.000			05/01/2054		2,729,851
1,000,000	Bethel, MN Senior Hsg. (Lodge at Lakes at Stillwater)1		5.000			06/01/2048		1,049,900

89          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Minnesota (Continued)
$600,000	Bethel, MN Senior Hsg. (Lodge at Lakes at Stillwater)1		5.000	%		06/01/2053	$	626,772
1,625,000	Bethel, MN Senior Hsg. (Lodge at Lakes at Stillwater)1		5.250			06/01/2058		1,716,569
6,915,000	Brooklyn Center, MN Multifamily Hsg. (Sanctuary Brooklyn Center)1		5.500			11/01/2035		7,083,104
3,115,000	Brooklyn Center, MN Multifamily Hsg. (Sanctuary Brooklyn Center)1		6.500			11/01/2035		3,032,764
5,735,000	Dakota County, MN Community Devel. Agency (Sanctuary at West St. Paul)		6.000			08/01/2035		5,883,938
380,000	Duluth, MN EDA Health Care Facilities (Cambia Hills of Bethel)1		5.450			12/01/2046		405,464
1,000,000	Duluth, MN EDA Health Care Facilities (Cambia Hills of Bethel)1		5.625			12/01/2055		1,068,080
6,570,000	International Falls, MN Solid Waste Disposal (Boise Cascade Corp.)		6.850			12/01/2029		6,668,550
1,075,000	Minneapolis, MN Charter School (Spero Academy)		6.250			07/01/2037		1,113,560
4,740,000	Minneapolis, MN Charter School (Spero Academy)		6.500			07/01/2048		4,938,748
500,000	Minneapolis, MN Student Hsg. (Riverton Community Hsg.)1		5.000			08/01/2053		528,690
515,000	Red Wing, MN Senior Hsg. (Benedictine Living Community of Northfield)1		5.000			08/01/2053		533,437
1,425,000	St. Paul, MN Hsg. & Redevel. Authority (Bridgecreek Senior Place)1		7.000			09/15/2037		1,425,698
1,459,941	St. Paul, MN Hsg. & Redevel. Authority (Episcopal Nursing Home)1		5.630			10/01/2033		1,461,605
2,091,000	St. Paul, MN Hsg. & Redevel. Authority (Great Northern Lofts)1		6.250			03/01/2029		2,003,763
1,075,000	St. Paul, MN Hsg. & Redevel. Authority (Great River School)		5.500			07/01/2052		1,143,660
2,305,000	St. Paul, MN Hsg. & Redevel. Authority Charter School (Hmong College Prep Academy)1		5.500			09/01/2043		2,361,726
1,000,000	Wayzata, MN Senior Hsg. (Folkstone Senior Living Community)1,7		5.000			08/01/2049		1,089,860
								50,337,764
Mississippi—0.3%
1,670,000	Meridian, MS Tax Increment (Meridian Crossroads)1		8.750			12/01/2024		1,714,055
13,015,000	Mississippi State University Educational Building2		4.000			08/01/2043		14,120,658
2,250,000	MS Devel. Bank (Hancock County Gomesa Project)		4.550			11/01/2039		2,290,680
1,395,000	Ridgeland, MS Tax Increment (Colony Park)1		5.250			10/01/2027		1,402,714
1,755,000	Ridgeland, MS Tax Increment (Colony Park)1		5.375			10/01/2028		1,765,003

90          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Mississippi (Continued)
$16,410,000	Stonebridge, MS Public Improvement District Special Assessment4		7.500	%		10/01/2042	$	1,312,800
								22,605,910
Missouri—0.9%
4,900,000	Branson, MO Commerce Park Community Improvement District4		5.750			06/01/2026		1,078,000
2,310,000	Branson, MO IDA (Branson Hills Redevel.)		5.750			05/01/2026		1,672,810
12,200,000	Branson, MO IDA (Branson Hills Redevel.)		7.050			05/01/2027		8,797,298
275,000	Branson, MO IDA (Branson Landing)		5.250			06/01/2021		274,997
2,970,000	Branson, MO IDA (Branson Landing)		5.500			06/01/2029		2,969,851
570,000	Broadway-Fairview, MO Transportation Devel. District (Columbia)5,8		6.125			12/01/2036		370,500
5,000,000	Chesterfield Valley, MO Transportation Devel. District1		0.000	3		05/15/2046		2,800,200
545,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.500			04/01/2021		492,522
3,100,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.625			04/01/2027		2,636,984
5,000,000	Kansas City, MO IDA (Kansas City International Airport Terminal)1		5.000			03/01/2049		5,927,950
1,000,000	Kansas City, MO IDA (Sales Tax)1		5.000			04/01/2036		1,036,610
740,000	Kansas City, MO IDA (Sales Tax)1		5.000			04/01/2046		756,776
1,095,000	Kansas City, MO IDA (West Paseo)1		6.750			07/01/2036		1,095,515
1,200,000	Lees Summit, MO IDA (Kensington Farms)4		5.500			03/01/2021		768,000
750,000	Lees Summit, MO IDA (Kensington Farms)4		5.750			03/01/2029		480,000
2,800,000	Lees Summit, MO Tax (Summit Fair Community Improvement District)1		6.000			05/01/2042		2,812,880
3,020,000	MO Dardenne Town Square Transportation Devel. District8		5.000			05/01/2026		1,359,000
3,825,000	MO Dardenne Town Square Transportation Devel. District8		5.000			05/01/2036		1,721,250
180,000	MO Grindstone Plaza Transportation Devel. District		5.250			10/01/2021		179,995
400,000	MO Grindstone Plaza Transportation Devel. District		5.400			10/01/2026		399,968
115,000	MO Grindstone Plaza Transportation Devel. District		5.550			10/01/2036		109,650
2,000,000	Move Rolla, MO Transportation Devel. District1		4.625			06/01/2042		2,147,140
700,000	Northwoods, MO Transportation Devel. District		5.850			02/01/2031		674,506
795,000	Rock Hill, MO IDA (Market McKnight Redevel.)1		4.500			11/01/2028		817,014
2,750,000	Saint Charles County, MO IDA (Suemandy/Mid- Rivers Community Improvement District)1		5.000			10/01/2046		2,777,417
3,100,000	St. Louis County, MO IDA (University Place Transportation Development District)1		5.875			03/01/2033		3,210,918
4,580,000	St. Louis, MO IDA (Railway Exchange Building Redevel.)4,5		8.000			04/27/2033		137,400
2,000,000	St. Louis, MO Land Clearance Redevel. Authority (14th & Market Community Improvement District)1		6.375			04/01/2043		2,035,500

91          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Missouri (Continued)
$4,000,000	St. Louis, MO Land Clearance Redevel. Authority (Scottrade Center)1		5.000	%		04/01/2038	$	4,742,200
2,442,000	St. Louis, MO Tax Increment (1601 Washington Redevel.)5,8		6.000			08/21/2026		683,760
2,030,982	St. Louis, MO Tax Increment (Pet Building Redevel.)		5.500			05/29/2028		814,302
1,660,000	St. Louis, MO Tax Increment (Printers Lofts)5,8		6.000			08/21/2026		415,000
3,043,000	St. Louis, MO Tax Increment (Security Building Redevel.)5,8		6.300			04/01/2027		699,890
2,285,000	St. Louis, MO Tax Increment (Washington East Condominiums)5		5.500			01/20/2028		1,142,500
1,510,000	St. Louis, MO Tax Increment (Washington East Condominiums)5,8		5.500			01/20/2028		362,400
1,108,000	St. Louis, MO Tax Increment Financing, Series A5		5.500			09/02/2028		498,600
1,865,000	Stone Canyon, MO Improvement District (Infrastructure)4,5		5.700			04/01/2022		484,900
975,000	Stone Canyon, MO Improvement District (Infrastructure)4,5		5.750			04/01/2027		253,500
4,900,000	Western Gateway, MO Transportation Devel. District(I-470)1		5.250			12/01/2048		5,071,304
								64,709,007
Montana—0.0%
5,935,000	Hardin, MT Tax Increment Industrial Infrastructure Devel. (Rocky Mountain Power)5,8		6.250	3		09/01/2031		860,575
Nebraska—0.0%
2,500,000	NE Central Plains Gas Energy1		5.000			09/01/2042		3,341,550
Nevada—1.2%
17,500,000	Clark County, NV GO1		5.000			05/01/2048		20,849,150
27,500,000	Clark County, NV GO2		5.000			05/01/2048		32,709,875
26,160,000	Clark County, NV GO (Stadium Improvements)1		5.000			06/01/2043		31,333,925
975,000	Clark County, NV Improvement District1		5.000			02/01/2026		983,989
750,000	Clark County, NV Improvement District1		5.050			02/01/2031		756,120
80,000	Mesquite, NV Special Improvement District (Canyon Creek)1,7		5.400			08/01/2020		80,810
280,000	Mesquite, NV Special Improvement District (Canyon Creek)1,7		5.500			08/01/2025		281,786
29,000,000	Reno, NV Sales Tax		6.143	6		07/01/2058		3,964,590
								90,960,245
New Hampshire—0.1%
1,340,000	NH Business Finance Authority (Huggins Hospital)1		6.875			10/01/2039		1,352,516
100,000	NH H&EFA (Hillside Village)		5.250			07/01/2027		103,158
1,725,000	NH H&EFA (Hillside Village)		6.125			07/01/2037		1,865,691
3,875,000	NH H&EFA (Hillside Village)		6.125			07/01/2052		4,171,515

92          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
New Hampshire (Continued)
$865,000	NH H&EFA (Hillside Village)		6.250	%		07/01/2042	$	937,850
								8,430,730
New Jersey—1.7%
3,583,000	Newark, NJ GO1		5.000			07/15/2029		3,934,707
5,000,000	NJ EDA1		5.000			06/15/2041		5,591,450
40,000	NJ EDA (Continental Airlines)1		4.875			09/15/2019		40,136
3,750,000	NJ EDA (Continental Airlines)1		5.625			11/15/2030		4,319,062
2,055,000	NJ EDA (Friends of Teaneck Community Charter School)1		5.125			09/01/2052		2,222,072
690,000	NJ EDA (Golden Door Charter School)1		6.500			11/01/2052		771,786
1,865,000	NJ EDA (Hatikvah International Academy Charter School)		5.375			07/01/2047		1,948,571
565,000	NJ EDA (Leap Academy Charter School)1		6.000			10/01/2034		596,437
750,000	NJ EDA (Leap Academy Charter School)1		6.200			10/01/2044		787,672
500,000	NJ EDA (Leap Academy Charter School)1		6.300			10/01/2049		526,200
5,000,000	NJ EDA (Marion P Thomas Charter School)		5.375			10/01/2050		5,177,050
195,000	NJ EDA (Marion P Thomas Charter School)		5.500			10/01/2020		195,528
3,320,000	NJ EDA (Newark Downtown District Management Corp.)1		5.125			06/15/2037		3,929,751
1,875,000	NJ EDA (North Star Academy Charter School of Newark)1		5.000			07/15/2047		2,081,100
1,000,000	NJ EDA (Paterson Charter School Science & Technology)1		6.100			07/01/2044		1,027,250
650,000	NJ EDA (Provident Group-Kean Properties)1		5.000			07/01/2047		714,057
2,630,000	NJ EDA (University Heights Charter School)		5.750			09/01/2050		2,846,212
5,000,000	NJ Educational Facilities Authority (College of St. Elizabeth)1		5.000			07/01/2046		5,305,450
5,000,000	NJ Health Care Facilities Financing Authority (Village Drive Healthcare Urban Renewal)		5.750			10/01/2038		5,168,600
44,350,000	NJ Tobacco Settlement Financing Corp.1		5.000			06/01/2046		48,053,669
18,650,000	NJ Tobacco Settlement Financing Corp. (TASC)1		5.000			06/01/2046		20,863,755
10,000,000	NJ Transportation Trust Fund Authority		4.497	6		12/15/2037		5,612,200
3,300,000	NJ Transportation Trust Fund Authority1		5.000			06/15/2031		3,842,982
210,000	Weehawken Township, NJ GO1		6.000			08/01/2021		219,559
210,000	Weehawken Township, NJ GO1		6.000			08/01/2022		219,484
								125,994,740
New Mexico—0.1%
615,000	Boulders, NM Pubic Improvement District1		5.750			10/01/2044		631,291
70,000	Mariposa East, NM Public Improvement District1		5.900			09/01/2032		71,463
450,000	Mariposa East, NM Public Improvement District1		5.900	3		09/01/2032		459,405
535,000	Mariposa East, NM Public Improvement District		5.900			09/01/2032		536,322
410,000	Mariposa East, NM Public Improvement District		12.874	6		03/01/2032		188,600

93          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
New Mexico (Continued)
$1,925,000	NM Trails Public Improvement District		7.750	%		10/01/2038	$	1,926,983
								3,814,064
New York—12.4%
5,000,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2038		5,000,250
17,700,000	Erie County, NY Tobacco Asset Securitization Corp.		5.630	6		06/01/2055		1,014,918
4,245,000	Essex County, NY IDA (Champlain Valley Milling Corp.)		6.250			06/01/2047		4,429,106
5,400,000	Guilderland, NY IDA (Promenade Albany Senior Living)		5.875			01/01/2052		5,541,480
8,500,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2037		10,294,435
5,000,000	L.I., NY Power Authority1		5.000			09/01/2042		5,992,800
1,000,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		6.000			06/01/2030		1,080,400
2,937,408	Nassau County, NY IDA (Amsterdam at Harborside)4		2.000			01/01/2049		477,329
911,543	Nassau County, NY IDA (Amsterdam at Harborside)		5.500			07/01/2020		914,879
144,966	Nassau County, NY IDA (Amsterdam at Harborside)		5.875			01/01/2023		147,491
922,500	Nassau County, NY IDA (Amsterdam at Harborside)		6.500			01/01/2032		945,775
1,761,557	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2049		1,762,350
6,100,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2049		6,102,745
234,000,000	NY Counties Tobacco Trust V		6.732	6		06/01/2060		8,454,420
37,380,000	NY Liberty Devel. Corp. (Bank of America Tower)2		5.125			01/15/2044		37,993,009
5,005,000	NY MTA1		5.250			11/15/2056		5,834,629
3,000,000	NY MTA (Green Bond)1		5.000			11/15/2042		3,618,270
22,270,000	NY MTA (Green Bond)1		5.000			11/15/2045		26,805,285
10,470,000	NY MTA (Green Bond)1		5.000			11/15/2051		12,270,421
10,000,000	NY MTA (Green Bond)2		5.250			11/15/2057		12,018,275
13,190,000	NY MTA Hudson Rail Yards1		5.000			11/15/2056		14,605,815
4,680,000	NY MTA, Series D1		4.000			11/15/2042		5,115,193
900,000	NY MTA, Series D1		5.250			11/15/2029		1,062,153
900,000	NY MTA, Series D1		5.250			11/15/2033		1,062,153
1,975,000	NYC GO1		5.000			04/01/2039		2,405,886
10,000,000	NYC GO1		5.000			12/01/2040		12,243,300
9,850,000	NYC GO1		5.000			12/01/2041		12,037,783
8,670,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		6.200			10/01/2022		9,695,488
5,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2038		6,022,950
16,810,000	NYC Transitional Finance Authority2		5.000			05/01/2041		20,304,145
5,000,000	NYC Transitional Finance Authority (Building Aid)1		4.000			07/15/2037		5,639,800
25,000,000	NYC Transitional Finance Authority (Building Aid)2		5.000			07/15/2035		30,884,750
15,000,000	NYC Transitional Finance Authority (Future Tax)2		4.000			08/01/2041		16,440,825

94          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$1,360,000	NYC Transitional Finance Authority (Future Tax)1		5.000	%		02/01/2032	$	1,665,633
2,450,000	NYC Transitional Finance Authority (Future Tax)1		5.000			08/01/2040		2,985,986
9,545,000	NYC Transitional Finance Authority (Future Tax)1		5.000			08/01/2040		11,452,568
53,425,000	NYC Transitional Finance Authority (Future Tax)2		5.000			08/01/2041		63,849,006
75,000,000	NYC Transitional Finance Authority (Future Tax)2		5.000			05/01/2042		89,160,938
13,000,000	NYC Transitional Finance Authority (Future Tax)2		5.000			08/01/2042		15,739,490
12,095,000	NYC Transitional Finance Authority (Future Tax)1		5.000			08/01/2045		14,410,104
20,140,000	NYC Transitional Finance Authority (Future Tax)2		5.000			08/01/2045		23,940,871
16,675,000	NYS DA (Personal Income Tax)1		5.000			03/15/2046		20,279,301
25,000,000	NYS DA (Sales Tax)2		5.000			03/15/2037		30,528,000
6,500,000	NYS DA (Sales Tax)1		5.000			03/15/2037		8,029,125
13,270,000	NYS DA (Sales Tax)2		5.000			03/15/2039		16,100,134
15,000,000	NYS DA (Sales Tax)2		5.000			03/15/2040		18,140,513
10,000,000	NYS DA (Sales Tax)1		5.000			03/15/2040		12,115,800
10,000,000	NYS DA (Sales Tax)2		5.000			03/15/2041		12,161,250
31,720,000	NYS DA (Sales Tax)2		5.000			03/15/2041		38,258,761
5,000,000	NYS DA (Sales Tax)1		5.000			03/15/2042		6,080,400
15,000,000	NYS DA (Sales Tax)2		5.000			03/15/2044		17,795,513
17,200,000	NYS DA (St. Mary’s Hospital for Children)1		7.875			11/15/2041		17,813,352
6,500,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2043		7,659,860
30,690,000	NYS DA (State Personal Income Tax Authority)1		5.000			03/15/2047		37,273,926
6,705,000	NYS DA (State University of New York)1		5.000			07/01/2048		7,762,378
8,320,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000			06/15/2048		10,086,502
21,750,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.750			11/15/2051		23,807,985
13,000,000	NYS Transportation Devel. Corp. (American Airlines/JFK International Airport)1		5.000			08/01/2026		13,753,740
5,150,000	NYS Transportation Devel. Corp. (Delta Air Lines/ LaGuardia Airport Terminals)1		4.000			01/01/2036		5,555,305
2,525,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		4.000			07/01/2031		2,694,024
2,500,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.000			07/01/2034		2,805,225
2,500,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.000			07/01/2046		2,757,025
9,500,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.250			01/01/2050		10,559,915
5,750,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2041		6,898,562
200,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2025		208,214
810,000	Port Authority NY/NJ (KIAC)1		6.750			10/01/2019		828,541
11,050,000	Port Authority NY/NJ, 200th Series2		5.000			04/15/2057		12,978,992
13,000,000	Port Authority NY/NJ, 205th Series2		5.000			05/15/2057		15,424,598
2,000,000	Port Authority NY/NJ, 206th Series2		5.000			11/15/2042		2,366,390
19,725,000	Port Authority NY/NJ, 206th Series2		5.000			11/15/2047		23,217,397
8,385,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.000			06/01/2048		8,398,081

95          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$600,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series98-C		6.200	%		03/01/2020	$	600,696
								904,362,609
North Carolina—0.1%
1,000,000	Charlotte, NC COP1		4.000			06/01/2038		1,127,470
750,000	Charlotte, NC COP1		4.000			06/01/2039		843,045
1,650,000	NC Medical Care Commission (Whitestone)1		7.750			03/01/2031		1,815,660
5,415,000	NC Turnpike Authority1		5.000			01/01/2038		6,574,027
								10,360,202
North Dakota—0.1%
6,500,000	Grand Forks, ND (Red River Biorefinery)		5.375			09/15/2038		6,342,570
Ohio—7.2%
9,950,000	Allen County, OH Hospital Facilities (Catholic Healthcare)2		5.000			06/01/2038		10,258,983
7,385,000	Brecksville-Broadview Heights, OH City School District1		5.250			12/01/2054		8,372,448
10,840,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.125			06/01/2024		10,629,162
17,115,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.375			06/01/2024		16,924,168
9,195,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.750			06/01/2034		8,974,228
43,385,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.875			06/01/2030		42,843,121
85,985,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)1		5.875			06/01/2047		84,587,744
12,937,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)1		6.000			06/01/2042		12,887,710
62,055,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.250	3		06/01/2037		62,511,104
68,160,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)1		6.500			06/01/2047		68,712,096
433,800,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.542	6		06/01/2052		14,653,764
5,645,000	Butler County, OH Port Authority (Maple Knoll Communities)1		7.000			07/01/2043		6,263,466
815,000	Cleveland-Cuyahoga County, OH Port Authority (Playhouse Square Foundation)1		5.250			12/01/2038		938,163
735,000	Cleveland-Cuyahoga County, OH Port Authority (Playhouse Square Foundation)1		5.500			12/01/2043		851,755
2,900,000	Cleveland-Cuyahoga County, OH Port Authority (Playhouse Square Foundation)1		5.500			12/01/2053		3,335,725
205,000	Columbus-Franklin County, OH Finance Authority, Series A1		6.000			05/15/2035		207,542
14,550,000	Cuyahoga County, OH Hospital (Metro Health System)1		5.500			02/15/2052		16,823,146

96          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Ohio (Continued)
$4,900,000	Cuyahoga County, OH Hospital (Metro Health System)1		5.500	%		02/15/2057	$	5,647,789
35,450,000	Gallia County, OH Hospital Facilities (Holzer/ HHlthS/HMCG/HMCJ Obligated Group)		8.000			07/01/2042		40,115,220
1,450,000	Hancock County, OH Hospital (BVRHC/BVHF Obligated Group)1		6.250			12/01/2034		1,583,269
20,000	Lake County, OH Hospital Facilities (Lake Hospital System)1		5.750			08/15/2038		20,071
315,000	Lorain County, OH Port Authority (Alumalloy LLC)1		6.000			11/15/2025		315,120
10,000,000	Montgomery County, OH (Miami Valley Hospital)2		5.750			11/15/2023		10,507,100
1,090,000	Norwood, OH Special Obligation (Central Parke)1		6.000			12/01/2046		1,136,162
10,000,000	OH Air Quality Devel. Authority (AMG Vanadium)1		5.000			07/01/2049		10,757,600
700,000	OH Air Quality Devel. Authority (First Energy Generation)4		5.625			06/01/2018		714,000
2,000,000	OH Air Quality Devel. Authority (FirstEnergy Generation)4		3.100	10		03/01/2023		1,885,000
7,750,000	OH Air Quality Devel. Authority (FirstEnergy Generation)4		3.750	10		12/01/2023		7,304,375
10,795,000	OH Air Quality Devel. Authority (FirstEnergy Generation)4		4.250	10		08/01/2029		11,118,850
5,400,000	OH HFA (Sanctuary at Springboro)		5.450			01/01/2038		5,602,932
10,960,000	OH Higher Educational Facility Commission (Denison University)1		5.000			11/01/2044		13,551,821
23,700,000	OH Higher Educational Facility Commission (Hiram College)1		6.000			10/01/2041		25,236,234
5,750,000	OH Higher Educational Facility Commission (Menorah Park)1		5.250			01/01/2048		5,991,788
1,500,000	OH Water Devel. Authority (FirstEnergy Generation)4		3.000			05/15/2019		1,413,750
1,125,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.300			02/15/2024		1,114,076
2,500,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.400			02/15/2034		2,442,250
4,100,000	Southeastern OH Port Authority Hospital Facility (Memorial Health System)1		5.750			12/01/2032		4,458,176
1,436,519	Toledo-Lucas County, OH Port Authority (Town Square at Levis Commons)1		5.400			11/01/2036		1,436,548
								522,126,456
Oklahoma—0.1%
5,000,000	Atoka County, OK Healthcare Authority (Atoka Memorial Hospital)		6.625			10/01/2037		4,000,000
100,000	OK Ordnance Works Authority Sewer & Solid Waste Disposal Facilities (Ralston Purina Group)1		6.500			09/01/2026		100,352
								4,100,352
Oregon—0.4%
17,045,000	Clackamas County, OR School District No. 62C (Oregon City)1		5.000			06/15/2049		20,511,442

97          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Oregon (Continued)
$700,000	OR Facilities Authority (Concordia University)1		6.125	%		09/01/2030	$	732,130
2,625,000	OR Facilities Authority (Personalized Learning-Redmond Proficiency Academy)1		5.250			06/15/2051		2,671,226
1,740,000	OR Facilities Authority (Personalized Learning-Redmond Proficiency Academy)1		5.750			06/15/2046		1,823,572
								25,738,370
Pennsylvania—2.9%
17,800,000	Allegheny County, PA HDA (Allegheny Health Network)1		5.000			04/01/2047		20,719,200
1,000,000	Allentown, PA Neighborhood Improvement Zone1		5.000			05/01/2033		1,149,510
3,000,000	Allentown, PA Neighborhood Improvement Zone1		5.000			05/01/2042		3,326,850
8,000,000	Allentown, PA Neighborhood Improvement Zone		5.375			05/01/2042		8,841,920
22,300,000	Beaver County, PA IDA (FirstEnergy Generation)4		4.500	10		06/01/2028		22,969,000
2,700,000	Chester County, PA H&EFA (Immaculata University)1		7.000			11/01/2041		3,340,170
11,080,000	Chester County, PA IDA (Hickman Friends Senior Community of West Chester)		5.500			01/01/2052		11,419,159
1,710,000	Chester County, PA IDA (Hickman Friends Senior Community Of West Chester)		5.250			01/01/2037		1,764,994
525,000	Chester County, PA IDA (Woodlands at Graystone)		5.000			03/01/2038		555,366
1,050,000	Chester County, PA IDA (Woodlands at Graystone)		5.125			03/01/2048		1,109,262
2,750,000	Crawford County, PA Hospital Authority (MMedC/COHS/MMedCF/MPS/HCCO/ TAHC/TAH/TAHCF/ TAHS/CVHC/HCrawC/FCIM Obligated Group)		6.000			06/01/2046		3,143,387
3,215,000	Crawford County, PA Hospital Authority (MMedC/COHS/MMedCF/MPS/HCCO/ TAHC/TAH/TAHCF/ TAHS/CVHC/HCrawC/FCIM Obligated Group)		6.000			06/01/2051		3,647,739
5,000	Lancaster, PA GO1		4.000			11/01/2040		5,468
4,775,000	Lancaster, PA GO1		4.000			11/01/2043		5,199,163
185,000	Luzerne County, PA IDA1		7.500			12/15/2019		189,259
500,000	Luzerne County, PA IDA1		7.750			12/15/2027		511,965
1,260,000	Montgomery County, PA HEHA (Pennsylvania LTC)1		5.000			12/01/2032		1,279,643
1,705,000	Montgomery County, PA HEHA (Pennsylvania LTC)1		5.250			12/01/2037		1,735,963
500,000	Montgomery County, PA HEHA (Pennsylvania LTC)1		5.300			12/01/2038		509,060
3,140,000	Montgomery County, PA HEHA (Pennsylvania LTC)1		5.375			12/01/2047		3,175,231
8,238,655	Northampton County, PA IDA (Northampton Generating)5,8,9		5.000			12/31/2023		2,471,596
1,992,121	Northampton County, PA IDA (Northampton Generating)5,8,9		5.000			12/31/2023		597,636
5,000,000	PA EDFA (Carbonlite)		5.750			06/01/2036		5,265,975
15,000,000	PA EDFA (FirstEnergy Generation)4		4.500	10		06/01/2028		15,450,000

98          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$1,210,000	PA EDFA(UPMC/M-WHOUPMC/UPMC-P/UPMC-PS/UPMC-SM Obligated Group)1		4.000	%		03/15/2036	$	1,327,951
2,980,000	PA GO1		4.000			09/15/2032		3,338,941
12,500,000	PA GO1		4.000			03/01/2035		13,962,625
4,000,000	PA HEFA (Shippensburg University)1		6.250			10/01/2043		4,432,840
1,370,000	PA HEFA (Ursinus College)1		5.000			01/01/2027		1,459,228
13,395	PA HFA Multifamily Hsg. (Country Commons Apartments)1		3.600			08/01/2035		14,708
3,000,000	PA Public School Building Authority (School District of Philadelphia)1		5.000			04/01/2030		3,236,130
7,500,000	PA Southcentral General Authority (Wellspan Health Obligated Group)1		5.000			06/01/2049		9,012,525
20,000,000	PA State Public School Building Authority (Philadelphia School District)1		5.000			06/01/2032		23,606,600
1,500,000	Philadelphia, PA Authority for Industrial Devel. (Architecture & Design Charter School)5		6.125			03/15/2043		1,500,000
560,000	Philadelphia, PA Authority for Industrial Devel. (Green Woods Charter School)1		5.500			06/15/2022		585,726
2,000,000	Philadelphia, PA Authority for Industrial Devel. (Green Woods Charter School)1		5.500			06/15/2032		2,109,340
8,430,000	Philadelphia, PA Authority for Industrial Devel. (University of the Arts)1		5.000			03/15/2045		8,888,171
2,390,000	Philadelphia, PA Gas Works1		5.000			10/01/2033		2,834,349
3,350,000	Philadelphia, PA H&HEFA (Temple University Health System)1		5.625			07/01/2036		3,634,516
5,250,000	Philadelphia, PA H&HEFA (Temple University Health System)1		5.625			07/01/2042		5,674,358
785,000	Reading, PA School District1		5.000			03/01/2035		929,401
720,000	Reading, PA School District1		5.000			03/01/2036		849,859
2,500,000	Wilkes-Barre, PA Area School District1		4.000			04/15/2049		2,691,000
5,470,000	York, PA GO1		7.250			11/15/2041		6,178,310
								214,644,094
Rhode Island—0.3%
44,240,000	Central Falls, RI Detention Facility4		7.250			07/15/2035		7,963,200
5,000,000	RI Tobacco Settlement Financing Corp. (TASC)1		5.000			06/01/2035		5,546,550
5,000,000	RI Tobacco Settlement Financing Corp. (TASC)1		5.000			06/01/2040		5,480,500
								18,990,250
South Carolina—1.1%
6,144,000	Hardeeville, SC Assessment Revenue (Anderson Tract Municipal Improvement District)		7.750			11/01/2039		6,151,127
12,555,000	Lancaster County, SC School District2		4.000			03/01/2036		13,892,546
12,791,000	Richland County, SC Assessment Revenue (Village at Sandhill Improvement District)5		6.200			11/01/2036		11,375,676
6,915,055	SC Connector 2000 Assoc. Toll Road, Series B		2.871	6		01/01/2020		6,721,986
186,954	SC Connector 2000 Assoc. Toll Road, Series B		6.295	6		01/01/2026		120,881
7,875,561	SC Connector 2000 Assoc. Toll Road, Series B		6.620	6		01/01/2024		5,831,065
5,000,000	SCJobs-EDA (GreenBond-AAC East)		7.000			05/01/2039		5,042,730

99          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
South Carolina (Continued)
$1,500,000	SC Ports Authority1		5.000	%		07/01/2043	$	1,771,335
3,750,000	SC Ports Authority1		5.000			07/01/2055		4,352,438
11,000,000	SC Public Service Authority1		5.000			12/01/2055		12,373,570
5,070,000	SC Public Service Authority (Santee Cooper)1		5.000			12/01/2029		5,441,986
6,465,000	SC Public Service Authority (Santee Cooper)1		5.500			12/01/2033		7,381,284
								80,456,624
Tennessee—0.4%
1,000,000	Bristol, TN Industrial Devel. Board		5.022	6		12/01/2022		861,400
10,765,000	Memphis, TN GO2		4.000			06/01/2047		11,565,141
7,250,000	Memphis-Shelby County, TN Airport Authority1		5.000			07/01/2043		8,567,760
600,000	Nashville, TN Metropolitan Development & Hsg. Agency (Fifth & Broadway Devel. District)1		5.125			06/01/2036		654,900
9,000,000	Shelby County, TN HE&HFB (Trezevant Manor)		5.500			09/01/2047		9,180,450
6,350,000	Shelby County, TN HE&HFB (Trezevant Manor)		8.000			09/01/2044		317,500
								31,147,151
Texas—8.7%
890,000	Argyle, TX Special Assessment (Highlands Argyle Public Improvement District No. 1)		5.000			09/01/2037		910,150
1,475,000	Argyle, TX Special Assessment (Highlands Argyle Public Improvement District No. 1)		5.250			09/01/2047		1,509,043
1,325,000	Arlington, TX Higher Education Finance Corp. (Leadership Prep School)1		5.000			06/15/2046		1,345,948
785,000	Arlington, TX Higher Education Finance Corp. (UMEP)1		5.000			08/15/2053		810,144
4,115,000	Arlington, TX Higher Education Finance Corp. (Winfree Academy Charter School)1		5.750			08/15/2043		4,372,846
675,000	Aubrey, TX Special Assessment (Jackson Ridge Public Improvement District No. 1)1		7.250			09/01/2045		713,522
260,000	Beaumont, TX Multifamily HDC (Madison on the Lake Apartments)1		7.750			12/01/2028		245,456
15,135,000	Cambridge, TX Student Hsg. (Cambridge Student Hsg. Devel.)4,5		7.000			11/01/2039		6,054,000
575,000	Celina, TX Special Assessment1,7		5.375			09/01/2028		593,112
400,000	Celina, TX Special Assessment1		5.500			09/01/2032		411,592
1,100,000	Celina, TX Special Assessment1		5.875			09/01/2040		1,130,998
1,845,000	Celina, TX Special Assessment1,7		6.250			09/01/2045		1,937,139
3,915,000	Celina, TX Special Assessment7		7.500			09/01/2045		4,239,710
1,000,000	Celina, TX Special Assessment (Sutton Fields II)		7.250			09/01/2045		1,035,780
750,000	Clifton, TX Higher Education Finance Corp. (Idea Public Schools)1		5.750			08/15/2041		817,320
5,000,000	Clifton, TX Higher Education Finance Corp. (International American Education Federation)		6.000			08/15/2038		5,574,000
1,250,000	Crane, TX Independent School District1		5.000			02/15/2030		1,254,112
5,000,000	Cypress-Fairbanks, TX Independent School District1		4.000			02/15/2043		5,539,150
4,250,000	Denton, TX Independent School District1		4.000			08/15/2048		4,683,925
34,970,000	Denton, TX Independent School District2		5.000			08/15/2045		40,273,318

100          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$14,860,000	Denton, TX Independent School District1		5.000	%		08/15/2048	$	17,694,842
1,645,000	Edinburg, TX Economic Devel. Corp.1		5.000			08/15/2044		1,703,019
1,300,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)1		6.125			09/01/2028		1,339,962
1,500,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)1		6.500			09/01/2036		1,545,990
2,000,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)1		6.750			09/01/2043		2,057,300
1,950,000	Galveston, TX Special Assessment7		5.625			09/01/2028		1,661,400
3,700,000	Galveston, TX Special Assessment		6.000			09/01/2038		3,086,392
3,500,000	Galveston, TX Special Assessment		6.125			09/01/2044		2,904,125
15,000,000	Grand Parkway, TX Transportation Corp.2		5.000			10/01/2043		18,019,650
32,525,000	Grand Parkway, TX Transportation Corp.2		5.000			10/01/2048		38,784,557
5,000,000	Grand Parkway, TX Transportation Corp.1		5.000			10/01/2048		5,972,150
10,000,000	Grand Parkway, TX Transportation Corp.2		5.000			04/01/2053		11,094,349
20,000	Gulf Coast, TX IDA Solid Waste (Citgo Petroleum Corp.)1		8.000			04/01/2028		20,111
3,225,000	Harris County, TX Cultural Education Facilities Finance Corp. (Space Center Houston)1		7.000			08/15/2028		3,231,837
8,250,000	Houston, TX Airport System (United Airlines)1		5.000			07/15/2028		9,883,830
380,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)1		6.500			05/15/2031		414,626
435,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)1		6.500			05/15/2031		474,637
700,000	Houston, TX Higher Education Finance Corp. (Ninos)1		6.000			08/15/2036		714,126
950,000	Houston, TX Higher Education Finance Corp. (Ninos)1		6.000			08/15/2041		967,527
7,500,000	Katy, TX Independent School District1		4.000			02/15/2047		8,215,350
5,000,000	Katy, TX Independent School District1		4.000			02/15/2048		5,504,000
375,000	Leander, TX Special Assessment (Oak Creek Public Improvement District)1,7		5.375			09/01/2028		378,847
600,000	Leander, TX Special Assessment (Oak Creek Public Improvement District)1		5.750			09/01/2038		606,192
575,000	Leander, TX Special Assessment (Oak Creek Public Improvement District)1		5.875			09/01/2044		581,325
12,875,000	Little Elm, TX Independent School District1		5.000			08/15/2046		15,444,078
450,000	Mclendon-Chisholm, TX Special Assessment (Sonoma Public Improvement District)1		5.375			09/15/2035		463,950
400,000	Mclendon-Chisholm, TX Special Assessment (Sonoma Public Improvement District)1		5.500			09/15/2040		411,824
8,645,000	Mission, TX EDC (Carbonlite Recycling)		6.500			12/01/2033		8,880,144
20,000,000	Mission, TX EDC (Natgasoline)1		4.625			10/01/2031		21,422,600
3,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. (CHSTX/CMCD/CMCtrF Obligated Group)1		4.000			08/15/2033		3,340,770
2,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. (CHSTX/CMCD/CMCtrF Obligated Group)1		4.000			08/15/2034		2,218,620

101          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$3,280,000	New Hope, TX Cultural Educational Facilities Finance Corp. (CHSTX/CMCD/CMCtrF Obligated Group)1		4.000	%		08/15/2035	$	3,626,040
700,000	New Hope, TX Cultural Educational Facilities Finance Corp. (East Grand Preparatory Academy)1		5.500			08/15/2046		717,570
1,200,000	New Hope, TX Cultural Educational Facilities Finance Corp. (East Grand Preparatory Academy)1		5.500			08/15/2051		1,228,944
2,085,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Jubilee Academic Center)1		5.125			08/15/2047		2,127,117
8,250,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Legacy at Midtown Park)		5.500			07/01/2054		8,648,310
1,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Legacy Preparatory Charter Academy)		6.000			08/15/2037		1,071,640
13,435,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Legacy Preparatory Charter Academy)		6.000			08/15/2047		14,234,517
2,500,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Presbyterian Village-North)1		5.250			10/01/2049		2,720,625
500,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Women’s University-COHF- Collegiate Hsg. Denton)1		5.000			07/01/2038		579,110
1,750,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Women’s University-COHF- Collegiate Hsg. Denton)1		5.000			07/01/2048		2,004,713
2,400,000	New Hope, TX Cultural Educational Facilities Finance Corp. (Women’s University-COHF- Collegiate Hsg. Denton)1		5.000			07/01/2058		2,707,368
350,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (CardinalBay-Village on the Park Carriage Inn)1		5.000			07/01/2031		412,731
1,750,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (CardinalBay-Village on the Park Carriage Inn)1		5.000			07/01/2046		1,983,573
1,750,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (CardinalBay-Village on the Park Carriage Inn)1		5.000			07/01/2051		1,976,590
400,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living- Langford Project)		5.375			11/15/2036		428,692
650,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living- Langford Project)		5.500			11/15/2046		689,540
1,000,000	New Hope, TX Cultural Educational Facilities Finance Corp. Senior Living (MRC Senior Living- Langford Project)		5.500			11/15/2052		1,057,010
1,080,000	New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University - Collegiate Hsg. Corpus Christi II)1		5.000			04/01/2048		1,087,225

102          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$2,315,000	New Hope, TX Cultural Educational Facilities Finance Corp. Student Hsg. (A&M University - Collegiate Hsg. San Antonio I)1		5.000	%		04/01/2048	$	2,427,046
1,300,000	New Hope, TX Educational Facilities Finance Corp. Retirement Facility (Wesleyan Homes)		5.500			01/01/2049		1,394,029
785,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)1		5.875			04/01/2036		863,288
1,950,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)1		6.000			04/01/2045		2,140,788
375,000	Newark, TX Higher Education Finance Corp. (Austin Achieve Public Schools)		5.000			06/15/2038		387,210
750,000	Newark, TX Higher Education Finance Corp. (Austin Achieve Public Schools)		5.000			06/15/2048		769,905
1,600,000	North Central TX HFC (Village Kaufman Apartments)1		6.150	10		01/01/2043		1,668,608
655,000	Pottsboro, TX Higher Education Finance Corp. (Imagine International Academy of North Texas)1		5.000			08/15/2036		701,033
1,000,000	Pottsboro, TX Higher Education Finance Corp. (Imagine International Academy of North Texas)1		5.000			08/15/2046		1,052,640
5,975,000	Prosper, TX Independent School District1		5.000			02/15/2044		7,202,803
6,300,000	Prosper, TX Independent School District1		5.000			02/15/2048		7,562,079
5,370,000	Red River, TX Educational Finance Corp. (Houston Baptist University)1		5.500			10/01/2046		6,114,336
3,000,000	Red River, TX Health Facilities Devel. Corp. (Happy Harbor Methodist Home)		8.000			11/15/2049		3,549,150
455,000	Rowlett, TX Special Assessment (Bayside Public Improvement District)		6.000			09/15/2046		455,209
1,995,000	Sabine Neches, TX HFC (Fox Run Apartments)1		6.150			01/01/2043		2,038,810
26,820,000	Sanger, TX Industrial Devel. Corp. (Texas Pellets)4,5		7.500			07/01/2038		6,705,000
11,000,000	Sherman, TX Independent School District1		5.000			02/15/2045		13,229,590
3,810,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community)4		5.750			11/15/2037		2,667,000
3,500,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living Ventana)		6.750			11/15/2047		4,002,250
2,000,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckner Senior Living Ventana)		6.750			11/15/2052		2,279,960
13,500,000	Tarrant County, TX Health Facilities Devel. Corp. (Cook Childrens Medical Center)2		5.000			12/01/2033		13,642,088
27,525,000	Travis County, TX HFDC (Longhorn Village)1		7.125			01/01/2046		29,779,848
1,000,000	Trinity River Authority, TX Central Regional Wastewater System1		5.000			08/01/2033		1,225,440
1,000,000	Trinity River Authority, TX Central Regional Wastewater System1		5.000			08/01/2034		1,220,810
2,000,000	Trinity River Authority, TX Central Regional Wastewater System1		5.000			08/01/2035		2,431,760

103          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Texas (Continued)
$1,000,000	Trinity River Authority, TX Central Regional Wastewater System1		5.000	%		08/01/2037	$	1,207,970
34,600,000	TX Angelina & Neches River Authority (Aspen Power)4,5		6.500			11/01/2029		346
53,695,000	TX Municipal Gas Acquisition & Supply Corp.1		6.250			12/15/2026		62,921,412
1,250,000	TX Private Activity (NTE Mobility Partners)1		6.875			12/31/2039		1,277,488
400,000	TX Public Finance Authority Charter School Finance Corp.(Ed-Burnham Wood)1		6.250			09/01/2036		400,532
285,000	TX Student Hsg. Corp. (University of North Texas)1		6.750			07/01/2021		285,105
215,000	TX Student Hsg. Corp. (University of North Texas)1		6.850			07/01/2031		215,017
3,750,000	TX Transportation Commission (State Highway 249 System)		4.785	6		08/01/2043		1,326,675
4,400,000	TX Transportation Commission (State Highway 249 System)		4.815	6		08/01/2044		1,472,680
1,000,000	TX Transportation Commission (State Highway 249 System)		4.848	6		08/01/2046		301,210
1,000,000	TX Transportation Commission (State Highway 249 System)		4.862	6		08/01/2047		285,930
1,000,000	TX Transportation Commission (State Highway 249 System)		4.875	6		08/01/2048		271,430
1,500,000	TX Transportation Commission (State Highway 249 System)		4.916	6		08/01/2050		363,120
5,000,000	TX Water Devel. Board1		4.000			10/15/2041		5,476,400
33,660,000	TX Water Devel. Board2		5.000			04/15/2049		40,712,956
41,015,000	TX Water Devel. Board1		5.000			04/15/2049		49,724,945
13,515,000	TX Water Devel. Board2		5.000			10/15/2053		16,263,684
2,033,000	Vintage Township, TX Public Facilities Corp.1		7.375			10/01/2038		2,034,260
6,375,000	Waxahachie, TX Special Assessment		6.000			08/15/2045		6,465,844
2,920,000	Wise County, TX (Parket County Junior College District)1		7.500			08/15/2025		3,157,746
4,615,000	Wise County, TX (Parket County Junior College District)1		7.750			08/15/2028		4,991,446
								634,457,586
Utah—0.8%
170,000	Hideout, UT Local District No. 1 Special Assessment7		7.750			08/01/2024		185,125
610,000	Hideout, UT Local District No. 1 Special Assessment		8.250			08/01/2034		649,327
14,600,000	Salt Lake City, UT Airport1		5.000			07/01/2043		17,304,504
4,000,000	Salt Lake City, UT Airport1		5.000			07/01/2048		4,715,440
7,410,000	Salt Lake City, UT Airport1		5.250			07/01/2048		8,920,084
385,000	UT Charter School Finance Authority (Endeavor Hall)		5.500			07/15/2022		392,646
1,750,000	UT Charter School Finance Authority (Endeavor Hall)		6.000			07/15/2032		1,780,625
3,870,000	UT Charter School Finance Authority (Endeavor Hall)		6.250			07/15/2042		3,929,056

104          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Utah (Continued)
$1,385,000	UT Charter School Finance Authority (Esperanza Elementary School)		5.250	%		10/15/2048	$	1,405,997
4,810,000	UT Charter School Finance Authority (Freedom Academy Foundation)		5.250			06/15/2037		5,017,455
7,415,000	UT Charter School Finance Authority (Freedom Academy Foundation)		5.375			06/15/2048		7,681,347
3,645,000	UT Charter School Finance Authority (Merit Preparatory Academy)		5.375			06/15/2049		3,701,643
750,000	UT Charter School Finance Authority (Vista Entrada School of Performing Arts & Technology)1		6.300			07/15/2032		806,662
1,640,000	UT Charter School Finance Authority (Vista Entrada School of Performing Arts & Technology)1		6.550			07/15/2042		1,764,804
775,000	Utah County, UT Charter School (Renaissance Academy)1		5.625			07/15/2037		775,659
415,000	Utah County, UT Charter School (Ronald Wilson Reagan Academy)1		5.000			02/15/2036		441,846
855,000	Utah County, UT Charter School (Ronald Wilson Reagan Academy)1		5.000			02/15/2046		896,220
								60,368,440
Vermont—0.1%
960,000	East Central, VT Telecommunications District		5.600			12/01/2043		985,238
1,450,000	East Central, VT Telecommunications District		5.750			12/01/2036		1,543,438
1,650,000	VT EDA (Casella Waste Systems)1		4.625	10		04/01/2036		1,825,395
								4,354,071
Virginia—0.7%
1,608,000	Celebrate, VA North CDA Special Assessment4,5		6.750			03/01/2034		964,800
8,000,000	Chesapeake Bay, VA Bridge & Tunnel District1		5.000			07/01/2046		9,121,600
1,238,000	Lewistown, VA Commerce Center Community Devel. Authority		6.050			03/01/2044		1,178,081
2,825,000	Lewistown, VA Commerce Center Community Devel. Authority1		6.050			03/01/2044		2,688,242
1,965,000	Lewistown, VA Commerce Center Community Devel. Authority4		6.050			03/01/2054		358,612
3,300,000	Norfolk, VA Redevel. & Hsg. Authority (Fort Norfolk Retirement Community-Harbors Edge)1		5.250			01/01/2054		3,577,530
1,750,000	Peninsula, VA Town Center Community Devel. Authority Special Obligation1		5.000			09/01/2037		1,913,992
2,350,000	Peninsula, VA Town Center Community Devel. Authority Special Obligation1		5.000			09/01/2045		2,549,656
2,160,000	Richmond, VA Redevel. & Hsg. Authority (American Tobacco Apartments)1		5.550			01/01/2037		2,266,834
14,735,000	Roanoke County, VA EDA Residential Care Facility (Richfield Living)		5.250			09/01/2049		15,117,226
7,215,000	Roanoke County, VA EDA Residential Care Facility (Richfield Living)		5.375			09/01/2054		7,473,153
1,690,000	VA Small Business Financing Authority (Covanta Holding Corp.)1		5.000	10		01/01/2048		1,769,937

105          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Virginia (Continued)
$1,515,000	VA Tobacco Settlement Financing Corp.1		5.000	%		06/01/2047	$	1,508,198
2,404,674	West Point, VA IDA Solid Waste (Chesapeake Corp.)4,5		6.375			03/01/2019		240
								50,488,101
Washington—0.9%
750,000	Greater Wenatchee, WA Regional Events Center1		5.000			09/01/2027		774,142
185,000	Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments)1		5.600			03/01/2028		185,159
50,000	Kitsap County, WA Consolidated Hsg. Authority (Heritage Apartments)1		6.100			10/01/2031		50,055
3,000,000	Port of Seattle, WA Revenue1		5.000			05/01/2043		3,481,890
2,354,358	Tacoma, WA Consolidated Local Improvements District No. 65		5.750			04/01/2043		2,365,635
27,655,000	WA EDFA (Columbia Pulp I)		7.500			01/01/2032		29,021,710
2,425,000	WA GO1		5.000			02/01/2030		2,992,426
17,410,000	WA Health Care Facilities Authority (Peacehealth)2		5.000			11/01/2028		17,572,608
1,000,000	WA Hsg. Finance Commission (Heron’s Key)		7.000			07/01/2045		1,072,710
1,700,000	WA Hsg. Finance Commission (Heron’s Key)		7.000			07/01/2050		1,819,187
2,250,000	WA Kalispel Tribe Indians Priority District1		5.000			01/01/2032		2,509,695
500,000	WA Kalispel Tribe Indians Priority District1		5.000			01/01/2032		557,710
3,000,000	WA Kalispel Tribe Indians Priority District1		5.250			01/01/2038		3,317,490
1,000,000	WA Kalispel Tribe Indians Priority District1		5.250			01/01/2038		1,105,830
								66,826,247
West Virginia—0.5%
3,000,000	Brooke County, WV (Bethany College)1		6.500			10/01/2031		3,038,250
4,500,000	Brooke County, WV (Bethany College)1		6.750			10/01/2037		4,557,870
27,145,000	Harrison County, WV Tax Increment (Charles Pointe)4		7.000			06/01/2035		13,572,500
3,435,000	Monongalia County, WV Special District Excise Tax (University Town Center)		5.750			06/01/2043		3,732,024
10,465,000	Ohio County, WV Devel. Authority (Ohio County Sports Complex)		5.000			09/01/2048		10,632,545
								35,533,189
Wisconsin—3.0%
3,000,000	WI H&EFA (AE Nursing Centers)4,5		7.250			06/01/2038		1,500,000
750,000	WI H&EFA (Beloit College)1		6.125			06/01/2035		780,743
2,015,000	WI H&EFA (Beloit College)1		6.125			06/01/2039		2,097,595
2,750,000	WI H&EFA (Clement Manor)		5.000			08/01/2049		2,756,435
63,000,000	WI Public Finance Authority (American Dream at Meadowlands Project)		6.750			08/01/2031		74,422,530
33,850,000	WI Public Finance Authority (American Dream at Meadowlands Project)		7.000			12/01/2050		40,451,766
2,075,000	WI Public Finance Authority (Bancroft Neurohealth/Bancroft Rehabilitation Services Obligated Group)1		5.125			06/01/2048		2,152,875

106          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Wisconsin (Continued)
$7,900,000	WI Public Finance Authority(CHF-Wilmington-University of North Carolina)1		5.000	%		07/01/2058	$	8,911,358
1,821,047	WI Public Finance Authority (Conference Center & Hotel)		5.360	6		01/01/2067		55,232
151,210	WI Public Finance Authority (Conference Center & Hotel)		5.449	6		01/01/2066		4,604
7,500,378	WI Public Finance Authority (Conference Center & Hotel)9		5.500			07/01/2056		7,200,288
140,331	WI Public Finance Authority (Conference Center & Hotel)		5.542	6		01/01/2065		4,291
142,507	WI Public Finance Authority (Conference Center & Hotel)		5.638	6		01/01/2064		4,375
145,770	WI Public Finance Authority (Conference Center & Hotel)		5.738	6		01/01/2063		4,494
149,034	WI Public Finance Authority (Conference Center & Hotel)		5.841	6		01/01/2062		4,616
153,385	WI Public Finance Authority (Conference Center & Hotel)		5.948	6		01/01/2061		4,770
155,561	WI Public Finance Authority (Conference Center & Hotel)		6.059	6		01/01/2060		4,861
158,824	WI Public Finance Authority (Conference Center & Hotel)		6.175	6		01/01/2059		4,985
163,176	WI Public Finance Authority (Conference Center & Hotel)		6.294	6		01/01/2058		5,148
167,527	WI Public Finance Authority (Conference Center & Hotel)		6.418	6		01/01/2057		5,311
151,210	WI Public Finance Authority (Conference Center & Hotel)		6.548	6		01/01/2056		4,819
154,473	WI Public Finance Authority (Conference Center & Hotel)		6.682	6		01/01/2055		4,949
157,737	WI Public Finance Authority (Conference Center & Hotel)		6.823	6		01/01/2054		5,081
163,176	WI Public Finance Authority (Conference Center & Hotel)		6.969	6		01/01/2053		5,287
165,352	WI Public Finance Authority (Conference Center & Hotel)		7.122	6		01/01/2052		5,389
127,277	WI Public Finance Authority (Conference Center & Hotel)		7.282	6		01/01/2051		4,175
129,453	WI Public Finance Authority (Conference Center & Hotel)		7.449	6		01/01/2050		4,273
133,804	WI Public Finance Authority (Conference Center & Hotel)		7.624	6		01/01/2049		4,446
135,980	WI Public Finance Authority (Conference Center & Hotel)		7.807	6		01/01/2048		4,551
155,561	WI Public Finance Authority (Conference Center & Hotel)		8.000	6		01/01/2047		5,246
865,000	WI Public Finance Authority (DHSEP/NMA/CAA/ HCA/HAA/HA/LV/MwA/WA/WHA Obligated Group)1		5.000			12/01/2052		876,574

107          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Wisconsin (Continued)
$9,780,000	WI Public Finance Authority (FNC&M / FBA / FCP / FFC / FGC / FJeffC / FJC / FMN / FTS / FP1 / FP2 / FRB Obligated Group)1		5.000	%		12/01/2045	$	9,816,186
6,050,000	WI Public Finance Authority (FNC&M / FBA / FCP / FFC / FGC / FJeffC / FJC / FMN / FTS / FP1 / FP2 / FRB Obligated Group)1		5.150			12/01/2050		6,104,813
6,790,000	WI Public Finance Authority (FNC&M / FBA / FCP / FFC / FGC / FJeffC / FJC / FMN / FTS / FP1 / FP2 / FRB Obligated Group)1		5.350			12/01/2052		6,917,109
1,055,000	WI Public Finance Authority (Las Ventanas Retirement Community)		0.210	6		10/01/2042		532,142
6,657,500	WI Public Finance Authority (Las Ventanas Retirement Community)		7.000			10/01/2042		6,779,665
2,000,000	WI Public Finance Authority (Las Ventanas Retirement Community)5		36.095	6		10/01/2042		41,200
520,000	WI Public Finance Authority (North Carolina Leadership Academy)1		5.000			06/15/2049		546,478
455,000	WI Public Finance Authority (North Carolina Leadership Academy)1		5.000			06/15/2054		474,711
660,000	WI Public Finance Authority (Thomas Jefferson Classical Academy)1		7.000			07/01/2031		660,587
1,480,000	WI Public Finance Authority (Traders Point Christian Schools)		5.375			06/01/2044		1,527,094
1,840,000	WI Public Finance Authority (Traders Point Christian Schools)		5.500			06/01/2054		1,895,274
7,720,000	WI Public Finance Authority (University of Kansas)1		5.000			03/01/2046		8,888,499
7,000,000	WI Public Finance Authority Charter School (Denver International Airport Great Hall)1		5.000			09/30/2049		7,984,480
2,500,000	WI Public Finance Authority Charter School (Envision Science Academy)		5.250			05/01/2046		2,516,725
1,120,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)1		5.750			07/15/2032		1,189,115
1,345,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)1		6.000			07/15/2042		1,423,023
1,910,000	WI Public Finance Authority Educational Facility (Ask Academy)1		6.000			02/01/2045		1,939,414
5,875,000	WI Public Finance Authority Educational Facility (Horizon Academy West Charter School)1		6.000			09/01/2045		6,032,097
10,960,000	WI Public Financing Authority Multifamily Hsg. (Trinity-Eagle’s Point)1		5.250			01/01/2052		11,774,438
								218,344,117
U.S. Possessions—12.9%
25,745,000	Northern Mariana Islands Commonwealth, Series B		5.000			10/01/2033		25,423,187
10,000	Puerto Rico Aqueduct & Sewer Authority, AGC		5.000			07/01/2025		10,283
19,468,000	Puerto Rico Aqueduct & Sewer Authority		5.000			07/01/2033		19,662,680
8,130,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		8,272,275

108          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$10,000,000	Puerto Rico Aqueduct & Sewer Authority		5.250	%		07/01/2042	$	10,125,000
250,000	Puerto Rico Aqueduct & Sewer Authority		5.500			07/01/2028		256,250
25,035,000	Puerto Rico Aqueduct & Sewer Authority		5.750			07/01/2037		25,723,462
3,325,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2038		3,366,562
13,645,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		13,815,562
37,380,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		38,501,400
8,650,000	Puerto Rico Children’s Trust Fund (TASC)1		5.375			05/15/2033		8,789,784
33,540,000	Puerto Rico Children’s Trust Fund (TASC)1		5.500			05/15/2039		34,172,900
96,100,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		97,913,407
28,000,000	Puerto Rico Children’s Trust Fund (TASC)		6.749	6		05/15/2050		3,907,400
127,450,000	Puerto Rico Children’s Trust Fund (TASC)		9.377	6		05/15/2055		8,614,345
285,000	Puerto Rico Commonwealth GO, AGC11		3.016			07/01/2020		284,732
1,500,000	Puerto Rico Commonwealth GO4		5.000			07/01/2024		1,113,750
2,550,000	Puerto Rico Commonwealth GO4		5.000			07/01/2033		1,584,187
1,660,000	Puerto Rico Commonwealth GO4		5.000			07/01/2034		1,232,550
10,000	Puerto Rico Commonwealth GO, AGC1		5.000			07/01/2034		10,210
6,765,000	Puerto Rico Commonwealth GO4		5.000			07/01/2041		4,152,019
450,000	Puerto Rico Commonwealth GO4		5.125			07/01/2031		333,000
2,000,000	Puerto Rico Commonwealth GO4		5.125			07/01/2037		1,242,500
5,000	Puerto Rico Commonwealth GO, AGC		5.250			07/01/2024		5,289
1,920,000	Puerto Rico Commonwealth GO4		5.250			07/01/2026		1,420,800
2,165,000	Puerto Rico Commonwealth GO4		5.250			07/01/2037		1,607,512
40,000	Puerto Rico Commonwealth GO4		5.500			07/01/2018		29,500
3,255,000	Puerto Rico Commonwealth GO4		5.500			07/01/2026		2,030,306
14,695,000	Puerto Rico Commonwealth GO4		5.500			07/01/2026		9,166,006
340,000	Puerto Rico Commonwealth GO4		5.500			07/01/2027		212,075
11,540,000	Puerto Rico Commonwealth GO4		5.750			07/01/2036		8,352,075
1,345,000	Puerto Rico Commonwealth GO, AGC		5.750			07/01/2037		1,392,653
3,000,000	Puerto Rico Commonwealth GO4		5.750			07/01/2038		2,227,500
65,250,000	Puerto Rico Commonwealth GO4		5.750			07/01/2041		47,224,687
2,625,000	Puerto Rico Commonwealth GO4		6.000			07/01/2035		1,899,844
9,265,000	Puerto Rico Commonwealth GO4		6.000			07/01/2039		6,856,100
12,250,000	Puerto Rico Commonwealth GO4		6.000			07/01/2039		9,141,562
14,550,000	Puerto Rico Commonwealth GO4		6.500			07/01/2037		10,857,937
13,000,000	Puerto Rico Commonwealth GO4		6.500			07/01/2040		9,408,750
480,000	Puerto Rico Electric Power Authority4		7.000			07/01/2040		378,600
9,080,000	Puerto Rico Electric Power Authority4		7.000			07/01/2043		7,161,850
160,000	Puerto Rico Electric Power Authority4		7.250			07/01/2030		126,200
3,100,000	Puerto Rico Electric Power Authority, Series A4		5.000			07/01/2029		2,356,000
11,925,000	Puerto Rico Electric Power Authority, Series A4		5.050			07/01/2042		9,063,000
1,501,705	Puerto Rico Electric Power Authority, SeriesA-44		10.000			07/01/2019		1,298,975
40,000	Puerto Rico Electric Power Authority, Series AAA4		5.250			07/01/2021		30,500
40,000	Puerto Rico Electric Power Authority, Series AAA4		5.250			07/01/2022		30,500
10,000	Puerto Rico Electric Power Authority, Series AAA4		5.250			07/01/2023		7,625
4,570,000	Puerto Rico Electric Power Authority, Series AAA4		5.250			07/01/2026		3,484,625
2,600,000	Puerto Rico Electric Power Authority, Series AAA4		5.250			07/01/2028		1,982,500
445,000	Puerto Rico Electric Power Authority, Series AAA4		5.250			07/01/2029		339,313
95,000	Puerto Rico Electric Power Authority, Series AAA4		5.250			07/01/2030		72,438

109          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$1,501,705	Puerto Rico Electric Power Authority, SeriesB-44		10.000	%		07/01/2019	$	1,298,975
310,000	Puerto Rico Electric Power Authority, Series CCC4		5.000			07/01/2022		235,600
35,000	Puerto Rico Electric Power Authority, Series CCC4		5.000			07/01/2024		26,600
20,000	Puerto Rico Electric Power Authority, Series CCC4		5.000			07/01/2025		15,200
285,000	Puerto Rico Electric Power Authority, Series CCC4		5.000			07/01/2027		216,600
540,000	Puerto Rico Electric Power Authority, Series CCC4		5.000			07/01/2028		410,400
2,570,000	Puerto Rico Electric Power Authority, Series CCC4		5.250			07/01/2027		1,959,625
185,000	Puerto Rico Electric Power Authority, Series DDD4		5.000			07/01/2022		140,600
1,629,052	Puerto Rico Electric Power Authority, SeriesE-14		10.000			01/01/2021		1,413,203
1,629,051	Puerto Rico Electric Power Authority, SeriesE-24		10.000			07/01/2021		1,413,202
543,017	Puerto Rico Electric Power Authority, SeriesE-24		10.000			01/01/2022		471,067
543,018	Puerto Rico Electric Power Authority, SeriesE-44		10.000			07/01/2022		471,068
15,000	Puerto Rico Electric Power Authority, Series NN4		5.500			07/01/2020		11,531
170,000	Puerto Rico Electric Power Authority, Series TT4		5.000			07/01/2017		128,350
20,000	Puerto Rico Electric Power Authority, Series TT4		5.000			07/01/2018		15,100
5,000	Puerto Rico Electric Power Authority, Series TT4		5.000			07/01/2020		3,800
55,000	Puerto Rico Electric Power Authority, Series TT4		5.000			07/01/2021		41,800
210,000	Puerto Rico Electric Power Authority, Series TT4		5.000			07/01/2022		159,600
280,000	Puerto Rico Electric Power Authority, Series TT4		5.000			07/01/2023		212,800
15,000	Puerto Rico Electric Power Authority, Series TT4		5.000			07/01/2024		11,400
895,000	Puerto Rico Electric Power Authority, Series TT4		5.000			07/01/2026		680,200
1,990,000	Puerto Rico Electric Power Authority, Series TT4		5.000			07/01/2027		1,512,400
3,680,000	Puerto Rico Electric Power Authority, Series TT4		5.000			07/01/2032		2,796,800
390,000	Puerto Rico Electric Power Authority, Series UU4		1.159	10		07/01/2017		274,463
7,905,000	Puerto Rico Electric Power Authority, Series UU, AGC		5.000			07/01/2026		8,122,862
22,000,000	Puerto Rico Electric Power Authority, Series VV, NPFGC		5.250			07/01/2033		23,347,500
465,000	Puerto Rico Electric Power Authority, Series VV, NPFGC		5.250			07/01/2035		490,989
415,000	Puerto Rico Electric Power Authority, Series WW4		5.250			07/01/2033		316,438
85,000	Puerto Rico Electric Power Authority, Series WW4		5.375			07/01/2022		65,131
390,000	Puerto Rico Electric Power Authority, Series WW4		5.375			07/01/2024		298,838
60,000	Puerto Rico Electric Power Authority, Series WW4		5.500			07/01/2021		46,125
605,000	Puerto Rico Electric Power Authority, Series WW4		5.500			07/01/2038		465,094
10,000	Puerto Rico Electric Power Authority, Series XX4		5.250			07/01/2026		7,625
845,000	Puerto Rico Electric Power Authority, Series XX4		5.250			07/01/2027		644,313
2,660,000	Puerto Rico Electric Power Authority, Series XX4		5.250			07/01/2035		2,028,250
28,430,000	Puerto Rico Electric Power Authority, Series XX4		5.250			07/01/2040		21,677,875
18,575,000	Puerto Rico Electric Power Authority, Series XX4		5.750			07/01/2036		14,279,531
190,000	Puerto Rico Electric Power Authority, Series ZZ4		4.625			07/01/2025		142,975
820,000	Puerto Rico Electric Power Authority, Series ZZ4		5.000			07/01/2017		619,100
95,000	Puerto Rico Electric Power Authority, Series ZZ4		5.000			07/01/2021		72,200
850,000	Puerto Rico Electric Power Authority, Series ZZ4		5.000			07/01/2022		646,000
215,000	Puerto Rico Electric Power Authority, Series ZZ4		5.000			07/01/2024		163,400
10,000	Puerto Rico Electric Power Authority, Series ZZ4		5.000			07/01/2026		7,600
25,000	Puerto Rico Electric Power Authority, Series ZZ4		5.250			07/01/2021		19,063
50,000	Puerto Rico Electric Power Authority, Series ZZ4		5.250			07/01/2022		38,125

110          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$275,000	Puerto Rico Electric Power Authority, Series ZZ4		5.250	%		07/01/2025	$	209,688
1,135,000	Puerto Rico Electric Power Authority, Series ZZ4		5.250			07/01/2026		865,438
215,000	Puerto Rico Highway & Transportation Authority, AGC1		5.000			07/01/2023		220,706
45,000	Puerto Rico Highway & Transportation Authority, AGC1		5.000			07/01/2027		46,235
1,360,000	Puerto Rico Highway & Transportation Authority4		5.000			07/01/2028		1,118,600
2,175,000	Puerto Rico Highway & Transportation Authority4		5.000			07/01/2028		258,281
250,000	Puerto Rico Highway & Transportation Authority, NPFGC1		5.000			07/01/2029		252,200
1,035,000	Puerto Rico Highway & Transportation Authority4		5.000			07/01/2035		851,287
7,895,000	Puerto Rico Highway & Transportation Authority4		5.300			07/01/2035		6,493,637
25,000	Puerto Rico Highway & Transportation Authority, AGC1		5.500			07/01/2023		26,975
5,000,000	Puerto Rico Highway & Transportation Authority4		5.500			07/01/2029		4,112,500
3,250,000	Puerto Rico Highway & Transportation Authority4		5.500			07/01/2030		2,673,125
350,000	Puerto Rico Highway & Transportation Authority, FGIC12		5.750			07/01/2021		289,625
9,000,000	Puerto Rico Highway & Transportation Authority, AGC1		5.750			07/01/2022		9,358,200
605,000	Puerto Rico Highway & Transportation Authority, Series H4		5.450			07/01/2035		213,262
4,715,000	Puerto Rico Highway & Transportation Authority, Series M4		5.000			07/01/2046		1,662,037
5,000,000	Puerto Rico Infrastructure4		5.000			07/01/2031		1,137,500
3,000,000	Puerto Rico Infrastructure4		5.000			07/01/2037		682,500
7,300,000	Puerto Rico Infrastructure (Mepsi Campus)4		6.500			10/01/2037		1,478,250
25,000	Puerto Rico Infrastructure Financing Authority, AGC1		5.000			07/01/2041		25,380
5,600,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		5,747,000
4,050,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)1		6.000			07/01/2033		4,251,123
300,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2020		296,250
100,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2021		98,500
3,870,000	Puerto Rico Public Buildings Authority4		5.000			07/01/2032		3,231,450
150,000	Puerto Rico Public Buildings Authority4		5.000			07/01/2037		125,250
100,000	Puerto Rico Public Buildings Authority4		5.250			07/01/2023		72,750
73,395,000	Puerto Rico Public Buildings Authority4		5.250			07/01/2042		53,394,863
383,024	Puerto Rico Public Buildings Authority, AMBAC		5.500			07/01/2021		394,239
260,000	Puerto Rico Public Buildings Authority4		5.500			07/01/2023		213,200
200,000	Puerto Rico Public Buildings Authority4		5.500			07/01/2037		167,500
5,860,000	Puerto Rico Public Buildings Authority4		5.625			07/01/2039		4,951,700
12,845,000	Puerto Rico Public Buildings Authority4		5.750			07/01/2022		10,661,350
7,000,000	Puerto Rico Public Buildings Authority4		5.875			07/01/2039		5,845,000
8,825,000	Puerto Rico Public Buildings Authority4		6.000			07/01/2041		7,457,125
12,000,000	Puerto Rico Public Buildings Authority4		6.125			07/01/2023		10,320,000
5,100,000	Puerto Rico Public Buildings Authority4		6.250			07/01/2026		4,309,500
4,980,000	Puerto Rico Public Buildings Authority4		6.750			07/01/2036		4,320,150

111          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$1,515,000	Puerto Rico Public Buildings Authority, Series D4		5.250	%		07/01/2036	$	1,268,813
49,020,000	Puerto Rico Public Finance Corp., Series B4		5.500			08/01/2031		2,941,200
9,944,256	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.242	6		08/01/2043		7,234,446
11,108,275	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.252	6		08/01/2042		8,081,270
4,359,223	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.264	6		08/01/2041		3,171,335
3,274,529	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.330	6		08/01/2043		450,248
3,657,898	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.344	6		08/01/2042		502,961
1,435,428	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.359	6		08/01/2041		197,371
6,929,000	Puerto Rico Sales Tax Financing Corp., Series A		4.839	6		07/01/2031		4,365,339
7,799,000	Puerto Rico Sales Tax Financing Corp., Series A		5.090	6		07/01/2033		4,384,442
2,886,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		3.973	6		07/01/2024		2,475,611
5,519,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.259	6		07/01/2027		4,244,111
11,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		4.500			07/01/2034		11,378
2,892,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		4.550			07/01/2040		2,900,965
11,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.560	6		07/01/2029		7,746
31,297,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		4.750			07/01/2053		30,680,449
56,654,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		5.000			07/01/2058		56,792,802
150,103,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.760	6		07/01/2046		34,673,793
111,236,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		6.011	6		07/01/2051		18,961,289
51,599,000	Puerto Rico Sales Tax Financing Corp., SeriesA-21		4.550			07/01/2040		49,665,069
876,000	Puerto Rico Sales Tax Financing Corp., SeriesA-21		4.750			07/01/2053		824,544
14,781,000	Puerto Rico Sales Tax Financing Corp., SeriesA-21		5.000			07/01/2058		14,208,236
50,000	University of Puerto Rico, Series P		5.000			06/01/2021		49,938
100,000	University of Puerto Rico, Series P		5.000			06/01/2022		99,750
5,260,000	University of Puerto Rico, Series P		5.000			06/01/2030		5,115,350
1,025,000	University of Puerto Rico, Series Q		5.000			06/01/2036		986,563
								936,218,980
Total Municipal Bonds and Notes (Cost $8,001,631,397)								8,014,841,916
Corporate Bonds and Notes—0.0%
678,688	TX German Pellets Series Secured Note Series 20161,5,13		8.000			03/29/2020		678,688
711,565	TX German Pellets Series Secured Note Series 20161,5,13		8.000			03/29/2020		711,565
Total Corporate Bonds and Notes (Cost $1,390,253)								1,390,253
Corporate Loans—0.0%
7,000,000	Aspen Power Senior Secured Bridge Promissory Note4,5,13		9.000	10		11/15/2019		520,727

112          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Corporate Loans (Continued)
3,500,000	Aspen Power Senior Secured Bridge Promissory Note4,5,13		9.000	% 10		11/15/2019	$	260,364
6,000,000	Aspen Power Senior Secured Bridge Promissory Note4,5,13		9.000	10		11/15/2019		446,338
2,750,000	Aspen Power Senior Secured Bridge Promissory Note4,5,13		9.000	10		11/15/2019		204,571
Total Corporate Loans (Cost $19,250,000)								1,432,000
Shares
Common Stocks—0.0%
7,679	Delta Air Lines, Inc.13							468,726
2,919	General Motors Co.13							117,752
Total Common Stocks (Cost $54,137)								586,478
Total Investments, at Value (Cost $8,022,325,787)—110.2%								8,018,250,647
Net Other Assets (Liabilities)—(10.2)								(742,874,121	)
Net Assets—100.0%							$	7,275,376,526

Footnotes to Schedule of Investments

1.All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 9 of the accompanying Notes.

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

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

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

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

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

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

8.This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

9.Interest or dividend ispaid-in-kind, when applicable.

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

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

12.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.

13.Received as a result of a corporate action.

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

AAC	Auto Aerated Concrete
AAD	AHFO-Arbors at Denton
AAHI	AHFO-Arbors at Huntsville I

113          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
AAHII	AHFO-Arbors at Huntsville II
AE	American Eagle
AGC	Assured Guaranty Corp.
AHFP	Atlantic Housing Foundation Properties
AMBAC	AMBAC Indemnity Corp.
AMG	Aurora Medical Group
APH	AHFO-Palm House
ASchH	Advantage School of Hillsborough
ASU	Arizona State University
AWHC	AHFO-Windover Health Club
BethH	Bethesda Hospital
BHI	Baptist Homes of Indiana
BHlth	Bethesda Health
BHM	Baptist Hospital of Miami
BHSF	Baptist Health South Florida
BOS	Baptist Outpatient Services
BVHF	Blanchard Valley Health Foundation
BVRHC	Blanchard Valley Regional Health Care
CAA	Cooks Avenue Affordable
CAM&S	Channelside Academy of Math & Science
CAMS	Channelside Academy Middle School
CDA	Communities Devel. Authority
CDHA	Central Dupage Hospital Association
CDHS	Central Dupage Health System
CHCC	Community Hospitals of Central California
CHF	City Hospital Foundation
CHSTX	Children’s Health System of Texas
CMCD	Children’s Medical Center of Dallas
CMCtrF	Children’s Medical Center Foundation
COFINA	Corporación del Fondo de Interés Apremiante
COHF	Collegiate Housing Foundation
COHS	Community Health Service
COP	Certificates of Participation
CVHC	Conneaut Valley Health Center
DA	Dormitory Authority
DHSEP	Dogwoood Housing Southeast Portfolio
DrsH	Doctors Hospital
EDA	Economic Devel. Authority
EDC	Economic Devel. Corp.
EDFA	Economic Devel. Finance Authority
EF&CD	Environmental Facilities and Community Devel.
EFC	Environmental Facilities Corp.
ELGS	Evangelical Lutheran Good Samaritan
ELGSF	Evangelical Lutheran Good Samaritan Foundation
ELGSS	Evangelical Lutheran Good Samaritan Society
FBA	FFAH Beaumont Avenue
FCHMC	Fresno Community Hospital & Medical Center
FCIM	French Creek Internal Medicine
FCP	FFAH Coleridge Road
FFC	FFAH Franklin Court

114          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
FGC	FFAH Glendale Court
FGIC	Financial Guaranty Insurance Co.
FHlth	Fishermen’s Health
FJC	FFAH Johnson Court
FJeffC	FFAH Jefferson Court
FMN	FFAH Market North
FNC&M	FFAH North Carolina and Missouri
FP1	FFAH Plaza 1
FP2	FFAH Plaza 2
FRB	FFAH Riverview Bend
FTS	FFAH Tucker Street
GO	General Obligation
GSSH	Good Samaritan Society HCBS
H&EFA	Health and Educational Facilities Authority
H&HEFA	Hospitals and Higher Education Facilities Authority
HA	Heatherwood Affordable
HAA	Hidden Acres Affordable
HCA	Hickory Creek Affordable
HCCO	Homecare Connections
HCrawC	Hospice of Crawford County
HDA	Hospital Devel. Authority
HDC	Housing Devel. Corp.
HE&HFB	Higher Educational and Housing Facility Board
HEFA	Higher Education Facilities Authority
HEHA	Higher Education and Health Authority
HFA	Housing Finance Agency
HFC	Housing Finance Corp.
HFDC	Health Facilities Devel. Corp.
HFHS	Henry Ford Health System
HFMHCT	Henry Ford Macomb Hospital Corp.-Clinton Township
HFWH	Henry Ford Wyandotte Hospital
HHI	Homestead Hospital
HHlthS	Holzer Health Systems
HMCG	Holzer Medical Center-Gallipolis
HMCJ	Holzer Medical Center-Jackson
IAS	Independence Academy of Schools
IDA	Industrial Devel. Agency
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK	John Fitzgerald Kennedy
KGC	Kuakini Geriatric Care
KHS	Kuakini Health System
KMC	Kuakini Medical Center
KSS	Kuakini Support Services
L.I.	Long Island
LV	Lakeview Affordable
M-WHOUPMC	Magee-Womens Hospital of UPMC
MarH	Mariners Hospital
MMedC	Meadville Medical Center
MMedCF	Meadville Medical Center Foundation
MPS	Meadville Physician Services

115          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
MRC	Methodist Retirement Communities
MTA	Metropolitan Transportation Authority
MwA	Mary Washington Hospital
NCCD	National Campus and Community Development
NCCU	North Carolina Central University
NMA	New Main Affordable
NPFGC	National Public Finance Guarantee Corp.
NTE	North Tarrant Express
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
PAS	Presence Ambulatory Services
PBH	Presence Behavioral Health
PC&SHN	Presence Central & Suburban Hospitals Network
PCHN	Presence Chicago Hospitals Network
PCTC	Presence Care Transformation Corp.
PHCr	Presence Home Care
PHFBT	Presence Health Food Foundation Board of Trustees
PHN	Presence Health Network
PHS	Pinnacle Health System
PLC	Presence Life Connections
PSSC	Presence Senior Services—Chicagoland
PV-ERU	Park Valley-Equivalent Residentail Unit
RBM	Rocketship Brilliant Minds
RDP	Rocketship Discovery Prep
RE	Rocketship Education
Res Rec	Resource Recovery Facility
REW	Rocketship Education Wisconsin
RLSA	Rocketship Los Suenos Academy
RMS	Rocketship Mateo Sheedy
RNNE	Rocketship Nashville Northeast Elementary
RRCP	Rocketship Redwood City Prep
RSA	Rocketship Spark Academy
RSCP	Rocketship Southside Community Prep
RSSPA	Rocketship Si Se Puede Academy
SMH	South Miami Hospital
TAH	Titusville Area Hospital
TAHC	Titusville Area Health Center
TAHCF	Titusville Area Health Foundation
TAHS	Titusville Area Health Service
TASC	Tobacco Settlement Asset-Backed Bonds
UDC	Urban Development Corporation
UMEP	UME Preparatory Academy
UPMC	University of Pittsburgh Medical Center
UPMC-P	UPMC-P
UPMC-PS	UPMC Presbyterian Shadyside
UPMC-SM	UPMC St. Margaret
VOA	Volunteers of America
WA	Westlake Affordable
WAFMH	W A Foote Memorial Hospital

116          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
WHA	Weeden Heights Affordable
WICF	W.I. Cook Foundation
WKBP	West Kendall Baptist Hospital
See accompanying Notes to Financial Statements.

117          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES

	August 31, 2019 (Unaudited)			July 31, 2019
Assets
Investments, at value (cost $8,144,200,460 (Unaudited) and $8,022,325,787)—see accompanying schedule of investments	$	8,319,092,512		$	8,018,250,647
Cash		24,347,849			2,613,884
Receivables and other assets:
Interest and dividends		87,080,322			77,353,362
Shares of beneficial interest sold		9,803,611			12,701,975
Investments sold		8,939,067			27,292,983
Other		2,029,845			2,284,148
Total assets		8,451,293,206			8,140,496,999
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued		772,305,000			772,755,000
Payable for borrowings		—			22,100,000
Investments purchased		31,824,205			52,502,295
Shares of beneficial interest redeemed		5,669,553			6,112,778
Dividends		3,842,813			5,963,574
Distribution and service plan fees		1,616,148			1,595,899
Transfer and shareholder servicing agent fees		1,041,230			792,449
Trustees’ compensation		592,081			578,156
Advisory fees		147,513			2,472,648
Shareholder communications		46,523			34,750
Interest expense on borrowings		17,846			8,197
Administration fees		5,883			262
Other		223,687			204,465
Total liabilities		817,332,482			865,120,473
Net Assets	$	7,633,960,724		$	7,275,376,526
Composition of Net Assets
Shares of beneficial interest	$	8,816,088,741		$	8,630,418,938
Total accumulated loss		(1,182,128,017	)		(1,355,042,412	)
Net Assets	$	7,633,960,724		$	7,275,376,526

118          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

	August 31, 2019 (Unaudited)		July 31, 2019
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets and shares of beneficial interest outstanding of $3,980,583,903 and 498,138,972 at August 31, 2019 (Unaudited) and $3,825,645,652 and 490,036,328 at July 31, 2019)		$7.99		$7.81
Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)		$8.34		$8.16
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets and shares of beneficial interest outstanding of $1,037,095,257 and 130,386,148 at August 31, 2019 (Unaudited) and $1,019,083,783 and 131,140,177 at July 31, 2019)		$7.95		$7.77
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $2,616,235,635 and 327,770,044 at August 31, 2019 (Unaudited) and $2,430,626,845 and 311,693,113 at July 31, 2019)		$7.98		$7.80
Class R5 Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $10,361 and 1,297 at August 31, 2019 (Unaudited) and $10,123 and 1,297 at July 31, 2019)		$7.99		$7.80
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $35,568 and 4,453 at August 31, 2019 (Unaudited) and $10,123 and 1,297 at July 31, 2019)		$7.99		$7.80

See accompanying Notes to Financial Statements.

119          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF

OPERATIONS

	One Month Ended August 31, 2019 (Unaudited)			Year Ended July 31, 2019
Investment Income
Interest	$	28,991,963		$	376,495,560
Dividends		—			15,591
Total investment income		28,991,963			376,511,151
Expenses
Advisory fees		2,241,307			23,822,605
Administration fees		89,391			85,245
Distribution and service plan fees:
Class A		827,427			8,083,001
Class C		788,741			10,938,811
Transfer and shareholder servicing agent fees:
Class A		221,750			3,045,571
Class C		58,718			1,147,846
Class Y		143,398			1,825,055
Class R5		1			1
Class R6		1			1
Shareholder communications:
Class A		6,159			45,310
Class C		1,631			22,662
Class Y		3,983			31,961
Interest expense and fees on short-term floating rate notes issued		1,284,410			20,184,993
Borrowing fees		385,285			7,016,901
Interest expense on borrowings		17,846			1,466,338
Trustees’ compensation		5,251			85,864
Custodian fees and expenses		2,947			96,459
Other		24,902			2,545,774
Total expenses		6,103,148			80,444,398
Net Investment Income		22,888,815			296,066,753
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (includes net gains from securities sold to affiliates of $0 (Unaudited) and $3,142, respectively)		(4,795,999	)		(194,746,898	)
Net change in unrealized appreciation on investment transactions		178,967,192			595,643,647
Net Increase in Net Assets Resulting from Operations	$	197,060,008		$	696,963,502

See accompanying Notes to Financial Statements.

120          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF CHANGES IN NET ASSETS

	One Month Ended August 31, 2019 (Unaudited)			Year Ended July 31, 2019			Year Ended July 31, 2018
Operations
Net investment income	$	22,888,815		$	296,066,753		$	276,050,998
Net realized loss		(4,795,999	)		(194,746,898	)		(137,548,911	)
Net change in unrealized appreciation/(depreciation)		178,967,192			595,643,647			210,391,735
Net increase in net assets resulting from operations		197,060,008			696,963,502			348,893,822
Dividends and/or Distributions to Shareholders1
Distributions to shareholders from distributable earnings:
Class A		(12,628,841	)		(146,096,755	)		(159,145,298	)
Class B		—			—			(329,684	)
Class C		(2,786,707	)		(46,788,387	)		(56,369,148	)
Class Y		(8,729,927	)		(93,038,150	)		(74,938,103	)
Class R5		(35	)		(86	)		—
Class R6		(103	)		(86	)		—
Total distributions from distributable earnings		(24,145,613	)		(285,923,464	)		(290,782,233	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		64,391,868			453,950,332			(46,720,186	)
Class B		—			—			(14,915,107	)
Class C		(6,005,432	)		(287,744,063	)		(79,703,206	)
Class Y		127,258,533			477,395,184			470,600,102
Class R5		—			10,000			—
Class R6		24,834			10,000			—
Total beneficial interest transactions		185,669,803			643,621,453			329,261,603
Net Assets
Total increase		358,584,198			1,054,661,491			387,373,192
Beginning of period		7,275,376,526			6,220,715,035			5,833,341,843
End of period	$	7,633,960,724		$	7,275,376,526		$	6,220,715,035

1. Securities Exchange Commission eliminated the requirement to disclose the distribution components separately, except for tax return of capital. For the year ended July 31, 2018, distributions to shareholders from distributable earnings consisted of distributions from net investment income.

See accompanying Notes to Financial Statements.

121          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF

CASH FLOWS

	One Month Ended August 31, 2019 (Unaudited)			Year Ended July 31, 2019
Cash Flows from Operating Activities
Net increase in net assets from operations	$	197,060,008		$	696,963,502
Adjustments to reconcile net change in net assets from operations to net cash provided operating activities:
Purchase of investment securities		(180,686,910	)		(3,631,194,667	)
Proceeds from disposition of investment securities		59,077,521			3,168,722,617
Short-term investment securities, net		(4,144,293	)		(43,054,135	)
Premium amortization		3,505,863			48,091,481
Discount accretion		(4,422,853	)		(88,496,551	)
Net realized loss on investment transactions		4,795,999			194,746,898
Net change in unrealized appreciation/depreciation on investment transactions		(178,967,192	)		(595,643,647	)
Change in assets:
Decrease in other assets		254,303			80,294
Increase in interest receivable		(9,726,960	)		(8,693,162	)
Decrease in receivable for securities sold		18,353,916			65,087,264
Change in liabilities:
Increase/Decrease in other liabilities		(1,995,915	)		3,772,797
Decrease in payable for securities purchased		(20,678,090	)		(138,636,499	)
Net cash used in operating activities		(117,574,603	)		(328,253,808	)
Cash Flows from Financing Activities
Proceeds from borrowings		33,800,000			1,460,500,000
Payments on borrowings		(55,900,000	)		(1,571,300,000	)
Proceeds from TOB Trusts		455,000			513,985,000
Repayments of TOB Trusts		(905,000	)		(425,155,000	)
Proceeds from shares sold		276,555,246			2,394,049,312
Payments on shares redeemed		(111,277,499	)		(2,002,321,379	)
Cash distributions paid		(3,419,179	)		(39,324,737	)
Net cash provided by financing activities		139,308,568			330,433,196
Net increase in cash		21,733,965			2,179,388
Cash, beginning balance		2,613,884			434,496
Cash, ending balance	$	24,347,849		$	2,613,884

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $22,847,195 (Unaudited) and $245,662,405.

Cash paid for interest on borrowings—$8,197 (Unaudited) and $1,540,495

Cash paid for interest on short-term floating rate notes issued— $1,284,410 (Unaudited) and $20,184,993

See accompanying Notes to Financial Statements.

122          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$7.81		$7.34		$7.27		$7.37		$6.86		$7.01
Income (loss) from investment operations:
Net investment income1		0.02		0.35		0.36		0.39		0.46		0.51
Net realized and unrealized gain (loss)		0.19		0.45		0.08		(0.07)		0.52		(0.18)
Total from investment operations		0.21		0.80		0.44		0.32		0.98		0.33
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.33)		(0.37)		(0.42)		(0.47)		(0.48)
Net asset value, end of period		$7.99		$7.81		$7.34		$7.27		$7.37		$6.86
Total Return, at Net Asset Value2		2.63%		11.26%		6.34%		4.47%		14.91%		4.59%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,980,584		$3,825,646		$3,164,888		$3,182,443		$3,245,013		$2,968,690
Average net assets (in thousands)		$3,914,230		$3,260,474		$3,060,512		$3,159,138		$3,064,632		$3,258,788
Ratios to average net assets:3
Net investment income		3.62%		4.64%		4.94%		5.36%		6.54%		7.19%
Expenses excluding specific expenses listed below		0.70%		0.76%		0.81%		0.75%		0.74%		0.74%
Interest and fees from borrowings		0.06%		0.13%		0.15%		0.13%		0.09%		0.08%
Interest and fees on short-term floating rate notes issued4		0.20%		0.31%		0.08%		0.18%		0.17%		0.17%
Total expenses		0.96%		1.20%		1.04%		1.06%		1.00%		0.99%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.96%		1.20%		1.04%		1.06%		1.00%		0.99%
Portfolio turnover rate5		1%		34%		34%		29%		20%		16%

123          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

124          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Class C	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$7.77		$7.31		$7.24		$7.35		$6.83		$6.99
Income (loss) from investment operations:
Net investment income1		0.02		0.30		0.31		0.33		0.41		0.46
Net realized and unrealized gain (loss)		0.18		0.45		0.09		(0.07)		0.53		(0.20)
Total from investment operations		0.20		0.75		0.40		0.26		0.94		0.26
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.29)		(0.33)		(0.37)		(0.42)		(0.42)
Net asset value, end of period		$7.95		$7.77		$7.31		$7.24		$7.35		$6.83
Total Return, at Net Asset Value2		2.59%		10.45%		5.68%		3.74%		14.13%		3.68%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,037,095		$1,019,084		$1,231,057		$1,301,304		$1,375,239		$1,234,906
Average net assets (in thousands)		$1,035,512		$1,215,006		$1,231,693		$1,327,082		$1,289,508		$1,344,166
Ratios to average net assets:3
Net investment income		2.97%		3.98%		4.29%		4.66%		5.80%		6.43%
Expenses excluding specific expenses listed below		1.35%		1.42%		1.46%		1.47%		1.49%		1.50%
Interest and fees from borrowings		0.06%		0.13%		0.15%		0.13%		0.09%		0.08%
Interest and fees on short-term floating rate notes issued4		0.20%		0.31%		0.08%		0.18%		0.17%		0.17%
Total expenses		1.61%		1.86%		1.69%		1.78%		1.75%		1.75%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.61%		1.86%		1.69%		1.78%		1.75%		1.75%
Portfolio turnover rate5		1%		34%		34%		29%		20%		16%

125          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

126          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Class Y	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$7.80		$7.33		$7.26		$7.37		$6.85		$7.00
Income (loss) from investment operations:
Net investment income1		0.03		0.37		0.38		0.39		0.47		0.52
Net realized and unrealized gain (loss)		0.18		0.45		0.08		(0.06)		0.53		(0.18)
Total from investment operations		0.21		0.82		0.46		0.33		1.00		0.34
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.35)		(0.39)		(0.44)		(0.48)		(0.49)
Net asset value, end of period		$7.98		$7.80		$7.33		$7.26		$7.37		$6.85
Total Return, at Net Asset Value2		2.66%		11.55%		6.61%		4.66%		15.10%		4.61%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$2,616,236		$2,430,627		$1,824,770		$1,334,351		$920,958		$692,717
Average net assets (in thousands)		$2,535,628		$1,966,765		$1,381,976		$1,061,569		$804,978		$700,339
Ratios to average net assets:3
Net investment income		3.87%		4.89%		5.19%		5.40%		6.68%		7.33%
Expenses excluding specific expenses listed below		0.45%		0.51%		0.56%		0.57%		0.59%		0.59%
Interest and fees from borrowings		0.06%		0.13%		0.15%		0.13%		0.09%		0.08%
Interest and fees on short-term floating rate notes issued4		0.20%		0.31%		0.08%		0.18%		0.17%		0.17%
Total expenses		0.71%		0.95%		0.79%		0.88%		0.85%		0.84%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.71%		0.95%		0.79%		0.88%		0.85%		0.84%
Portfolio turnover rate5		1%		34%		34%		29%		20%		16%

127          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

128          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Class R5	One Month Ended August 31, 2019 (Unaudited)		Period Ended July 31, 20191
Per Share Operating Data
Net asset value, beginning of period		$7.80		$7.71
Income (loss) from investment operations:
Net investment income2		0.03		0.07
Net realized and unrealized gain		0.19		0.08
Total from investment operations		0.22		0.15
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.06)
Net asset value, end of period		$7.99		$7.80
Total Return, at Net Asset Value3		2.79%		2.03%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10		$10
Average net assets (in thousands)		$10		$10
Ratios to average net assets:4
Net investment income		3.83%		4.93%
Expenses excluding specific expenses listed below		0.49%		0.47%
Interest and fees from borrowings		0.06%		0.13%
Interest and fees on short-term floating rate notes issued5		0.20%		0.31%
Total expenses		0.75%		0.91%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75%		0.91%
Portfolio turnover rate6		1%		34%

1. For the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 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.

6. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

129          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

Class R6	One Month Ended August 31, 2019 (Unaudited)		Period Ended July 31, 20191
Per Share Operating Data
Net asset value, beginning of period		$7.80		$7.71
Income (loss) from investment operations:
Net investment income2		0.03		0.07
Net realized and unrealized gain		0.19		0.08
Total from investment operations		0.22		0.15
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.06)
Net asset value, end of period		$7.99		$7.80
Total Return, at Net Asset Value3		2.79%		2.04%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$36		$10
Average net assets (in thousands)		$31		$10
Ratios to average net assets:4
Net investment income		3.90%		4.93%
Expenses excluding specific expenses listed below		0.42%		0.47%
Interest and fees from borrowings		0.06%		0.13%
Interest and fees on short-term floating rate notes issued5		0.20%		0.31%
Total expenses		0.68%		0.91%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.68%		0.91%
Portfolio turnover rate6		1%		34%

1. For the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 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.

6. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

130          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSAugust 31, 2019 (Unaudited) and July 31, 2019

Note 1 - Significant Accounting Policies

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

Upon closing of the Reorganization, holders of the Acquired Fund’s Class A, Class C, and Class Y shares received the corresponding class of shares of the Fund. Class R5 and Class R6 shares commenced operations on the Reorganization Date.

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

Effective August 31, 2019, the Fund changed its fiscal year end from July 31 to February 28.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with 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, Class R5 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

131          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

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

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

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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

132          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

D. Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principals generally accepted in the United States of America (“GAAP”), are recorded on theex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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 July 31, 2019, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table for the fiscal year ended July 31, 2019 represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

133          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$279,275,208		$—		$1,503,808,507		$123,974,234

1.At July 31, 2019, the Fund had $1,503,808,507 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

2. During the reporting period, the Fund did not utilize any capital loss carryforward.

3.During the previous reporting period, the Fund did not utilize any capital loss carryforward.

4.During the reporting period, $35,463,515 of unused capital loss carryforward expired.

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 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.

Accordingly, the following amounts have been reclassified for the reporting period ended July 31, 2019. Net assets of the Fund were unaffected by the reclassifications.

Reduction toPaid-in Capital	Reduction to Total Accumulated Loss
$31,743,397		$31,743,397

The tax character of distributions paid during the reporting periods:

	Year Ended July 31, 2019		Year Ended July 31, 2018
Distributions paid from:
Exempt-interest dividends	$	272,655,911	$	282,958,494
Ordinary income		13,267,553		7,823,739
Total	$	285,923,464	$	290,782,233

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.

134          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

	One Month Ended August 31, 2019 (Unaudited)				Year Ended July 31, 2019
Federal tax cost of securities		$	7,375,317,895	1		$	7,372,754,3492
Gross unrealized appreciation		$	720,831,192			$	574,187,767
Gross unrealized depreciation			(545,939,140)				(698,162,001)
Net unrealized appreciation/(depreciation)		$	174,892,052			$	(123,974,234)

1.The Federal tax cost of securities does not include cost of $768,882,565, 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 1.

2.The Federal tax cost of securities does not include cost of $769,470,532, 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 1.

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 R5 and Class R6 are allocated to each share class based on relative net assets.Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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

I. Securities on a When-Issued or Delayed Delivery Basis- The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on the securities in connection with such transactions prior to the date the Fund actually takes delivery of the securities. These transactions are subject to market

135          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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. Cash and Cash Equivalents- For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

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

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

136          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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 may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the

137          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

costs of such transactions in certain circumstances.

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

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

L. Other Risks - The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claim. The Fund will seek to gain exposure to Regulation S securities primarily through an investment in the Subsidiary. Regulation S securities may be relatively less liquid as a result of legal or contractual restrictions on resale. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

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.

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

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

138          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Fee Schedule*
Up to $200 million	0.60%
Next $100 million	0.55
Next $200 million	0.50
Next $250 million	0.45
Next $250 million	0.40
Next $10 billion	0.35
Over $11 billion	0.34

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

For the one month ended August 31, 2019 (Unaudited), the effective annualized advisory fees incurred by the Fund was 0.35% and for the yearended July 31, 2019, the effective advisory fees incurred by the Fund was 0.37%.

From August 1, 2018 until the date of the Reorganization, the Acquired Fund paid $19,001,478 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, Class R5 and Class R6 shares to 0.82%, 1.47%, 0.57%, 0.52% and 0.47%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/ or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary 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.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees

139          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

During theone-month period ended August 31, 2019 (Unaudited) andone-year period ended July 31, 2019, 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 theone-month period ended August 31, 2019 (Unaudited) and the yearended July 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank, N.Aserves 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 theone-month ended August 31, 2019 (Unaudited) and the yearended July 31, 2019, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for theClass A, Class C, Class Y, Class R5 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 0.90% 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 theone-month period ended August 31, 2019 (Unaudited) and the yearended July 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded

140          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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 theone-month ended August 31, 2019 (Unaudited), IDI advised the Fund that IDI retained $24,783 infront-end sales commissions from the sale of Class A shares and $780 and $8,668 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders. During theyear ended July 31, 2019, IDI advised the Fund that IDI retained $85,250 infront-end sales commissions from the sale of Class A shares and $2,194 and $14,034 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 $483,597 in front–end sales commissions from the sale of Class A shares and $43,046 and $66,441 from Class A and Class C shares, respectively, for CDSC imposed on redemption by shareholders.

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

Note 3 – Additional Valuation Information

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

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

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

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

The 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

141          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

received upon actual sale of those investments.

The following is a summary of the tiered valuation input levels, as of August 31, 2019 (Unaudited).

	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
Alabama	$	—	$	350,338,153	$	—	$	350,338,153
Alaska		—		18,975,451		107,500		19,082,951
Arizona		—		154,642,213		5,632,165		160,274,378
Arkansas		—		—		3,682,850		3,682,850
California		—		981,055,428		7,296,900		988,352,328
Colorado		—		310,111,873		5,669,100		315,780,973
Connecticut		—		51,193,041		150,400		51,343,441
Delaware		—		1,100,462		—		1,100,462
District of Columbia		—		292,515,332		—		292,515,332
Florida		—		413,310,613		101,576,913		514,887,526
Georgia		—		118,606,954		—		118,606,954
Hawaii		—		31,985,242		—		31,985,242
Idaho		—		2,971,901		—		2,971,901
Illinois		—		410,843,417		15,725,204		426,568,621
Indiana		—		177,680,978		—		177,680,978
Iowa		—		13,353,819		58,000		13,411,819
Kansas		—		626,110		1,628,586		2,254,696
Kentucky		—		26,200,842		—		26,200,842
Louisiana		—		26,881,172		—		26,881,172
Maine		—		21,668,911		—		21,668,911
Maryland		—		71,070,414		—		71,070,414
Massachusetts		—		80,569,686		—		80,569,686
Michigan		—		244,153,558		—		244,153,558
Minnesota		—		52,989,475		—		52,989,475
Mississippi		—		36,376,800		—		36,376,800
Missouri		—		56,376,383		15,383,994		71,760,377
Montana		—		—		860,575		860,575
Nebraska		—		3,551,300		—		3,551,300
Nevada		—		93,662,997		—		93,662,997
New Hampshire		—		13,001,603		—		13,001,603
New Jersey		—		129,436,831		—		129,436,831
New Mexico		—		3,809,365		—		3,809,365
New York		—		923,500,898		—		923,500,898
North Carolina		—		26,493,215		—		26,493,215
North Dakota		—		6,396,910		—		6,396,910
Ohio		—		538,540,567		—		538,540,567
Oklahoma		—		4,100,333		—		4,100,333
Oregon		—		26,316,580		—		26,316,580

142          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Municipal Bonds and Notes (Continued)
Pennsylvania	$	—	$	228,494,343	$	4,569,232	$	233,063,575
Rhode Island		—		19,227,650		—		19,227,650
South Carolina		—		70,047,460		11,552,447		81,599,907
Tennessee		—		37,595,927		—		37,595,927
Texas		—		633,348,164		12,759,346		646,107,510
Utah		—		61,611,080		—		61,611,080
Vermont		—		4,441,842		—		4,441,842
Virginia		—		50,488,573		965,040		51,453,613
Washington		—		66,669,340		—		66,669,340
West Virginia		—		61,314,162		—		61,314,162
Wisconsin		—		218,694,736		581,200		219,275,936
U.S. Possessions		—		961,176,130		—		961,176,130
Corporate Bonds and Notes		—		—		1,390,253		1,390,253
Corporate Loans		—		—		1,432,000		1,432,000
Common Stocks		552,573		—		—		552,573
Total Assets	$	552,573	$	8,127,518,234	$	191,021,705	$	8,319,092,512
The following is a summary of the tiered valuation input levels, as of July 31, 2019.
	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
Alabama	$	—	$	338,568,892	$	—	$	338,568,892
Alaska		—		18,883,943		107,500		18,991,443
Arizona		—		147,854,331		5,592,024		153,446,355
Arkansas		—		—		3,682,850		3,682,850
California		—		951,311,870		7,296,900		958,608,770
Colorado		—		290,408,104		5,669,100		296,077,204
Connecticut		—		40,570,655		150,400		40,721,055
Delaware		—		1,100,242		—		1,100,242
District of Columbia		—		279,030,144		—		279,030,144
Florida		—		399,181,626		114,760,393		513,942,019
Georgia		—		115,551,888		—		115,551,888
Hawaii		—		31,115,066		—		31,115,066
Idaho		—		2,921,171		—		2,921,171
Illinois		—		407,563,404		15,328,075		422,891,479
Indiana		—		171,140,551		—		171,140,551
Iowa		—		13,250,009		58,000		13,308,009
Kansas		—		621,472		1,628,586		2,250,058
Kentucky		—		25,771,683		—		25,771,683
Louisiana		—		26,571,610		324,000		26,895,610
Maine		—		21,631,855		—		21,631,855

143          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Municipal Bonds and Notes (Continued)
Maryland	$	—	$	67,734,922	$	—	$	67,734,922
Massachusetts		—		81,063,844		—		81,063,844
Michigan		—		232,482,812		—		232,482,812
Minnesota		—		50,337,764		—		50,337,764
Mississippi		—		22,605,910		—		22,605,910
Missouri		—		59,660,557		5,048,450		64,709,007
Montana		—		—		860,575		860,575
Nebraska		—		3,341,550		—		3,341,550
Nevada		—		90,960,245		—		90,960,245
New Hampshire		—		8,430,730		—		8,430,730
New Jersey		—		125,994,740		—		125,994,740
New Mexico		—		3,814,064		—		3,814,064
New York		—		904,362,609		—		904,362,609
North Carolina		—		10,360,202		—		10,360,202
North Dakota		—		6,342,570		—		6,342,570
Ohio		—		522,126,456		—		522,126,456
Oklahoma		—		4,100,352		—		4,100,352
Oregon		—		25,738,370		—		25,738,370
Pennsylvania		—		210,074,862		4,569,232		214,644,094
Rhode Island		—		18,990,250		—		18,990,250
South Carolina		—		69,080,948		11,375,676		80,456,624
Tennessee		—		31,147,151		—		31,147,151
Texas		—		621,698,240		12,759,346		634,457,586
Utah		—		60,368,440		—		60,368,440
Vermont		—		4,354,071		—		4,354,071
Virginia		—		49,523,061		965,040		50,488,101
Washington		—		66,826,247		—		66,826,247
West Virginia		—		35,533,189		—		35,533,189
Wisconsin		—		216,802,917		1,541,200		218,344,117
U.S. Possessions		—		936,218,980		—		936,218,980
Corporate Bonds and Notes		—		—		1,390,253		1,390,253
Corporate Loans		—		—		1,432,000		1,432,000
Common Stocks		586,478		—		—		586,478
Total Assets	$	586,478	$	7,823,124,569	$	194,539,600	$	8,018,250,647

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value for theone-month reporting period ended August 31, 2019 (Unaudited):

144          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

	Value as of July 31, 2019		Realized gain (loss)			Change in unrealized appreciation/ depreciation			Accretion/ (amortization) of premium/ discounta
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska	$	107,500	$	—		$	—		$	—
Arizona		5,592,024		—			40,141			—
Arkansas		3,682,850		—			—			—
California		7,296,900		—			—			—
Colorado		5,669,100		—			—			—
Connecticut		150,400		—			—			—
Florida		114,760,393		(4,394,548	)		5,804,940			14,262
Illinois		15,328,075		—			397,129			—
Iowa		58,000		—			—			—
Kansas		1,628,586		—			—			—
Louisiana		324,000		(888,300	)		876,000			—
Missouri		5,048,450		—			228,016			3,406
Montana		860,575		—			—			—
Pennsylvania		4,569,232		—			—			—
South Carolina		11,375,676		—			176,771			—
Texas		12,759,346		—			—			—
Virginia		965,040		—			—			—
Wisconsin		1,541,200		—			(960,000	)		—
Non-Convertible Corporate Bonds and Notes		1,390,253		—			—			—
Corporate Loans		1,432,000		—			—			—
Total Assets	$	194,539,600	$	(5,282,848	)	$	6,562,997		$	17,668

a. Included in net investment income.

	Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Value as of August 31, 2019
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska	$	—	$	—		$	—	$	—	$	107,500
Arizona		—		—			—		—		5,632,165
Arkansas		—		—			—		—		3,682,850
California		—		—			—		—		7,296,900
Colorado		—		—			—		—		5,669,100
Connecticut		—		—			—		—		150,400
Florida		—		(22,859,864	)		8,251,730		—		101,576,913
Illinois		—		—			—		—		15,725,204
Iowa		—		—			—		—		58,000
Kansas		—		—			—		—		1,628,586
Louisiana		—		(311,700	)		—		—		—
Missouri		—		—			10,104,122		—		15,383,994
Montana		—		—			—		—		860,575

145          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

	Purchases		Sales			Transfers into Level 3		Transfers out of Level 3		Value as of August 31, 2019
Assets Table Continued
Municipal Bonds and Notes (Continued)
Pennsylvania	$	—	$	—		$	—	$	—	$	4,569,232
South Carolina		—		—			—		—		11,552,447
Texas		—		—			—		—		12,759,346
Virginia		—		—			—		—		965,040
Wisconsin		—		—			—		—		581,200
Non-Convertible Corporate
Bonds and Notes		—		—			—		—		1,390,253
Corporate Loans		—		—			—		—		1,432,000
Total Assets	$	—	$	(23,171,564	)	$	18,355,852	$	—	$	191,021,705

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value for the year ended July 31, 2019:

	Value as of July 31, 2018			Realized gain (loss)			Change in unrealized appreciation/ depreciation			Accretion/ (amortization) of premium/ discounta
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska	$	145,125		$	—		$	(37,625	) $		—
Arizona		4,754,221	��		—			179,306			(140)
Arkansas		3,993,100			97,220			(4,781	)		22,311
California		13,813,520			(1,945,909	)		(1,640,800	)		(277,079)
Colorado		8,032,350			(9,799,563	)		10,074,853			4,310
Connecticut		—			—			179			(179)
Florida		148,705,486			(21,407,552	)		32,297,315			(4,266,417)
Illinois		11,130,256			—			655,904			—
Indiana		11			(385,576	)		402,124			883
Iowa		78,300			—			(20,300	)		—
Kansas		1,905,874			18,003			123,572			(125,222)
Louisiana		336,000			—			(12,000	)		—
Maryland		788,513			(1,624,320	)		1,683,455			861
Missouri		5,574,360			—			44,710			41,296
Montana		771,550			—			152,233			48,742
Pennsylvania		2,921,340			—			404,355			—
South Carolina		11,868,631			45,170			(166,057	)		8,932
Texas		6,437,258			(11,072,644	)		5,758,162			—
Virginia		3,881,048			(2,974,835	)		4,552,804			(6,812)
Wisconsin		41,200			—			(1,353,450	)		—
Non-Convertible Corporate Bonds and Notes		4,736,000			—			1,184,000			—
Corporate Loans		1,432,000			—			—			—
Total Assets	$	231,346,143		$	(49,050,006	)	$	54,277,959		$	(4,548,514)

a. Included in net investment income.

146          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

	Purchases		Sales			Transfers into Level 3		Transfers out of Level 3			Value as of July 31, 2019
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska	$	—	$	—		$	—	$	—		$	107,500
Arizona		840,000		(181,363	)		—		—			5,592,024
Arkansas		—		(425,000	)		—		—			3,682,850
California		—		(2,652,832	)		—		—			7,296,900
Colorado		—		(2,642,850	)		—		—			5,669,100
Connecticut		—		—			150,400		—			150,400
Florida		3,129,728		(37,498,792	)		—		(6,199,375	)		114,760,393
Illinois		52,275		(751,000	)		4,240,640		—			15,328,075
Indiana		—		(17,442	)		—		—			—
Iowa		—		—			—		—			58,000
Kansas		—		(293,641	)		—		—			1,628,586
Louisiana		—		—			—		—			324,000
Maryland		—		(848,509	)		—		—			—
Missouri		—		(611,916	)		—		—			5,048,450
Montana		—		(111,950	)		—		—			860,575
Pennsylvania		147,892		—			1,095,645		—			4,569,232
South Carolina		—		(381,000	)		—		—			11,375,676
Texas		—		(82,763	)		11,719,333		—			12,759,346
Virginia		—		(4,487,165	)		—		—			965,040
Wisconsin		—		—			2,853,450		—			1,541,200
Non-Convertible Corporate
Bonds and Notes		—		(4,529,747	)		—		—			1,390,253
Corporate Loans		—		—			—		—			1,432,000
Total Assets	$	4,169,895	$	(55,515,970	)	$	20,059,468	$	(6,199,375	)	$	194,539,600

The total change in unrealized appreciation/depreciation included in the Statement of Operations attributable to Level 3 investments still held for theone-month reporting period at August 31, 2019 (Unaudited):

	Change in unrealized appreciation/ depreciation
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Arizona	$	40,141
Florida		5,804,940
Illinois		397,129
Missouri		228,016
South Carolina		176,771
Wisconsin		(960,000	)
Total Assets	$	5,686,997

The total change in unrealized appreciation/depreciation included in the Statement of

147          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

Operations attributable to Level 3 investments still held for the fiscal year reporting period at July 31, 2019:

	Change in unrealized appreciation/ depreciation
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska	$	(37,625	)
Arizona		179,306
Arkansas		(4,781	)
California		(3,929,100	)
Colorado		239,120
Connecticut		179
Florida		25,238,371
Illinois		655,904
Iowa		(20,300	)
Kansas		123,572
Louisiana		(12,000	)
Missouri		44,710
Montana		152,233
Pennsylvania		404,355
South Carolina		(166,057	)
Texas		(5,397,133	)
Virginia		192
Wisconsin		(1,353,450	)
Corporate Bonds and Notes		1,184,000
Total Assets	$	17,301,496

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 for theone-month reporting period at August 31, 2019 (Unaudited):

148          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

	Value as of August 31, 2019		Valuation Technique		Unobservable Input		Range of Unobservable Inputs		Unobservable Input Used
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska		$107,500		Pricing service		N/A		N/A		N/A (a)
Arizona		5,632,165		Pricing service		N/A		N/A		N/A (a)
Arkansas		3,682,850		Pricing service		N/A		N/A		N/A (a)
California		7,296,900		Pricing service		N/A		N/A		N/A (a)
Colorado		5,669,100		Pricing service		N/A		N/A		N/A (a)
Connecticut		150,400		Pricing service		N/A		N/A		N/A (a)
Florida		101,576,913		Pricing service		N/A		N/A		N/A (a)
Illinois		15,725,204		Pricing service		N/A		N/A		N/A (a)
Iowa		58,000		Pricing service		N/A		N/A		N/A (a)
Kansas		1,628,586		Pricing service		N/A		N/A		N/A (a)
Louisiana		—		Pricing service		N/A		N/A		N/A (a)
Missouri		15,383,994		Pricing service		N/A		N/A		N/A (a)
Montana		860,575		Pricing service		N/A		N/A		N/A (a)
Pennsylvania		4,569,232		Pricing service		N/A		N/A		N/A (a)
South Carolina		11,552,447		Pricing service		N/A		N/A		N/A (a)
Texas		12,759,346		Pricing service		N/A		N/A		N/A (a)
Virginia		965,040		Pricing service		N/A		N/A		N/A (a)
Wisconsin		581,200		Pricing service		N/A		N/A		N/A (a)
				Expected		Expected
				recovery		recovery				100% of par
Corporate Bond and Note		1,390,253		proceeds		proceeds		N/A		(b)
				Discount to		Discounted rate		N/A		20% (c)
				Expected		Expected
				recovery		recovery				$1.79
Corporate Loans		1,432,000		proceeds		proceeds		$1.79 Million		Million (c)
Total		$191,021,705

(a)Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Adviser periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service.

(b)The Fund fair values certain corporate bonds at the expected recovery value when a pricing vendor is unable to provide coverage. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant are-evaluation of the security’s fair valuation.

(c)The Fund fair values certain corporate loans at a discount to the expected recovery proceeds to reflect uncertainty and illiquidity. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant are-evaluation of the security’s fair valuation. A significant increase (decrease) to the discount rate or a significant decrease (increase) to the expected recovery value will result in a significant decrease (increase) to the fair value of the investment.

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 for the fiscal year end reporting period at July 31, 2019:

149          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

	Value as of July 31, 2019		Valuation Technique		Unobservable Input		Range of Unobservable Inputs		Unobservable Input Used
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alaska		$107,500		Pricing service		N/A		N/A		N/A (a)
Arizona		5,592,024		Pricing service		N/A		N/A		N/A (a)
Arkansas		3,682,850		Pricing service		N/A		N/A		N/A (a)
California		7,296,900		Pricing service		N/A		N/A		N/A (a)
Colorado		5,669,100		Pricing service		N/A		N/A		N/A (a)
Connecticut		150,400		Pricing service		N/A		N/A		N/A (a)
Florida		114,760,393		Pricing service		N/A		N/A		N/A (a)
Illinois		15,328,075		Pricing service		N/A		N/A		N/A (a)
Iowa		58,000		Pricing service		N/A		N/A		N/A (a)
Kansas		1,628,586		Pricing service		N/A		N/A		N/A (a)
Louisiana		324,000		Pricing service		N/A		N/A		N/A (a)
Missouri		5,048,450		Pricing service		N/A		N/A		N/A (a)
Montana		860,575		Pricing service		N/A		N/A		N/A (a)
Pennsylvania		4,569,232		Pricing service		N/A		N/A		N/A (a)
South Carolina		11,375,676		Pricing service		N/A		N/A		N/A (a)
Texas		12,759,346		Pricing service		N/A		N/A		N/A (a)
Virginia		965,040		Pricing service		N/A		N/A		N/A (a)
Wisconsin		1,541,200		Pricing service		N/A		N/A		N/A (a)
				Expected		Expected
				recovery		recovery				100% of par
Corporate Bond and Note		1,390,253		proceeds		proceeds		N/A		(b)
				Discount to		Discounted rate		N/A		20%(c)
				Expected		Expected
				recovery		recovery				$1.79
Corporate Loans		1,432,000		proceeds		proceeds		$1.79 Million		Million (c)
Total		$194,539,600

(a)Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Adviser periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service.

(b)The Fund fair values certain corporate bonds at the expected recovery value when a pricing vendor is unable to provide coverage. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant are-evaluation of the security’s fair valuation.

(c)The Fund fair values certain corporate loans at a discount to the expected recovery proceeds to reflect uncertainty and illiquidity. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant are-evaluation of the security’s fair valuation. A significant increase (decrease) to the discount rate or a significant decrease (increase) to the expected recovery value will result in a significant decrease (increase) to the fair value of the investment.

Note 4 - Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities

150          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the period August 1, 2018 through May 24, 2019,the Predecessor Fund engaged in transactions with affiliates as listed: Securities sales of $13,502,796, which resulted in net realized gains of $3,142. For the period August 1, 2019 to August 31, 2019 (Unaudited) and May 25, 2019 to July 31, 2019, the Fund did not engage in transactions with affiliates.

Note 5 - Trustee and Officer Fees and Benefits

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

During the reporting period ended August 31, 2019 (Unaudited), the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	12,141
Payments Made to Retired Trustees		—
Accumulated Liability as of August 31, 2019		223,110

During the reporting period ended July 31, 2019, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		24,836
Accumulated Liability as of July 31, 2019		210,969

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

151          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

distributed in accordance with the compensation deferral plan.

Note 6 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with Citibank, N.A., the custodian bank. Such balances, if any 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 7 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during theone-month period ended August 31, 2019 (Unaudited) was $180,686,910 and $59,532,521, respectively. The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the yearended July 31, 2019 was $3,144,969,678 and $2,456,176,540, respectively.

Note 8 - Share Information

Transactions in shares of beneficial interest were as follows:

	One Month Ended August 31,   2019 (Unaudited)1						Year Ended July 31, 20192						Year Ended July 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount
Class A
Sold		12,316,193		$	97,778,953			131,054,012		$	989,975,095			98,331,285		$	699,504,436
Dividends and/or distributions reinvested		1,462,413			11,669,719			16,454,954			122,957,474			19,048,153			135,863,268
Redeemed		(5,675,962	)		(45,056,804	)		(88,765,384	)		(658,982,237	)		(124,100,367	)		(882,087,890)
Net increase (decrease)		8,102,644		$	64,391,868			58,743,582		$	453,950,332			(6,720,929	)	$	(46,720,186)

152          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

	One Month Ended August 31,   2019 (Unaudited)1						Year Ended July 31, 20192						Year Ended July 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount
Class B
Sold		—		$	—			—		$	—			15,892		$	112,381
Dividends and/or distributions reinvested		—			—			—			—			44,586			317,880
Redeemed3		—			—			—			—			(2,148,003	)		(15,345,368)
Net decrease		—		$	—			—		$	—			(2,087,525	)	$	(14,915,107)
Class C
Sold		2,239,440		$	17,707,230			27,892,637		$	207,446,026			24,981,691		$	177,177,211
Dividends and/or distributions reinvested		337,380			2,678,730			5,592,006			41,526,613			7,003,230			49,723,326
Redeemed		(3,330,849	)		(26,391,392	)		(70,838,918	)		(536,716,702	)		(43,327,687	)		(306,603,743)
Net decrease		(754,029	)	$	(6,005,432	)		(37,354,275	)	$	(287,744,063	)		(11,342,766	)	$	(79,703,206)
Class Y
Sold		19,975,394		$	158,145,921			160,665,832		$	1,198,634,680			144,887,702		$	1,035,490,313
Dividends and/or distributions reinvested		1,066,335			8,498,690			10,851,809			81,178,318			9,090,124			64,858,937
Redeemed		(4,964,798	)		(39,386,078	)		(108,775,595	)		(802,417,814	)		(88,858,588	)		(629,749,148)
Net increase		16,076,931		$	127,258,533			62,742,046		$	477,395,184			65,119,238		$	470,600,102
Class R54
Sold		—		$	—			1,297		$	10,000			—		$	—
Dividends and/or distributions reinvested		—			—			—			—			—			—
Redeemed		—			—			—			—			—			—
Net increase		—		$	—			1,297		$	10,000			—		$	—
Class R64
Sold		3,149		$	24,778			1,297		$	10,000			—		$	—
Dividends and/or distributions reinvested		7			56			—			—			—			—
Redeemed		—			—			—			—			—			—
Net increase		3,156		$	24,834			1,297		$	10,000			—		$	—

1.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 48% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

153          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

2.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 48% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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

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

Note 9 - Borrowings

The Fund may utilize financial leverage to the maximum extent allowable under the 1940 Act, a fund generally may not borrow money greater than 331/3 of the Fund’s total assets.

The Acquired Fund had entered into a Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enabled the Fund to participate with certain other Funds in a committed secured borrowing facility that permitted borrowing up to $2.5 billion, collectively, by certain Funds. This revolving credit agreement was secured by the assets of the Fund and terminated on May 24, 2019. In connection with this agreement, for the period August 1, 2018 to May 24, 2019, the Fund incurred fees of $5,666,655. The average daily balance borrowings under this agreement was $73,283,165with a weighted average interest rate of 2.42%.

On May 24, 2019, the Fund entered into a $2.5 billion Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds. This revolving agreement is secured by the assets of the Fund. In connection with this agreement, for the period August 1, 2019 to August 31, 2019 (Unaudited), the Fund incurred fees of $403,130 and for the period May 24, 2019 to July 31, 2019, the Fund incurred fees of $846,354. The average daily balance of borrowings under this agreement for the period August 1, 2019 to August 31, 2019 (Unaudited) is $8,941,935 with a weighted average interest rate of 2.31% and for the period May 24, 2019 to July 31, 2019 is $8,365,294with a weighted average interest rate of 2.45%. Expenses under the credit agreement are shown in the Statement of Operations as Interest expense on borrowings.

At August 31, 2019 (Unaudited), the Fund had no borrowings outstanding under this agreement.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during theone-month period ended August 31, 2019 (Unaudited) were $ 772,530,000 and 1.96%, respectively. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended July 31, 2019 were $820,576,000 and 2.46%, respectively.

Note 10 - Reverse Repurchase Agreements

154          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Prior to the reorganization, the Acquired Fund engaged in reverse repurchase agreements.

A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement.

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

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

The Fund executed no transactions under the Facility during the reporting period. This Facility terminated on May 24, 2019.

155          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of AIMTax-Exempt Funds (InvescoTax-Exempt Funds) and Shareholders of Invesco Oppenheimer Rochester^® High Yield Municipal Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer Rochester^® High Yield Municipal Fund (one of the funds constituting AIMTax-Exempt Funds (InvescoTax-Exempt Funds), referred to hereafter as the “Fund”) as of July 31, 2019, the related statement of operations, the statement of changes in net assets and the statement of cash flows, for the year ended July 31, 2019, including the related notes, and the financial highlights for each of the periods ended July 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations, changes in its net assets and its cash flows for the year ended July 31, 2019 and the financial highlights for each of the periods ended July 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer Rochester^® High Yield Municipal Fund (formerly known as Oppenheimer Rochester^® High Yield Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2019 by correspondence with the custodian and brokers; when replies were

156          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, TX

October 14, 2019

We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

157          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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.

158          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATIONUnaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 95.36% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

159          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTSUnaudited

At meetings held on December 14, 2018, the Board of Trustees (the Board or the Trustees) of AIM Tax-Exempt Funds (Invesco Tax-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^® High Yield Municipal Fund (the Fund), (ii) an amendment to the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. to add the Fund, (iii) an amendment to the separate sub-advisory contract with Invesco Capital Management LLC to add the Fund, (iv) an amendment to the separate sub-advisory contract with Invesco Asset Management (India) Private Limited to add the Fund, and (v) an initial sub-advisory contract with OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts). Additionally, on March 26, 2019, the Board re-approved an initial sub-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 the sub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

  The Board’s Evaluation Process

The Board 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 Affiliated Sub-Advisers except OppenheimerFunds, Inc., which was not affiliated with Invesco at that time.

In approving the investment advisory agreement and sub-advisory contracts, the Board followed a process similar to the process that it follows in annually reviewing and approving investment advisory agreements and sub-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.

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

161          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-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 Affiliated Sub-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 the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 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 and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s 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 also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

162          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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 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 Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-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.

163          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTSUnaudited / Continued

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 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.

164          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS Unaudited

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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 Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-PORT on the SEC website at sec.gov.

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

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

165          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

SHAREHOLDER PROXYUnaudited

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer Rochester^® High Yield 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^® High Yield Municipal Fund into Invesco Oppenheimer Rochester^® High Yield 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		373,944,959		16,451,334		56,223,485		0

166          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited

The address of each trustee and officer is AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS
Martin L. Flanagan1— 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	240	None
Philip A. Taylor2— 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser);	240	None
1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.
2 Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser.

167          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./ Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding

168          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.

169          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	240	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	240	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown3– 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	240	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry	240	None
3 Mss. Brown and Krentzman and Messrs. Motley, Vandivort and Vaughn were appointed as Trustees of the Trust effective June 10, 2019.

170          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Jack M. Fields (Continued)		company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	240	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	240	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman 3– 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the	240	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

171          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Elizabeth Krentzman (Continued)		Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	240	Blue Hills Bank; Chairman of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	240	None
Joel W. Motley3– 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization). Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	240	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	240	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)

172          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	240	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	240	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	240	None
Daniel S. Vandivort 3–1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	240	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn3– 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	240	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson – 1957 Trustee and Vice Chair	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios);	240	ISO New England, Inc. (non-profit organization managing regional electricity market)

173          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Christopher L. Wilson (Continued)		Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

174          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco	N/A	N/A

175          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Jeffrey H. Kupor (Continued)		India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC; Secretary, Jemstep, Inc. Formerly: Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.	N/A	N/A

176          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Andrew R. Schlossberg (Continued)		Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC
John M. Zerr — 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent) Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and	N/A	N/A

177          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
John M. Zerr (Continued)		General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

178          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Assistant Treasurer, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer –Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A

179          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza,	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Suite 1000	1555 Peachtree Street, N.E.	11 Greenway Plaza,	1000 Louisiana Street,
Houston, TX 77046-1173	Atlanta, GA 30309	Suite 1000	Suite 5800
		Houston, TX	Houston, TX 77002-5021
		77046-1173	Custodian
Counsel to the Fund	Counsel to the	Transfer Agent	Citibank, N.A.
Stradley Ronon Stevens & Young, LLP	Independent Trustees	Invesco Investment	111 Wall Street
2005 Market Street,	Goodwin Procter LLP	Services, Inc.	New York, NY 10005
Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza,
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Suite 1000
		Houston, TX
		77046-1173

180          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

INVESCO’S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located 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

181          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL 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/or de-identify data about visitors to the Website for various business purposes including product and service development and improvement activities.

How We Share Personal Information

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

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

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

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

Cookies and Other Tools

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

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

182          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Security

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183          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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184          INVESCO OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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Invesco Distributors, Inc.	O-ROHYM-AR-1	09272019

	Shareholder Report
	For the One Month Ended 8/31/2019
	Annual Report 7/31/2019
	Invesco Oppenheimer Rochester® Limited Term California Municipal Fund* Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. *Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Rochester Limited Term California Municipal Fund. See Important Update on the following page for more information.

Important Update

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

Table of Contents

Fund Performance Discussion	5
Top Holdings and Allocations	9
Fund Expenses	14
Schedule of Investments	18
Statement of Assets and Liabilities	66
Statement of Operations	68
Statement of Changes in Net Assets	69
Financial Highlights	70
Notes to Financial Statements	77
Report of Independent Registered Public Accounting Firm	92
Independent Registered Public Accounting Firm	94
Federal Income Tax Information	95
Approval of Investment Advisory andSub-Advisory Contracts	96
Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments	101
Shareholder Proxy	102
Trustees and Officers	103
Invesco’s Privacy Notice	117

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 8/31/19

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays 5-Year (4-6) Municipal  Bond Index
1-Month	1.40%	-1.28%	0.57%
1-Year	7.97	5.33	6.34
5-Year	3.44	2.88	2.42
10-Year	4.09	3.84	3.15

3          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/19

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays 5-Year (4-6) Municipal  Bond Index
1-Year	7.69%	5.03%	5.69%
5-Year	3.46	2.96	2.44
10-Year	4.25	3.99	3.11

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 different expenses. Returns do not consider capital gains or income taxes on an individual’s investment. See Fund prospectus and summary prospectus for more information on share classes and sales charges. Fund literature is available at invesco.com.

4          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Fund Performance Discussion

Performance summary

For the fiscal year ended July 31, 2019, the Class A shares of Invesco Oppenheimer Rochester Limited Term California Municipal Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Barclays5-Year(4-6) Municipal Bond Index, the Fund’s benchmark. Please note that the fiscalyear-end for the Fund has changed from July 31 to February 28. The below is a discussion of the Fund’s performance as of its last fiscal year ended July 31, 2019.

Market conditions and your Fund

California’s financial condition continued to improve through the 2017-2018 fiscal year, with total revenue rising 6.3% year-over-year to $284.74 billion.¹ This improvement was driven by a 10.6% year-over-year increase in income tax revenues to $107.08 billion.¹ The state continues to maintain a large and diverse economy, low unemployment, and high median household income. California’s $3.05 trillion economy accounted for 14.5% of the nation’s economy in the first quarter of 2019.²

California’s financial condition is volatile relative to most states because the state’s income tax revenue is sensitive to both national economic conditions and equity market valuations. California’s highest income earners account for a large and disproportionate share of the state’s income tax revenue. In 2012, California voters approved a temporary tax originally designed to expire in 2018. However, voters extended the tax through 2030. While this temporary tax improved the state’s financial standing,

it also increased the sensitivity of tax revenues to the economic cycle.

California maintains arainy-day fund, which the state can tap if certain spending criteria are met, or in the event of a natural disaster. Going forward, therainy-day fund may assist the state’s budget process during periods of weak economic and revenue growth. As of the close of the reporting period, the state’s general obligation bonds were ratedAA- by Standard & Poor’s (S&P);AA- by Fitch Ratings; and Aa3 by Moody’s. All three agencies have assigned stable outlooks.³

The broad municipal bond market experienced positive returns for the fifth consecutive year in 2018, and performance remained strong throughout this fiscal year. Investment grade municipals returned 7.31% and high yield municipals returned 8.08% during the fiscal year.⁴ Performance has been particularly strong the first seven months of 2019 with investment grade municipals returning 5.94% and high yield municipals returning 7.33%.⁴

5          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

The fiscal year was characterized by supportive technical conditions (supply and demand balances) as new issuance of municipal bonds underwhelmed, totaling $342 billion — down nearly 18% from the previous fiscal year.⁵ Flows into the municipal bond asset class were positive for the last 30 weeks of the fiscal year.⁶ Consistent positive flow pattern, coupled with continued limited supply, resulted in strong performance across the municipal market. Fund flows totaled $54.2 billion from August 2018 through July 2019.⁷

The high yield municipal bond market outperformed the investment grade bond segment, led by improved price discovery on Puerto Rico bonds as a result of developments in the commonwealth’s debt restructuring and strong performance of high yield general obligation securities.

Municipal bonds withstood considerable headwinds during the fiscal year, including interest rate movements that had the10-year US Treasury yield breaching 2.00% in July 2019. Additionally, the US government shutdown, which occurred midway through the fiscal year and lasted 35 days, along with ongoingUS-China trade negotiations and Brexit developments created a challenging market environment. Both investment grade municipals and high yield municipals posted negative returns for the months of September and October 2018: Worsening market conditions exposed the municipal bond market to more sensitivity relating to asell-off in US Treasuries in September. Despite these

challenges, the municipal market continued to perform positively this fiscal year as technical conditions provided tailwinds.

Investors’ concerns about the future of interest rates, meanwhile, created increased demand for Treasuries and high-grade municipal bonds alike, and yields continued to fall at all maturities as high yield securities rallied. The yield curve for30-year,AAA-rated municipal bonds continued to flatten as trade tensions between the US and China increased worries about inflationary pressures.

During the fiscal year, the US Federal Reserve (the Fed) raised the federal funds rate two times (in September and December 2018) before lowering it in July 2019.⁸ The two rate hikes, the eighth and ninth since December 2008, were anticipated and reflected increased confidence in the US economy amid low unemployment, relatively stable inflation and overall robust economic growth. This expansionary monetary policy significantly flattened the US Treasury yield curve with a slight inversion on the short end occurring in December 2018.

However, the Fed’s dovish stance at the beginning of calendar year 2019 took the market by surprise, leading economists to change their predictions from two interest rate increases in 2019, to just one. Amid political pressure and despite favorable growth and labor trends, the Fed ultimately reversed course and lowered the Fed Funds rate in July, citing uncertainty about the global economic outlook. The Treasury curve

6          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

was inverted at fiscalyear-end with investors preferring2- to7-year paper over shorter and longer maturities. Economists were mixed as to whether this particular inversion, the first sincemid-2007, portends a recession.

Earlier in the fiscal year, as anticipated, US midterm election results had a positive impact on municipal securities as perceived threats to municipal tax exemptions, further tax reform and changes to the Affordable Care Act were greatly reduced. News of a possible ban on flavorede-cigarettes and menthol cigarettes made headlines, which caused a short-lived decline in the valuations of below-investment-grade tobacco settlement bonds. Meanwhile,year-end demand for yield and coupon payments caused the asset class to end 2018 on a strong note. Investors affected by the $10,000 cap on state and local tax (SALT) deductions poured a record $18.9 billion into municipal bond funds in the first 8 weeks of calendar year 2019, the most over that period in at least 13 years.⁷

At the close of the fiscal year, we believed municipal fundamentals remained strong and viewed the ongoing impact of the Tax Cut and Jobs Act of 2018 as a potential market factor. As a result, demand for municipal bond investments could remain strong as retail investors continue to seektax-exempt income.

Over the fiscal year, security selection in sales tax revenue and marine/aviation facilities bonds, the Fund’s eleventh and third largest sectors, respectively, significantly contributed to the Fund’s performance. By far, the Fund’s

holdings in the sales tax revenue sector produced the strongest single-sector returns this fiscal year; COFINAs, issued in the Commonwealth of Puerto Rico, represented more than three-quarters of the assets in this sector at fiscalyear-end. The government appropriations, student housing, education, and energy equipment and services sectors also outperformed. In aggregate, the Fund’s diverse holdings in securities issued in Puerto Rico provided a larger contribution to the Fund’s total return than any single sector. While none of the Fund’s sectors detracted from performance,pre-refunded bonds and the gas utilities and correctional facilities sectors, among others, underperformed the Bloomberg Barclays5-Year(4-6) Municipal Bond Index.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary

7          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

policy changes by the Fed and certain foreign central banks. If interest rates rise, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments. Investors are reminded that the Fund is not and will not be managed based on predictions of interest rate changes.

Oppenheimer Rochester Limited Term California Municipal Fund (the predecessor fund) was renamed Invesco Oppenheimer Rochester Limited Term California Municipal Fund after the close of business on May 24, 2019, when Invesco’s acquisition of OppenheimerFunds was finalized. Prior to the commencement of the Fund’s operations, Michael Camarella managed the predecessor fund since 2008. Effective June 21, 2019, the portfolio management team of this fund was changed to Mr. Camarella (lead manager) and Mark Paris.

Thank you for investing in Invesco Oppenheimer Rochester Limited Term California Municipal Fund and for sharing our long-term investment horizon.

1 Bloomberg LP

2 Source: Bureau of Economic Analysis

3 Sources: Standard & Poor’s, Fitch Ratings, Moody’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured

on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.“Non-Rated” indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Ratings Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.

4 Sources: Bloomberg Barclays Municipal Bond Index, Bloomberg Barclays High Yield Municipal Bond Index

5 Source: The Bond Buyer

6 Source: Lipper

7 Source: Strategic Insight

8 Source: US Federal Reserve

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

8          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES

Tobacco Master Settlement Agreement	10.9	%
Special Tax	10.4
Hospital/Healthcare	10.0
Marine/Aviation Facilities	9.8
General Obligation	8.0
Housing - Student	6.4
Municipal Leases	6.3
Electric Utilities	4.5
Transportation Infrastructure	4.2
Housing - Multi-Family	3.8

Holdings are subject to change and are not buy/sell recommendations. Percentages are as of August 31, 2019 and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated	Adviser- Rated	Total
AAA	0.9%	0.3%	1.2%
AA	31.5	0.0	31.5
A	30.3	2.4	32.7
BBB	17.0	9.4	26.4
BB or lower	6.2	2.0	8.2
Total	85.9%	14.1%	100.0%

The percentages above are based on the market value of the securities as of August 31, 2019 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

9          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

TOP TEN CATEGORIES

Tobacco Master Settlement Agreement	11.0	%
Special Tax	10.6
Marine/Aviation Facilities	9.8
Hospital/Healthcare	9.7
General Obligation	8.1
Municipal Leases	7.0
Housing - Student	6.4
Electric Utilities	4.6
Transportation Infrastructure	4.2
Water Utilities	3.7

Holdings are subject to change and are not buy/sell recommendations. Percentages are as of July 31, 2019 and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated	Adviser- Rated	Total
AAA	0.9%	0.4%	1.3%
AA	30.1	0.0	30.1
A	32.2	2.4	34.6
BBB	15.9	9.5	25.4
BB or lower	6.2	2.4	8.6
Total	85.3%	14.7%	100.0%

The percentages above are based on the market value of the securities as of July 31, 2019 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

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

10          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 8/31/19
	Inception														Since
	Date		1-Month			1-Year			5-Year			10-Year			Inception
Class A (OLCAX)		2/25/04		1.40	%		7.97	%		3.44	%		4.09	%		4.10	%
Class C (OLCCX)		2/25/04		1.34			7.19			2.67			3.31			3.57
Class Y (OLCYX)		11/29/10		1.41			8.20			3.68			N/A			4.05
Class R6* (IORLX)		5/24/19		1.42			8.02			3.45			4.10			N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 8/31/19
	Inception														Since
	Date		1-Month			1-Year			5-Year			10-Year			Inception
Class A (OLCAX)		2/25/04		-1.28	%		5.33	%		2.88	%		3.84	%		3.92	%
Class C (OLCCX)		2/25/04		0.34			6.19			2.67			3.31			3.57
Class Y (OLCYX)		11/29/10		1.41			8.20			3.68			N/A			4.05
Class R6* (IORLX)		5/24/19		1.42			8.02			3.45			4.10			N/A

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/19
	Inception											Since
	Date		1-Year			5-Year			10-Year			Inception
Class A (OLCAX)		2/25/04		7.69	%		3.46	%		4.25	%		4.03	%
Class C (OLCCX)		2/25/04		6.91			2.70			3.47			3.50
Class Y (OLCYX)		11/29/10		7.93			3.70			N/A			3.92
Class R6* (IORLX)		5/24/19		7.72			3.47			4.25			N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/19
	Inception											Since
	Date		1-Year			5-Year			10-Year			Inception
Class A (OLCAX)		2/25/04		5.03	%		2.96	%		3.99	%		3.85	%
Class C (OLCCX)		2/25/04		5.91			2.70			3.47			3.50
Class Y (OLCYX)		11/29/10		7.93			3.70			N/A			3.92
Class R6* (IORLX)		5/24/19		7.72			3.47			4.25			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.

11          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

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

The Fund’s performance is compared to the performance of the Bloomberg Barclays5-Year Municipal Bond Index, which is an index of a broad range of investment-grade municipal bonds and the4- to6-year component of the Bloomberg Barclays Municipal Bond Index, itself a measure of the general municipal bond market. The Fund’s performance is also compared to the U.S. Consumer Price Index, anon-securities index that measures changes in the inflation rate. Indices are unmanaged, and an investment cannot be made into an index. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

12          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Distribution yields for Class A shares are based on dividends of $0.007 for the28-day accrual period ended July 23, 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 July 23, 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 $0.0051 and $0.0076, respectively, for the28-day accrual period ended July 23, 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 July 31, 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 July 31, 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 California tax rate of 49.18%. 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.

Investments in tobacco settlement bonds, which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments byMSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share ofnon-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

Before investing 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.

13          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended August 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended August 31, 2019” to estimate the expenses you paid on your account during this period.

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

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

14          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Actual	Beginning   Account   Value March 1, 2019		Ending Account Value August 31, 2019		Expenses Paid During 6 Months Ended         August 31, 20191,2
Class A	$	1,000.00	$	1,053.00	$	4.29
Class C		1,000.00		1,052.50		8.18
Class Y		1,000.00		1,054.10		3.00
Class R6		1,000.00		1,053.50		1.45
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.96		4.23
Class C		1,000.00		1,017.19		8.04
Class Y		1,000.00		1,022.22		2.95
Class R6		1,000.00		1,022.52		2.65

1. Actual expenses paid for Class A, C, and Y are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/366 (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 99/366 to reflect the period from after the close of business on

May 24, 2019 (inception of offering) to August 31, 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 184/366 (to reflect theone-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended August 31, 2019 for Classes A, C, and Y and for the period from after the close of business on May 24, 2019 (inception of offering) to August 31, 2019 for Class R6 are as follows:

Class	Expense Ratios
Class A		0.83	%
Class C		1.58
Class Y		0.58
Class R6		0.52

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.

15          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended July 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended July 31, 2019” to estimate the expenses you paid on your account during this period.

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

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

16          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Actual	Beginning Account Value February 1, 2019		Ending     Account     Value     July 31, 2019		Expenses Paid During 6 Months Ended         July 31, 20191,2
Class A	$	1,000.00	$	1,050.20	$	4.64
Class C		1,000.00		1,046.50		8.46
Class Y		1,000.00		1,051.30		3.46
Class R6		1,000.00		1,050.50		1.15
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.28		4.57
Class C		1,000.00		1,016.56		8.33
Class Y		1,000.00		1,021.42		3.41
Class R6		1,000.00		1,021.82		3.01

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 68/365to reflect the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 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 July 31, 2019 for Classes A, C, and Yand for the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019 for Class R6 are as follows:

Class	Expense Ratios
Class A		0.91	%
Class C		1.66
Class Y		0.68
Class R6		0.60

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.

17          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSAugust 31, 2019 Unaudited

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Municipal Bonds and Notes—97.3%
California—88.5%
$25,000	Adelanto, CA Elementary School District COP		4.375%		09/01/2036		09/30/2019	A	$	25,039
405,000	Adelanto, CA Improvement Agency, Series B		5.500		12/01/2023		12/01/2019	A		406,142
625,000	Adelanto, CA Public Financing Authority, Series B1		6.300		09/01/2028		02/22/2020	A		641,737
3,615,000	Adelanto, CA Public Utility Authority		5.000		07/01/2024		09/30/2019	A		3,623,278
10,000	Alameda County, CA Redevel. Agency (Eden Area Redevel.)		4.375		08/01/2030		09/30/2019	A		10,014
1,750,000	Alameda, CA Corridor Transportation Authority		5.000		10/01/2029		10/01/2023	A		2,009,770
55,000	Apple Valley, CA Redevel. Agency Tax Allocation		4.750		06/01/2037		09/30/2019	A		55,125
180,000	Arcadia, CA Redevel. Agency Tax Allocation (Central Redevel.)		5.125		05/01/2023		09/30/2019	A		180,542
3,490,000	Azusa, CA Special Tax Community Facilities DistrictNo. 05-1		5.000		09/01/2027		09/01/2019	A		3,490,000
655,000	Beaumont, CA Financing Authority, Series A		5.000		09/01/2027		09/01/2023	A		730,024
200,000	Beaumont, CA Financing Authority, Series A		6.375		09/01/2042		09/01/2021	A		217,834
80,000	Beaumont, CA Financing Authority, Series A1		7.000		09/01/2023		09/25/2019	A		80,150
740,000	Beaumont, CA Financing Authority, Series B		5.000		09/01/2025		09/12/2024	B		854,049
25,000	Bell, CA Community Redevel. Agency Tax Allocation		5.625		10/01/2033		09/30/2019	A		25,086
80,000	Blythe, CA Financing Authority (City Hall & County Courthouse)1		5.500		09/01/2027		02/14/2020	A		81,214
100,000	Buena Park, CA Community Redevel. Agency		5.250		09/01/2025		09/30/2019	A		100,287
100,000	Buena Park, CA Community Redevel. Agency		5.625		09/01/2033		09/30/2019	A		100,316
250,000	CA ABAG Finance Authority for NonProfit Corporations (Episcopal Senior Communities)		5.000		07/01/2024		07/01/2022	A		274,885
5,000	CA ABAG Finance Authority for NonProfit Corporations COP		5.800		03/01/2023		09/30/2019	A		5,018
215,000	CA ABAG Finance Authority for NonProfit Corporations COP (Palo Alto Gardens Apartments)		5.350		10/01/2029		09/30/2019	A		215,432
185,000	CA Bay Area Governments Association		6.000		12/15/2024		12/15/2019	A		187,779
490,000	CA Communities Transportation Revenue COP		5.250		06/01/2023		06/01/2022	A		542,425
515,000	CA Communities Transportation Revenue COP		5.250		06/01/2024		06/01/2022	A		568,236

18          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$545,000	CA Communities Transportation Revenue COP		5.250%		06/01/2025		06/01/2022	A	$	599,751
575,000	CA Communities Transportation Revenue COP		5.250		06/01/2026		06/01/2022	A		632,989
605,000	CA Communities Transportation Revenue COP		5.250		06/01/2027		06/01/2022	A		665,833
25,000	CA Community College Financing Authority (GCCCD/PCCD/STTJCCD Obligated Group)		5.000		04/01/2021		10/01/2019	A		25,076
680,000	CA Community College Financing Authority (GCCCD/PCCD/STTJCCD Obligated Group)		5.625		04/01/2026		10/01/2019	A		682,332
600,000	CA Community College Financing Authority (NCCD-Orange Coast Properties)		5.000		05/01/2033		05/01/2028	A		728,766
4,760,000	CA County Tobacco Securitization Agency		4.000		06/01/2029		09/30/2019	A		4,840,063
190,000	CA County Tobacco Securitization Agency (TASC)		5.000		06/01/2026		09/30/2019	A		190,065
415,000	CA County Tobacco Securitization Agency (TASC)		5.100 2		06/01/2028		09/15/2019	A		415,166
2,125,000	CA County Tobacco Securitization Agency (TASC)		5.250 2		06/01/2021		09/15/2019	A		2,152,391
40,000	CA County Tobacco Securitization Agency (TASC)		5.450 2		06/01/2028		09/15/2019	A		40,559
1,650,000	CA County Tobacco Securitization Agency (TASC)		5.750		06/01/2029		09/30/2019	A		1,666,549
5,000	CA County Tobacco Securitization Agency (TASC)		5.875		06/01/2027		09/30/2019	A		5,006
390,000	CA County Tobacco Securitization Agency (TASC)		5.875		06/01/2035		09/30/2019	A		393,709
295,000	CA County Tobacco Securitization Agency (TASC)		5.875		06/01/2043		09/30/2019	A		298,879
5,230,000	CA County Tobacco Securitization Agency (TASC)		6.000		06/01/2035		09/30/2019	A		5,233,766
4,735,000	CA County Tobacco Securitization Agency (TASC)		6.000		06/01/2042		09/30/2019	A		4,777,757
335,000	CA Dept. of Water Resources (Center Valley)		5.250		07/01/2022		09/30/2019	A		336,065
1,135,000	CA Educational Facilities Authority (California College of Arts & Crafts)		5.000		06/01/2022		06/01/2022			1,246,559
400,000	CA Educational Facilities Authority (California College of Arts & Crafts)		5.000		06/01/2024		06/01/2022	A		436,740
710,000	CA Educational Facilities Authority (Loma Linda University)		5.000		04/01/2030		04/01/2027	A		888,544
1,250,000	CA Educational Facilities Authority (Loyola Marymount University)		5.125		10/01/2040		10/01/2019	A		1,254,400

19          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)								��
$120,000	CA Educational Facilities Authority (Southwestern Law School)		5.000%		11/01/2023		09/30/2019	A	$	120,326
5,000	CA GO		5.000		10/01/2022		09/30/2019	A		5,015
105,000	CA GO		5.000		11/01/2022		11/01/2019	A		105,690
35,000	CA GO		5.000		11/01/2022		11/01/2019	A		35,230
20,000	CA GO		5.000		10/01/2023		09/30/2019	A		20,060
35,000	CA GO		5.000		10/01/2023		09/30/2019	A		35,105
5,000	CA GO		5.000		10/01/2028		09/30/2019	A		5,014
20,000	CA GO		5.125		10/01/2027		09/30/2019	A		20,059
5,000	CA GO		5.200		11/01/2031		09/30/2019	A		5,014
25,000	CA GO		5.250		04/01/2021		09/30/2019	A		25,078
95,000	CA GO		5.250		06/01/2021		12/01/2019	A		95,989
4,970,000	CA GO		5.250		09/01/2024		09/01/2021	A		5,393,593
110,000	CA GO		5.375		06/01/2026		12/01/2019	A		111,181
15,000	CA GO		5.375		06/01/2026		12/01/2019	A		15,161
5,000	CA GO		5.500		03/01/2020		03/01/2020			5,112
20,000	CA GO		5.500		10/01/2022		10/01/2019	A		20,070
40,000	CA GO1		5.600		09/01/2021		01/26/2020	A		40,934
5,000	CA GO		5.600		09/01/2021		12/31/2019	A		5,117
80,000	CA GO		5.625		10/01/2021		10/01/2019	A		80,287
235,000	CA GO		5.625		10/01/2023		10/01/2019	A		235,839
10,000	CA GO		5.625		09/01/2024		03/01/2020	A		10,233
40,000	CA GO		5.625		05/01/2026		09/30/2019	A		40,136
10,000	CA GO		5.625		10/01/2026		10/01/2019	A		10,035
85,000	CA GO		5.750		03/01/2023		03/01/2020	A		87,043
1,465,000	CA GO		5.900		04/01/2023		10/01/2019	A		1,470,538
230,000	CA GO		5.900		04/01/2023		10/01/2019	A		230,869
75,000	CA GO		5.900		03/01/2025		03/01/2020	A		76,843
55,000	CA GO		6.000		10/01/2021		10/01/2019	A		55,227
45,000	CA GO		6.000		03/01/2024		03/01/2020	A		46,116
5,000	CA GO		6.000		05/01/2024		11/01/2019	A		5,043
90,000	CA GO		6.000		08/01/2024		02/01/2020	A		92,001
9,595,000	CA GO		6.000		11/01/2039		11/01/2019	A		9,671,184
150,000	CA GO		6.250		10/01/2019		10/01/2019			150,597
230,000	CA GO		6.250		10/01/2019		10/01/2019			230,915
1,850,000	CA Golden State Tobacco Securitization Corp.		5.000		06/01/2027		06/01/2027			2,257,555
6,560,000	CA Golden State Tobacco Securitization Corp.		5.000		06/01/2028		06/01/2027	A		7,973,680
2,090,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.000		06/01/2029		06/01/2027	A		2,527,500
1,750,000	CA Health Facilities Financing Authority (Cedars-Sinai Medical Center)		5.000		11/15/2032		11/15/2025	A		2,149,157
1,750,000	CA Health Facilities Financing Authority (El Camino Hospital)		5.000		02/01/2032		02/01/2025	A		2,085,545
3,000,000	CA Health Facilities Financing Authority (El Camino Hospital)		5.000		02/01/2033		02/01/2025	A		3,569,340

20          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$15,000	CA Health Facilities Financing Authority (Gateways Hospital & Mental Health Center)		4.300%		12/01/2023		09/30/2019	A	$	15,038
10,000	CA Health Facilities Financing Authority (Gateways Hospital & Mental Health Center)		4.450		12/01/2024		09/30/2019	A		10,027
1,000,000	CA Health Facilities Financing Authority (Providence Health & Services Obligated Group)		5.500		10/01/2039		10/02/2019	A		1,003,520
25,000	CA Health Facilities Financing Authority (San Fernando Valley Community Mental Health Center)		5.250		06/01/2023		09/30/2019	A		25,040
1,000,000	CA Health Facilities Financing Authority (SHlth/EMC/MPHS/ PAMFHCR&E/SCHosp/SCVH/ SEBH/SGMF/SHSSR/SMF/SMCCV Obligated Group)		5.250		08/15/2031		08/15/2021	A		1,079,100
1,800,000	CA Health Facilities Financing Authority (SHlth/SBH/SVNA&H/ SVMF/SVlyH/SCHosp/SEBH/SBMF Obligated Group)		5.000		11/15/2032		11/15/2027	A		2,310,912
3,000,000	CA Health Facilities Financing Authority (SHlth/SBH/SVNA&H/ SVMF/SVlyH/SCHosp/SEBH/SBMF Obligated Group)		5.000		11/15/2033		11/15/2027	A		3,834,510
1,500,000	CA Health Facilities Financing Authority (SHlth/SBH/SVNA&H/ SVMF/SVlyH/SCHosp/SEBH/SBMF Obligated Group)		5.000		11/15/2035		11/15/2027	A		1,896,960
4,490,000	CA Health Facilities Financing Authority (SHlth/SBH/SVNA&H/ SVMF/SVlyH/SCHosp/SEBH/SBMF Obligated Group)		5.000		11/15/2037		11/15/2027	A		5,630,909
170,000	CA HFA (Multifamily Hsg.)		5.320 3		02/01/2037		09/05/2019	A		170,000
5,000,000	CA HFA, Series A		4.250		01/15/2035		01/15/2035			5,988,600
1,505,000	CA Infrastructure and Economic Devel. (California Science Center Foundation)		5.000		05/01/2027		11/01/2026	A		1,891,740
775,000	CA Infrastructure and Economic Devel. (California Science Center Foundation)		5.000		05/01/2028		11/01/2026	A		971,230
910,000	CA Infrastructure and Economic Devel. (California Science Center Foundation)		5.000		05/01/2029		11/01/2026	A		1,136,399
740,000	CA Infrastructure and Economic Devel. (California Science Center Foundation)		5.000		05/01/2030		11/01/2026	A		919,428
910,000	CA Infrastructure and Economic Devel. (California Science Center Foundation)		5.000		05/01/2031		11/01/2026	A		1,125,615

21          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$5,000,000	CA Infrastructure and Economic Devel. (Segerstrom Center for the Arts)		5.000%		07/01/2026		07/01/2026		$	6,229,000
40,000	CAM-S-R Public Power Agency (San Juan)		6.000		07/01/2022		12/31/2019	A		43,885
335,000	CA Municipal Finance Authority (Biola University)		5.000		10/01/2029		10/01/2023	A		381,166
465,000	CA Municipal Finance Authority (Biola University)		5.000		10/01/2030		10/01/2023	A		527,008
3,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000		02/01/2028		02/01/2027	A		3,722,790
3,400,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000		02/01/2029		02/01/2027	A		4,199,986
3,500,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000		02/01/2030		02/01/2027	A		4,299,120
2,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000		02/01/2031		02/01/2027	A		2,442,100
1,500,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000		02/01/2032		02/01/2027	A		1,825,065
10,385,000	CA Municipal Finance Authority(CHF-Davis-West Village Student Hsg.)		5.000		05/15/2033		11/15/2028	A		13,161,534
2,500,000	CA Municipal Finance Authority(CHF-Davis-West Village Student Hsg.)		5.000		05/15/2037		11/15/2028	A		3,075,200
2,120,000	CA Municipal Finance Authority(CHF-Riverside-UCR Dundee Glasgow Student Hsg.)		5.000		05/15/2032		11/15/2028	A		2,691,382
2,000,000	CA Municipal Finance Authority(CHF-Riverside-UCR Dundee Glasgow Student Hsg.)		5.000		05/15/2033		11/15/2028	A		2,534,720
1,260,000	CA Municipal Finance Authority(CHF-Riverside-UCR Dundee Glasgow Student Hsg.)		5.000		05/15/2034		11/15/2028	A		1,590,725
1,900,000	CA Municipal Finance Authority(CHF-Riverside-UCR Dundee Glasgow Student Hsg.)		5.000		05/15/2036		11/15/2028	A		2,380,662
2,275,000	CA Municipal Finance Authority(CHF-Riverside-UCR Dundee Glasgow Student Hsg.)		5.000		05/15/2038		11/15/2028	A		2,833,467
2,155,000	CA Municipal Finance Authority (Eisenhower Medical Center)		5.000		07/01/2030		07/01/2027	A		2,644,293
40,000	CA Municipal Finance Authority (Emerson College)		5.000		01/01/2028		01/01/2022	A		43,415
190,000	CA Municipal Finance Authority (Emerson College)		5.000		01/01/2028		01/01/2022	A		208,204
8,385,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)		5.000		12/31/2033		06/30/2028	A		10,446,788
6,500,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)		5.000		12/31/2034		06/30/2028	A		8,072,675

22          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$2,700,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)		5.000%		12/31/2035		06/30/2028	A	$	3,343,653
1,000,000	CA Municipal Finance Authority (NorthBay Healthcare Group/NorthBay Healthcare Corp. Obligated Group)		5.000		11/01/2028		11/01/2026	A		1,194,650
440,000	CA Municipal Finance Authority (NorthBay Healthcare Group/NorthBay Healthcare Corp. Obligated Group)		5.000		11/01/2030		11/01/2024	A		502,018
1,100,000	CA Municipal Finance Authority (NorthBay Healthcare Group/NorthBay Healthcare Corp. Obligated Group)		5.000		11/01/2035		11/01/2024	A		1,239,205
750,000	CA Municipal Finance Authority (NorthBay Healthcare Group/NorthBay Healthcare Corp. Obligated Group)		5.250		11/01/2029		11/01/2026	A		904,192
3,080,000	CA Municipal Finance Authority (UCR North District Phase I Student Hsg.)		5.000		05/15/2040		11/15/2029	A		3,885,790
1,580,000	CA Municipal Financing Authority (San Bernardino Municipal Water Facilities)		5.000		08/01/2033		08/01/2026	A		1,913,364
1,715,000	CA Municipal Financing Authority (San Bernardino Municipal Water Facilities)		5.000		08/01/2035		08/01/2026	A		2,066,455
1,000,000	CA Pollution Control Financing Authority (Calplant I)		7.000		07/01/2022		10/09/2021	B		1,030,850
4,000,000	CA Pollution Control Financing Authority (Calplant I)		7.500		07/01/2032		07/01/2022	A		4,190,120
1,000,000	CA Pollution Control Financing Authority (Poseidon Resources Channelside)		5.000		07/01/2030		07/01/2022	A		1,090,130
1,500,000	CA Pollution Control Financing Authority (San Diego County Water Authority)		5.000		07/01/2039		01/01/2029	A		1,832,490
1,030,000	CA Pollution Control Financing Authority (Southern California Water Company)		5.500		12/01/2026		09/30/2019	A		1,031,669
250,000	CA Public Financing Authority (Trinity Classical Academy)		5.000		07/01/2036		05/10/2028	A		272,087
5,000	CA Public Works (California Community Colleges)		4.250		03/01/2026		09/30/2019	A		5,011
50,000	CA Public Works (California Community Colleges)		5.000		10/01/2024		09/30/2019	A		50,147
50,000	CA Public Works (California Community Colleges)		5.000		03/01/2027		09/30/2019	A		50,144
15,000	CA Public Works (California Community Colleges)		5.125		06/01/2025		09/30/2019	A		15,045

23          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$45,000	CA Public Works (California Community Colleges)		5.125%		06/01/2029		09/30/2019	A	$	45,132
110,000	CA Public Works (California Community Colleges)		5.250		09/01/2019		09/01/2019			110,000
20,000	CA Public Works (California Highway Patrol)		5.250		11/01/2020		09/30/2019	A		20,062
2,000,000	CA Public Works (California State Prisons)		5.750		10/01/2031		10/01/2021	A		2,189,740
750,000	CA Public Works (Dept. of Corrections and Rehabilitation)		5.750		11/01/2029		11/01/2019	A		755,520
10,000	CA Public Works (Dept. of Corrections)		4.250		10/01/2021		09/30/2019	A		10,024
350,000	CA Public Works (Dept. of Corrections)		5.500		10/01/2019		10/01/2019			351,148
45,000	CA Public Works (Dept. of Corrections)		5.625		10/01/2020		09/30/2019	A		45,152
2,000,000	CA Public Works (Dept. of Forestry & Fire Protection)		5.000		04/01/2026		09/30/2019	A		2,005,840
15,000	CA Public Works (Dept. of Justice Building)		5.250		11/01/2020		09/30/2019	A		15,046
5,000	CA Public Works (Dept. of Mental Health)		4.200		11/01/2026		09/30/2019	A		5,011
20,000	CA Public Works (Dept. of Mental Health)		5.250		04/01/2023		09/30/2019	A		20,069
875,000	CA Public Works (Judicial Council)		5.000		03/01/2026		03/01/2023	A		993,195
3,000,000	CA Public Works (Judicial Council)		5.250		12/01/2026		12/01/2021	A		3,276,750
10,000	CA School Facilities Financing Authority (Twin Rivers Unified School District)		4.625		08/01/2034		09/30/2019	A		10,024
640,000	CA School Finance Authority Charter School (Coastal Academy)		5.000		10/01/2022		04/24/2021	B		672,934
1,705,000	CA School Finance Authority Charter School (High Tech High Learning)		5.000		07/01/2032		07/01/2027	A		2,047,688
1,265,000	CA School Finance Authority Charter School (Inspire Charter Schools)		3.000		07/15/2020		07/15/2020			1,267,328
1,375,000	CA School Finance Authority School Facility (Escuela Popular Del Pueblo)		5.500		07/01/2027		04/09/2024	B		1,428,886
1,300,000	CA Statewide CDA		5.400 3		04/01/2028		09/30/2019	A		1,300,000
225,000	CA Statewide CDA (American Baptist Homes of the West)		6.000		10/01/2029		10/01/2019	A		225,846
1,500,000	CA Statewide CDA (American Baptist Homes of the West)		6.250		10/01/2039		10/01/2019	A		1,505,925
920,000	CA Statewide CDA (Cathedral City Heritage Park/Glendale Heritage Park Obligated Group)		5.200		06/01/2036		09/30/2019	A		924,140
1,500,000	CA Statewide CDA(CHF-Irvine)		5.000		05/15/2030		05/15/2026	A		1,814,385

24          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$310,000	CA Statewide CDA(CHF-Irvine- UCI East Campus Apartments)		5.125%		05/15/2031		05/15/2021	A	$	332,611
1,000,000	CA Statewide CDA(CHF-Irvine- UCI East Campus Apartments)		5.375		05/15/2038		05/15/2021	A		1,072,790
45,000	CA Statewide CDA (Escrow Term)		6.750		09/01/2037		09/17/2019	A		45,054
175,000	CA Statewide CDA (Front Porch Communities & Services)		5.000		04/01/2031		04/01/2027	A		215,029
900,000	CA Statewide CDA (NCCD-Hooper Street - College of the Arts)		5.000		07/01/2029		08/07/2027	B		1,052,424
2,255,000	CA Statewide CDA (Second Street Senior Apartments)		1.350 3		12/15/2036		09/06/2019	A		2,255,000
1,800,000	CA Statewide CDA (Sherman Oaks Health System)		5.000		08/01/2022		06/16/2021	B		1,881,396
10,000,000	CA Statewide CDA (Southern California Edison)		4.500		09/01/2029		09/01/2020	A		10,314,300
25,000	CA Statewide CDA Community Facilities District		6.350		09/01/2021		09/17/2019	A		25,032
650,000	CA Statewide CDA COP (CVHP/ CVMC/FH Obligated Group)		5.125		04/01/2023		09/30/2019	A		652,255
185,000	CA Statewide CDA School Facilities (47th & Main)		5.125		07/01/2022		03/24/2021	A		197,312
15,000	CA Statewide CDA Water & Wastewater		4.250		10/01/2021		09/30/2019	A		15,044
5,000	CA Statewide CDA Water & Wastewater		5.250		10/01/2027		09/30/2019	A		5,016
2,183,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		5.625		05/01/2029		09/30/2019	A		2,198,041
995,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		5.625		05/01/2029		09/30/2019	A		1,001,856
3,395,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000		05/01/2037		09/30/2019	A		3,417,373
25,000	CA Water Resource Devel. GO, Series N & P		5.000		06/01/2020		09/30/2019	A		25,073
3,480,000	California State University		4.000		11/01/2041		11/01/2029	A		4,075,846
15,000	Carlsbad, CA Hsg. & Redevel. Commission (Village Redevel.)		5.300		09/01/2023		03/01/2020	A		15,081
10,000	Carlsbad, CA Hsg. & Redevel. Commission Tax Allocation		5.250		09/01/2019		09/01/2019			10,000
5,000	Carlsbad, CA Improvement Bond Act 1915		5.550		09/02/2028		02/17/2020	A		5,084
25,000	Carson, CA Improvement Bond Act 19151		7.375		09/02/2022		01/21/2020	A		25,661
560,000	Castaic, CA Union School District Community Facilities District No.92-1		9.000		10/01/2019		10/01/2019			561,954
5,000	Ceres, CA Redevel. Agency Tax Allocation		4.250		11/01/2025		09/30/2019	A		5,012
5,000	Cerritos, CA Public Financing Authority		4.550		11/01/2024		11/01/2019	A		5,027

25          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$1,230,000	Chino, CA Public Financing Authority		5.000%		09/01/2028		09/01/2025	A	$	1,498,939
1,280,000	Chino, CA Public Financing Authority		5.000		09/01/2029		09/01/2025	A		1,553,267
900,000	Chino, CA Public Financing Authority		5.000		09/01/2030		09/01/2025	A		1,088,100
950,000	Chino, CA Public Financing Authority		5.000		09/01/2031		09/01/2025	A		1,144,911
1,000,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)		5.875		01/01/2034		09/30/2019	A		1,003,660
5,000,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)		5.875		02/15/2034		09/30/2019	A		5,018,300
15,000	Colton, CA Public Financing Authority, Series A		4.700		04/01/2032		09/30/2019	A		15,041
1,710,000	Compton, CA Community College District		5.000		07/01/2020		07/01/2020			1,767,473
1,895,000	Compton, CA Community College District		5.000		07/01/2021		07/01/2021			2,034,946
1,310,000	Compton, CA Community College District		5.000		07/01/2023		07/01/2022	A		1,453,379
225,000	Compton, CA Sewer1		5.375		09/01/2023		09/25/2019	A		225,742
155,000	Cudahy, CA Community Devel. Commission Tax Allocation		6.875		10/01/2019		10/01/2019			155,682
35,000	Cudahy, CA Community Devel. Commission Tax Allocation		6.875		10/01/2020		10/01/2020			37,236
185,000	Cudahy, CA Community Devel. Commission Tax Allocation		7.000		10/01/2021		10/01/2021			208,186
110,000	Cudahy, CA Community Devel. Commission Tax Allocation		7.125		10/01/2020		10/01/2020			117,209
130,000	Cudahy, CA Community Devel. Commission Tax Allocation		7.250		10/01/2021		10/01/2021			146,816
315,000	Cudahy, CA Community Devel. Commission Tax Allocation		7.750		10/01/2027		10/01/2021	A		358,974
10,000	Cypress, CA Improvement Bond Act 1915 (Business and Professional Center)1		5.700		09/02/2022		09/24/2019	A		10,013
1,000,000	Davis, CA Redevel. Agency Tax Allocation		6.500		12/01/2026		12/01/2021	A		1,120,340
975,000	Delano, CA Union High School District		5.100		02/01/2023		02/01/2023			1,104,422
200,000	Dinuba, CA Redevel. Agency Tax Allocation1		5.750		09/01/2028		04/22/2021	C		214,402
80,000	Downey, CA Community Devel. Commission Tax Allocation (Downey Redevel.)		5.125		08/01/2020		02/01/2020	A		80,577

26          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$50,000	Downey, CA Community Devel. Commission Tax Allocation (Downey Redevel.)		5.125%		08/01/2028		02/01/2020	A	$	50,445
630,000	El Dorado County, CA Special Tax Community Facilities District No. 9288		5.000		09/01/2026		09/01/2022	A		699,810
800,000	El Dorado County, CA Special Tax Community Facilities District No. 9288		5.000		09/01/2027		09/01/2022	A		887,880
1,440,000	El Monte, CA Union High School District		4.000		06/01/2037		06/01/2027	A		1,646,467
290,000	Fontana, CA Special Tax Community Facilities District No. 80		5.000		09/01/2026		09/01/2026			351,013
175,000	Fontana, CA Special Tax Community Facilities District No. 80		5.000		09/01/2029		09/01/2027	A		213,812
675,000	Fresno, CA Joint Powers Financing Authority		5.000		04/01/2030		04/01/2027	A		839,822
1,000,000	Fresno, CA Joint Powers Financing Authority		5.000		04/01/2031		04/01/2027	A		1,234,330
500,000	Fresno, CA Joint Powers Financing Authority		5.000		04/01/2032		04/01/2027	A		615,550
400,000	Galt, CA Redevel. Agency Tax Allocation		7.375		09/01/2033		09/01/2021	A		449,084
20,000	Granada, CA Sanitation District Improvement Bond Act 1915		6.125		09/02/2022		03/02/2020	A		20,423
425,000	Grand Terrace, CA Community Redevel. Agency		5.100		09/01/2022		09/30/2019	A		430,453
5,000	Greenfield, CA Union Elementary School District		4.000		08/01/2021		09/30/2019	A		5,011
3,220,000	Hawthorne, CA Community Redevel. Agency Special Tax		6.125		10/01/2025		10/01/2019	A		3,230,368
45,000	Hawthorne, CA Parking Authority		8.125		09/01/2019		09/01/2019			45,000
20,000	Huntington Beach, CA Community Facilities District Special Tax		6.250		09/01/2027		03/01/2020	A		20,551
1,055,000	Huntington Beach, CA Community Facilities District Special Tax (Huntington Center)		5.250		09/01/2025		09/30/2019	A		1,057,616
1,115,000	Huntington Beach, CA Community Facilities District Special Tax (Huntington Center)		5.250		09/01/2026		09/30/2019	A		1,117,765
15,000	Huntington Beach, CA Redevel. Agency (Huntington Beach Redevel.)		5.000		08/01/2024		09/30/2019	A		15,046
25,000	Huntington Park, CA Public Financing Authority		5.000		09/01/2022		09/30/2019	A		25,072
2,735,000	Imperial, CA Public Financing Authority (Water Facility)		5.000		10/15/2026		10/15/2022	A		3,045,942

27          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$4,500,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		3.678%		06/01/2038		12/22/2025	B	$	4,729,680
710,000	Irvine, CA Improvement Bond Act 1915		5.000		09/02/2025		09/02/2023	A		818,630
45,000	Kern Valley, CA Healthcare District		5.250		08/01/2021		09/30/2019	A		45,140
5,000	La Habra, CA Redevel. Agency Community Facilities District		6.000		09/01/2019		09/01/2019			5,000
25,000	La Mesa, CA Improvement Bond Act 19151		5.750		09/02/2023		01/29/2020	A		25,383
615,000	Lancaster, CA Redevel. Agency		5.500		12/01/2028		12/01/2020	A		639,809
2,000,000	Lodi, CA Public Financing Authority		5.250		10/01/2026		04/01/2022	A		2,190,740
1,435,000	Long Beach, CA Bond Finance Authority		5.250		11/15/2023		11/15/2023			1,649,145
100,000	Long Beach, CA Bond Finance Authority Natural Gas		5.500		11/15/2037		05/23/2037	B		144,930
850,000	Long Beach, CA Marina System		5.000		05/15/2027		05/15/2025	A		978,231
40,000	Long Beach, CA Special Tax (Pike)1		6.250		10/01/2026		09/30/2019	A		40,061
30,000	Long Beach, CA Unified School District		5.750		08/01/2033		09/30/2019	A		30,104
5,000	Los Angeles County, CA Community Facilities District No. 5 (Rowland Heights Area)		5.000		09/01/2019		09/01/2019			5,000
40,000	Los Angeles, CA Community Facilities District Special Tax (Cascade Business Park)1		6.400		09/01/2022		03/01/2020	A		40,447
2,000,000	Los Angeles, CA Community Redevel. Agency (Hollywood & Vine Apartments)		1.360 3		04/15/2042		09/06/2019	A		2,000,000
1,000,000	Los Angeles, CA Dept. of Airports		5.000		05/15/2034		05/15/2028	A		1,252,080
12,570,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)		5.000		05/15/2030		05/15/2029	A		16,318,625
5,000,000	Los Angeles, CA Dept. of Water & Power		5.000		07/01/2038		01/01/2028	A		6,306,350
25,000	Los Angeles, CA Mtg. (Section 8)		5.350		07/01/2022		09/30/2019	A		25,071
5,000	Los Angeles, CA Mtg. (Section 8)		6.500		07/01/2022		09/30/2019	A		5,018
325,000	Madera County, CA Board of Education COP		6.125		10/01/2036		10/01/2021	A		360,256
830,000	Madera County, CA COP (Valley Children’s Hospital)		5.000		03/15/2023		09/30/2019	A		832,822
455,000	Madera County, CA COP (Valley Children’s Hospital)		5.750		03/15/2028		09/30/2019	A		456,629
1,285,000	Manteca, CA Unified School District Special Tax Community Facilities District No. 1989		5.000		09/01/2027		09/01/2023	A		1,467,637
250,000	Marina, CA Redevel. Agency Tax Allocation		5.000		09/01/2033		09/01/2025	A		288,150
340,000	Marina, CA Redevel. Agency Tax Allocation		5.000		09/01/2033		09/01/2025	A		397,273

28          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$1,025,000	Marysville, CA (Fremont-Rideout Health Group/Rideout Memorial Hospital/UnitedCom-Serve Obligated Group)		5.250%		01/01/2027		01/01/2021	A	$	1,083,722
20,000	Maywood, CA Public Financing Authority1		7.000		09/01/2028		09/28/2019	A		20,036
295,000	Modesto, CA COP (Golf Course)		5.000		11/01/2023		12/06/2021	B		308,207
1,000,000	Monrovia, CA Redevel. Agency (Central Redev. Project Area No. 1)		5.000		08/01/2026		08/01/2022	A		1,101,180
2,000,000	Montclair, CA Redevel. Agency Tax Allocation		5.300		10/01/2030		09/30/2019	A		2,002,200
470,000	Montebello, CA Public Financing Authority (Montebello Hotel)		5.000		12/01/2024		09/30/2019	A		471,387
1,050,000	Montebello, CA Public Financing Authority (Montebello Hotel)		5.000		12/01/2028		09/30/2019	A		1,052,762
10,000	Mountain View, CA Water		4.500		06/01/2026		09/30/2019	A		10,023
10,000	Murrieta Valley, CA Unified School District		4.000		09/01/2020		09/30/2019	A		10,022
5,000,000	Northern CA Energy Authority		4.000 3		07/01/2049		04/01/2024	A		5,521,350
835,000	Northern, CA Inyo County Local Hospital District		6.375		12/01/2025		12/01/2020	A		864,776
550,000	Oakland, CA Unified School District		5.000		08/01/2022		09/29/2021	B		593,148
5,000,000	Oakland, CA Unified School District		5.000		08/01/2030		08/01/2026	A		6,179,850
685,000	Oceanside, CA Community Facilities District Special Tax (Ocean Ranch Corp. Center)		5.000		09/01/2026		09/01/2023	A		764,857
745,000	Oceanside, CA Community Facilities District Special Tax (Ocean Ranch Corp. Center)		5.000		09/01/2027		09/01/2023	A		830,034
805,000	Oceanside, CA Community Facilities District Special Tax (Ocean Ranch Corp. Center)		5.000		09/01/2028		09/01/2023	A		892,487
295,000	Ontario, CA Improvement Bond Act 1915 Assessment District No. 1081		7.500		09/02/2020		12/05/2019	A		304,508
1,495,000	Orange, CA Community Facilities District Special Tax (Serrano Heights Public Improvements)		5.000		10/01/2028		10/01/2022	A		1,659,495
255,000	Oro Grande, CA Elementary District COP		5.625		09/15/2030		09/15/2020	A		265,146
50,000	Oxnard, CA Financing Authority		5.300		06/01/2029		06/01/2021	A		53,722
2,000,000	Oxnard, CA Financing Authority Wastewater		5.000		06/01/2029		06/01/2024	A		2,354,980
845,000	Oxnard, CA Harbor District		5.000		08/01/2020		08/01/2020			873,443
460,000	Oxnard, CA School District		5.000		08/01/2026		08/01/2023	A		527,841
530,000	Oxnard, CA School District		5.000		08/01/2027		08/01/2023	A		607,290
130,000	Palo Alto, CA Utility		5.250		06/01/2021		12/01/2019	A		131,388

29          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$15,000	Palo Alto, CA Utility		5.250%		06/01/2024		12/01/2019	A	$	15,158
1,625,000	Palomar, CA Health		5.000		11/01/2031		11/01/2026	A		1,924,049
185,000	Perris, CA Elementary School District		6.000		08/01/2027		08/01/2024	A		226,373
205,000	Perris, CA Elementary School District		6.000		08/01/2028		08/01/2024	A		250,082
2,000,000	Perris, CA Union High School District		4.000		09/01/2040		09/01/2029	A		2,342,660
850,000	Poway, CA Unified School District Public Financing Authority Special Tax		5.000		09/15/2025		09/15/2023	A		984,275
1,200,000	Poway, CA Unified School District Public Financing Authority Special Tax1		5.000		09/15/2029		09/15/2023	A		1,383,396
1,800,000	Rancho Cucamonga, CA Community Facilities District Special TaxNo. 2003-1		5.750		09/01/2028		09/30/2019	A		1,805,490
15,000	Rancho Mirage, CA Improvement Bond Act 19151		5.500		09/02/2024		02/05/2020	A		15,105
20,000	Rancho Mirage, CA Improvement Bond Act 19151		5.750		09/02/2022		01/20/2020	A		20,200
20,000	Rancho Mirage, CA Improvement Bond Act 1915		5.750		09/02/2026		03/02/2020	A		20,184
10,000	Redlands, CA Community Facilities District		5.850		09/01/2033		03/01/2020	A		10,080
690,000	Redwood City, CA Special Tax		5.000		09/01/2029		09/01/2022	A		750,237
6,530,000	Richmond, CA Joint Powers Financing Authority		5.500		11/01/2029		12/03/2024	A		7,942,113
450,000	Riverside County, CA Community Facilities District (Lake Hills Crest)		5.000		09/01/2028		09/01/2022	A		489,825
235,000	Riverside County, CA Public Financing Authority COP (Air Force Village West)4		5.750		05/15/2019		05/15/2019			199,750
305,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)		5.750		10/01/2020		10/01/2020			320,314
315,000	Riverside, CA Improvement Bond Act 1915 (Riverside Auto Center Assessment District)		5.000		09/02/2023		03/02/2020	A		326,375
335,000	Riverside, CA Improvement Bond Act 1915 (Riverside Auto Center Assessment District)		5.000		09/02/2024		03/02/2020	A		346,963
200,000	Riverside, CA Improvement Bond Act 1915 (Riverwalk Business)		6.250		09/02/2029		03/02/2020	A		205,348
1,640,000	Riverside, CA Public Financing Authority		5.000		11/01/2027		11/01/2022	A		1,843,508
1,155,000	Riverside, CA Public Financing Authority		5.000		11/01/2028		11/01/2022	A		1,297,943

30          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$365,000	Romoland, CA School District Special Tax Community Facilities DistrictNo. 2004-1		5.000%		09/01/2025		09/01/2023	A	$	410,694
440,000	Romoland, CA School District Special Tax Community Facilities DistrictNo. 2004-1		5.000		09/01/2026		09/01/2023	A		494,538
405,000	Romoland, CA School District Special Tax Community Facilities DistrictNo. 2004-1		5.000		09/01/2027		09/01/2023	A		453,705
500,000	Romoland, CA School District Special Tax Community Facilities DistrictNo. 2004-1		5.000		09/01/2028		09/01/2023	A		558,700
190,000	Roseville, CA Natural Gas Finance Authority		5.000		02/15/2021		02/15/2021			199,637
80,000	Roseville, CA Natural Gas Finance Authority		5.000		02/15/2023		02/15/2023			89,230
265,000	Roseville, CA Natural Gas Finance Authority		5.000		02/15/2024		02/15/2024			303,860
100,000	Roseville, CA Natural Gas Finance Authority		5.000		02/15/2025		02/15/2025			117,811
795,000	Sacramento County, CA (Juvenile Courthouse) COP		5.000		12/01/2021		09/30/2019	A		797,242
555,000	Sacramento County, CA (Juvenile Courthouse) COP		5.000		12/01/2022		09/30/2019	A		556,560
430,000	Sacramento County, CA (Juvenile Courthouse) COP		5.000		12/01/2023		09/30/2019	A		431,204
3,830,000	Sacramento County, CA (Single Family Mtg.)		7.250		10/01/2023		09/30/2021	B		4,226,711
2,200,000	Sacramento County, CA Airport System		5.000		07/01/2037		07/01/2028	A		2,716,296
3,800,000	Sacramento County, CA Airport System		5.000		07/01/2038		07/01/2028	A		4,679,700
2,975,000	Sacramento County, CA COP		5.750		02/01/2030		02/01/2020	A		3,029,353
335,000	Sacramento County, CA Hsg. Authority (Vintage Willow Creek Senior Apartments)		5.250		06/01/2027		09/30/2019	A		335,355
5,000	Sacramento County, CA Public Financing Authority (County & City Redevel.)		5.000		12/01/2022		09/30/2019	A		5,013
15,000	Sacramento County, CA Public Financing Authority (County & City Redevel.)		5.125		12/01/2028		09/30/2019	A		15,041
325,000	Sacramento, CA City Financing Authority (North Natomas CFD No. 2)1		6.250		09/01/2023		01/30/2020	A		333,200
1,840,000	Sacramento, CA City Financing Authority (Westlake & Regency Park)		5.000		09/01/2024		03/01/2023	A		2,063,358

31          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$850,000	Sacramento, CA City Financing Authority (Westlake & Regency Park)		5.000%		09/01/2025		03/01/2023	A	$	953,420
785,000	Sacramento, CA City Financing Authority (Westlake & Regency Park)		5.000		09/01/2026		03/01/2023	A		883,062
455,000	Sacramento, CA City Financing Authority (Westlake & Regency Park)		5.000		09/01/2027		03/01/2023	A		509,841
1,235,000	Sacramento, CA Municipal Utility District		5.000		07/01/2030		07/01/2025	A		1,497,796
55,000	Salinas, CA Redevel. Agency Tax Allocation (Central City Revitalization)		5.500		11/01/2023		09/30/2019	A		55,186
5,000	San Bernardino County, CA (Single Family Mtg.)		3.974 5		05/01/2031		09/30/2019	A		2,700
200,000	San Bernardino, CA Joint Powers Financing Authority		5.750		10/01/2019		10/01/2019			200,692
50,000	San Bernardino, CA Joint Powers Financing Authority		5.750		10/01/2022		10/01/2022			56,237
180,000	San Bernardino, CA Joint Powers Financing Authority		5.750		10/01/2023		10/01/2023			208,103
70,000	San Bernardino, CA Joint Powers Financing Authority		5.750		10/01/2023		10/01/2023			80,959
30,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)1		5.500		09/01/2020		09/16/2019	A		30,098
250,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)		5.500		09/01/2024		09/30/2019	A		250,790
20,000	San Bernardino, CA Redevel. Agency (Ramona Senior Complex)		7.875		07/01/2025		07/01/2020	A		20,578
100,000	San Buenaventura, CA COP		4.750		06/01/2032		09/30/2019	A		100,275
1,520,000	San Diego County, CA Regional Airport Authority		5.000		07/01/2026		07/01/2023	A		1,733,378
1,000,000	San Diego County, CA Regional Airport Authority		5.000		07/01/2037		07/01/2027	A		1,228,010
95,000	San Diego County, CA Water Authority		4.750		05/01/2028		09/30/2019	A		95,257
545,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000		09/01/2025		09/01/2023	A		600,421
610,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000		09/01/2027		09/01/2023	A		667,108
640,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000		09/01/2028		09/01/2023	A		698,227
720,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000		09/01/2030		09/01/2023	A		782,546
165,000	San Diego, CA Improvement Bond Act 1915		5.000		09/02/2021		03/02/2020	A		166,932

32          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$165,000	San Diego, CA Improvement Bond Act 1915		5.000%		09/02/2022		03/02/2020	A	$	166,737
175,000	San Diego, CA Improvement Bond Act 1915		5.000		09/02/2023		03/02/2020	A		176,757
185,000	San Diego, CA Improvement Bond Act 1915		5.000		09/02/2024		03/02/2020	A		186,774
190,000	San Diego, CA Improvement Bond Act 1915		5.000		09/02/2025		03/02/2020	A		191,683
205,000	San Diego, CA Improvement Bond Act 1915		5.125		09/02/2026		03/02/2020	A		206,917
215,000	San Diego, CA Improvement Bond Act 1915		5.125		09/02/2027		03/02/2020	A		216,950
225,000	San Diego, CA Improvement Bond Act 1915		5.250		09/02/2028		03/02/2020	A		227,045
240,000	San Diego, CA Improvement Bond Act 1915		5.375		09/02/2029		03/02/2020	A		242,280
250,000	San Diego, CA Improvement Bond Act 1915		5.375		09/02/2030		03/02/2020	A		252,253
260,000	San Diego, CA Improvement Bond Act 1915		5.500		09/02/2031		03/02/2020	A		262,462
280,000	San Diego, CA Improvement Bond Act 1915		5.500		09/02/2032		03/02/2020	A		282,632
1,250,000	San Diego, CA Public Facilities Financing Authority		5.000		10/15/2033		10/15/2025	A		1,522,700
1,000,000	San Diego, CA Public Facilities Financing Authority		5.000		10/15/2034		10/15/2025	A		1,214,880
100,000	San Diego, CA Redevel. Agency (Centre City)		5.200		09/01/2019		09/01/2019			100,000
95,000	San Diego, CA Redevel. Agency (Centre City)		5.250		09/01/2026		09/30/2019	A		95,299
275,000	San Diego, CA Redevel. Agency (Centre City)		6.400		09/01/2019		09/01/2019			275,000
4,000,000	San Francisco, CA City & County (T8 Urban Hsg. Assoc./T8 Urban Condo Owner/Transbay Block 8 Tower Apartments Obligated Group)		1.400 3		11/01/2056		09/06/2019	A		4,000,000
8,000,000	San Francisco, CA City & County Airports Commission		5.000		05/01/2037		05/01/2029	A		10,051,520
8,000,000	San Francisco, CA City & County Airports Commission (San Francisco International Airport)		5.250		05/01/2048		05/01/2028	A		9,890,160
35,000	San Francisco, CA City & County COP		4.750		04/01/2035		09/30/2019	A		35,085
25,000	San Francisco, CA City & County Improvement Bond Act 19151		6.850		09/02/2026		02/14/2020	A		26,111
500,000	San Francisco, CA City & County Redevel. Agency (Mission Bay South Public Improvements)		5.000		08/01/2023		08/01/2022	A		550,215

33          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$920,000	San Gorgonio, CA Memorial Health Care District		5.000%		08/01/2024		08/01/2020	A	$	951,022
925,000	San Jacinta, CA Community Facilities District		5.000		09/01/2026		03/09/2021	B		1,115,273
500,000	San Jose, CA Airport (Norman Y Mineta San Jose International Airport)		5.000		03/01/2035		03/01/2027	A		608,470
1,000,000	San Jose, CA Airport (Norman Y Mineta San Jose International Airport)		5.000		03/01/2036		03/01/2027	A		1,213,950
1,250,000	San Jose, CA Airport (Norman Y Mineta San Jose International Airport)		5.000		03/01/2037		03/01/2027	A		1,513,488
1,000,000	San Jose, CA Airport (Norman Y Mineta San Jose International Airport)		6.250		03/01/2034		03/01/2021	A		1,073,260
95,000	San Jose, CA Improvement Bond Act 1915		5.750		09/02/2019		09/02/2019			95,000
60,000	San Jose, CA Improvement Bond Act 1915		5.750		09/02/2020		09/02/2020			61,178
220,000	San Jose, CA Multifamily Hsg. (Almaden Senior Hsg. Partners)		5.350 3		07/15/2034		09/10/2019	A		220,158
25,000	San Jose, CA Multifamily Hsg. (El Parador Apartments)		6.100		01/01/2031		09/30/2019	A		25,015
1,915,000	San Jose, CA Multifamily Hsg. (Orvieto Family Apartments)		4.750		08/01/2029		07/31/2020	A		1,968,294
15,000	San Luis Obispo County, CA GO COP		4.250		10/15/2026		09/30/2019	A		15,038
5,000	Santa Clara County, CA Hsg. Authority (John Burns Gardens Apartments)		5.700		08/01/2021		09/30/2019	A		5,016
1,715,000	Santa Clara County, CA Hsg. Authority (John Burns Gardens Apartments)		5.850		08/01/2031		09/30/2019	A		1,720,488
1,430,000	Santa Clara County, CA Hsg. Authority (Julian Street Partners)		4.750		11/01/2027		11/01/2020	A		1,487,615
30,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments)		5.700		08/01/2021		09/30/2019	A		30,063
635,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2023		11/15/2022	A		700,970
325,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2024		11/15/2022	A		358,228
925,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2025		11/15/2022	A		1,015,632
785,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2027		11/15/2022	A		858,837

34          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$1,170,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000%		11/15/2028		11/15/2022	A	$	1,276,248
20,000	Santa Nella County, CA Water District		6.250		09/02/2028		02/17/2020	A		20,002
10,000	Santa Rosa, CA Improvement Bond Act 1915 (Nielson Ranch)		6.700		09/02/2022		01/20/2020	A		10,150
710,000	Saugus, CA Union School District Community Facilities District No.2002-1		5.000		09/01/2025		09/01/2023	A		795,094
770,000	Saugus, CA Union School District Community Facilities District No.2002-1		5.000		09/01/2026		09/01/2023	A		861,022
830,000	Saugus, CA Union School District Community Facilities District No.2002-1		5.000		09/01/2027		09/01/2023	A		924,736
895,000	Saugus, CA Union School District Community Facilities District No.2002-1		5.000		09/01/2028		09/01/2023	A		993,522
1,390,000	Selma, CA Redevel. Agency		5.750		09/01/2024		09/30/2019	A		1,391,418
10,000	Sequoia, CA Hospital District		5.375		08/15/2023		08/28/2021	A		10,986
40,000	Signal Hill CA Redevel. Agency		5.250		10/01/2024		10/01/2019	A		40,130
25,000	Simi Valley, CA Community Devel. Agency (Tapo Canyon & West End)		5.000		09/01/2030		09/30/2019	A		25,070
525,000	Simi Valley, CA Community Devel. Agency (Tapo Canyon & West End)		5.250		09/01/2019		09/01/2019			525,000
25,000	Simi Valley, CA Community Devel. Agency (Tapo Canyon & West End)		5.250		09/01/2021		09/30/2019	A		25,078
1,020,000	Sonora, CA Union High School District		5.625		08/01/2029		08/01/2023	A		1,187,494
1,925,000	South Gate, CA Utility Authority		5.250		10/01/2027		10/01/2022	A		2,152,343
1,115,000	South Pasadena, CA Water		5.000		10/01/2036		10/01/2026	A		1,376,668
260,000	Southern CA Mono Health Care District		5.000		08/01/2021		08/01/2021			277,714
20,000	Southern CA Public Power Authority		5.750		07/01/2021		09/30/2019	A		20,071
1,450,000	Southern CA Tobacco Securitization Authority		4.750		06/01/2025		09/15/2019	A		1,456,873
5,000	Stockton, CA Improvement Bond Act 19151		5.800		09/02/2020		12/05/2019	A		5,096
1,700,000	Stockton, CA Public Financing Authority (Build America Bonds - Delta Water Supply)		6.250		10/01/2040		10/01/2023	A		2,037,195
25,000	Stockton, CA Public Financing Authority (Parking & Capital Projects)		5.375		09/01/2021		09/30/2019	A		25,020
20,000	Sulphur Springs, CA Union School District		4.125		09/01/2033		03/01/2020	A		20,875

35          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$15,000	Sunnyvale, CA COP (Parking Facility)1		5.000%		10/01/2022		09/30/2019	A	$	15,045
300,000	Sutter Butte, CA Flood Agency Assessment		5.000		10/01/2025		10/01/2023	A		343,809
415,000	Sutter Butte, CA Flood Agency Assessment		5.000		10/01/2026		10/01/2023	A		474,822
700,000	Sutter Butte, CA Flood Agency Assessment		5.000		10/01/2027		10/01/2023	A		794,969
1,465,000	Sutter Butte, CA Flood Agency Assessment		5.000		10/01/2028		10/01/2023	A		1,664,108
1,490,000	Sutter Butte, CA Flood Agency Assessment		5.000		10/01/2029		10/01/2023	A		1,687,768
825,000	Tejon Ranch, CA Public Facilities Finance Authority Special Tax		5.250		09/01/2028		09/01/2022	A		903,746
35,000	Tracy, CA Community Facilities District		6.300		09/01/2026		02/12/2020	A		35,616
25,000	Tracy, CA Community Facilities District (205 Parcel Glen)		6.250		09/01/2032		09/30/2019	A		25,053
30,000	Truckee-Donner, CA Public Utility District Special Tax		5.800		09/01/2035		05/26/2033	B		29,778
420,000	Tustin, CA Community Facilities District Special Tax (Legacy/John Laing Homes)		5.000		09/01/2024		09/01/2023	A		477,204
445,000	Tustin, CA Community Facilities District Special Tax (Legacy/John Laing Homes)		5.000		09/01/2025		09/01/2023	A		505,382
470,000	Tustin, CA Community Facilities District Special Tax (Legacy/John Laing Homes)		5.000		09/01/2026		09/01/2023	A		532,980
490,000	Tustin, CA Community Facilities District Special Tax (Legacy/John Laing Homes)		5.000		09/01/2027		09/01/2023	A		554,019
515,000	Tustin, CA Community Facilities District Special Tax (Legacy/John Laing Homes)		5.000		09/01/2028		09/01/2023	A		580,951
125,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)		7.125		09/01/2026		09/01/2021	A		140,219
250,000	Ukiah, CA Redevel. Agency (Ukiah Redevel.)		6.500		12/01/2028		06/01/2021	A		272,360
175,000	Vacaville, CA Redevel. Agency (Vacaville Community Hsg.)		6.000		11/01/2024		09/15/2019	A		175,690
5,000	Vallejo, CA Public Financing Authority, Series A1		7.500		09/01/2020		12/04/2019	A		5,130
30,000	Vallejo, CA Quadrant Improvement District No. 001		6.000		09/01/2026		03/01/2020	A		30,225
30,000	Vallejo, CA Quadrant Improvement District No. 001		6.125		09/01/2034		03/01/2020	A		30,208
1,230,000	Vernon, CA Electric System		5.125		08/01/2021		09/30/2019	A		1,234,170

36          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$850,000	Vernon, CA Electric System		5.125%		08/01/2033		08/01/2022	A	$	910,962
25,000	Victorville, CA Redevel. Agency (Bear Valley Road)		5.125		12/01/2031		09/30/2019	A		25,073
5,000	Vista, CA Unified School District		5.125		05/01/2023		11/01/2019	A		5,032
5,000	Wasco, CA Public Financing Authority		7.500		09/15/2023		09/30/2019	A		5,011
875,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)		7.000		09/01/2026		09/01/2021	A		987,446
1,000,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)		7.250		09/01/2031		09/01/2021	A		1,131,250
20,000	West Kern, CA Community College District		4.500		11/01/2031		10/29/2019	A		20,100
1,150,000	Western Riverside County, CA Trust & Wastewater Finance Authority		5.000		09/01/2025		09/30/2019	A		1,152,484
2,335,000	Western Riverside County, CA Trust & Wastewater Finance Authority		5.000		09/01/2025		09/01/2023	A		2,670,796
1,255,000	Western Riverside County, CA Trust & Wastewater Finance Authority		5.000		09/01/2027		09/30/2019	A		1,257,510
835,000	William S. Hart CA Union High School District		5.000		09/01/2025		09/01/2023	A		938,958
155,000	Yuba County, CA COP		5.000		02/01/2024		08/01/2020	A		160,329
165,000	Yuba County, CA COP		5.000		02/01/2025		08/01/2020	A		170,745
170,000	Yuba County, CA COP		5.000		02/01/2026		08/01/2020	A		175,950
180,000	Yuba County, CA COP		5.000		02/01/2027		08/01/2020	A		186,356
190,000	Yuba County, CA COP		5.000		02/01/2028		08/01/2020	A		196,703
200,000	Yuba County, CA COP		5.000		02/01/2029		08/01/2020	A		207,126
										500,119,862
U.S. Possessions—8.8%
1,250,000	Guam International Airport Authority		6.000		10/01/2023		09/30/2019	A		1,254,100
100,000	Guam Power Authority, Series A		5.000		10/01/2019		10/01/2019			100,273
150,000	Guam Power Authority, Series A		5.000		10/01/2020		10/01/2020			155,854
150,000	Guam Power Authority, Series A		5.000		10/01/2021		10/01/2021			161,125
155,000	Guam Power Authority, Series A		5.000		10/01/2022		10/01/2022			171,794
265,000	Guam Power Authority, Series A		5.000		10/01/2025		10/01/2022	A		294,646
225,000	Guam Power Authority, Series A		5.000		10/01/2026		10/01/2022	A		250,069
155,000	Guam Power Authority, Series A		5.000		10/01/2027		10/01/2022	A		172,027
12,509,000	Puerto Rico Children’s Trust Fund (TASC)		5.375		05/15/2033		09/30/2019	A		12,692,632
3,000,000	Puerto Rico Children’s Trust Fund (TASC)		5.500		05/15/2039		09/30/2019	A		3,051,300
130,000	Puerto Rico Commonwealth GO4		5.000		07/01/2018		07/01/2018			94,738
1,000,000	Puerto Rico Commonwealth GO4		5.000		07/01/2020		07/01/2020			728,750

37          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
U.S. Possessions (Continued)
$200,000	Puerto Rico Commonwealth GO4		5.000%		07/01/2022		07/01/2022		$	146,250
100,000	Puerto Rico Commonwealth GO4		5.375		07/01/2030		07/01/2030			69,250
126,075	Puerto Rico Commonwealth GO, FGIC6		5.500		07/01/2017		07/01/2017			104,327
1,270,000	Puerto Rico Commonwealth GO, NPFGC		5.500		07/01/2020		07/01/2020			1,298,766
560,000	Puerto Rico Commonwealth GO4		5.625		07/01/2031		02/04/2031	B		408,800
370,000	Puerto Rico Commonwealth GO, NPFGC		6.000		07/01/2027		09/30/2019	A		378,151
2,000,000	Puerto Rico Commonwealth GO4		6.000		07/01/2029		07/01/2029			1,390,000
45,000	Puerto Rico Commonwealth GO, AGC		6.1252		07/01/2024		08/14/2022	B		48,556
175,000	Puerto Rico Electric Power Authority, Series PP, NPFGC		5.000		07/01/2022		09/30/2019	A		176,904
470,000	Puerto Rico Electric Power Authority, Series PP, NPFGC		5.000		07/01/2025		09/30/2019	A		474,587
3,690,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000		07/01/2023		09/30/2019	A		3,728,745
520,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000		07/01/2024		09/30/2019	A		525,268
100,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000		07/01/2024		09/30/2019	A		101,013
25,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000		07/01/2025		09/30/2019	A		25,244
455,000	Puerto Rico Electric Power Authority, Series UU, AGC		5.000		07/01/2024		09/30/2019	A		466,211
15,000	Puerto Rico HFA		5.500		12/01/2019		09/30/2019	A		15,106
175,000	Puerto Rico Highway & Transportation Authority, AGC		5.000		07/01/2028		09/30/2019	A		179,279
600,000	Puerto Rico Highway & Transportation Authority, NPFGC		5.000		07/01/2029		09/30/2019	A		604,734
1,000,000	Puerto Rico Highway & Transportation Authority, FGIC6		5.250		07/01/2022		07/01/2022			827,500
70,000	Puerto Rico Highway & Transportation Authority, Series G, FGIC6		5.000		07/01/2022		07/01/2022			57,925
100,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000		04/01/2021		04/01/2021			102,043
100,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000		04/01/2022		04/01/2022			102,004
2,365,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625		06/01/2026		09/30/2019	A		2,427,081
50,000	Puerto Rico ITEMECF (International American University)		5.000		10/01/2021		10/01/2021			51,882
40,000	Puerto Rico Municipal Finance Agency, Series A, AGC		4.750		08/01/2022		09/30/2019	A		40,503
830,000	Puerto Rico Municipal Finance Agency, Series A, AGC		5.250		08/01/2020		09/30/2019	A		841,612

38          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
U.S. Possessions (Continued)
$1,750,000	Puerto Rico Public Finance Corp., Series B4		5.500%		08/01/2031		07/17/2029	B	$	105,000
600,000	Puerto Rico Public Finance Corp., Series B4		6.000		08/01/2024		08/01/2024			36,000
1,400,000	Puerto Rico Public Finance Corp., Series B4		6.000		08/01/2025		08/01/2025			84,000
3,300,000	Puerto Rico Public Finance Corp., Series B4		6.000		08/01/2026		08/01/2026			198,000
8,544,000	Puerto Rico Sales Tax Financing Corp., Series A		4.552 5		07/01/2031		01/10/2031	B		5,792,319
1,125,000	Puerto Rico Sales Tax Financing Corp., Series A		4.8865		07/01/2033		12/21/2032	B		695,858
151,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		3.9735		07/01/2024		07/09/2023	B		131,749
290,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.2595		07/01/2027		08/15/2026	B		229,474
754,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.3815		07/01/2029		01/12/2029	B		554,635
4,057,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.500		07/01/2034		07/01/2025	A		4,342,856
4,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.550		07/01/2040		07/01/2028	A		4,129
4,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.750		07/01/2053		07/01/2028	A		4,111
5,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.000		07/01/2058		07/01/2028	A		5,226
5,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.8945		07/01/2046		12/21/2042	A		1,343
5,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.9515		07/01/2051		07/01/2028	A		972
1,547,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.329		07/01/2040		07/01/2028	A		1,576,006
46,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.536		07/01/2053		07/01/2028	A		46,746
620,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.784		07/01/2058		07/01/2028	A		637,825
315,000	University of Puerto Rico, Series P		5.000		06/01/2024		06/01/2024			314,606
100,000	University of Puerto Rico, Series P, NPFGC		5.000		06/01/2024		09/30/2019	A		101,013
540,000	University of Puerto Rico, Series Q		5.000		06/01/2021		09/30/2019	A		541,350
25,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000		10/01/2022		09/30/2019	A		25,189
300,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000		10/01/2023		09/30/2019	A		302,268
90,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000		10/01/2024		09/30/2019	A		90,682
170,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000		10/01/2025		09/30/2019	A		171,294

39          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
U.S. Possessions (Continued)
$125,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000%		10/01/2026		09/30/2019	A	$	125,955
										49,837,655
Total Investments, at Value (Cost $525,311,881)—97.3%										549,957,517
Net Other Assets (Liabilities)—2.7										15,115,329
Net Assets—100.0%									$	565,072,846

Footnotes to Schedule of Investments

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

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

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

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

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

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

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

4. This security is 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. Zero coupon bond reflects effective yield on the original acquisition date.

6. 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.

To simplify the listings of securities, abbreviations are used per the table below:
ABAG	Association of Bay Area Governments
AGC	Assured Guaranty Corp.
CDA	Communities Devel. Authority
CFD	Community Facilities District
CHCC	Community Hospitals of Central California
CHF	City Hospital Foundation
COP	Certificates of Participation
CVHP	Citrus Valley Health Partners
CVMC	Citrus Valley Medical Center
EMC	Eden Medical Center
FCHMC	Fresno Community Hospital & Medical Center
FGIC	Financial Guaranty Insurance Co.
FH	Foothill Hospital
GCCCD	Grossmont-Cuyamaca Community College District
GO	General Obligation
HFA	Housing Finance Agency
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
MPHS	Mills-Peninsula Health Services

40          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
M-S-R	Modesto Irrigation District of the City of Santa Clara and the City of Redding
NCCD	National Campus and Community Development
NPFGC	National Public Finance Guarantee Corp.
PAMFHCR&E	Palo Alto Medical Foundation for Health Care Research & Education
PCCD	Palomar Community College District
SBH	Sutter Bay Hospitals
SBMF	Sutter Bay Medical Foundation
SCHosp	Sutter Coast Hospital
SCVH	Sutter Central Valley Hospitals
SEBH	Sutter East Bay Hospitals
SGMF	Sutter Gould Medical Foundation
SHlth	Sutter Health
SHSSR	Sutter Health Sacramento Sierra Regional
SMCCV	Sutter Medical Center of Castro Valley
SMF	Sutter Medical Foundation
STTJCCD	Shasta-Tehama-Trinity Joint Community College District
SVlyH	Sutter Valley Hospitals
SVMF	Sutter Valley Medical Foundation
SVNA&H	Sutter Visiting Nurse Association & Hospice
TASC	Tobacco Settlement Asset-Backed Bonds
UCI	University of California Irvine
UCR	University of California Riverside
V.I.	United States Virgin Islands
See accompanying Notes to Financial Statements.

41          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSJuly 31, 2019

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Municipal Bonds and Notes—98.4%
California—89.5%
$25,000	Adelanto, CA Elementary School District COP		4.375%		09/01/2036		09/01/2019	A	$	25,036
405,000	Adelanto, CA Improvement Agency, Series B		5.500		12/01/2023		12/01/2019	A		406,235
655,000	Adelanto, CA Public Financing Authority, Series B		6.300		09/01/2028		09/01/2019	A		657,843
3,615,000	Adelanto, CA Public Utility Authority		5.000		07/01/2024		08/31/2019	A		3,623,712
10,000	Alameda County, CA Redevel. Agency (Eden Area Redevel.)		4.375		08/01/2030		08/31/2019	A		10,014
1,750,000	Alameda, CA Corridor Transportation Authority		5.000		10/01/2029		10/01/2023	A		2,009,665
55,000	Apple Valley, CA Redevel. Agency Tax Allocation		4.750		06/01/2037		08/31/2019	A		55,123
180,000	Arcadia, CA Redevel. Agency Tax Allocation (Central Redevel.)		5.125		05/01/2023		08/31/2019	A		180,596
3,490,000	Azusa, CA Special Tax Community Facilities DistrictNo. 05-1		5.000		09/01/2027		09/01/2019	A		3,501,238
655,000	Beaumont, CA Financing Authority, Series A		5.000		09/01/2027		09/01/2023	A		723,493
200,000	Beaumont, CA Financing Authority, Series A		6.375		09/01/2042		09/01/2021	A		215,866
95,000	Beaumont, CA Financing Authority, Series A		7.000		09/01/2023		09/01/2019	A		95,180
740,000	Beaumont, CA Financing Authority, Series B		5.000		09/01/2025		09/12/2024	B		845,073
20,000	Beaumont, CA Financing Authority, Series C		4.750		09/01/2028		08/24/2019	A		20,022
25,000	Bell, CA Community Redevel. Agency Tax Allocation		5.625		10/01/2033		08/31/2019	A		25,095
90,000	Blythe, CA Financing Authority (City Hall & County Courthouse)		5.500		09/01/2027		09/01/2019	A		90,204
100,000	Buena Park, CA Community Redevel. Agency		5.250		09/01/2025		09/01/2019	A		100,316
100,000	Buena Park, CA Community Redevel. Agency		5.625		09/01/2033		09/01/2019	A		100,349
250,000	CA ABAG Finance Authority for NonProfit Corporations (Episcopal Senior Communities)		5.000		07/01/2024		07/01/2022	A		274,950
5,000	CA ABAG Finance Authority for NonProfit Corporations COP		5.800		03/01/2023		09/01/2019	A		5,020
215,000	CA ABAG Finance Authority for NonProfit Corporations COP (Palo Alto Gardens Apartments)		5.350		10/01/2029		08/31/2019	A		215,434
185,000	CA Bay Area Governments Association		6.000		12/15/2024		12/15/2019	A		188,624
490,000	CA Communities Transportation Revenue COP		5.250		06/01/2023		06/01/2022	A		543,312

42          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$515,000	CA Communities Transportation Revenue COP		5.250%		06/01/2024		06/01/2022	A	$	568,550
545,000	CA Communities Transportation Revenue COP		5.250		06/01/2025		06/01/2022	A		599,042
575,000	CA Communities Transportation Revenue COP		5.250		06/01/2026		06/01/2022	A		631,172
605,000	CA Communities Transportation Revenue COP		5.250		06/01/2027		06/01/2022	A		663,503
25,000	CA Community College Financing Authority (GCCCD/PCCD/STTJCCD Obligated Group)		5.000		04/01/2021		10/01/2019	A		25,162
680,000	CA Community College Financing Authority (GCCCD/PCCD/STTJCCD Obligated Group)		5.625		04/01/2026		10/01/2019	A		685,046
600,000	CA Community College Financing Authority (NCCD-Orange Coast Properties)		5.000		05/01/2033		05/01/2028	A		712,926
4,760,000	CA County Tobacco Securitization Agency		4.000		06/01/2029		08/31/2019	A		4,848,346
190,000	CA County Tobacco Securitization Agency (TASC)		5.000		06/01/2026		08/31/2019	A		190,030
415,000	CA County Tobacco Securitization Agency (TASC)		5.100 1		06/01/2028		08/15/2019	A		415,166
2,115,000	CA County Tobacco Securitization Agency (TASC)		5.250 1		06/01/2021		08/15/2019	A		2,149,601
40,000	CA County Tobacco Securitization Agency (TASC)		5.450 1		06/01/2028		08/15/2019	A		40,709
1,650,000	CA County Tobacco Securitization Agency (TASC)		5.750		06/01/2029		08/31/2019	A		1,668,100
5,000	CA County Tobacco Securitization Agency (TASC)		5.875		06/01/2027		08/31/2019	A		5,005
390,000	CA County Tobacco Securitization Agency (TASC)		5.875		06/01/2035		08/31/2019	A		394,048
295,000	CA County Tobacco Securitization Agency (TASC)		5.875		06/01/2043		08/31/2019	A		299,263
5,230,000	CA County Tobacco Securitization Agency (TASC)		6.000		06/01/2035		08/31/2019	A		5,233,033
4,735,000	CA County Tobacco Securitization Agency (TASC)		6.000		06/01/2042		08/31/2019	A		4,781,640
335,000	CA Dept. of Water Resources (Center Valley)		5.250		07/01/2022		08/31/2019	A		336,172
1,135,000	CA Educational Facilities Authority (California College of Arts & Crafts)		5.000		06/01/2022		06/01/2022			1,248,296
400,000	CA Educational Facilities Authority (California College of Arts & Crafts)		5.000		06/01/2024		06/01/2022	A		436,848
710,000	CA Educational Facilities Authority (Loma Linda University)		5.000		04/01/2030		04/01/2027	A		874,102

43          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$1,250,000	CA Educational Facilities Authority (Loyola Marymount University)		5.125%		10/01/2040		10/01/2019	A	$	1,259,512
120,000	CA Educational Facilities Authority (Southwestern Law School)		5.000		11/01/2023		08/31/2019	A		120,359
5,000	CA GO		5.000		10/01/2022		08/31/2019	A		5,016
105,000	CA GO		5.000		11/01/2022		11/01/2019	A		106,054
35,000	CA GO		5.000		11/01/2022		11/01/2019	A		35,351
20,000	CA GO		5.000		10/01/2023		08/31/2019	A		20,065
35,000	CA GO		5.000		10/01/2023		08/31/2019	A		35,114
5,000	CA GO		5.000		10/01/2028		08/31/2019	A		5,016
20,000	CA GO		5.125		10/01/2027		08/31/2019	A		20,066
5,000	CA GO		5.200		11/01/2031		08/31/2019	A		5,017
25,000	CA GO		5.250		04/01/2021		08/31/2019	A		25,086
95,000	CA GO		5.250		06/01/2021		12/01/2019	A		96,366
4,970,000	CA GO		5.250		09/01/2024		09/01/2021	A		5,407,111
110,000	CA GO		5.375		06/01/2026		12/01/2019	A		111,545
15,000	CA GO		5.375		06/01/2026		12/01/2019	A		15,211
5,000	CA GO		5.500		03/01/2020		09/01/2019	A		5,019
20,000	CA GO		5.500		10/01/2022		10/01/2019	A		20,151
65,000	CA GO		5.600		09/01/2021		09/01/2019	A		65,245
5,000	CA GO		5.600		09/01/2021		09/01/2019	A		5,019
80,000	CA GO		5.625		10/01/2021		10/01/2019	A		80,616
235,000	CA GO		5.625		10/01/2023		10/01/2019	A		236,798
10,000	CA GO		5.625		09/01/2024		09/01/2019	A		10,037
40,000	CA GO		5.625		05/01/2026		08/31/2019	A		40,145
10,000	CA GO		5.625		10/01/2026		10/01/2019	A		10,073
85,000	CA GO		5.750		03/01/2023		09/01/2019	A		85,328
1,465,000	CA GO		5.900		04/01/2023		10/01/2019	A		1,476,866
230,000	CA GO		5.900		04/01/2023		10/01/2019	A		231,863
75,000	CA GO		5.900		03/01/2025		09/01/2019	A		75,298
55,000	CA GO		6.000		10/01/2021		10/01/2019	A		55,492
45,000	CA GO		6.000		03/01/2024		09/01/2019	A		45,181
5,000	CA GO		6.000		05/01/2024		11/01/2019	A		5,067
90,000	CA GO		6.000		08/01/2024		02/01/2020	A		92,414
9,595,000	CA GO		6.000		11/01/2039		11/01/2019	A		9,712,731
150,000	CA GO		6.250		10/01/2019		10/01/2019			151,300
230,000	CA GO		6.250		10/01/2019		10/01/2019			231,994
1,850,000	CA Golden State Tobacco Securitization Corp.		5.000		06/01/2027		06/01/2027			2,218,742
6,560,000	CA Golden State Tobacco Securitization Corp.		5.000		06/01/2028		06/01/2027	A		7,817,093
2,090,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.000		06/01/2029		06/01/2027	A		2,474,121
1,750,000	CA Health Facilities Financing Authority (Cedars-Sinai Medical Center)		5.000		11/15/2032		11/15/2025	A		2,106,510
1,750,000	CA Health Facilities Financing Authority (El Camino Hospital)		5.000		02/01/2032		02/01/2025	A		2,059,470

44          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$3,000,000	CA Health Facilities Financing Authority (El Camino Hospital)		5.000%		02/01/2033		02/01/2025	A	$	3,522,450
15,000	CA Health Facilities Financing Authority (Gateways Hospital & Mental Health Center)		4.300		12/01/2023		08/31/2019	A		15,042
10,000	CA Health Facilities Financing Authority (Gateways Hospital & Mental Health Center)		4.450		12/01/2024		08/31/2019	A		10,029
1,000,000	CA Health Facilities Financing Authority (Providence Health & Services Obligated Group)		5.500		10/01/2039		10/01/2019	A		1,007,600
25,000	CA Health Facilities Financing Authority (San Fernando Valley Community Mental Health Center)		5.250		06/01/2023		08/31/2019	A		25,043
1,000,000	CA Health Facilities Financing Authority (SHlth/EMC/MPHS/ PAMFHCR&E/SCHosp/SCVH/SEBH/SGMF/SHSSR/SMF/SMCCV Obligated Group)		5.250		08/15/2031		08/15/2021	A		1,081,030
1,800,000	CA Health Facilities Financing Authority (SHlth/SBH/SVNA&H/ SVMF/SVlyH/SCHosp/SEBH/SBMF Obligated Group)		5.000		11/15/2032		11/15/2027	A		2,249,010
3,000,000	CA Health Facilities Financing Authority (SHlth/SBH/SVNA&H/ SVMF/SVlyH/SCHosp/SEBH/SBMF Obligated Group)		5.000		11/15/2033		11/15/2027	A		3,736,080
1,500,000	CA Health Facilities Financing Authority (SHlth/SBH/SVNA&H/ SVMF/SVlyH/SCHosp/SEBH/SBMF Obligated Group)		5.000		11/15/2035		11/15/2027	A		1,852,110
4,490,000	CA Health Facilities Financing Authority (SHlth/SBH/SVNA&H/ SVMF/SVlyH/SCHosp/SEBH/SBMF Obligated Group)		5.000		11/15/2037		11/15/2027	A		5,495,984
150,000	CA HFA (Multifamily Hsg.)		5.850 2		02/01/2037		08/01/2019	A		150,000
1,505,000	CA Infrastructure and Economic Devel. (California Science Center Foundation)		5.000		05/01/2027		11/01/2026	A		1,868,051
775,000	CA Infrastructure and Economic Devel. (California Science Center Foundation)		5.000		05/01/2028		11/01/2026	A		958,520
910,000	CA Infrastructure and Economic Devel. (California Science Center Foundation)		5.000		05/01/2029		11/01/2026	A		1,120,219
740,000	CA Infrastructure and Economic Devel. (California Science Center Foundation)		5.000		05/01/2030		11/01/2026	A		905,257

45          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$910,000	CA Infrastructure and Economic Devel. (California Science Center Foundation)		5.000%		05/01/2031		11/01/2026	A	$	1,107,170
5,000,000	CA Infrastructure and Economic Devel. (Segerstrom Center for the Arts)		5.000		07/01/2026		07/01/2026			6,161,250
40,000	CAM-S-R Public Power Agency (San Juan)		6.000		07/01/2022		12/31/2019	A		44,030
335,000	CA Municipal Finance Authority (Biola University)		5.000		10/01/2029		10/01/2023	A		379,599
465,000	CA Municipal Finance Authority (Biola University)		5.000		10/01/2030		10/01/2023	A		524,473
3,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000		02/01/2028		02/01/2027	A		3,653,640
3,400,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000		02/01/2029		02/01/2027	A		4,117,638
3,500,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000		02/01/2030		02/01/2027	A		4,209,625
2,000,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000		02/01/2031		02/01/2027	A		2,388,740
1,500,000	CA Municipal Finance Authority (CHCC/FCHMC Obligated Group)		5.000		02/01/2032		02/01/2027	A		1,781,505
10,385,000	CA Municipal Finance Authority(CHF-Davis-West Village Student Hsg.)		5.000		05/15/2033		11/15/2028	A		12,890,070
2,500,000	CA Municipal Finance Authority(CHF-Davis-West Village Student Hsg.)		5.000		05/15/2037		11/15/2028	A		3,004,825
2,120,000	CA Municipal Finance Authority(CHF-Riverside-UCR Dundee Glasgow Student Hsg.)		5.000		05/15/2032		11/15/2028	A		2,646,523
2,000,000	CA Municipal Finance Authority(CHF-Riverside-UCR Dundee Glasgow Student Hsg.)		5.000		05/15/2033		11/15/2028	A		2,482,440
1,260,000	CA Municipal Finance Authority(CHF-Riverside-UCR Dundee Glasgow Student Hsg.)		5.000		05/15/2034		11/15/2028	A		1,556,377
1,900,000	CA Municipal Finance Authority(CHF-Riverside-UCR Dundee Glasgow Student Hsg.)		5.000		05/15/2036		11/15/2028	A		2,325,942
2,275,000	CA Municipal Finance Authority(CHF-Riverside-UCR Dundee Glasgow Student Hsg.)		5.000		05/15/2038		11/15/2028	A		2,767,742
2,155,000	CA Municipal Finance Authority (Eisenhower Medical Center)		5.000		07/01/2030		07/01/2027	A		2,598,758
40,000	CA Municipal Finance Authority (Emerson College)		5.000		01/01/2028		01/01/2022	A		43,299
190,000	CA Municipal Finance Authority (Emerson College)		5.000		01/01/2028		01/01/2022	A		208,607

46          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$8,385,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)		5.000%		12/31/2033		06/30/2028	A	$	10,112,478
6,500,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)		5.000		12/31/2034		06/30/2028	A		7,802,600
2,700,000	CA Municipal Finance Authority (Lax Integrated Express Solutions)		5.000		12/31/2035		06/30/2028	A		3,229,659
1,000,000	CA Municipal Finance Authority (NorthBay Healthcare Group/NorthBay Healthcare Corp. Obligated Group)		5.000		11/01/2028		11/01/2026	A		1,177,900
440,000	CA Municipal Finance Authority (NorthBay Healthcare Group/NorthBay Healthcare Corp. Obligated Group)		5.000		11/01/2030		11/01/2024	A		496,192
1,100,000	CA Municipal Finance Authority (NorthBay Healthcare Group/NorthBay Healthcare Corp. Obligated Group)		5.000		11/01/2035		11/01/2024	A		1,217,304
750,000	CA Municipal Finance Authority (NorthBay Healthcare Group/NorthBay Healthcare Corp. Obligated Group)		5.250		11/01/2029		11/01/2026	A		885,712
3,080,000	CA Municipal Finance Authority (UCR North District Phase I Student Hsg.)		5.000		05/15/2040		11/15/2029	A		3,784,642
1,580,000	CA Municipal Financing Authority (San Bernardino Municipal Water Facilities)		5.000		08/01/2033		08/01/2026	A		1,879,805
1,715,000	CA Municipal Financing Authority (San Bernardino Municipal Water Facilities)		5.000		08/01/2035		08/01/2026	A		2,027,473
1,000,000	CA Pollution Control Financing Authority (Calplant I)		7.000		07/01/2022		10/09/2021	B		1,029,770
4,000,000	CA Pollution Control Financing Authority (Calplant I)		7.500		07/01/2032		07/01/2022	A		4,197,880
1,000,000	CA Pollution Control Financing Authority (Poseidon Resources Channelside)		5.000		07/01/2030		07/01/2022	A		1,085,470
1,500,000	CA Pollution Control Financing Authority (San Diego County Water Authority)		5.000		07/01/2039		01/01/2029	A		1,800,255
1,030,000	CA Pollution Control Financing Authority (Southern California Water Company)		5.500		12/01/2026		08/31/2019	A		1,031,658
250,000	CA Public Financing Authority (Trinity Classical Academy)		5.000		07/01/2036		03/01/2029	A		266,700
5,000	CA Public Works (California Community Colleges)		4.250		03/01/2026		09/01/2019	A		5,012
50,000	CA Public Works (California Community Colleges)		5.000		10/01/2024		08/31/2019	A		50,162

47          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$50,000	CA Public Works (California Community Colleges)		5.000%		03/01/2027		09/01/2019	A	$	50,158
15,000	CA Public Works (California Community Colleges)		5.125		06/01/2025		08/31/2019	A		15,049
45,000	CA Public Works (California Community Colleges)		5.125		06/01/2029		08/31/2019	A		45,145
110,000	CA Public Works (California Community Colleges)		5.250		09/01/2019		09/01/2019			110,375
20,000	CA Public Works (California Highway Patrol)		5.250		11/01/2020		08/31/2019	A		20,068
2,000,000	CA Public Works (California State Prisons)		5.750		10/01/2031		10/01/2021	A		2,195,540
750,000	CA Public Works (Dept. of Corrections and Rehabilitation)		5.750		11/01/2029		11/01/2019	A		758,527
10,000	CA Public Works (Dept. of Corrections)		4.250		10/01/2021		08/31/2019	A		10,026
350,000	CA Public Works (Dept. of Corrections)		5.500		10/01/2019		08/31/2019	A		351,263
45,000	CA Public Works (Dept. of Corrections)		5.625		10/01/2020		08/31/2019	A		45,167
2,000,000	CA Public Works (Dept. of Forestry & Fire Protection)		5.000		04/01/2026		08/31/2019	A		2,006,440
15,000	CA Public Works (Dept. of Justice Building)		5.250		11/01/2020		08/31/2019	A		15,051
5,000	CA Public Works (Dept. of Mental Health)		4.200		11/01/2026		08/31/2019	A		5,012
20,000	CA Public Works (Dept. of Mental Health)		5.250		04/01/2023		08/31/2019	A		20,076
875,000	CA Public Works (Judicial Council)		5.000		03/01/2026		03/01/2023	A		994,052
3,000,000	CA Public Works (Judicial Council)		5.250		12/01/2026		12/01/2021	A		3,283,950
640,000	CA School Finance Authority Charter School (Coastal Academy)		5.000		10/01/2022		04/24/2021	B		671,200
1,705,000	CA School Finance Authority Charter School (High Tech High Learning)		5.000		07/01/2032		07/01/2027	A		1,994,628
1,265,000	CA School Finance Authority Charter School (Inspire Charter Schools)		3.000		07/15/2020		07/15/2020			1,266,999
1,375,000	CA School Finance Authority School Facility (Escuela Popular Del Pueblo)		5.500		07/01/2027		04/09/2024	B		1,405,896
1,200,000	CA Statewide CDA		1.008 2		04/01/2028		08/31/2019	A		1,200,000
225,000	CA Statewide CDA (American Baptist Homes of the West)		6.000		10/01/2029		10/01/2019	A		226,726
920,000	CA Statewide CDA (Cathedral City Heritage Park/Glendale Heritage Park Obligated Group)		5.200		06/01/2036		08/31/2019	A		925,318
1,500,000	CA Statewide CDA(CHF-Irvine)		5.000		05/15/2030		05/15/2026	A		1,787,985

48          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$310,000	CA Statewide CDA(CHF-Irvine- UCI East Campus Apartments)		5.125%		05/15/2031		05/15/2021	A	$	332,056
1,000,000	CA Statewide CDA(CHF-Irvine- UCI East Campus Apartments)		5.375		05/15/2038		05/15/2021	A		1,069,750
45,000	CA Statewide CDA (Escrow Term)		6.750		09/01/2037		08/17/2019	A		45,063
175,000	CA Statewide CDA (Front Porch Communities & Services)		5.000		04/01/2031		04/01/2027	A		211,293
900,000	CA Statewide CDA (NCCD-Hooper Street - College of the Arts)		5.000		07/01/2029		08/07/2027	B		1,034,325
2,255,000	CA Statewide CDA (Second Street Senior Apartments)		1.440 2		12/15/2036		08/07/2019	A		2,255,000
1,800,000	CA Statewide CDA (Sherman Oaks Health System)3		5.000		08/01/2022		12/04/2020	B		1,885,932
10,000,000	CA Statewide CDA (Southern California Edison)		4.500		09/01/2029		09/01/2020	A		10,314,800
25,000	CA Statewide CDA Community Facilities District		6.350		09/01/2021		08/17/2019	A		25,038
650,000	CA Statewide CDA COP (CVHP/ CVMC/FH Obligated Group)		5.125		04/01/2023		08/31/2019	A		652,483
185,000	CA Statewide CDA School Facilities (47th & Main)		5.125		07/01/2022		03/24/2021	A		196,627
15,000	CA Statewide CDA Water & Wastewater		4.250		10/01/2021		08/31/2019	A		15,048
5,000	CA Statewide CDA Water & Wastewater		5.250		10/01/2027		08/31/2019	A		5,018
2,183,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		5.625		05/01/2029		08/31/2019	A		2,199,285
995,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		5.625		05/01/2029		08/31/2019	A		1,002,423
3,395,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000		05/01/2037		08/31/2019	A		3,419,206
25,000	CA Water Resource Devel. GO, Series N & P		5.000		06/01/2020		08/31/2019	A		25,081
3,480,000	California State University3		4.000		11/01/2041		11/01/2029	A		3,951,053
15,000	Carlsbad, CA Hsg. & Redevel. Commission (Village Redevel.)		5.300		09/01/2023		09/01/2019	A		15,012
10,000	Carlsbad, CA Hsg. & Redevel. Commission Tax Allocation		5.250		09/01/2019		09/01/2019			10,015
5,000	Carlsbad, CA Improvement Bond Act 1915		5.550		09/02/2028		09/02/2019	A		5,013
35,000	Carson, CA Improvement Bond Act 1915		7.375		09/02/2022		09/02/2019	A		35,154
560,000	Castaic, CA Union School District Community Facilities District No.92-1		9.000		10/01/2019		10/01/2019			564,116
5,000	Ceres, CA Redevel. Agency Tax Allocation		4.250		11/01/2025		08/31/2019	A		5,013
5,000	Cerritos, CA Public Financing Authority		4.550		11/01/2024		11/01/2019	A		5,042

49          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$1,230,000	Chino, CA Public Financing Authority		5.000%		09/01/2028		09/01/2025	A	$	1,488,976
1,280,000	Chino, CA Public Financing Authority		5.000		09/01/2029		09/01/2025	A		1,542,874
900,000	Chino, CA Public Financing Authority		5.000		09/01/2030		09/01/2025	A		1,080,774
950,000	Chino, CA Public Financing Authority		5.000		09/01/2031		09/01/2025	A		1,137,159
1,000,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)		5.875		01/01/2034		08/31/2019	A		1,004,040
5,000,000	Chula Vista, CA Industrial Devel. (San Diego Gas & Electric Company)		5.875		02/15/2034		08/31/2019	A		5,020,200
15,000	Colton, CA Public Financing Authority, Series A		4.700		04/01/2032		08/31/2019	A		15,045
1,710,000	Compton, CA Community College District		5.000		07/01/2020		07/01/2020			1,773,013
1,895,000	Compton, CA Community College District		5.000		07/01/2021		07/01/2021			2,039,835
1,310,000	Compton, CA Community College District		5.000		07/01/2023		07/01/2022	A		1,455,620
225,000	Compton, CA Sewer3		5.375		09/01/2023		09/01/2019	A		225,801
25,000	Covina, CA Public Financing Authority		4.125		10/01/2020		10/01/2019	A		25,123
155,000	Cudahy, CA Community Devel. Commission Tax Allocation		6.875		10/01/2019		10/01/2019			156,486
35,000	Cudahy, CA Community Devel. Commission Tax Allocation		6.875		10/01/2020		10/01/2020			37,398
185,000	Cudahy, CA Community Devel. Commission Tax Allocation		7.000		10/01/2021		10/01/2021	A		208,913
110,000	Cudahy, CA Community Devel. Commission Tax Allocation		7.125		10/01/2020		10/01/2020			117,735
130,000	Cudahy, CA Community Devel. Commission Tax Allocation		7.250		10/01/2021		10/01/2021			147,347
315,000	Cudahy, CA Community Devel. Commission Tax Allocation		7.750		10/01/2027		10/01/2021	A		360,398
15,000	Cypress, CA Improvement Bond Act 1915 (Business and Professional Center)		5.700		09/02/2022		08/31/2019	A		15,018
1,000,000	Davis, CA Redevel. Agency Tax Allocation		6.500		12/01/2026		12/01/2021	A		1,118,650
975,000	Delano, CA Union High School District		5.100		02/01/2023		02/01/2023			1,105,504
200,000	Dinuba, CA Redevel. Agency Tax Allocation3		5.750		09/01/2028		04/22/2021	C		214,500
80,000	Downey, CA Community Devel. Commission Tax Allocation (Downey Redevel.)3		5.125		08/01/2020		11/03/2019	A		80,686

50          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$50,000	Downey, CA Community Devel. Commission Tax Allocation (Downey Redevel.)		5.125%		08/01/2028		02/01/2020	A	$	50,481
630,000	El Dorado County, CA Special Tax Community Facilities District No. 9288		5.000		09/01/2026		09/01/2022	A		697,152
800,000	El Dorado County, CA Special Tax Community Facilities District No. 9288		5.000		09/01/2027		09/01/2022	A		884,240
1,440,000	El Monte, CA Union High School District		4.000		06/01/2037		06/01/2027	A		1,608,293
290,000	Fontana, CA Special Tax Community Facilities District No. 80		5.000		09/01/2026		09/01/2026			345,361
175,000	Fontana, CA Special Tax Community Facilities District No. 80		5.000		09/01/2029		09/01/2027	A		209,583
675,000	Fresno, CA Joint Powers Financing Authority		5.000		04/01/2030		04/01/2027	A		826,132
1,000,000	Fresno, CA Joint Powers Financing Authority		5.000		04/01/2031		04/01/2027	A		1,212,920
500,000	Fresno, CA Joint Powers Financing Authority		5.000		04/01/2032		04/01/2027	A		604,390
20,000	Fresno, CA Sewer System		4.625		09/01/2037		09/01/2019	A		20,051
400,000	Galt, CA Redevel. Agency Tax Allocation		7.375		09/01/2033		09/01/2021	A		448,152
20,000	Granada, CA Sanitation District Improvement Bond Act 1915		6.125		09/02/2022		09/02/2019	A		20,069
425,000	Grand Terrace, CA Community Redevel. Agency		5.100		09/01/2022		09/01/2019	A		430,567
5,000	Greenfield, CA Union Elementary School District		4.000		08/01/2021		08/31/2019	A		5,012
3,220,000	Hawthorne, CA Community Redevel. Agency Special Tax		6.125		10/01/2025		10/01/2019	A		3,241,220
45,000	Hawthorne, CA Parking Authority		8.125		09/01/2019		09/01/2019			45,129
5,000	Hollister, CA Improvement Bond Act 1915		7.125		09/02/2022		09/02/2019	A		5,159
5,000	Huntington Beach, CA Community Facilities District		5.400		10/01/2020		10/01/2019	A		5,035
20,000	Huntington Beach, CA Community Facilities District Special Tax		6.250		09/01/2027		09/01/2019	A		20,085
1,055,000	Huntington Beach, CA Community Facilities District Special Tax (Huntington Center)		5.250		09/01/2025		09/01/2019	A		1,057,680
1,115,000	Huntington Beach, CA Community Facilities District Special Tax (Huntington Center)		5.250		09/01/2026		09/01/2019	A		1,117,810

51          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$15,000	Huntington Beach, CA Redevel. Agency (Huntington Beach Redevel.)		5.000%		08/01/2024		08/31/2019	A	$	15,050
25,000	Huntington Park, CA Public Financing Authority		5.000		09/01/2022		09/01/2019	A		25,079
2,735,000	Imperial, CA Public Financing Authority (Water Facility)		5.000		10/15/2026		10/15/2022	A		3,033,334
4,500,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		3.678		06/01/2038		12/22/2025	B		4,641,255
710,000	Irvine, CA Improvement Bond Act 1915		5.000		09/02/2025		09/02/2023	A		815,705
60,000	Kern Valley, CA Healthcare District		5.250		08/01/2021		08/22/2019	A		60,205
5,000	La Habra, CA Redevel. Agency Community Facilities District		6.000		09/01/2019		09/01/2019			5,006
25,000	La Mesa, CA Improvement Bond Act 19153		5.750		09/02/2023		09/02/2019	A		25,058
615,000	Lancaster, CA Redevel. Agency		5.500		12/01/2028		12/01/2020	A		639,422
2,000,000	Lodi, CA Public Financing Authority		5.250		10/01/2026		04/01/2022	A		2,184,360
1,435,000	Long Beach, CA Bond Finance Authority		5.250		11/15/2023		11/15/2023			1,647,968
850,000	Long Beach, CA Marina System		5.000		05/15/2027		05/15/2025	A		969,187
45,000	Long Beach, CA Special Tax (Pike)		6.250		10/01/2026		08/31/2019	A		45,066
30,000	Long Beach, CA Unified School District		5.750		08/01/2033		08/31/2019	A		30,112
470,000	Long Beach, CA Unified School District		5.750		08/01/2033		08/01/2019	A		470,000
5,000	Los Angeles County, CA Community Facilities District No. 5 (Rowland Heights Area)		5.000		09/01/2019		09/01/2019			5,015
40,000	Los Angeles, CA Community Facilities District Special Tax (Cascade Business Park)3		6.400		09/01/2022		09/01/2019	A		40,063
1,000,000	Los Angeles, CA Dept. of Airports		5.000		05/15/2034		05/15/2028	A		1,226,410
12,570,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)		5.000		05/15/2030		05/15/2029	A		16,029,641
5,000,000	Los Angeles, CA Dept. of Water & Power		5.000		07/01/2038		01/01/2028	A		6,156,050
25,000	Los Angeles, CA Mtg. (Section 8)		5.350		07/01/2022		08/31/2019	A		25,075
5,000	Los Angeles, CA Mtg. (Section 8)		6.500		07/01/2022		08/31/2019	A		5,019
325,000	Madera County, CA Board of Education COP		6.125		10/01/2036		10/01/2021	A		361,306
830,000	Madera County, CA COP (Valley Children’s Hospital)		5.000		03/15/2023		08/31/2019	A		833,279
455,000	Madera County, CA COP (Valley Children’s Hospital)		5.750		03/15/2028		08/31/2019	A		456,797
1,285,000	Manteca, CA Unified School District Special Tax Community Facilities District No. 1989		5.000		09/01/2027		09/01/2023	A		1,467,701

52          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$340,000	Marina, CA Redevel. Agency Tax Allocation		5.000%		09/01/2033		09/01/2025	A	$	390,990
250,000	Marina, CA Redevel. Agency Tax Allocation		5.000		09/01/2033		09/01/2025	A		283,553
1,025,000	Marysville, CA (Fremont-Rideout Health Group/Rideout Memorial Hospital/UnitedCom-Serve Obligated Group)		5.250		01/01/2027		01/01/2021	A		1,086,900
20,000	Maywood, CA Public Financing Authority3		7.000		09/01/2028		09/01/2019	A		20,037
295,000	Modesto, CA COP (Golf Course)		5.000		11/01/2023		12/06/2021	B		307,977
1,000,000	Monrovia, CA Redevel. Agency (Central Redev. Project Area No. 1)		5.000		08/01/2026		08/01/2022	A		1,097,160
2,000,000	Montclair, CA Redevel. Agency Tax Allocation		5.300		10/01/2030		08/31/2019	A		2,001,980
470,000	Montebello, CA Public Financing Authority (Montebello Hotel)		5.000		12/01/2024		08/31/2019	A		471,528
1,050,000	Montebello, CA Public Financing Authority (Montebello Hotel)		5.000		12/01/2028		08/31/2019	A		1,053,045
10,000	Mountain View, CA Water		4.500		06/01/2026		08/31/2019	A		10,025
10,000	Murrieta Valley, CA Unified School District		4.000		09/01/2020		09/01/2019	A		10,024
100,000	National City, CA Community Devel. Commission Tax Allocation (National City Redevel.)		5.250		08/01/2019		08/01/2019	A		100,000
5,000,000	Northern CA Energy Authority		4.000 2		07/01/2049		04/01/2024	A		5,482,950
835,000	Northern, CA Inyo County Local Hospital District		6.375		12/01/2025		12/01/2020	A		864,801
550,000	Oakland, CA Unified School District3		5.000		08/01/2022		05/16/2021	B		586,735
5,000,000	Oakland, CA Unified School District		5.000		08/01/2030		08/01/2026	A		6,039,000
685,000	Oceanside, CA Community Facilities District Special Tax (Ocean Ranch Corp. Center)		5.000		09/01/2026		09/01/2023	A		758,042
745,000	Oceanside, CA Community Facilities District Special Tax (Ocean Ranch Corp. Center)		5.000		09/01/2027		09/01/2023	A		822,599
805,000	Oceanside, CA Community Facilities District Special Tax (Ocean Ranch Corp. Center)		5.000		09/01/2028		09/01/2023	A		884,083
570,000	Ontario, CA Improvement Bond Act 1915 Assessment District No. 108		7.500		09/02/2020		09/02/2019	A		573,095
1,495,000	Orange, CA Community Facilities District Special Tax (Serrano Heights Public Improvements)		5.000		10/01/2028		10/01/2022	A		1,651,586
255,000	Oro Grande, CA Elementary District COP		5.625		09/15/2030		09/15/2020	A		265,164

53          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$50,000	Oxnard, CA Financing Authority		5.300%		06/01/2029		06/01/2021	A	$	53,864
2,000,000	Oxnard, CA Financing Authority Wastewater		5.000		06/01/2029		06/01/2024	A		2,352,060
845,000	Oxnard, CA Harbor District		5.000		08/01/2020		08/01/2020			875,792
460,000	Oxnard, CA School District		5.000		08/01/2026		08/01/2023	A		528,020
530,000	Oxnard, CA School District		5.000		08/01/2027		08/01/2023	A		607,481
125,000	Palmdale, CA Community Facilities District Special Tax		5.400		09/01/2035		09/01/2019	A		125,443
130,000	Palo Alto, CA Utility		5.250		06/01/2021		12/01/2019	A		131,873
15,000	Palo Alto, CA Utility		5.250		06/01/2024		12/01/2019	A		15,213
1,625,000	Palomar, CA Health		5.000		11/01/2031		11/01/2026	A		1,891,354
185,000	Perris, CA Elementary School District		6.000		08/01/2027		08/01/2024	A		226,140
205,000	Perris, CA Elementary School District		6.000		08/01/2028		08/01/2024	A		249,811
2,000,000	Perris, CA Union High School District		4.000		09/01/2040		09/01/2029	A		2,255,020
850,000	Poway, CA Unified School District Public Financing Authority Special Tax		5.000		09/15/2025		09/15/2023	A		984,496
1,205,000	Poway, CA Unified School District Public Financing Authority Special Tax		5.000		09/15/2029		09/15/2023	A		1,389,341
1,800,000	Rancho Cucamonga, CA Community Facilities District Special TaxNo. 2003-1		5.750		09/01/2028		09/01/2019	A		1,805,670
15,000	Rancho Mirage, CA Improvement Bond Act 19153		5.500		09/02/2024		09/02/2019	A		15,013
20,000	Rancho Mirage, CA Improvement Bond Act 19153		5.750		09/02/2022		09/02/2019	A		20,028
20,000	Rancho Mirage, CA Improvement Bond Act 1915		5.750		09/02/2026		09/02/2019	A		20,025
10,000	Redlands, CA Community Facilities District		5.850		09/01/2033		09/01/2019	A		10,010
690,000	Redwood City, CA Special Tax		5.000		09/01/2029		09/01/2022	A		745,090
6,530,000	Richmond, CA Joint Powers Financing Authority		5.500		11/01/2029		12/03/2024	A		7,842,922
450,000	Riverside County, CA Community Facilities District (Lake Hills Crest)		5.000		09/01/2028		09/01/2022	A		486,612
235,000	Riverside County, CA Public Financing Authority COP (Air Force Village West)4		5.750		05/15/2019		05/15/2019			199,750
305,000	Riverside County, CA Redevel. Agency (Jurupa Valley Redevel.)		5.750		10/01/2020		10/01/2020			321,388
315,000	Riverside, CA Improvement Bond Act 1915 (Riverside Auto Center Assessment District)		5.000		09/02/2023		09/02/2019	A		322,081

54          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$335,000	Riverside, CA Improvement Bond Act 1915 (Riverside Auto Center Assessment District)		5.000%		09/02/2024		09/02/2019	A	$	342,501
200,000	Riverside, CA Improvement Bond Act 1915 (Riverwalk Business)		6.250		09/02/2029		09/02/2019	A		200,882
1,640,000	Riverside, CA Public Financing Authority		5.000		11/01/2027		11/01/2022	A		1,837,948
1,155,000	Riverside, CA Public Financing Authority		5.000		11/01/2028		11/01/2022	A		1,293,623
365,000	Romoland, CA School District Special Tax Community Facilities DistrictNo. 2004-1		5.000		09/01/2025		09/01/2023	A		407,395
440,000	Romoland, CA School District Special Tax Community Facilities DistrictNo. 2004-1		5.000		09/01/2026		09/01/2023	A		490,191
405,000	Romoland, CA School District Special Tax Community Facilities DistrictNo. 2004-1		5.000		09/01/2027		09/01/2023	A		449,688
500,000	Romoland, CA School District Special Tax Community Facilities DistrictNo. 2004-1		5.000		09/01/2028		09/01/2023	A		553,520
190,000	Roseville, CA Natural Gas Finance Authority		5.000		02/15/2021		02/15/2021			200,195
80,000	Roseville, CA Natural Gas Finance Authority		5.000		02/15/2023		02/15/2023			89,278
265,000	Roseville, CA Natural Gas Finance Authority		5.000		02/15/2024		02/15/2024			303,319
100,000	Roseville, CA Natural Gas Finance Authority		5.000		02/15/2025		02/15/2025			117,143
795,000	Sacramento County, CA (Juvenile Courthouse) COP		5.000		12/01/2021		08/31/2019	A		797,465
555,000	Sacramento County, CA (Juvenile Courthouse) COP		5.000		12/01/2022		08/31/2019	A		556,721
430,000	Sacramento County, CA (Juvenile Courthouse) COP		5.000		12/01/2023		08/31/2019	A		431,329
3,830,000	Sacramento County, CA (Single Family Mtg.)		7.250		10/01/2023		09/30/2021	B		4,232,073
2,200,000	Sacramento County, CA Airport System		5.000		07/01/2037		07/01/2028	A		2,670,162
3,800,000	Sacramento County, CA Airport System		5.000		07/01/2038		07/01/2028	A		4,598,608
2,975,000	Sacramento County, CA COP		5.750		02/01/2030		02/01/2020	A		3,036,999
335,000	Sacramento County, CA Hsg. Authority (Vintage Willow Creek Senior Apartments)		5.250		06/01/2027		08/31/2019	A		335,322
5,000	Sacramento County, CA Public Financing Authority (County & City Redevel.)		5.000		12/01/2022		08/31/2019	A		5,015

55          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$15,000	Sacramento County, CA Public Financing Authority (County & City Redevel.)		5.125%		12/01/2028		08/31/2019	A	$	15,044
410,000	Sacramento, CA City Financing Authority (North Natomas CFD No. 2)		6.250		09/01/2023		09/01/2019	A		411,607
1,840,000	Sacramento, CA City Financing Authority (Westlake & Regency Park)		5.000		09/01/2024		03/01/2023	A		2,061,922
850,000	Sacramento, CA City Financing Authority (Westlake & Regency Park)		5.000		09/01/2025		03/01/2023	A		950,547
785,000	Sacramento, CA City Financing Authority (Westlake & Regency Park)		5.000		09/01/2026		03/01/2023	A		878,690
455,000	Sacramento, CA City Financing Authority (Westlake & Regency Park)		5.000		09/01/2027		03/01/2023	A		507,111
1,235,000	Sacramento, CA Municipal Utility District		5.000		07/01/2030		07/01/2025	A		1,486,854
55,000	Salinas, CA Redevel. Agency Tax Allocation (Central City Revitalization)		5.500		11/01/2023		08/31/2019	A		55,205
5,000	San Bernardino County, CA (Single Family Mtg.)		3.974 5		05/01/2031		08/31/2019	A		2,687
3,200,000	San Bernardino County, CA COP (Arrowhead)		5.500		08/01/2021		08/01/2019	A		3,200,000
200,000	San Bernardino, CA Joint Powers Financing Authority		5.750		10/01/2019		10/01/2019			201,494
50,000	San Bernardino, CA Joint Powers Financing Authority		5.750		10/01/2022		10/01/2022			56,316
180,000	San Bernardino, CA Joint Powers Financing Authority		5.750		10/01/2023		10/01/2023			208,121
70,000	San Bernardino, CA Joint Powers Financing Authority		5.750		10/01/2023		10/01/2023			80,966
30,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)3		5.500		09/01/2020		09/01/2019	A		30,108
250,000	San Bernardino, CA Joint Powers Financing Authority (Police Station)		5.500		09/01/2024		09/01/2019	A		250,873
20,000	San Bernardino, CA Redevel. Agency (Ramona Senior Complex)		7.875		07/01/2025		07/01/2020	A		20,717
100,000	San Buenaventura, CA COP		4.750		06/01/2032		08/31/2019	A		100,303
1,520,000	San Diego County, CA Regional Airport Authority		5.000		07/01/2026		07/01/2023	A		1,734,001
1,000,000	San Diego County, CA Regional Airport Authority		5.000		07/01/2037		07/01/2027	A		1,200,670
95,000	San Diego County, CA Water Authority		4.750		05/01/2028		08/31/2019	A		95,284

56          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$545,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000%		09/01/2025		09/01/2023	A	$	595,363
610,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000		09/01/2027		09/01/2023	A		660,905
640,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000		09/01/2028		09/01/2023	A		691,456
720,000	San Diego, CA Community Facilities District No. 3 Special Tax		5.000		09/01/2030		09/01/2023	A		774,612
165,000	San Diego, CA Improvement Bond Act 1915		5.000		09/02/2021		09/02/2019	A		165,285
165,000	San Diego, CA Improvement Bond Act 1915		5.000		09/02/2022		09/02/2019	A		165,252
175,000	San Diego, CA Improvement Bond Act 1915		5.000		09/02/2023		09/02/2019	A		175,252
185,000	San Diego, CA Improvement Bond Act 1915		5.000		09/02/2024		09/02/2019	A		185,250
190,000	San Diego, CA Improvement Bond Act 1915		5.000		09/02/2025		09/02/2019	A		190,232
205,000	San Diego, CA Improvement Bond Act 1915		5.125		09/02/2026		09/02/2019	A		205,264
215,000	San Diego, CA Improvement Bond Act 1915		5.125		09/02/2027		09/02/2019	A		215,267
225,000	San Diego, CA Improvement Bond Act 1915		5.250		09/02/2028		09/02/2019	A		225,277
240,000	San Diego, CA Improvement Bond Act 1915		5.375		09/02/2029		09/02/2019	A		240,310
250,000	San Diego, CA Improvement Bond Act 1915		5.375		09/02/2030		09/02/2019	A		250,300
260,000	San Diego, CA Improvement Bond Act 1915		5.500		09/02/2031		09/02/2019	A		260,330
280,000	San Diego, CA Improvement Bond Act 1915		5.500		09/02/2032		09/02/2019	A		280,353
1,250,000	San Diego, CA Public Facilities Financing Authority		5.000		10/15/2033		10/15/2025	A		1,507,825
1,000,000	San Diego, CA Public Facilities Financing Authority		5.000		10/15/2034		10/15/2025	A		1,200,050
100,000	San Diego, CA Redevel. Agency (Centre City)		5.200		09/01/2019		09/01/2019			100,306
95,000	San Diego, CA Redevel. Agency (Centre City)		5.250		09/01/2026		09/01/2019	A		95,330
275,000	San Diego, CA Redevel. Agency (Centre City)		6.400		09/01/2019		09/01/2019			276,163
7,500,000	San Francisco, CA City & County (T8 Urban Hsg. Assoc./T8 Urban Condo Owner/Transbay Block 8 Tower Apartments Obligated Group)		1.400 2		11/01/2056		08/07/2019	A		7,500,000
8,000,000	San Francisco, CA City & County Airports Commission		5.000		05/01/2037		05/01/2029	A		9,780,640

57          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$8,000,000	San Francisco, CA City & County Airports Commission (San Francisco International Airport)		5.250%		05/01/2048		05/01/2028	A	$	9,625,280
35,000	San Francisco, CA City & County COP		4.750		04/01/2035		08/31/2019	A		35,085
30,000	San Francisco, CA City & County Improvement Bond Act 1915		6.850		09/02/2026		09/02/2019	A		30,964
500,000	San Francisco, CA City & County Redevel. Agency (Mission Bay South Public Improvements)		5.000		08/01/2023		08/01/2022	A		547,400
920,000	San Gorgonio, CA Memorial Health Care District		5.000		08/01/2024		08/01/2020	A		953,065
925,000	San Jacinta, CA Community Facilities District		5.000		09/01/2026		03/09/2021	B		1,097,272
500,000	San Jose, CA Airport (Norman Y Mineta San Jose International Airport)		5.000		03/01/2035		03/01/2027	A		595,415
1,000,000	San Jose, CA Airport (Norman Y Mineta San Jose International Airport)		5.000		03/01/2036		03/01/2027	A		1,187,230
1,250,000	San Jose, CA Airport (Norman Y Mineta San Jose International Airport)		5.000		03/01/2037		03/01/2027	A		1,479,375
1,000,000	San Jose, CA Airport (Norman Y Mineta San Jose International Airport)		6.250		03/01/2034		03/01/2021	A		1,076,770
95,000	San Jose, CA Improvement Bond Act 1915		5.750		09/02/2019		09/02/2019			95,115
60,000	San Jose, CA Improvement Bond Act 1915		5.750		09/02/2020		09/02/2020			61,113
220,000	San Jose, CA Multifamily Hsg. (Almaden Senior Hsg. Partners)		5.350 2		07/15/2034		08/10/2019	A		220,295
25,000	San Jose, CA Multifamily Hsg. (El Parador Apartments)		6.100		01/01/2031		08/31/2019	A		25,011
1,915,000	San Jose, CA Multifamily Hsg. (Orvieto Family Apartments)		4.750		08/01/2029		07/28/2020	A		1,968,275
15,000	San Luis Obispo County, CA GO COP		4.250		10/15/2026		08/31/2019	A		15,040
5,000	Santa Clara County, CA Hsg. Authority (John Burns Gardens Apartments)3		5.700		08/01/2021		08/25/2019	A		5,018
1,715,000	Santa Clara County, CA Hsg. Authority (John Burns Gardens Apartments)		5.850		08/01/2031		08/31/2019	A		1,720,694
30,000	Santa Clara County, CA Hsg. Authority (Rivertown Apartments)3		5.700		08/01/2021		08/25/2019	A		30,069
635,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2023		11/15/2022	A		697,192

58          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$325,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000%		11/15/2024		11/15/2022	A	$	356,067
925,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2025		11/15/2022	A		1,009,406
785,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2027		11/15/2022	A		852,989
1,170,000	Santa Clarita, CA Community Facilities District (Valencia Town Center)		5.000		11/15/2028		11/15/2022	A		1,267,075
20,000	Santa Nella County, CA Water District		6.250		09/02/2028		09/02/2024	B		19,832
10,000	Santa Rosa, CA Improvement Bond Act 1915 (Nielson Ranch)		6.700		09/02/2022		09/02/2019	A		10,023
710,000	Saugus, CA Union School District Community Facilities District No.2002-1		5.000		09/01/2025		09/01/2023	A		788,633
770,000	Saugus, CA Union School District Community Facilities District No.2002-1		5.000		09/01/2026		09/01/2023	A		853,376
830,000	Saugus, CA Union School District Community Facilities District No.2002-1		5.000		09/01/2027		09/01/2023	A		916,453
895,000	Saugus, CA Union School District Community Facilities District No.2002-1		5.000		09/01/2028		09/01/2023	A		984,187
1,390,000	Selma, CA Redevel. Agency		5.750		09/01/2024		09/01/2019	A		1,391,265
10,000	Sequoia, CA Hospital District		5.375		08/15/2023		08/28/2019	A		10,827
40,000	Signal Hill CA Redevel. Agency		5.250		10/01/2024		10/01/2019	A		40,282
25,000	Simi Valley, CA Community Devel. Agency (Tapo Canyon & West End)		5.000		09/01/2030		09/01/2019	A		25,077
525,000	Simi Valley, CA Community Devel. Agency (Tapo Canyon & West End)		5.250		09/01/2019		08/31/2019	A		526,859
25,000	Simi Valley, CA Community Devel. Agency (Tapo Canyon & West End)		5.250		09/01/2021		09/01/2019	A		25,086
1,020,000	Sonora, CA Union High School District		5.625		08/01/2029		08/01/2023	A		1,188,249
1,925,000	South Gate, CA Utility Authority		5.250		10/01/2027		10/01/2022	A		2,155,076
1,115,000	South Pasadena, CA Water		5.000		10/01/2036		10/01/2026	A		1,349,429
260,000	Southern CA Mono Health Care District		5.000		08/01/2021		08/01/2021			278,213
20,000	Southern CA Public Power Authority		5.750		07/01/2021		08/31/2019	A		20,078
1,450,000	Southern CA Tobacco Securitization Authority		4.750		06/01/2025		08/15/2019	A		1,458,599
10,000	Stockton, CA Improvement Bond Act 1915		5.800		09/02/2020		09/02/2019	A		10,030

59          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$1,700,000	Stockton, CA Public Financing Authority (Build America Bonds - Delta Water Supply)		6.250%		10/01/2040		10/01/2023	A	$	2,015,741
25,000	Stockton, CA Public Financing Authority (Parking & Capital Projects)		5.375		09/01/2021		09/01/2019	A		25,021
20,000	Sulphur Springs, CA Union School District		4.125		09/01/2033		09/01/2019	A		20,639
20,000	Sunnyvale, CA COP (Parking Facility)		5.000		10/01/2022		08/31/2019	A		20,066
300,000	Sutter Butte, CA Flood Agency Assessment		5.000		10/01/2025		10/01/2023	A		342,420
415,000	Sutter Butte, CA Flood Agency Assessment		5.000		10/01/2026		10/01/2023	A		471,872
700,000	Sutter Butte, CA Flood Agency Assessment		5.000		10/01/2027		10/01/2023	A��		789,635
1,465,000	Sutter Butte, CA Flood Agency Assessment		5.000		10/01/2028		10/01/2023	A		1,652,124
1,490,000	Sutter Butte, CA Flood Agency Assessment		5.000		10/01/2029		10/01/2023	A		1,674,298
825,000	Tejon Ranch, CA Public Facilities Finance Authority Special Tax		5.250		09/01/2028		09/01/2022	A		897,988
35,000	Tracy, CA Community Facilities District		6.300		09/01/2026		09/01/2019	A		35,092
25,000	Tracy, CA Community Facilities District (205 Parcel Glen)		6.250		09/01/2032		08/31/2019	A		25,053
30,000	Truckee-Donner, CA Public Utility District Special Tax		5.800		09/01/2035		05/26/2033	B		29,409
420,000	Tustin, CA Community Facilities District Special Tax (Legacy/John Laing Homes)		5.000		09/01/2024		09/01/2023	A		476,624
445,000	Tustin, CA Community Facilities District Special Tax (Legacy/John Laing Homes)		5.000		09/01/2025		09/01/2023	A		503,437
470,000	Tustin, CA Community Facilities District Special Tax (Legacy/John Laing Homes)		5.000		09/01/2026		09/01/2023	A		529,714
490,000	Tustin, CA Community Facilities District Special Tax (Legacy/John Laing Homes)		5.000		09/01/2027		09/01/2023	A		550,393
515,000	Tustin, CA Community Facilities District Special Tax (Legacy/John Laing Homes)		5.000		09/01/2028		09/01/2023	A		576,862
125,000	Twentynine Palms, CA Redevel. Agency Tax Allocation (Four Corners)		7.125		09/01/2026		09/01/2021	A		140,724
250,000	Ukiah, CA Redevel. Agency (Ukiah Redevel.)		6.500		12/01/2028		06/01/2021	A		273,260
175,000	Vacaville, CA Redevel. Agency (Vacaville Community Hsg.)		6.000		11/01/2024		08/15/2019	A		175,950

60          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$10,000	Vallejo, CA Public Financing Authority, Series A		7.500%		09/01/2020		09/01/2019	A	$	10,040
30,000	Vallejo, CA Quadrant Improvement District No. 001		6.000		09/01/2026		09/01/2019	A		30,028
30,000	Vallejo, CA Quadrant Improvement District No. 001		6.125		09/01/2034		09/01/2019	A		30,024
1,230,000	Vernon, CA Electric System3		5.125		08/01/2021		08/21/2019	A		1,234,416
850,000	Vernon, CA Electric System		5.125		08/01/2033		08/01/2022	A		906,440
95,000	Vernon, CA Electric System Prerefunded		5.125		08/01/2021		08/01/2019	A		95,000
25,000	Victorville, CA Redevel. Agency (Bear Valley Road)		5.125		12/01/2031		08/31/2019	A		25,081
5,000	Vista, CA Unified School District		5.125		05/01/2023		11/01/2019	A		5,050
5,000	Wasco, CA Public Financing Authority		7.500		09/15/2023		08/31/2019	A		5,012
875,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)		7.000		09/01/2026		09/01/2021	A		987,884
1,000,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)		7.250		09/01/2031		09/01/2021	A		1,130,290
20,000	West Kern, CA Community College District		4.500		11/01/2031		09/29/2019	A		20,093
1,150,000	Western Riverside County, CA Trust & Wastewater Finance Authority		5.000		09/01/2025		09/01/2019	A		1,152,530
2,335,000	Western Riverside County, CA Trust & Wastewater Finance Authority		5.000		09/01/2025		09/01/2023	A		2,670,983
1,255,000	Western Riverside County, CA Trust & Wastewater Finance Authority		5.000		09/01/2027		09/01/2019	A		1,257,472
835,000	William S. Hart CA Union High School District		5.000		09/01/2025		09/01/2023	A		931,409
155,000	Yuba County, CA COP		5.000		02/01/2024		08/01/2020	A		160,720
165,000	Yuba County, CA COP		5.000		02/01/2025		08/01/2020	A		171,087
170,000	Yuba County, CA COP		5.000		02/01/2026		08/01/2020	A		176,191
180,000	Yuba County, CA COP		5.000		02/01/2027		08/01/2020	A		186,541
190,000	Yuba County, CA COP		5.000		02/01/2028		08/01/2020	A		196,882
200,000	Yuba County, CA COP		5.000		02/01/2029		08/01/2020	A		207,290
										491,683,512
U.S. Possessions—8.9%
1,250,000	Guam International Airport Authority		6.000		10/01/2023		08/31/2019	A		1,254,500
100,000	Guam Power Authority, Series A		5.000		10/01/2019		10/01/2019			100,588
150,000	Guam Power Authority, Series A		5.000		10/01/2020		10/01/2020			156,244
150,000	Guam Power Authority, Series A		5.000		10/01/2021		10/01/2021			161,431
155,000	Guam Power Authority, Series A		5.000		10/01/2022		10/01/2022			171,973

61          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
U.S. Possessions (Continued)
$265,000	Guam Power Authority, Series A		5.000%		10/01/2025		10/01/2022	A	$	293,941
225,000	Guam Power Authority, Series A		5.000		10/01/2026		10/01/2022	A		249,055
155,000	Guam Power Authority, Series A		5.000		10/01/2027		10/01/2022	A		171,272
12,509,000	Puerto Rico Children’s Trust Fund (TASC)		5.375		05/15/2033		08/31/2019	A		12,711,145
3,000,000	Puerto Rico Children’s Trust Fund (TASC)		5.500		05/15/2039		08/31/2019	A		3,056,610
130,000	Puerto Rico Commonwealth GO4		5.000		07/01/2018		07/01/2018			95,875
1,000,000	Puerto Rico Commonwealth GO4		5.000		07/01/2020		07/01/2020			740,000
200,000	Puerto Rico Commonwealth GO4		5.000		07/01/2022		07/01/2022			148,000
100,000	Puerto Rico Commonwealth GO4		5.375		07/01/2030		07/01/2030			72,375
126,075	Puerto Rico Commonwealth GO, FGIC6		5.500		07/01/2017		07/01/2017			105,588
1,270,000	Puerto Rico Commonwealth GO, NPFGC		5.500		07/01/2020		07/01/2020			1,292,949
560,000	Puerto Rico Commonwealth GO4		5.625		07/01/2031		02/04/2031	B		417,200
370,000	Puerto Rico Commonwealth GO, NPFGC		6.000		07/01/2027		08/31/2019	A		379,106
2,000,000	Puerto Rico Commonwealth GO4		6.000		07/01/2029		07/01/2029			1,447,500
45,000	Puerto Rico Commonwealth GO, AGC		6.125 1		07/01/2024		08/14/2022	B		48,532
175,000	Puerto Rico Electric Power Authority, Series PP, NPFGC		5.000		07/01/2022		08/31/2019	A		177,125
470,000	Puerto Rico Electric Power Authority, Series PP, NPFGC		5.000		07/01/2025		08/31/2019	A		475,118
3,690,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000		07/01/2023		08/31/2019	A		3,733,247
520,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000		07/01/2024		08/31/2019	A		525,876
100,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000		07/01/2024		08/31/2019	A		101,130
25,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000		07/01/2025		08/31/2019	A		25,272
455,000	Puerto Rico Electric Power Authority, Series UU, AGC		5.000		07/01/2024		08/31/2019	A		467,531
15,000	Puerto Rico HFA		5.500		12/01/2019		08/31/2019	A		15,188
175,000	Puerto Rico Highway & Transportation Authority, AGC		5.000		07/01/2028		08/31/2019	A		179,781
600,000	Puerto Rico Highway & Transportation Authority, NPFGC		5.000		07/01/2029		08/31/2019	A		605,280
1,000,000	Puerto Rico Highway & Transportation Authority, FGIC6		5.250		07/01/2022		07/01/2022			827,500
70,000	Puerto Rico Highway & Transportation Authority, Series G, FGIC6		5.000		07/01/2022		07/01/2022			57,925
100,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000		04/01/2021		04/01/2021			102,043
100,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000		04/01/2022		04/01/2022			102,004

62          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
U.S. Possessions (Continued)
$2,365,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625%		06/01/2026		08/31/2019	A	$	2,427,081
50,000	Puerto Rico ITEMECF (International American University)		5.000		10/01/2021		10/01/2021			51,907
40,000	Puerto Rico Municipal Finance Agency, Series A, AGC		4.750		08/01/2022		08/31/2019	A		40,562
45,000	Puerto Rico Municipal Finance Agency, Series A, AGC		5.250		08/01/2019		08/01/2019			45,000
830,000	Puerto Rico Municipal Finance Agency, Series A, AGC		5.250		08/01/2020		08/31/2019	A		842,965
1,750,000	Puerto Rico Public Finance Corp., Series B4		5.500		08/01/2031		07/17/2029	B		105,000
600,000	Puerto Rico Public Finance Corp., Series B4		6.000		08/01/2024		08/01/2024			36,000
1,400,000	Puerto Rico Public Finance Corp., Series B4		6.000		08/01/2025		08/01/2025			84,000
3,300,000	Puerto Rico Public Finance Corp., Series B4		6.000		08/01/2026		08/01/2026			198,000
8,544,000	Puerto Rico Sales Tax Financing Corp., Series A		4.552 5		07/01/2031		01/10/2031	B		5,382,805
1,125,000	Puerto Rico Sales Tax Financing Corp., Series A		4.886 5		07/01/2033		12/21/2032	B		632,453
151,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		3.973 5		07/01/2024		07/09/2023	B		129,528
290,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.259 5		07/01/2027		08/15/2026	B		223,010
754,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.381 5		07/01/2029		01/12/2029	B		530,974
4,057,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.500		07/01/2034		07/01/2025	A		4,196,317
4,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.550		07/01/2040		07/01/2028	A		4,012
4,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.750		07/01/2053		01/04/2053	B		3,921
5,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.000		07/01/2058		07/01/2028	A		5,012
5,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.894 5		07/01/2046		12/31/2043	B		1,155
5,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.951 5		07/01/2051		07/01/2043	A		852
1,547,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.550		07/01/2040		04/28/2038	B		1,489,018
46,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.750		07/01/2053		01/04/2053	B		43,298
620,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		5.000		07/01/2058		08/05/2056	B		595,975
315,000	University of Puerto Rico, Series P		5.000		06/01/2024		06/01/2024			312,638
100,000	University of Puerto Rico, Series P, NPFGC		5.000		06/01/2024		08/31/2019	A		101,130

63          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
U.S. Possessions (Continued)
$540,000	University of Puerto Rico, Series Q		5.000%		06/01/2021		06/01/2021		$	539,325
25,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000		10/01/2022		08/31/2019	A		25,268
300,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000		10/01/2023		08/31/2019	A		303,600
90,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000		10/01/2024		08/31/2019	A		91,195
170,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000		10/01/2025		08/31/2019	A		172,258
125,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000		10/01/2026		08/31/2019	A		126,660
										49,209,823
Total Investments, at Value (Cost $522,787,393)—98.4%										540,893,335
Net Other Assets (Liabilities)—1.6										8,649,176
Net Assets—100.0%									$	549,542,511

Footnotes to Schedule of Investments

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

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

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

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

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

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

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

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

6. 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.

To simplify the listings of securities, abbreviations are used per the table below:
ABAG	Association of Bay Area Governments
AGC	Assured Guaranty Corp.
CDA	Communities Devel. Authority
CFD	Community Facilities District
CHCC	Community Hospitals of Central California
CHF	City Hospital Foundation
COP	Certificates of Participation
CVHP	Citrus Valley Health Partners
CVMC	Citrus Valley Medical Center
EMC	Eden Medical Center

64          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
FCHMC	Fresno Community Hospital & Medical Center
FGIC	Financial Guaranty Insurance Co.
FH	Foothill Hospital
GCCCD	Grossmont-Cuyamaca Community College District
GO	General Obligation
HFA	Housing Finance Agency
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
MPHS	Mills-Peninsula Health Services
M-S-R	Modesto Irrigation District of the City of Santa Clara and the City of Redding
NCCD	National Campus and Community Development
NPFGC	National Public Finance Guarantee Corp.
PAMFHCR&E	Palo Alto Medical Foundation for Health Care Research & Education
PCCD	Palomar Community College District
SBH	Sutter Bay Hospitals
SBMF	Sutter Bay Medical Foundation
SCHosp	Sutter Coast Hospital
SCVH	Sutter Central Valley Hospitals
SEBH	Sutter East Bay Hospitals
SGMF	Sutter Gould Medical Foundation
SHlth	Sutter Health
SHSSR	Sutter Health Sacramento Sierra Regional
SMCCV	Sutter Medical Center of Castro Valley
SMF	Sutter Medical Foundation
STTJCCD	Shasta-Tehama-Trinity Joint Community College District
SVlyH	Sutter Valley Hospitals
SVMF	Sutter Valley Medical Foundation
SVNA&H	Sutter Visiting Nurse Association & Hospice
TASC	Tobacco Settlement Asset-Backed Bonds
UCI	University of California Irvine
V.I.	United States Virgin Islands
See accompanying Notes to Financial Statements.

65          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES

	August 31, 2019 (Unaudited)			July 31, 2019
Assets
Investments, at value (cost $525,311,881 (Unaudited) and $522,787,393)—see accompanying schedule of investments
	$	549,957,517		$	540,893,335
Cash		6,823,628			2,565,097
Receivables and other assets:
Interest		7,151,482			6,477,234
Investments sold		810,150			5,157,796
Shares of beneficial interest sold		765,114			128,410
Expense waivers/reimbursements due from manager		—			30,445
Other		164,892			179,471
Total assets		565,672,783			555,431,788
Liabilities
Payables and other liabilities:
Dividends		168,560			265,447
Distribution and service plan fees		112,743			111,469
Shares of beneficial interest redeemed		93,044			1,175,741
Transfer and shareholder servicing agent fees		81,852			62,023
Trustees’ compensation		36,660			31,934
Advisory fees		12,871			219,249
Shareholder communications		11,045			8,250
Administration fees		435			20
Investments purchased		—			3,937,505
Interest expense on borrowings		—			532
Other		82,727			77,107
Total liabilities		599,937			5,889,277
Net Assets	$	565,072,846		$	549,542,511
Composition of Net Assets
Shares of beneficial interest	$	596,921,314		$	588,140,420
Total accumulated loss		(31,848,468	)		(38,597,909	)
Net Assets	$	565,072,846		$	549,542,511

66          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

	August 31, 2019 (Unaudited)		July 31, 2019
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets and shares of beneficial interest outstanding of $226,006,726 and 67,178,658 at August 31, 2019 (Unaudited) and $220,718,946 and 66,407,363 at July 31, 2019)		$3.36		$3.32
Maximum offering price per share (net asset value plus sales charge of 2.50% of offering price)		$3.45		$3.41
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets and shares of beneficial interest outstanding of $77,164,218 and 23,037,079 at August 31, 2019 (Unaudited) and $76,761,284 and 23,196,287 at July 31, 2019)		$3.35		$3.31
Class Y Shares:
Net asset value and redemption price per share (based on net assets and shares of beneficial interest outstanding of $261,708,789 and 77,567,424 at August 31, 2019 (Unaudited) and $251,896,689 and 75,574,397 at July 31, 2019)		$3.37		$3.33
Class R6 Shares:
Net asset value and redemption price per share (based on net assets and shares of beneficial interest outstanding of $193,113 and 57,476 at August 31, 2019 (Unaudited) and $165,592 and 49,896 at July 31, 2019)		$3.36		$3.32

See accompanying Notes to Financial Statements.

67        INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT

OF OPERATIONS

	One Month Ended August 31, 2019 (Unaudited)			Year Ended July 31, 2019
Investment Income
Interest	$	1,652,233		$	18,351,028
Expenses
Advisory fees		197,309			2,155,124
Administration fees		6,674			6,455
Distribution and service plan fees:
Class A		47,343			474,493
Class C		65,400			906,265
Transfer and shareholder servicing agent fees:
Class A		13,067			179,405
Class C		4,512			86,103
Class Y		15,040			201,240
Class R6		8			13
Shareholder communications:
Class A		1,118			9,829
Class C		385			7,983
Class Y		1,291			15,761
Class R6		1			1
Borrowing fees		25,542			386,253
Trustees’ compensation		1,507			9,073
Custodian fees and expenses		230			2,861
Interest expense on borrowings		—			123,540
Interest expense and fees on short-term floating rate notes issued		—			115,417
Other		6,550			195,371
Total expenses		385,977			4,875,187
Less waivers and reimbursements of expenses		(6	)		(30,454	)
Net expenses		385,971			4,844,733
Net Investment Income		1,266,262			13,506,295
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions		(255	)		(16,520,820	)
Net change in unrealized appreciation/(depreciation) on investment transactions		6,539,694			40,907,799
Net Increase in Net Assets Resulting from Operations	$	7,805,701		$	37,893,274

See accompanying Notes to Financial Statements.

68          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

STATEMENT OF CHANGES IN NET ASSETS

	One Months Ended August 31, 2019 (Unaudited)			Year Ended July 31, 2019			Year Ended July 31, 2018
Operations
Net investment income	$	1,266,262		$	13,506,295		$	12,851,143
Net realized loss		(255	)		(16,520,820	)		(11,609,940	)
Net change in unrealized appreciation/(depreciation)		6,539,694			40,907,799			9,626,108
Net increase in net assets resulting from operations		7,805,701			37,893,274			10,867,311
Dividends and/or Distributions to Shareholders1
Distributions to shareholders from distributable earnings:
Class A		(426,793	)		(4,734,729	)		(5,831,861	)
Class B		—			—			(2,105	)
Class C		(98,440	)		(1,566,741	)		(2,238,782	)
Class Y		(530,638	)		(5,846,566	)		(5,046,994	)
Class R6		(389	)		(766	)		—
Total distributions from distributable earnings		(1,056,260	)		(12,148,802	)		(13,119,742	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		2,589,164			28,410,581			(55,555,685	)
Class B		—			—			(210,828	)
Class C		(531,655	)		(22,393,231	)		(27,702,841	)
Class Y		6,697,992			60,255,736			(11,891,142	)
Class R6		25,393			164,630			—
Total beneficial interest transactions		8,780,894			66,437,716			(95,360,496	)
Net Assets
Total increase (decrease)		15,530,335			92,182,188			(97,612,927	)
Beginning of period		549,542,511			457,360,323			554,973,250
End of period	$	565,072,846		$	549,542,511		$	457,360,323

1. The Securities Exchange Commission eliminated the requirement to disclose the distribution components separately, except for tax return of capital. For the year ended July 31, 2018, distributions to shareholders from distributable earnings consisted of distributions from net investment income.

See accompanying Notes to Financial Statements.

69          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$3.32		$3.16		$3.15		$3.29		$3.20		$3.29
Income (loss) from investment operations:
Net investment income1		0.01		0.09		0.09		0.10		0.11		0.12
Net realized and unrealized gain (loss)		0.04		0.15		0.01		(0.13)		0.10		(0.08)
Total from investment operations		0.05		0.24		0.10		(0.03)		0.21		0.04
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.01)		(0.08)		(0.09)		(0.11)		(0.12)		(0.13)
Net asset value, end of period		$3.36		$3.32		$3.16		$3.15		$3.29		$3.20
Total Return, at Net Asset Value2		1.40%		7.69%		3.19%		(0.81)%		6.52%		0.97%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$226,007		$220,719		$182,533		$239,256		$253,173		$299,041
Average net assets (in thousands)		$223,758		$191,185		$204,433		$254,686		$278,049		$345,303
Ratios to average net assets:3
Net investment income		2.66%		2.75%		2.79%		3.25%		3.54%		3.56%
Expenses excluding specific expenses listed below		0.78%		0.82%		0.85%		0.81%		0.81%		0.79%
Interest and fees from borrowings		0.05%		0.11%		0.11%		0.08%		0.13%		0.09%
Interest and fees on short-term floating rate notes issued		0.00%		0.02%4		0.02%4		0.02%4		0.01%4		0.01%4
Total expenses		0.83%		0.95%		0.98%		0.91%		0.95%		0.89%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.83%		0.94%		0.98%		0.91%		0.95%		0.89%
Portfolio turnover rate5		2%		36%		20%		21%		13%		39%

70          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

71        INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class C	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$3.31		$3.15		$3.14		$3.28		$3.19		$3.28
Income (loss) from investment operations:
Net investment income1		0.01		0.06		0.06		0.08		0.09		0.09
Net realized and unrealized gain (loss)		0.03		0.16		0.01		(0.13)		0.09		(0.08)
Total from investment operations		0.04		0.22		0.07		(0.05)		0.18		0.01
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)2		(0.06)		(0.06)		(0.09)		(0.09)		(0.10)
Net asset value, end of period		$3.35		$3.31		$3.15		$3.14		$3.28		$3.19
Total Return, at Net Asset Value3		1.34%		6.91%		2.43%		(1.56)%		5.76%		0.22%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$77,164		$76,761		$94,579		$122,816		$137,410		$152,646
Average net assets (in thousands)		$77,237		$90,610		$106,144		$130,783		$146,397		$156,790
Ratios to average net assets:4
Net investment income		1.91%		1.99%		2.03%		2.50%		2.79%		2.77%
Expenses excluding specific expenses listed below		1.53%		1.58%		1.60%		1.57%		1.56%		1.55%
Interest and fees from borrowings		0.05%		0.11%		0.11%		0.08%		0.13%		0.09%
Interest and fees on short-term floating rate notes issued		0.00%		0.02%5		0.02%5		0.02%5		0.01%5		0.01%5
Total expenses		1.58%		1.71%		1.73%		1.67%		1.70%		1.65%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.58%		1.70%		1.73%		1.67%		1.70%		1.65%
Portfolio turnover rate6		2%		36%		20%		21%		13%		39%

72        INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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

2. Less than $0.005 per share.

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.

6. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

73        INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

Class Y	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$3.33		$3.17		$3.16		$3.30		$3.21		$3.30
Income (loss) from investment operations:
Net investment income1		0.01		0.10		0.09		0.11		0.12		0.12
Net realized and unrealized gain (loss)		0.04		0.15		0.02		(0.13)		0.09		(0.08)
Total from investment operations		0.05		0.25		0.11		(0.02)		0.21		0.04
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.01)		(0.09)		(0.10)		(0.12)		(0.12)		(0.13)
Net asset value, end of period		$3.37		$3.33		$3.17		$3.16		$3.30		$3.21
Total Return, at Net Asset Value2		1.41%		7.93%		3.43%		(0.57)%		6.76%		1.22%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$261,709		$251,897		$180,248		$192,683		$146,620		$160,037
Average net assets (in thousands)		$257,701		$215,197		$164,291		$164,605		$150,663		$161,312
Ratios to average net assets:3
Net investment income		2.91%		2.99%		3.03%		3.43%		3.78%		3.76%
Expenses excluding specific expenses listed below		0.53%		0.58%		0.60%		0.57%		0.57%		0.55%
Interest and fees from borrowings		0.05%		0.11%		0.11%		0.08%		0.13%		0.09%
Interest and fees on short-term floating rate notes issued		0.00%		0.02%4		0.02%4		0.02%4		0.01%4		0.01%4
Total expenses		0.58%		0.71%		0.73%		0.67%		0.71%		0.65%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.58%		0.70%		0.73%		0.67%		0.71%		0.65%
Portfolio turnover rate5		2%		36%		20%		21%		13%		39%

74        INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

75        INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

Class R6	One Month Ended August 31, 2019 (Unaudited)		Period Ended July 31, 20191
Per Share Operating Data
Net asset value, beginning of period		$3.32		$3.29
Income (loss) from investment operations:
Net investment income2		0.01		0.02
Net realized and unrealized gain (loss)		0.04		0.03
Total from investment operations		0.05		0.05
��
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.01)		(0.02)
Net asset value, end of period		$3.36		$3.32
Total Return, at Net Asset Value3		1.42%		1.44%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$193		$166
Average net assets (in thousands)		$187		$143
Ratios to average net assets:4
Net investment income		2.97%		3.09%
Expenses excluding specific expenses listed below		0.51%		0.52%
Interest and fees from borrowings		0.05%		0.11%
Interest and fees on short-term floating rate notes issued		0.00%		0.02%5
Total expenses		0.56%		0.65%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.52%		0.60%
Portfolio turnover rate6		2%		36%

1. For the period from after close of business on May 24, 2019 (inception of offering) to July 31, 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.

6. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

76        INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSAugust 31, 2019 (Unaudited) and July 31, 2019

Note 1 - Significant Accounting Policies

Invesco Oppenheimer Rochester Limited Term California Municipal Fund (the “Fund”) is a series portfolio of AIM Tax Exempt Funds (Invesco Tax Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as 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 California Municipal Fund (the “Acquired Fund” or “Predecessor Fund”). The Acquired Fund was reorganized after the close of business on May 24, 2019 (the “Reorganization Date”) through the transfer of all of its assets and liabilities to the Fund (the “Reorganization”).

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

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

Effective August 31, 2019, the Fund changed its fiscal year end from July 31 to February 28.

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

77          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

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

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

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

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

78          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

D. Distributions -Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from 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.

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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 July 31, 2019, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table for the fiscal year ended July 31, 2019 represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

79          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$4,986,206		$—		$60,897,992		$19,877,186

1.At period end, the Fund had $60,897,992 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

2. During the reporting period, the Fund did not utilize any capital loss carryforward.

3.During the previous reporting period, the Fund did not utilize any capital loss carryforward.

4.During the reporting period, $3,010,369 of unused capital loss carryforward expired.

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 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.

Accordingly, the following amounts have been reclassified for the reporting period ended July 31, 2019. Net assets of the Fund were unaffected by the reclassifications.

Reduction toPaid-in Capital	Reduction to Accumulated Net Investment Loss
$3,010,369		$3,010,369

The tax character of distributions paid during the reporting periods:

	Year Ended July 31, 2019		Year Ended July 31, 2018
Distributions paid from:
Exempt-interest dividends	$	12,088,966	$	13,085,298
Ordinary income		59,836		34,444
Total	$	12,148,802	$	13,119,742

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.

80          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019
Federal tax cost of securities	$	525,311,881	$	521,016,149
Gross unrealized appreciation	$	33,396,724	$	29,450,365
Gross unrealized depreciation		(8,751,088)		(9,573,179)
Net unrealized appreciation	$	24,645,636	$	19,877,186

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.

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

81          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured

82          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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 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

83          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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.

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

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

Fee Schedule*
Up to $100 million	0.50%
Next $150 million	0.45
Next $1.75 billion	0.40
Over $2 billion	0.39

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

For the one month ended August 31, 2019 (Unaudited), the effective advisory fees incurred by the Fund were 0.42% and for the yearended July 31, 2019, the effective advisory fees incurred by the Fund were 0.43%.

From August 1, 2018 until the date of the Reorganization, the Acquired Fund paid $1,725,934in 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

84          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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 28, 2021, to waive advisory fees and/or reimburse expenses of all shares to the 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 0.81%, 1.57%, 0.57% and 0.47%, respectively, 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 expense 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 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the one monthended August 31, 2019 (Unaudited), the Adviser reimbursed fund expenses of $6 for Class R6.

For the yearended July 31, 2019, the Adviser reimbursed fund expenses of $18,035, $5,696, $6,709, and $14 for Class A, Class C, Class Y, and Class R6, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the one month period ended August 31, 2019 (unaudited) and the yearended July 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank, N.A., serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services,sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services orsub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the one month period ended August 31, 2019 (Unaudited) and the year ended July 31, 2019, expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for theClass A, Class C, Class Y and Class R6 shares of the

85          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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 one month period ended August 31, 2019 (Unaudited) and the year ended July 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund.Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During theone month period ended August 31, 2019 (Unaudited), IDI advised the Fund that IDI retained $1,389 infront-end sales commissions from the sale of Class A shares and $0 and $342 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders. During theyear ended July 31, 2019, IDI advised the Fund that IDI retained $3,046 infront-end sales commissions from the sale of Class A shares and $1,391 and $318 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 $12,578 in front–end sales commissions from the sale of Class A shares and $3,177 and $4,102 from Class A and Class C shares, respectively, for CDSC imposed on redemption by shareholders.

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

Note 3 - Additional Valuation Information

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

86          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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

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

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

As of August 31, 2019 (Unaudited) and July 31, 2019, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Note 4 - Trustee and Officer Fees and Benefits

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

During the reporting period ended August 31, 2019 (Unaudited), the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	494
Payments Made to Retired Trustees		—
Accumulated Liability as of August 31, 2019		9,066

During the reporting period ended July 31, 2019, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		1,009
Accumulated Liability as of July 31, 2019		8,572

87          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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 theone monthperiod ended August 31, 2019 (Unaudited) was $12,045,450 and $9,110,150, and during theyearended July 31, 2019 was $237,102,659 and $179,089,037, respectively.

Note 7 - Share Information

Transactions in shares of beneficial interest were as follows:

88          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

				One Month Ended
				August 31, 20191			Year Ended July 31, 20192						Year Ended July 31, 2018
				(Unaudited)
	Shares			Amount			Shares			Amount			Shares			Amount
Class A
Sold		1,502,799		$	5,044,561			19,934,970		$	64,737,195			13,165,658		$	40,690,654
Dividends and/or distributions reinvested		120,563			405,092			1,245,311			4,021,539			1,611,290			4,989,976
Redeemed		(852,067	)		(2,860,489	)		(12,543,890	)		(40,348,153	)		(32,869,514	)		(101,236,315)
Net increase (decrease)		771,295		$	2,589,164			8,636,391		$	28,410,581			(18,092,566	)	$	(55,555,685)
Class B
Sold		—		$	—			—		$	—			158		$	594
Dividends and/or distributions reinvested		—			—			—			—			688			2,105
Redeemed3		—			—			—			—			(67,755	)		(213,527)
Net decrease		—		$	—			—		$	—			(66,909	)	$	(210,828)
Class C
Sold		291,797		$	975,095			3,311,988		$	10,619,660			3,095,609		$	9,529,344
Dividends and/or distributions reinvested		23,505			78,742			370,885			1,190,862			553,571			1,707,372
Redeemed		(474,510	)		(1,585,492	)		(10,544,696	)		(34,203,753	)		(12,689,584	)		(38,939,557)
Net decrease		(159,208	)	$	(531,655	)		(6,861,823	)	$	(22,393,231	)		(9,040,404	)	$	(27,702,841)
Class Y
Sold		3,082,098		$	10,360,177			34,589,393		$	111,574,259			32,839,142		$	102,147,661
Dividends and/or distributions reinvested		151,590			510,860			1,544,428			5,007,152			1,313,059			4,080,536
Redeemed		(1,240,661	)		(4,173,045	)		(17,447,258	)		(56,325,675	)		(38,184,907	)		(118,119,339)
Net increase (decrease)		1,993,027		$	6,697,992			18,686,563		$	60,255,736			(4,032,706	)	$	(11,891,142)
Class R64
Sold		7,463		$	25,004			50,014		$	165,015			—		$	—
Dividends and/or distributions reinvested		117			389			185			615			—			—
Redeemed		—			—			(303	)		(1,000	)		—			—
Net increase		7,580		$	25,393			49,896		$	164,630			—		$	—

1.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 59% (Unaudited) of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The

89          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

2.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 64% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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

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

Note 8 - Borrowings

The Fund may utilize financial leverage to the maximum extent allowable under the 1940 Act, a fund generally may not borrow money greater than 33^1/3 of the Fund’s total assets.

The Acquired Fund had entered into a Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enabled the Fund to participate with certain other Funds in a committed secured borrowing facility that permitted borrowing up to $2.5 billion, collectively, by certain Funds. This revolving credit agreement was secured by the assets of the Fund and terminated on May 24, 2019. In connection with this agreement, for the period August 1, 2018 to May 24, 2019, the Fund incurred fees of $323,191. The average daily balance borrowings under this agreement was $5,000,673 with a weighted average interest rate of 2.50%.

On May 24, 2019, the Fund entered into a $2.5 billion Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds. This revolving agreement is secured by the assets of the Fund. In connection with this agreement, for the period May 24, 2019 to July 31, 2019, the Fund incurred fees of $85,796 and for the period August 1, 2019 to August 31, 2019 (Unaudited), the Fund incurred fees of $25,542. For the period May 24, 2019 to July 31, 2019, the average daily balance of borrowings under this agreement is $4,727,941with a weighted average interest rate of 2.46%. For the period August 1, 2019 to August 31, 2019 (Unaudited) the Fund executed no transactions. Expenses under the credit agreement are shown in the Statement of Operations as Interest expense on borrowings.

At August 31, 2019 (Unaudited) and at July 31, 2019, the Fund had no borrowings outstanding under this agreement.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended July 31, 2019 were $4,899,000 and 2.36%, respectively.

Note 9 - Reverse Repurchase Agreements

Prior to the reorganization, the Acquired Fund engaged in reverse repurchase agreements.

90          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement.

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

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

The Fund executed no transactions under the Facility during the reporting period. This Facility terminated on May 24, 2019.

91          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of AIMTax-Exempt Funds (InvescoTax-Exempt Funds) and Shareholders of Invesco Oppenheimer Rochester^® Limited Term California Municipal Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer Rochester^® Limited Term California Municipal Fund (one of the funds constituting AIMTax-Exempt Funds (InvescoTax-Exempt Funds), referred to hereafter as the “Fund”) as of July 31, 2019, the related statement of operations and the statement of changes in net assets, for the year ended July 31, 2019, including the related notes, and the financial highlights for each of the periods ended July 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations, changes in its net assets for the year ended July 31, 2019 and the financial highlights for each of the periods ended July 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer Rochester^® Limited Term California Municipal Fund (formerly known as Oppenheimer Rochester^® Limited Term California Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2019 by correspondence with the custodian and brokers; when replies were

92          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Houston, TX

October 14, 2019

We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

93          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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.

94          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATIONUnaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 99.51% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

95          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA 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 California 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.

96          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL 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

97          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL 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

98          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL 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

99          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL 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.

100          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES; UPDATES TO SCHEDULE OF INVESTMENTS Unaudited

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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:

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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-PORT. The most recent list of portfolio holdings is available at invesco. com/completeqtrholdings. Shareholders can also look up the Fund’s FormsN-PORT on the SEC website at sec.gov.

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

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

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

101          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

SHAREHOLDER PROXY Unaudited

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer Rochester^® Limited Term California 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 California Municipal Fund into Invesco Oppenheimer Rochester^® Limited Term California 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		63,678,936		3,054,011		12,703,204		0

102          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited

The address of each trustee and officer is AIMTax-Exempt Funds (InvescoTax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified.

Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS
Martin L. Flanagan1— 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President,Co-Chief Executive Officer,Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	240	None
Philip A. Taylor2— 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser);	240	None
1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.
2 Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser.

103          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./ Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding

104          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.

105        INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	240	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	240	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown3– 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	240	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance(non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry	240	None
3 Mss. Brown and Krentzman and Messrs. Motley, Vandivort and Vaughn were appointed as Trustees of the Trust effective June 10, 2019.

106          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Jack M. Fields (Continued)		company); Director of Cross Timbers Quail Research Ranch(non-profit); and member of the U.S. House of Representatives
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	240	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	240	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman3– 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the	240	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

107        INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Elizabeth Krentzman (Continued)		Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	240	Blue Hills Bank; Chairman of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	240	None
Joel W. Motley3– 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization). Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	240	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	240	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)

108          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	240	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	240	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	240	None
Daniel S. Vandivort3–1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	240	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn3– 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	240	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement(non-profit)
Christopher L. Wilson – 1957 Trustee and Vice Chair	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios);	240	ISO New England, Inc.(non-profit organization managing regional electricity market)

109        INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Christopher L. Wilson (Continued)		Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

110          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco	N/A	N/A

111        INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Jeffrey H. Kupor (Continued)		India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC; Secretary, Jemstep, Inc. Formerly: Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.;	N/A	N/A

112          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Andrew R. Schlossberg (Continued)		Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC
John M. Zerr — 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent) Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and	N/A	N/A

113        INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
John M. Zerr (Continued)		General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management CorporationFormerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

114          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Assistant Treasurer, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer –Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self- Indexed Fund Trust Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A

115        INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’ssub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza,	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopersLLP
Suite 1000	1555 Peachtree Street, N.E.	11 Greenway Plaza,	1000 Louisiana Street,
Houston, TX 77046-1173	Atlanta, GA 30309	Suite 1000	Suite 5800
		Houston, TX	Houston, TX 77002-5021
		77046-1173
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Independent Trustees	Invesco Investment	Citibank, N.A.
2005 Market Street,	Goodwin Procter LLP	Services, Inc.	111 Wall Street
Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza,	New York, NY 10005
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Suite 1000
		Houston, TX
		77046-1173

116          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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

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117          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

INVESCO’S PRIVACY NOTICEContinued

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

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118          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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120          INVESCO OPPENHEIMER ROCHESTER LIMITED TERM CALIFORNIA MUNICIPAL FUND

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

Invesco Distributors, Inc.	O-ROLTCAM-AR-1	09262019

Shareholder Report For the One Month Ended 8/31/2019 Annual Report 7/31/2019

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

Important Update

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

Table of Contents

Fund Performance Discussion	5
Top Holdings and Allocations	9
Fund Expenses	14
Schedule of Investments	18
Statement of Assets and Liabilities	30
Statement of Operations	32
Statement of Changes in Net Assets	33
Financial Highlights	34
Notes to Financial Statements	42
Report of Independent Registered Public Accounting Firm	57
Independent Registered Public Accounting Firm	59
Federal Income Tax Information	60
Approval of Investment Advisory andSub-Advisory Contracts	61
Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments	66
Shareholder Proxy	67
Trustees and Officers	68
Invesco’s Privacy Notice	82

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT8/31/19

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays   Municipal Bond Index
1-Month	1.75%	-2.60%	1.58%
1-Year	9.83	5.12	8.72
5-Year	4.28	3.38	3.85
10-Year	5.77	5.31	4.62

AVERAGE ANNUAL TOTAL RETURNS AT7/31/19

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays   Municipal Bond Index
1-Year	10.29%	5.58%	7.31%
5-Year	4.56	3.65	3.77
10-Year	6.43	5.98	4.63

3          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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. 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 NEW JERSEY MUNICIPAL FUND

Fund Performance Discussion

Performance summary

For the fiscal year ended July 31, 2019, the Class A shares of Invesco Oppenheimer Rochester New Jersey Municipal Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Barclays Municipal Bond Index, the Fund’s benchmark. Please note that the fiscalyear-end for the Fund has changed from July 31 to February 28. The below is a discussion of the Fund’s performance as of its last fiscal year ended July 31, 2019.

Market conditions and your Fund

New Jersey revenues are up 9.7% year over year through the end of May 2019.¹ However, a large part of this was due toone-time,non-recurring sources, specifically corporate business tax (CBT) revenues that experienced a boost due to the implementation of a CBT surtax on January 1, 2018 (fiscal year 2018). The 2.5% surtax runs through the end of 2019, at which point the surtax drops to 1.5%; the surtax is set to expire at the end of 2021. Combine this with the fact that pension contributions are scheduled to increase by $700 million in FY21 (fiscal year end June 30), passing a structurally balanced budget for FY21 could prove challenging for New Jersey. Additionally, because New Jersey’s pension funded ratio is currently at 26% and because the state not yet fully funding its annual pension costs, budgetary flexibility is low.

Favorably, the state’s economic condition appears to be solid, with thesix-month Philly Fed Leading Index projecting the state’s coincident index to increase by 3.2% over the next six months, compared to the

national average of 1.25%.² As of the close of the reporting period, the state’s general obligation bonds were rated A3 by Moody’s,A- by Standard & Poor’s (S&P); and A by Fitch Ratings. All three agencies have assigned stable outlooks.³

The broad municipal bond market experienced positive returns for the fifth consecutive year in 2018, and performance remained strong throughout this fiscal year. Investment grade municipals returned 7.31% and high yield municipals returned 8.08% during the fiscal year.⁴ Performance has been particularly strong the first seven months of 2019 with investment grade municipals returning 5.94% and high yield municipals returning 7.33%.⁴

The fiscal year was characterized by supportive technical conditions (supply and demand balances) as new issuance of municipal bonds underwhelmed, totaling $342 billion — down nearly 18% from the previous fiscal year.⁵ Flows into the municipal bond asset class were positive for the last 30 weeks of the fiscal year.⁶ Consistent positive

5          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

flow pattern, coupled with continued limited supply, resulted in strong performance across the municipal market. Fund flows totaled $54.2 billion from August 2018 through July 2019.⁷

The high yield municipal bond market outperformed the investment grade bond segment, led by improved price discovery on Puerto Rico bonds as a result of developments in the commonwealth’s debt restructuring and strong performance of high yield general obligation securities.

Municipal bonds withstood considerable headwinds during the fiscal year, including interest rate movements that had the10-year US Treasury yield breaching 2.00% in July 2019. Additionally, the US government shutdown, which occurred midway through the fiscal year and lasted 35 days, along with ongoingUS-China trade negotiations and Brexit developments created a challenging market environment. Both investment grade municipals and high yield municipals posted negative returns for the months of September and October 2018: Worsening market conditions exposed the municipal bond market to more sensitivity relating to asell-off in US Treasuries in September. Despite these challenges, the municipal market continued to perform positively this fiscal year as technical conditions provided tailwinds.

Investors’ concerns about the future of interest rates, meanwhile, created increased demand for Treasuries and high-grade municipal bonds alike, and yields continued

to fall at all maturities as high yield securities rallied. The yield curve for30-year,AAA-rated municipal bonds continued to flatten as trade tensions between the US and China increased worries about inflationary pressures.

During the fiscal year, the US Federal Reserve (the Fed) raised the federal funds rate two times (in September and December 2018) before lowering it in July 2019.⁸ The two rate hikes, the eighth and ninth since December 2008, were anticipated and reflected increased confidence in the US economy amid low unemployment, relatively stable inflation and overall robust economic growth. This expansionary monetary policy significantly flattened the US Treasury yield curve with a slight inversion on the short end occurring in December 2018.

However, the Fed’s dovish stance at the beginning of calendar year 2019 took the market by surprise, leading economists to change their predictions from two interest rate increases in 2019, to just one. Amid political pressure and despite favorable growth and labor trends, the Fed ultimately reversed course and lowered the Fed Funds rate in July, citing uncertainty about the global economic outlook. The Treasury curve was inverted at fiscalyear-end with investors preferring2- to7-year paper over shorter and longer maturities. Economists were mixed as to whether this particular inversion, the first sincemid-2007, portends a recession.

Earlier in the fiscal year, as anticipated, US midterm election results had a positive impact

6          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

on municipal securities as perceived threats to municipal tax exemptions, further tax reform and changes to the Affordable Care Act were greatly reduced. News of a possible ban on flavorede-cigarettes and menthol cigarettes made headlines, which caused a short-lived decline in the valuations of below-Investment-grade tobacco settlement bonds. Meanwhile,year-end demand for yield and coupon payments caused the asset class to end 2018 on a strong note. Investors affected by the $10,000 cap on state and local tax (SALT) deductions poured a record $18.9 billion into municipal bond funds in the first 8 weeks of calendar year 2019, the most over that period in at least 13 years.⁷

At the close of the fiscal year, we believed municipal fundamentals remained strong and viewed the ongoing impact of the Tax Cut and Jobs Act of 2018 as a potential market factor. As a result, demand for municipal bond investments could remain strong as retail investors continue to seektax-exempt income.

Over the fiscal year, security selection in sales tax revenue, general obligation (G.O.), and tobacco settlement bonds, the Fund’s eighth largest, ninth largest and largest sectors, respectively, significantly contributed to the Fund’s performance. Sales tax revenue bonds issued by the Commonwealth of Puerto Rico (COFINAs) represented nearly 96% of the Fund’s assets in that sector at fiscalyear-end. The Fund’s holdings in the Special Tax, sales tax revenue, and G.O. sectors produced the strongest single-sector returns this fiscal year. In aggregate, the Fund’s diverse

holdings in securities issued in Puerto Rico provided a much larger contribution to the Fund’s total return than any single sector. None of the sectors in which the Fund was invested produced a negative return this fiscal year, and none detracted from the Fund’s performance.Pre-refunded bonds and the resource recovery sector, among others, were underperformers relative to the Bloomberg Barclays Municipal Bond Index.

During the fiscal year, leverage contributed to the Fund’s performance. The Fund achieved a leveraged position through the use of inverse floating rate securities and tender option bonds (TOBs). Exposure to TOBs aided performance due to the price appreciation in municipal holdings when interest rates declined. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to additional volatility. For more information about the Fund’s use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as

7          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

well as individual security characteristics such as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments. Investors are reminded that the Fund is not and will not be managed based on predictions of interest rate changes.

Oppenheimer Rochester New Jersey Municipal Fund (the predecessor fund) was renamed Invesco Oppenheimer Rochester New Jersey Municipal Fund after the close of business on May 24, 2019, when Invesco’s acquisition of OppenheimerFunds was finalized. Prior to the commencement of the Fund’s operations, Elizabeth Mossow managed the predecessor fund since 2013. Effective June 21, 2019, the portfolio management team of this fund was changed to Mrs. Mossow (lead manager) and Mark Paris.

Thank you for investing in Invesco Oppenheimer Rochester New Jersey Municipal Fund and for sharing our long-term investment horizon.

1 Source: New Jersey Office of Legislative Services.

2 Source: Federal Reserve Bank of Philadelphia

3 Sources: Standard & Poor’s, Fitch Ratings, Moody’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.“Non-Rated” indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Ratings Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.

4 Sources: Bloomberg Barclays Municipal Bond Index, Bloomberg Barclays High Yield Municipal Bond Index

5 Source: The Bond Buyer

6 Source: Lipper

7 Source: Strategic Insight

8 Source: US Federal Reserve

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

8          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES
Tobacco Master Settlement Agreement	12.8	%
Transportation Infrastructure	9.5
Government Appropriation	9.0
Higher Education	7.6
Education	7.6
General Obligation	7.2
Marine/Aviation Facilities	7.1
Sales Tax Revenue	6.3
Casino	4.5
Hospital/Healthcare	4.2

Portfolio holdings and allocations are subject to change. Percentages are as of August 31, 2019 and are based on total assets.

CREDIT ALLOCATION
	NRSRO-  Rated		Adviser-  Rated		Total
AAA		9.6%		0.6%		10.2%
AA		42.8		0.0		42.8
A		11.6		0.8		12.4
BBB		8.2		7.8		16.0
BB or lower		8.2		10.4		18.6
Total		80.4%		19.6%		100.0%

The percentages above are based on the market value of the securities as of August 31, 2019 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

9          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

TOP TEN CATEGORIES
Tobacco Master Settlement Agreement	13.3	%
Transportation Infrastructure	9.9
Government Appropriation	9.2
Higher Education	8.0
Marine/Aviation Facilities	7.5
Education	7.3
Hospital/Healthcare	6.4
Sales Tax Revenue	6.3
General Obligation	6.1
Casino	4.7

Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2019 and are based on total assets.

CREDIT ALLOCATION
	NRSRO- Rated		Adviser- Rated		Total
AAA		0.6%		0.0%		0.6%
AA		14.7		2.2		16.9
A		22.2		0.0		22.2
BBB		34.8		1.3		36.1
BB or lower		13.1		11.1		24.2
Total		85.4%		14.6%		100.0%

The percentages above are based on the market value of the securities as of July 31, 2019 and are subject to change. Invesco Advisers, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco Advisers, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

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

10          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 8/31/19

	Inception Date		1-Month			1-Year			5-Year			10-Year			Since Inception
Class A (ONJAX)		3/1/94		1.75	%		9.83	%		4.28	%		5.77	%		4.77	%
Class C (ONJCX)		8/29/95		1.73			9.26			3.57			5.02			4.55
Class Y (ONJYX)		11/29/10		1.77			10.20			4.52			N/A			5.22
Class R6 (IORJX)1		5/24/19		1.75			9.86			4.29			5.77			N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 8/31/19

	Inception Date		1-Month			1-Year			5-Year			10-Year			Since Inception
Class A (ONJAX)		3/1/94		-2.60	%		5.12	%		3.38	%		5.31	%		4.59	%
Class C (ONJCX)		8/29/95		0.73			8.26			3.57			5.02			4.55
Class Y (ONJYX)		11/29/10		1.77			10.20			4.52			N/A			5.22
Class R6 (IORJX)1		5/24/19		1.75			9.86			4.29			5.77			N/A

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/19

	Inception Date		1-Year			5-Year			10-Year			Since   Inception
Class A (ONJAX)		3/1/94		10.29	%		4.56	%		6.43	%		4.72	%
Class C (ONJCX)		8/29/95		9.66			3.84			5.66			4.49
Class Y (ONJYX)		11/29/10		10.65			4.77			N/A			5.06
Class R6 (IORJX)1		5/24/19		10.31			4.56			6.44			N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/19

	Inception Date		1-Year			5-Year			10-Year			Since   Inception
Class A (ONJAX)		3/1/94		5.58	%		3.65	%		5.98	%		4.54	%
Class C (ONJCX)		8/29/95		8.66			3.84			5.66			4.49
Class Y (ONJYX)		11/29/10		10.65			4.77			N/A			5.06
Class R6 (IORJX)1		5/24/19		10.31			4.56			6.44			N/A

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

11          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

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

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

12          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Investments in tobacco settlement bonds, which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments byMSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share ofnon-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

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

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

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

13          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended August 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended August 31, 2019” to estimate the expenses you paid on your account during this period.

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

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

14          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Actual	Beginning Account Value March 1, 2019		Ending Account Value August 31, 2019		Expenses Paid During 6 Months Ended             August 31, 20191,2
Class A	$	1,000.00	$	1,071.20	$	6.37
Class C		1,000.00		1,069.20		9.77
Class Y		1,000.00		1,073.50		5.07
Class R6		1,000.00		1,071.50		2.47
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.00		6.21
Class C		1,000.00		1,015.74		9.52
Class Y		1,000.00		1,020.26		4.94
Class R6		1,000.00		1,020.71		4.48

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 184/366 (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 99/366 to reflect the period from after the close of business on May 24, 2019 (inception of offering) to August 31, 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 184/366 (to reflect theone-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended August 31, 2019 for Classes A, C and Yand for the period from after the close of business on May 24, 2019 (inception of offering) to August 31, 2019 for Class R6 are as follows:

Class	Expense Ratios
Class A		1.22	%
Class C		1.87
Class Y		0.97
Class R6		0.88

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.

15          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended July 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended July 31, 2019” to estimate the expenses you paid on your account during this period.

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

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

16          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Actual	Beginning Account Value February 1, 2019		Ending Account Value July 31, 2019		Expenses Paid During 6 Months Ended             July 31, 20191,2
Class A	$	1,000.00	$	1,074.60	$	6.91
Class C		1,000.00		1,072.10		10.32
Class Y		1,000.00		1,076.80		5.73
Class R6		1,000.00		1,074.80		1.92
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,018.15		6.73
Class C		1,000.00		1,014.88		10.04
Class Y		1,000.00		1,019.29		5.57
Class R6		1,000.00		1,019.89		4.97

1. Actual expenses paid for Class A, C and Y 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). 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 68/365to reflect the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 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 July 31, 2019 for Classes A, C and Y and for the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019 for Class R6 are as follows:

Class	Expense Ratios
Class A		1.34	%
Class C		2.00
Class Y		1.11
Class R6		0.99

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.

17          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

SCHEDULE OF INVESTMENTSAugust 31, 2019 Unaudited

Principal Amount			Coupon	Maturity	Value
Municipal Bonds and Notes—108.3%
New Jersey—80.5%
	$1,250,000	Atlantic City, NJ GO1	5.000%	03/01/2042	$	1,479,587
	1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)1	5.000	02/15/2033		1,127,910
	1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)1	5.000	02/15/2034		1,125,320
	1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)1	5.000	02/15/2035		1,122,490
	2,000,000	Casino Reinvestment Devel. Authority of NJ1	5.000	11/01/2031		2,261,580
	1,665,000	Casino Reinvestment Devel. Authority of NJ1	5.250	01/01/2024		1,669,246
	3,000,000	Casino Reinvestment Devel. Authority of NJ1	5.250	11/01/2039		3,312,090
	3,000,000	Casino Reinvestment Devel. Authority of NJ1	5.250	11/01/2044		3,308,160
	420,000	Casino Reinvestment Devel. Authority of NJ (Hotel Room Fee)1	5.000	01/01/2025		420,970
	770,000	Casino Reinvestment Devel. Authority of NJ (Hotel Room Fee)1	5.250	01/01/2022		772,071
	1,000,000	Casino Reinvestment Devel. Authority of NJ (Luxury Tax)1	5.000	11/01/2028		1,138,900
	25,000	Essex County, NJ Improvement Authority1	4.750	11/01/2032		25,060
	120,000	Essex County, NJ Improvement Authority (Newark)1	5.125	04/01/2029		120,169
	250,000	Essex County, NJ Improvement Authority (Newark)1	6.250	11/01/2030		264,595
	75,000	Essex County, NJ Utilities Authority1	4.125	04/01/2022		75,128
	50,000	Essex County, NJ Utilities Authority1	5.000	04/01/2020		50,115
	140,000	Garden State Preservation Trust, NJ Open Space & Farmland Preservation	3.565 2	11/01/2026		123,609
	460,000	Garden State Preservation Trust, NJ Open Space & Farmland Preservation1	5.750	11/01/2028		592,025
	1,000,000	Hudson County, NJ Improvement Authority1	6.000	01/01/2040		1,015,660
	2,655,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)1	5.500	06/01/2041		2,839,284
	10,000	Lavallette, NJ School District1	4.200	02/01/2025		10,021
	20,000	Middlesex County, NJ Improvement Authority (South Plainfield Urban Renewal)1	5.500	09/01/2030		20,063
	445,000	New Brunswick, NJ Parking Authority1	5.000	09/01/2027		491,534
	605,000	New Brunswick, NJ Parking Authority1	5.000	09/01/2029		668,888
	1,000,000	New Brunswick, NJ Parking Authority1	5.000	09/01/2047		1,208,980
	3,000,000	Newark, NJ GO1	5.000	07/15/2029		3,336,330
	430,000	Newark, NJ GO1	5.000	07/15/2029		476,982
	1,000,000	Newark, NJ Hsg. Authority (Port Newark Marine Terminal Rental)1	4.000	01/01/2037		1,138,480
	760,000	Newark, NJ Hsg. Authority (Port Newark Marine Terminal Rental)1	5.000	01/01/2032		977,953
	25,000	NJ Building Authority1	4.000	12/15/2019		25,031
	600,000	NJ Building Authority1	5.000	06/15/2028		722,820
	300,000	NJ Building Authority1	5.000	06/15/2029		360,144
	2,095,000	NJ EDA1	5.000	06/15/2028		2,262,851
	750,000	NJ EDA1	5.000	06/15/2029		808,403

18          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Principal Amount			Coupon	Maturity		Value
New Jersey (Continued)
	$3,000,000	NJ EDA1	5.000%		06/15/2035	$	3,407,550
	3,000,000	NJ EDA1	5.000		06/15/2036		3,402,810
	725,000	NJ EDA (Beloved Community Charter School)1	5.000		06/15/2054		779,672
	100,000	NJ EDA (Continental Airlines)1	5.250		09/15/2029		110,432
	55,000	NJ EDA (Dept. of Human Services)1	6.250		07/01/2024		55,168
	350,000	NJ EDA (Foundation Academy Charter School)1	5.000		07/01/2038		408,492
	1,000,000	NJ EDA (Foundation Academy Charter School)1	5.000		07/01/2050		1,147,480
	460,000	NJ EDA (Golden Door Charter School)1	6.000		11/01/2022		468,906
	525,000	NJ EDA (Golden Door Charter School)1	6.250		11/01/2038		596,678
	2,500,000	NJ EDA (Golden Door Charter School)1	6.500		11/01/2052		2,849,550
	2,655,000	NJ EDA (Harrogate)1	5.875		12/01/2026		2,661,213
	1,700,000	NJ EDA (Lions Gate)1	5.250		01/01/2044		1,777,350
	1,000,000	NJ EDA (Marion P Thomas Charter School)	5.000		10/01/2033		1,058,270
	2,500,000	NJ EDA (Marion P Thomas Charter School)	5.250		10/01/2038		2,634,525
	90,000	NJ EDA (Metromall Urban Renewal)1	6.500		04/01/2031		101,428
	1,000,000	NJ EDA (Middlesex Water Company)1	4.000		08/01/2059		1,102,600
	3,000,000	NJ EDA (Motor Vehicle Surcharges)1	5.000		07/01/2033		3,624,180
	5,320,000	NJ EDA (New Jersey American Water Company)1	5.600		11/01/2034		5,459,065
	4,350,000	NJ EDA (New Jersey American Water Company)1	5.700		10/01/2039		4,364,398
	2,515,000	NJ EDA (Newark Downtown District Management Corp.)1	5.125		06/15/2037		3,066,716
	1,000,000	NJ EDA (North Star Academy Charter School of Newark)1	5.000		07/15/2047		1,151,300
	500,000	NJ EDA (Provident Group-Kean Properties)1	5.000		07/01/2037		567,920
	1,000,000	NJ EDA (Provident Group-Montclair Properties)1	5.000		06/01/2042		1,186,450
	1,000,000	NJ EDA (School Facilities)1	5.250		09/01/2026		1,057,250
	65,000	NJ EDA (St. Barnabas Medical Center)	6.827 2		07/01/2021		63,469
	25,000	NJ EDA (St. Barnabas Medical Center)	7.147 2		07/01/2020		24,738
	3,000,000	NJ EDA (State Government Buildings)1	5.000		06/15/2047		3,489,960
	20,000	NJ EDA (State Office Buildings)1	5.000		06/15/2020		20,052
	3,000,000	NJ EDA (Team Academy Charter School)1	5.000		12/01/2048		3,485,250
	3,200,000	NJ EDA (Team Academy Charter School)1	6.000		10/01/2043		3,648,256
	10,650,000	NJ EDA (The Goethals Bridge Replacement)1	5.375		01/01/2043		12,032,689
	1,515,000	NJ EDA (UMM Energy Partners)1	5.000		06/15/2037		1,614,384
	1,250,000	NJ EDA (UMM Energy Partners)1	5.125		06/15/2043		1,333,387
	275,000	NJ EDA (University Heights Charter School)1	5.375		09/01/2033		303,759
	765,000	NJ EDA (University Heights Charter School)1	5.625		09/01/2038		844,132
	1,395,000	NJ Educational Facilities Authority (Georgian Court University)1	5.000		07/01/2030		1,572,946
	1,590,000	NJ Educational Facilities Authority (Georgian Court University)1	5.000		07/01/2033		1,775,919
	1,485,000	NJ Educational Facilities Authority (Georgian Court University)1	5.000		07/01/2035		1,648,573
	1,640,000	NJ Educational Facilities Authority (Georgian Court University)1	5.000		07/01/2036		1,816,218
	10,000	NJ Educational Facilities Authority (New Jersey City University)1	4.125		07/01/2025		10,023
	5,000	NJ Educational Facilities Authority (Public Library)1	5.000		09/01/2022		5,015

19          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon	Maturity		Value
New Jersey (Continued)
	$185,000	NJ Educational Facilities Authority (Rider University)1	5.000%		07/01/2035	$	216,317
	300,000	NJ Educational Facilities Authority (Rider University)1	5.000		07/01/2036		349,920
	1,000,000	NJ Educational Facilities Authority (Rider University)1	5.000		07/01/2037		1,042,910
	3,250,000	NJ Educational Facilities Authority (Rider University)1	5.000		07/01/2047		3,715,173
	2,000,000	NJ Educational Facilities Authority (William Patterson University)1	5.000		07/01/2047		2,395,940
	5,000,000	NJ GO1,3	5.000		6/1/2027		6,265,100
	5,000,000	NJ GO4	5.000		06/01/2028		6,228,713
	3,000,000	NJ Health Care Facilities Financing Authority (Barnabas Health)1	5.000		07/01/2044		3,462,000
	5,085,000	NJ Health Care Facilities Financing Authority (Catholic Health East)1	5.000		11/15/2033		5,322,622
	2,000,000	NJ Health Care Facilities Financing Authority (Hospital Asset Transformation)1	5.000		10/01/2038		2,350,160
	1,960,000	NJ Health Care Facilities Financing Authority (St. Luke’s Warren Hospital)1	5.000		08/15/2034		2,167,799
	2,000,000	NJ Health Care Facilities Financing Authority (University Hospital)1	5.000		07/01/2046		2,288,920
	1,000,000	NJ Higher Education Student Assistance Authority (Student Loans)1	3.625		12/01/2049		1,040,700
	1,335,000	NJ Higher Education Student Assistance Authority (Student Loans)1	5.500		12/01/2025		1,428,637
	35,000	NJ Higher Education Student Assistance Authority (Student Loans)1	5.750		12/01/2029		37,651
	870,000	NJ Hsg. & Mtg. Finance Agency1	3.950		11/01/2043		948,187
	980,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)1	3.800		10/01/2032		1,061,487
	2,000,000	NJ Tobacco Settlement Financing Corp.1	5.000		06/01/2037		2,371,660
	7,400,000	NJ Tobacco Settlement Financing Corp.1	5.000		06/01/2046		8,288,444
	3,350,000	NJ Tobacco Settlement Financing Corp.1	5.250		06/01/2046		3,925,664
	1,200,000	NJ Transportation Trust Fund Authority	3.726 2		12/15/2028		973,320
	2,000,000	NJ Transportation Trust Fund Authority	4.298 2		12/15/2037		1,202,440
	3,540,000	NJ Transportation Trust Fund Authority1	5.000		06/15/2031		4,189,094
	1,625,000	NJ Transportation Trust Fund Authority1	5.000		06/15/2038		1,743,414
	5,000,000	NJ Transportation Trust Fund Authority1	5.500		06/15/2041		5,308,150
	4,518,000	NJ Transportation Trust Fund Authority1	6.000		06/15/2035		4,847,769
	2,000,000	NJ Turnpike Authority1	5.000		01/01/2048		2,487,440
	6,330,000	Rutgers State University NJ4	5.000		05/01/2029		7,136,324
	5,380,000	Rutgers State University NJ4	5.000		05/01/2030		6,052,787
	4,000,000	Rutgers State University NJ4	5.000		05/01/2038		4,468,543
	1,350,000	South Jersey, NJ Port Corp. (Marine Terminal)1	5.000		01/01/2039		1,546,520
	3,650,000	South Jersey, NJ Transportation Authority1	5.000		11/01/2039		4,133,479

20          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
New Jersey (Continued)
	$55,000	Union County, NJ Improvement Authority (Linden Airport)1		5.000	%		03/01/2028	$	55,147
									211,133,053
New York—7.1%
	2,249,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2022		2,346,022
	8,720,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2025		9,041,419
	20,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.000			12/01/2042		21,150
	5,100,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500			12/01/2028		5,316,954
	825,000	Port Authority NY/NJ (KIAC)1		6.750			10/01/2019		842,061
	850,000	Port Authority NY/NJ, 206th Series1		5.000			11/15/2037		1,046,945
									18,614,551
U.S. Possessions—20.7%
	10,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750			09/01/2031		10,251
	125,000	Guam Power Authority, Series A1		5.000			10/01/2024		139,040
	250,000	Guam Power Authority, Series A1		5.000			10/01/2030		276,547
	1,820,000	Northern Mariana Islands Ports Authority, Series A1		6.250			03/15/2028		1,759,503
	19,000,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		19,324,900
	2,150,000	Puerto Rico Commonwealth GO5		5.250			07/01/2037		1,574,875
	3,000,000	Puerto Rico Commonwealth GO5		6.500			07/01/2040		2,085,000
	45,000	Puerto Rico Electric Power Authority, Series A5		5.050			07/01/2042		36,000
	168,096	Puerto Rico Electric Power Authority, SeriesA-45		10.000			07/01/2019		143,932
	2,000,000	Puerto Rico Electric Power Authority, Series AAA5		5.250			07/01/2030		1,605,000
	550,000	Puerto Rico Electric Power Authority, Series AAA5		5.250			07/01/2031		441,375
	168,097	Puerto Rico Electric Power Authority, SeriesB-45		10.000			07/01/2019		143,933
	165,099	Puerto Rico Electric Power Authority, SeriesE-15		10.000			01/01/2021		146,319
	165,099	Puerto Rico Electric Power Authority, SeriesE-25		10.000			07/01/2021		146,319
	55,033	Puerto Rico Electric Power Authority, SeriesE-25		10.000			01/01/2022		48,773
	55,033	Puerto Rico Electric Power Authority, SeriesE-45		10.000			07/01/2022		48,773
	45,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000			07/01/2020		45,288
	575,000	Puerto Rico Infrastructure5		5.000			07/01/2027		136,562
	4,750,000	Puerto Rico Infrastructure5		5.000			07/01/2037		1,128,125
	2,610,000	Puerto Rico Infrastructure5		5.000			07/01/2041		619,875
	975,000	Puerto Rico Infrastructure, AMBAC		6.995	2		07/01/2035		417,563
	400,000	Puerto Rico Infrastructure (Mepsi Campus)5		6.500			10/01/2037		81,000
	930,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		921,583
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.125			04/01/2032		100,384
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			04/01/2042		100,250
	175,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		179,594
	1,000,000	Puerto Rico ITEMECF (Polytechnic University), ACA1		5.000			08/01/2032		1,001,860

21          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

SCHEDULE OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
U.S. Possessions (Continued)
	$2,000,000	Puerto Rico Municipal Finance Agency, Series A, AGC1		5.250	%		08/01/2020	$	2,027,980
	1,000,000	Puerto Rico Public Buildings Authority, NPFGC1		6.000			07/01/2028		1,016,220
	5,235,000	Puerto Rico Public Finance Corp., Series B5		6.000			08/01/2026		314,100
	4,153,717	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.264	2		08/01/2041		3,021,829
	1,367,758	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.359	2		08/01/2041		188,067
	1,940,000	Puerto Rico Sales Tax Financing Corp., Series A		4.823	2		07/01/2033		1,199,968
	486,000	Puerto Rico Sales Tax Financing Corp., Series A		4.839	2		07/01/2031		329,479
	3,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		3.973	2		07/01/2024		2,618
	387,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.259	2		07/01/2027		306,229
	401,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		4.500			07/01/2034		429,254
	203,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		4.550			07/01/2040		209,535
	378,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.560	2		07/01/2029		278,053
	1,489,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		4.750			07/01/2053		1,530,409
	3,765,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		5.000			07/01/2058		3,935,027
	5,210,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.894	2		07/01/2046		1,399,093
	4,243,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.951	2		07/01/2051		824,585
	2,062,000	Puerto Rico Sales Tax Financing Corp., SeriesA-21		4.329			07/01/2040		2,100,663
	60,000	Puerto Rico Sales Tax Financing Corp., SeriesA-21		4.536			07/01/2053		60,973
	827,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2?1		4.784			07/01/2058		850,776
	1,100,000	V.I. Tobacco Settlement Financing Corp.		6.497	2		05/15/2035		360,756
	3,100,000	V.I. Tobacco Settlement Financing Corp.		7.622	2		05/15/2035		927,055
	50,000	V.I. Water & Power Authority		5.000			07/01/2024		48,125
	15,000	V.I. Water & Power Authority		5.000			07/01/2026		14,213
	85,000	V.I. Water & Power Authority		5.000			07/01/2027		80,113
									54,117,744
	Total Investments, at Value (Cost $277,747,202)—108.3%								283,865,348
	Net Other Assets (Liabilities)—(8.3)								(21,777,816	)
	Net Assets—100.0%							$	262,087,532

Footnotes to Schedule of Investments

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

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

3. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 8 of the accompanying Notes.

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

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

22          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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

ACA	American Capital Access
AGC	Assured Guaranty Corp.
AMBAC	AMBAC Indemnity Corp.
COFINA	Corporación del Fondo de Interés Apremiante
EDA	Economic Devel. Authority
GO	General Obligation
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK	John Fitzgerald Kennedy
NPFGC	National Public Finance Guarantee Corp.
NY/NJ	New York/New Jersey
TASC	Tobacco Settlement Asset-Backed Bonds
V.I.	United States Virgin Islands

See accompanying Notes to Financial Statements.

23          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

SCHEDULE OF INVESTMENTSJuly 31, 2019

Principal Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—107.2%
	New Jersey—79.4%
	$1,250,000	Atlantic City, NJ GO1		5.000	%		03/01/2042	$	1,446,600
	1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)1		5.000			02/15/2033		1,108,700
	1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)1		5.000			02/15/2034		1,105,520
	1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)1		5.000			02/15/2035		1,102,250
	2,000,000	Casino Reinvestment Devel. Authority of NJ1		5.000			11/01/2031		2,233,780
	1,665,000	Casino Reinvestment Devel. Authority of NJ1		5.250			01/01/2024		1,669,529
	3,000,000	Casino Reinvestment Devel. Authority of NJ1		5.250			11/01/2039		3,280,260
	3,000,000	Casino Reinvestment Devel. Authority of NJ1		5.250			11/01/2044		3,276,570
	420,000	Casino Reinvestment Devel. Authority of NJ (Hotel Room Fee)1		5.000			01/01/2025		421,025
	770,000	Casino Reinvestment Devel. Authority of NJ (Hotel Room Fee)1		5.250			01/01/2022		772,218
	1,000,000	Casino Reinvestment Devel. Authority of NJ (Luxury Tax)1		5.000			11/01/2028		1,127,510
	25,000	Essex County, NJ Improvement Authority1		4.750			11/01/2032		25,066
	120,000	Essex County, NJ Improvement Authority (Newark)1		5.125			04/01/2029		120,162
	250,000	Essex County, NJ Improvement Authority (Newark)1		6.250			11/01/2030		265,545
	75,000	Essex County, NJ Utilities Authority1		4.125			04/01/2022		75,144
	50,000	Essex County, NJ Utilities Authority1		5.000			04/01/2020		50,130
	140,000	Garden State Preservation Trust, NJ Open Space & Farmland Preservation		3.565	2		11/01/2026		121,359
	460,000	Garden State Preservation Trust, NJ Open Space & Farmland Preservation1		5.750			11/01/2028		585,194
	1,000,000	Hudson County, NJ Improvement Authority1		6.000			01/01/2040		1,019,740
	2,655,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)1		5.500			06/01/2041		2,846,160
	10,000	Lavallette, NJ School District1		4.200			02/01/2025		10,023
	20,000	Middlesex County, NJ Improvement Authority (South Plainfield Urban Renewal)1		5.500			09/01/2030		20,069
	445,000	New Brunswick, NJ Parking Authority1		5.000			09/01/2027		489,451
	605,000	New Brunswick, NJ Parking Authority1		5.000			09/01/2029		665,464
	1,000,000	New Brunswick, NJ Parking Authority1		5.000			09/01/2047		1,181,410
	3,000,000	Newark, NJ GO1		5.000			07/15/2029		3,294,480
	430,000	Newark, NJ GO1		5.000			07/15/2029		470,988
	1,000,000	Newark, NJ Hsg. Authority (Port Newark Marine Terminal Rental)1		4.000			01/01/2037		1,112,020
	760,000	Newark, NJ Hsg. Authority (Port Newark Marine Terminal Rental)1		5.000			01/01/2032		950,616
	25,000	NJ Building Authority1		4.000			12/15/2019		25,048
	600,000	NJ Building Authority1		5.000			06/15/2028		714,930
	300,000	NJ Building Authority1		5.000			06/15/2029		355,797
	2,095,000	NJ EDA1		5.000			06/15/2028		2,252,879
	750,000	NJ EDA1		5.000			06/15/2029		804,383

24          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Principal Amount			Coupon			Maturity			Value
	New Jersey (Continued)
	$3,000,000	NJ EDA1		5.000	%		06/15/2035		$	3,340,710
	3,000,000	NJ EDA1		5.000			06/15/2036			3,332,910
	725,000	NJ EDA (Beloved Community Charter School)1		5.000			06/15/2054			768,137
	100,000	NJ EDA (Continental Airlines)1		5.250			09/15/2029			109,815
	55,000	NJ EDA (Dept. of Human Services)1		6.250			07/01/2024			55,183
	350,000	NJ EDA (Foundation Academy Charter School)1		5.000			07/01/2038			394,488
	1,000,000	NJ EDA (Foundation Academy Charter School)1		5.000			07/01/2050			1,109,250
	460,000	NJ EDA (Golden Door Charter School)1		6.000			11/01/2022			466,458
	525,000	NJ EDA (Golden Door Charter School)1		6.250			11/01/2038			585,417
	2,500,000	NJ EDA (Golden Door Charter School)1		6.500			11/01/2052			2,796,325
	2,655,000	NJ EDA (Harrogate)1		5.875			12/01/2026			2,655,558
	1,700,000	NJ EDA (Lions Gate)1		5.250			01/01/2044			1,761,472
	1,000,000	NJ EDA (Marion P Thomas Charter School)		5.000			10/01/2033			1,037,150
	2,500,000	NJ EDA (Marion P Thomas Charter School)		5.250			10/01/2038			2,582,450
	90,000	NJ EDA (Metromall Urban Renewal)1		6.500			04/01/2031			100,433
	3,000,000	NJ EDA (Motor Vehicle Surcharges)1		5.000			07/01/2033			3,552,180
	5,320,000	NJ EDA (New Jersey American Water Company)1		5.600			11/01/2034			5,463,906
	4,350,000	NJ EDA (New Jersey American Water Company)1		5.700			10/01/2039			4,378,753
	2,515,000	NJ EDA (Newark Downtown District Management Corp.)1		5.125			06/15/2037			2,976,905
	1,000,000	NJ EDA (North Star Academy Charter School of Newark)1		5.000			07/15/2047			1,109,920
	500,000	NJ EDA (Provident Group-Kean Properties)1		5.000			07/01/2037			557,920
	1,000,000	NJ EDA (Provident Group-Montclair Properties)1		5.000			06/01/2042			1,159,190
	1,000,000	NJ EDA (School Facilities)1		5.250			09/01/2026			1,058,020
	65,000	NJ EDA (St. Barnabas Medical Center)		6.827	2		07/01/2021			63,335
	25,000	NJ EDA (St. Barnabas Medical Center)		7.147	2		07/01/2020			24,699
	3,000,000	NJ EDA (State Government Buildings)1		5.000			06/15/2047			3,367,200
	20,000	NJ EDA (State Office Buildings)1		5.000			06/15/2020			20,059
	3,000,000	NJ EDA (Team Academy Charter School)1		5.000			12/01/2048			3,395,160
	3,200,000	NJ EDA (Team Academy Charter School)1		6.000			10/01/2043			3,606,880
	10,650,000	NJ EDA (The Goethals Bridge Replacement)1		5.375			01/01/2043			11,917,137
	1,515,000	NJ EDA (UMM Energy Partners)1		5.000			06/15/2037			1,606,657
	1,250,000	NJ EDA (UMM Energy Partners)1		5.125			06/15/2043			1,327,062
	275,000	NJ EDA (University Heights Charter School)1		5.375			09/01/2033			297,234
	765,000	NJ EDA (University Heights Charter School)1		5.625			09/01/2038	��		826,177
	1,590,000	NJ Educational Facilities Authority (Georgian Court University)1		5.000			07/01/2033			1,772,182
	1,485,000	NJ Educational Facilities Authority (Georgian Court University)1		5.000			07/01/2035			1,644,266
	1,640,000	NJ Educational Facilities Authority (Georgian Court University)1		5.000			07/01/2036			1,811,101
	10,000	NJ Educational Facilities Authority (New Jersey City University)1		4.125			07/01/2025			10,025
	5,000	NJ Educational Facilities Authority (Public Library)1		5.000			09/01/2022			5,016
	185,000	NJ Educational Facilities Authority (Rider University)1		5.000			07/01/2035			211,670

25          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

SCHEDULE OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	New Jersey (Continued)
	$300,000	NJ Educational Facilities Authority (Rider University)1		5.000	%		07/01/2036	$	342,213
	1,000,000	NJ Educational Facilities Authority (Rider University)1		5.000			07/01/2037		1,038,030
	3,250,000	NJ Educational Facilities Authority (Rider University)1		5.000			07/01/2047		3,631,128
	2,000,000	NJ Educational Facilities Authority (William Patterson University)1		5.000			07/01/2047		2,342,300
	5,000,000	NJ GO3		5.000			06/01/2027		6,172,912
	5,000,000	NJ GO3		5.000			06/01/2028		6,141,538
	3,000,000	NJ Health Care Facilities Financing Authority (Barnabas Health)1		5.000			07/01/2044		3,413,760
	5,085,000	NJ Health Care Facilities Financing Authority (Catholic Health East)1		5.000			11/15/2033		5,323,944
	2,000,000	NJ Health Care Facilities Financing Authority (Hospital Asset Transformation)1		5.000			10/01/2038		2,278,620
	1,960,000	NJ Health Care Facilities Financing Authority (St. Luke’s Warren Hospital)1		5.000			08/15/2034		2,166,721
	2,000,000	NJ Health Care Facilities Financing Authority (University Hospital)1		5.000			07/01/2046		2,250,020
	1,000,000	NJ Higher Education Student Assistance Authority (Student Loans)1		3.625			12/01/2049		1,009,980
	1,335,000	NJ Higher Education Student Assistance Authority (Student Loans)1		5.500			12/01/2025		1,426,367
	35,000	NJ Higher Education Student Assistance Authority (Student Loans)1		5.750			12/01/2029		37,524
	870,000	NJ Hsg. & Mtg. Finance Agency1		3.950			11/01/2043		924,236
	980,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)1		3.800			10/01/2032		1,038,790
	2,000,000	NJ Tobacco Settlement Financing Corp.1		5.000			06/01/2037		2,328,720
	7,400,000	NJ Tobacco Settlement Financing Corp.1		5.000			06/01/2046		8,017,974
	3,350,000	NJ Tobacco Settlement Financing Corp.1		5.250			06/01/2046		3,824,528
	1,200,000	NJ Transportation Trust Fund Authority		3.726	2		12/15/2028		950,904
	2,000,000	NJ Transportation Trust Fund Authority		4.298	2		12/15/2037		1,122,440
	3,540,000	NJ Transportation Trust Fund Authority1		5.000			06/15/2031		4,122,472
	1,625,000	NJ Transportation Trust Fund Authority1		5.000			06/15/2038		1,729,861
	5,000,000	NJ Transportation Trust Fund Authority1		5.500			06/15/2041		5,277,250
	4,518,000	NJ Transportation Trust Fund Authority1		6.000			06/15/2035		4,833,853
	2,000,000	NJ Turnpike Authority1		5.000			01/01/2048		2,420,820
	6,330,000	Rutgers State University NJ3		5.000			05/01/2029		7,138,081
	5,380,000	Rutgers State University NJ3		5.000			05/01/2030		6,056,212
	4,000,000	Rutgers State University NJ3		5.000			05/01/2038		4,470,380
	1,350,000	South Jersey, NJ Port Corp. (Marine Terminal)1		5.000			01/01/2039		1,517,427
	3,650,000	South Jersey, NJ Transportation Authority1		5.000			11/01/2039		4,069,604

26          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	New Jersey (Continued)
	$55,000	Union County, NJ Improvement Authority (Linden Airport)1		5.000	%		03/01/2028	$	55,162
									205,732,201
	New York—7.2%
	2,239,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2022		2,327,306
	8,720,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2025		9,078,131
	20,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.000			12/01/2042		21,126
	5,100,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500			12/01/2028		5,341,638
	825,000	Port Authority NY/NJ (KIAC)1		6.750			10/01/2019		843,884
	850,000	Port Authority NY/NJ, 206th Series1		5.000			11/15/2037		1,018,938
									18,631,023
	U.S. Possessions—20.6%
	10,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750			09/01/2031		10,235
	125,000	Guam Power Authority, Series A1		5.000			10/01/2024		138,994
	250,000	Guam Power Authority, Series A1		5.000			10/01/2030		274,915
	1,820,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		1,759,503
	19,000,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		19,358,530
	2,150,000	Puerto Rico Commonwealth GO4		5.250			07/01/2037		1,596,375
	3,000,000	Puerto Rico Commonwealth GO4		6.500			07/01/2040		2,171,250
	45,000	Puerto Rico Electric Power Authority, Series A4		5.050			07/01/2042		34,200
	168,096	Puerto Rico Electric Power Authority, SeriesA-44		10.000			07/01/2019		145,403
	2,000,000	Puerto Rico Electric Power Authority, Series AAA4		5.250			07/01/2030		1,525,000
	550,000	Puerto Rico Electric Power Authority, Series AAA4		5.250			07/01/2031		419,375
	168,097	Puerto Rico Electric Power Authority, SeriesB-44		10.000			07/01/2019		145,404
	50,000	Puerto Rico Electric Power Authority, Series CCC4		5.000			07/01/2021		38,000
	90,000	Puerto Rico Electric Power Authority, Series CCC4		5.000			07/01/2025		68,400
	165,099	Puerto Rico Electric Power Authority, SeriesE-14		10.000			01/01/2021		143,223
	165,099	Puerto Rico Electric Power Authority, SeriesE-24		10.000			07/01/2021		143,223
	55,033	Puerto Rico Electric Power Authority, SeriesE-24		10.000			01/01/2022		47,741
	55,033	Puerto Rico Electric Power Authority, SeriesE-44		10.000			07/01/2022		47,741
	45,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000			07/01/2020		45,321
	100,000	Puerto Rico Electric Power Authority, Series TT4		5.000			07/01/2023		76,000
	575,000	Puerto Rico Infrastructure4		5.000			07/01/2027		130,812
	4,750,000	Puerto Rico Infrastructure4		5.000			07/01/2037		1,080,625
	2,610,000	Puerto Rico Infrastructure4		5.000			07/01/2041		593,775
	975,000	Puerto Rico Infrastructure, AMBAC		6.995	2		07/01/2035		415,574
	400,000	Puerto Rico Infrastructure (Mepsi Campus)4		6.500			10/01/2037		81,000
	930,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			03/01/2036		921,584
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		100,384
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		100,250
	175,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		179,594

27          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

SCHEDULE OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
U.S. Possessions (Continued)
	$1,000,000	Puerto Rico ITEMECF (Polytechnic University), ACA1		5.000	%		08/01/2032	$	1,001,820
	2,000,000	Puerto Rico Municipal Finance Agency, Series A, AGC1		5.250			08/01/2020		2,031,240
	1,000,000	Puerto Rico Public Buildings Authority, NPFGC1		6.000			07/01/2028		1,018,110
	5,235,000	Puerto Rico Public Finance Corp., Series B4		6.000			08/01/2026		314,100
	4,153,717	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.264	2		08/01/2041		3,021,829
	1,367,758	Puerto Rico Sales Tax Financing Corp. (COFINA 2007A National Custodial Trust)		0.359	2		08/01/2041		188,067
	1,940,000	Puerto Rico Sales Tax Financing Corp., Series A		4.823	2		07/01/2033		1,090,629
	486,000	Puerto Rico Sales Tax Financing Corp., Series A		4.839	2		07/01/2031		306,185
	3,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		3.973	2		07/01/2024		2,573
	387,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.259	2		07/01/2027		297,603
	401,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		4.500			07/01/2034		414,770
	203,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		4.550			07/01/2040		203,629
	378,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.560	2		07/01/2029		266,191
	1,489,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		4.750			07/01/2053		1,459,667
	3,765,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		5.000			07/01/2058		3,774,224
	5,210,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.894	2		07/01/2046		1,203,510
	4,243,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.951	2		07/01/2051		723,262
	2,062,000	Puerto Rico Sales Tax Financing Corp., SeriesA-21		4.550			07/01/2040		1,984,716
	60,000	Puerto Rico Sales Tax Financing Corp., SeriesA-21		4.750			07/01/2053		56,476
	827,000	Puerto Rico Sales Tax Financing Corp., SeriesA-21		5.000			07/01/2058		794,954
	1,100,000	V.I. Tobacco Settlement Financing Corp.		6.497	2		05/15/2035		344,047
	3,100,000	V.I. Tobacco Settlement Financing Corp.		7.622	2		05/15/2035		883,748
	50,000	V.I. Water & Power Authority		5.000			07/01/2024		48,125
	15,000	V.I. Water & Power Authority		5.000			07/01/2026		14,213
	85,000	V.I. Water & Power Authority		5.000			07/01/2027		80,113
									53,316,232
	Total Investments, at Value (Cost $275,295,542)—107.2%								277,679,456
	Net Other Assets (Liabilities)—(7.2)								(18,752,298	)
	Net Assets—100.0%							$	258,927,158

Footnotes to Schedule of Investments

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.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 1 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.

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

ACA             American Capital Access

28          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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

AGC	Assured Guaranty Corp.
AMBAC	AMBAC Indemnity Corp.
COFINA	Corporación del Fondo de Interés Apremiante
EDA	Economic Devel. Authority
GO	General Obligation
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK	John Fitzgerald Kennedy
NPFGC	National Public Finance Guarantee Corp.
NY/NJ	New York/New Jersey
TASC	Tobacco Settlement Asset-Backed Bonds
V.I.	United States Virgin Islands

See accompanying Notes to Financial Statements.

29          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES

	August 31, 2019 (Unaudited)			July 31, 2019
Assets
Investments, at value (cost $277,747,202 (Unaudited) and $275,295,542)—see accompanying schedule of investments	$	283,865,348		$	277,679,456
Cash		354,977			276,551
Receivables and other assets:
Interest		3,099,808			2,273,900
Investments sold		2,548,314			25,000
Shares of beneficial interest sold		27,616			125,462
Other		99,676			112,783
Total assets		289,995,739			280,493,152
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued		15,530,000			19,280,000
Payable for borrowings		5,400,000			1,700,000
Investments purchased		6,326,289			—
Shares of beneficial interest redeemed		208,018			72,954
Due to manager		93,275			—
Dividends		88,254			140,003
Distribution and service plan fees		70,670			71,836
Trustees’ compensation		63,343			60,892
Transfer and shareholder servicing agent fees		38,633			31,261
Shareholder communications		10,376			7,750
Advisory fees		8,231			141,276
Interest expense on borrowings		7,232			3,350
Administration fees		202			9
Other		63,684			56,663
Total liabilities		27,908,207			21,565,994
Net Assets	$	262,087,532		$	258,927,158
Composition of Net Assets
Shares of beneficial interest	$	399,907,867		$	400,626,306
Total accumulated loss		(137,820,335	)		(141,699,148	)
Net Assets	$	262,087,532		$	258,927,158

30          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

	August 31, 2019 (Unaudited)		July 31, 2019
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $193,800,456 and 19,376,268 shares of beneficial interest outstanding at August 31, 2019 (Unaudited) and $191,704,370 and 19,455,720 at July 31, 2019)		$10.00		$9.85
Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)		$10.44		$10.29
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $39,194,053 and 3,914,298 shares of beneficial interest outstanding at August 31, 2019 (Unaudited) and $38,797,939 and 3,931,299 at July 31, 2019)		$10.01		$9.87
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $29,082,753 and 2,904,066 shares of beneficial interest outstanding at August 31, 2019 (Unaudited) and $28,414,734 and 2,880,072 at July 31, 2019)		$10.01		$9.87
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $10,270 and 1,027 shares of beneficial interest outstanding at August 31, 2019 (Unaudited) and $10,115 and 1,027 at July 31, 2019)		$10.00		$9.85

See accompanying Notes to Financial Statements.

31          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT

OF OPERATIONS

	One Month Ended
	August 31, 2019		Year Ended
	(Unaudited)		July 31, 2019
Investment Income
Interest	$	995,847	$	13,776,239
Expenses
Advisory fees		126,907		1,488,013
Administration fees		3,118		3,051
Distribution and service plan fees:
Class A		40,871		392,027
Class C		29,801		606,470
Transfer and shareholder servicing agent fees:
Class A		11,935		151,971
Class C		2,417		64,767
Class Y		1,781		23,835
Class R6		—		1
Shareholder communications:
Class A		1,943		17,698
Class C		394		7,814
Class Y		289		3,816
Interest expense and fees on short-term floating rate notes issued		33,652		445,234
Borrowing fees		16,830		322,384
Interest expense on borrowings		7,232		148,830
Trustees’ compensation		1,338		5,886
Custodian fees and expenses		122		1,863
Other		6,359		154,665
Total expenses		284,989		3,838,325
Less waivers and reimbursements of expenses		—		(3,692	)
Net expenses		284,989		3,834,633
Net Investment Income		710,858		9,941,606
Realized and Unrealized Gain/(Loss)
Net realized gain (loss) on investments transactions		12,913		(12,129,504	)
Net change in unrealized appreciation/(depreciation) on investment transactions		3,734,232		26,566,793
Net Increase in Net Assets Resulting from Operations	$	4,458,003	$	24,378,895

See accompanying Notes to Financial Statements.

32          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF CHANGES IN NET ASSETS

	One Month Ended August 31, 2019 (Unaudited)			Year Ended July 31, 2019			Year Ended July 31, 2018
Operations
Net investment income	$	710,858		$	9,941,606		$	8,858,975
Net realized gain (loss)		12,913			(12,129,504	)		(17,751,789	)
Net change in unrealized appreciation/(depreciation)		3,734,232			26,566,793			17,551,210
Net increase in net assets resulting from operations		4,458,003			24,378,895			8,658,396
Dividends and/or Distributions to Shareholders1
Distributions to shareholders from distributable earnings:
Class A		(425,601	)		(4,598,763	)		(5,547,022	)
Class B		—			—			(20,939	)
Class C		(83,184	)		(1,478,183	)		(2,065,669	)
Class Y		(70,382	)		(780,744	)		(914,187	)
Class R6		(23	)		(60	)		—
Total distributions from distributable earnings		(579,190	)		(6,857,750	)		(8,547,817	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(788,324	)		17,676,806			(45,576,678	)
Class B		—			—			(1,609,917	)
Class C		(169,508	)		(37,356,560	)		(26,229,722	)
Class Y		239,393			4,762,512			(14,241,261	)
Class R6		—			10,000			—
Total beneficial interest transactions		(718,439	)		(14,907,242	)		(87,657,578	)
Net Assets
Total increase (decrease)		3,160,374			2,613,903			(87,546,999	)
Beginning of period		258,927,158			256,313,255			343,860,254
End of period	$	262,087,532		$	258,927,158		$	256,313,255

1. The Securities Exchange Commission eliminated the requirement to disclose the distribution components separately, except for tax return of capital. For the year ended July 31, 2018, distributions to shareholders from distributable earnings consisted of distributions from net investment income.

See accompanying Notes to Financial Statements.

33          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$9.85		$9.19		$9.02		$9.70		$9.34		$9.67
Income (loss) from investment operations:
Net investment income1		0.03		0.39		0.29		0.38		0.43		0.48
Net realized and unrealized gain (loss)		0.14		0.54		0.16		(0.66)		0.40		(0.31)
Total from investment operations		0.17		0.93		0.45		(0.28)		0.83		0.17
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.27)		(0.28)		(0.40)		(0.47)		(0.50)
Net asset value, end of period		$10.00		$9.85		$9.19		$9.02		$9.70		$9.34
Total Return, at Net Asset Value2		1.75%		10.29%		5.22%		(3.01)%		9.25%		1.64%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$193,800		$191,704		$162,955		$207,958		$257,608		$263,873
Average net assets (in thousands)		$193,113		$160,411		$170,793		$231,289		$260,521		$301,779
Ratios to average net assets:3
Net investment income		3.28%		4.08%		3.36%		4.05%		4.55%		4.89%
Expenses excluding specific expenses listed below		0.96%		1.01%		1.07%		0.90%		0.87%		0.87%
Interest and fees from borrowings		0.11%		0.19%		0.19%		0.13%		0.22%		0.23%
Interest and fees on short-term floating rate notes issued4		0.15%		0.17%		0.04%		0.06%		0.04%		0.07%
Total expenses		1.22%		1.37%		1.30%		1.09%		1.13%		1.17%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.22%		1.36%		1.30%		1.09%		1.13%		1.17%
Portfolio turnover rate5		0%		17%		23%		9%		11%		7%

34          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

35          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class C	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$9.87		$9.20		$9.04		$9.71		$9.35		$9.68
Income (loss) from investment operations:
Net investment income1		0.02		0.32		0.24		0.31		0.36		0.40
Net realized and unrealized gain (loss)		0.14		0.56		0.15		(0.64)		0.40		(0.30)
Total from investment operations		0.16		0.88		0.39		(0.33)		0.76		0.10
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.21)		(0.23)		(0.34)		(0.40)		(0.43)
Net asset value, end of period		$10.01		$9.87		$9.20		$9.04		$9.71		$9.35
Total Return, at Net Asset Value2		1.74%		9.66%		4.41%		(3.70)%		8.54%		0.87%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$39,194		$38,798		$71,388		$97,517		$124,488		$131,468
Average net assets (in thousands)		$39,114		$67,327		$79,705		$112,466		$125,656		$142,243
Ratios to average net assets:3
Net investment income		2.63%		3.42%		2.70%		3.36%		3.80%		4.06%
Expenses excluding specific expenses listed below		1.61%		1.66%		1.73%		1.62%		1.61%		1.62%
Interest and fees from borrowings		0.11%		0.19%		0.19%		0.13%		0.22%		0.23%
Interest and fees on short-term floating rate notes issued4		0.15%		0.17%		0.04%		0.06%		0.04%		0.07%
Total expenses		1.87%		2.02%		1.96%		1.81%		1.87%		1.92%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.87%		2.02%5		1.96%		1.81%		1.87%		1.92%
Portfolio turnover rate6		0%		17%		23%		9%		11%		7%

36          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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.

5. Waiver was less than 0.005%.

6. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

37          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class Y	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$9.87		$9.20		$9.04		$9.71		$9.35		$9.68
Income (loss) from investment operations:
Net investment income1		0.03		0.41		0.32		0.38		0.44		0.49
Net realized and unrealized gain (loss)		0.14		0.55		0.14		(0.63)		0.40		(0.30)
Total from investment operations		0.17		0.96		0.46		(0.25)		0.84		0.19
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.29)		(0.30)		(0.42)		(0.48)		(0.52)
Net asset value, end of period		$10.01		$9.87		$9.20		$9.04		$9.71		$9.35
Total Return, at Net Asset Value2		1.77%		10.65%		5.35%		(2.83)%		9.51%		1.79%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$29,083		$28,415		$21,970		$36,708		$28,817		$23,579
Average net assets (in thousands)		$28,839		$25,202		$26,034		$32,570		$23,906		$25,005
Ratios to average net assets:3
Net investment income		3.53%		4.32%		3.61%		4.10%		4.66%		5.02%
Expenses excluding specific expenses listed below		0.71%		0.77%		0.83%		0.73%		0.71%		0.72%
Interest and fees from borrowings		0.11%		0.19%		0.19%		0.13%		0.22%		0.23%
Interest and fees on short-term floating rate notes issued4		0.15%		0.17%		0.04%		0.06%		0.04%		0.07%
Total expenses		0.97%		1.13%		1.06%		0.92%		0.97%		1.02%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.97%		1.13%		1.06%		0.92%		0.97%		1.02%
Portfolio turnover rate5		0%		17%		23%		9%		11%		7%

38          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

39          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class R6	One Month Ended August 31, 2019 (Unaudited)			Period Ended July 31, 20191
Per Share Operating Data
Net asset value, beginning of period		$9.85			$9.74
Income (loss) from investment operations:
Net investment income2		0.03			0.08
Net realized and unrealized gain		0.15			0.08
Total from investment operations		0.18			0.16
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)			(0.05)
Net asset value, end of period		$10.00			$9.85
Total Return, at Net Asset Value3		1.75%			1.73%
Ratios/Supplemental Data			��
Net assets, end of period (in thousands)		$10			$10
Average net assets (in thousands)		$10			$10
Ratios to average net assets:4
Net investment income		3.62%			4.46%
Expenses excluding specific expenses listed below		0.62%			0.71%
Interest and fees from borrowings		0.11%			0.19%
Interest and fees on short-term floating rate notes issued5		0.15%			0.17%
Total expenses		0.88%			1.07%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.88%			0.99%
Portfolio turnover rate6		0%			17%

40          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

1. For the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 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.

6. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

41          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSAugust 31, 2019 (Unaudited) and July 31, 2019

Note 1 - Significant Accounting Policies

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

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

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

Effective August 31, 2019, the Fund changed its fiscal year end from July 31 to February 28.

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.

42          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

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

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

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

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

43          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

D. Distributions -Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principals generally accepted in the United States of America (“GAAP”), are recorded on theex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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 July 31, 2019, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table for the fiscal year ended July 31, 2019 represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

44          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$8,331,358		$—		$150,779,412		$3,288,502

1.At July 31, 2019, the Fund had $150,779,412 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

2. During the reporting period ended July 31, 2019, the Fund did not utilize any capital loss carryforward.

3.During the previous reporting period, the Fund did not utilize any capital loss carryforward.

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 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 tax character of distributions paid during the reporting periods:

	Year Ended July 31, 2019		Year Ended July 31, 2018
Distributions paid from:
Exempt-interest dividends	$	6,743,465	$	8,341,469
Ordinary income		114,285		206,348
Total	$	6,857,750	$	8,547,817

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.

	One Month Ended August 31, 2019 (Unaudited)			Year Ended July 31, 2019
Federal tax cost of securities	$	262,552,697	1	$	254,533,655	2
Gross unrealized appreciation	$	20,598,246		$	18,449,832
Gross unrealized depreciation		(14,480,100	)		(15,161,330	)
Net unrealized appreciation	$	6,118,146		$	3,288,502

45          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

1.The Federal tax cost of securities does not include cost of $15,194,505, 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.

2.The Federal tax cost of securities does not include cost of $19,857,299, 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 GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after theperiod-end date and before the date the financial statements are released to print.

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

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

J. Floating Rate Note Obligations -The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”)

46          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption “Payable for short-term floating rate notes issued” on the Statement of Assets and Liabilities. The

47          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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 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

48          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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.

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

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

Fee Schedule*
Up to $200 million	0.60	%
Next $100 million	0.55
Next $200 million	0.50
Next $250 million	0.45
Next $250 million	0.40
Over $1 billion	0.35

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

For year ended July 31, 2019 and one month period ended August 31, 2019 (Unaudited), the effective annualized advisory fees incurred by the Fund was 0.59% and 0.57%, respectively.

From August 1, 2018 until the date of the Reorganization, the Acquired Fund paid $1,209,422in 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

49          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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) of Class A, Class C, Class Y and Class R6 shares to 0.97%, 1.62%, 0.73% and 0.63%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary 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.

For the year ended July 31, 2019, the Adviser reimbursed fund expenses of $3,421, $270 and $1 for Class A, Class C and Class R6, respectively. During theone-month period ended August 31, 2019 (Unaudited), the Adviser did not waive fees and/or reimburse the Fund.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the yearended July 31, 2019 andone-month period ended August 31, 2019 (Unaudited), expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank, N.A. serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services,sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services orsub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. Prior to the Reorganization, the Acquired Fund paid transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the year ended July 31, 2019 and theone-month period ended August 31, 2019 (Unaudited), expenses incurred under these agreements are shown in the Statement of Operations as Transfer and shareholder servicing agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively the “Plan”). The Fund, pursuant to the Class A Plan, reimbursed IDI in an amount up to an annual rate of 0.25% of the average

50          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

daily net assets of Class A shares. The Fund pursuant to the Class C, pays IDI compensation at the annual rate of 0.90% of the average daily net assets of Class C. 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 year ended July 31, 2019 and theone-month period ended August 31, 2019 (Unaudited), 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 yearended July 31, 2019, IDI advised the Fund that IDI retained $3,048 infront-end sales commissions from the sale of Class A shares and $44 from Class C shares, for CDSC imposed on redemptions by shareholders. During theone-month periodended August 31, 2019 (Unaudited), IDI advised the Fund that IDI retained $822 infront-end sales commissions from the sale of Class A shares and $58 from Class C shares, for CDSC imposed on redemptions by shareholders. From the beginning of the fiscal year to the date of the Reorganization, OppenheimerFunds Distributor, Inc. retained $12,978 in front–end sales commissions from the sale of Class A shares and $15 and $766 from Class A and Class C shares, respectively, for CDSC imposed on redemption by shareholders.

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

Note 3 - Additional Valuation Information

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may

51          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

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

As of July 31, 2019 and August 31, 2019 (Unaudited), all of the securities in this Fund were valued based on Level 2 inputs The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Note 4 - Trustee and Officer Fees and Benefits

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

During the one month period ended August 31, 2019 (Unaudited), the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	1,429
Payments Made to Retired Trustees		—
Accumulated Liability as of August 31, 2019		26,268

During the fiscal year ended July 31, 2019, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		2,924
Accumulated Liability as of July 31, 2019		24,839

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

52          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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 theone-month period ended August 31, 2019 (Unaudited) was $2,671,814 and $190,913, respectively. 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 yearended July 31, 2019 was $47,594,854 and $62,478,445, respectively.

Note 7 - Share Information

Transactions in shares of beneficial interest were as follows:

	One Month Ended August 31, 2019 (Unaudited)1						Year Ended July 31, 20192						Year Ended July 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount
Class A
Sold		91,784		$	913,564			4,714,727		$	45,818,878			1,247,452		$	10,931,851
Dividends and/or distributions reinvested		39,999			399,988			403,248			3,823,677			544,997			4,746,712
Redeemed		(211,235	)		(2,101,876	)		(3,394,413	)		(31,965,749	)		(7,103,366	)		(61,255,241	)
Net increase (decrease)		(79,452	)	$	(788,324	)		1,723,562		$	17,676,806			(5,310,917	)	$	(45,576,678	)

53          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

	One Month Ended August 31, 2019 (Unaudited)1						Year Ended July 31, 20192						Year Ended July 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount
Class B
Sold		—		$	—			—		$	—			—		$	—
Dividends and/or distributions reinvested		—			—			—			—			2,409			20,887
Redeemed3		—			—			—			—			(187,602	)		(1,630,804	)
Net decrease		—		$	—			—		$	—			(185,193	)	$	(1,609,917	)
Class C
Sold		37,671		$	376,356			596,803		$	5,648,750			403,037		$	3,471,733
Dividends and/or distributions reinvested		8,209			82,169			143,539			1,360,030			216,093			1,882,421
Redeemed		(62,881	)		(628,033	)		(4,567,086	)		(44,365,340	)		(3,652,882	)		(31,583,876	)
Net decrease		(17,001	)	$	(169,508	)		(3,826,744	)	$	(37,356,560	)		(3,033,752	)	$	(26,229,722	)
Class Y
Sold		31,813		$	321,927			1,464,606		$	13,864,517			808,666		$	7,129,287
Dividends and/or distributions reinvested		7,535			70,382			79,490			754,862			97,328			848,879
Redeemed		(15,354	)		(152,916	)		(1,051,885	)		(9,856,867	)		(2,581,033	)		(22,219,427	)
Net increase (decrease)		23,994		$	239,393			492,211		$	4,762,512			(1,675,039	)	$	(14,241,261	)
Class R64
Sold		—		$	—			1,027		$	10,000			—		$	—
Dividends and/or distributions reinvested		—			—			—			—			—			—
Redeemed		—			—			—			—			—			—
Net increase		—		$	—			1,027		$	10,000			—		$	—

1.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 46% (Unaudited) of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

2.There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 46% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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

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

54          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Note 8 - Borrowings

The Fund may utilize financial leverage to the maximum extent allowable under the 1940 Act, a fund generally may not borrow money greater than 33^1/3 of the Fund’s total assets.

The Acquired Fund had entered into a Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enabled the Fund to participate with certain other Funds in a committed secured borrowing facility that permitted borrowing up to $2.5 billion, collectively, by certain Funds. This revolving credit agreement was secured by the assets of the Fund and terminated on May 24, 2019. In connection with this agreement, for the period August 1, 2018 to May 24, 2019, the Fund incurred fees of $346,012. The average daily balance borrowings under this agreement was $6,764,310 with a weighted average interest rate of 2.44%.

On May 24, 2019, the Fund entered into a $2.5 billion Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds. This revolving agreement is secured by the assets of the Fund. In connection with this agreement, for the period August 1, 2019 to August 31, 2019 (Unaudited) and May 24, 2019 to July 31, 2019, the Fund incurred fees of $ 24,062 and $45,083, respectively. The average daily balance of borrowings under this agreement is $3,703,226 with a weighted average interest rate of 2.28% for the one month period ended August 31, 2019 (Unaudited) and $2,677,941 with a weighted average interest rate of 2.44% for the period ended July 31, 2019. Expenses under the credit agreement are shown in the Statement of Operations as Interest expense on borrowings.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during theone-month ended August 31, 2019 (Unaudited) were $19,280,000 and 2.06%, respectively. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended July 31, 2019 were $19,280,000 and 2.31%, respectively.

Note 9 - Reverse Repurchase Agreements

Prior to the reorganization, the Acquired Fund engaged in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement.

The Acquired Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty”) which enabled it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permitted aggregate outstanding reverse repurchase agreements of up to $750 million,

55          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

collectively. Interest was charged to the Acquired Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Acquired Fund was also allocated itspro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Acquired Fund retained the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions were considered secured borrowings for financial reporting purposes. The Acquired Fund also received the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Acquired Fund’s participation in the Facility during the reporting period are included in expenses on the Fund’s Statement of Operations and equal 0.03% of the Acquired Fund’s average net assets on an annualized basis for the period ended July 31, 2019.

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

The Fund executed no transactions under the Facility during the reporting period. This Facility terminated on May 24, 2019.

56          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of AIMTax-Exempt Funds (InvescoTax-Exempt Funds) and Shareholders of Invesco Oppenheimer Rochester^® New Jersey Municipal Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer Rochester^® New Jersey Municipal Fund (one of the funds constituting AIMTax-Exempt Funds (InvescoTax-Exempt Funds), referred to hereafter as the “Fund”) as of July 31, 2019, the related statement of operations and the statement of changes in net assets for the year ended July 31, 2019, including the related notes, and the financial highlights for each of the periods ended July 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations, changes in its net assets for the year ended July 31, 2019 and the financial highlights for each of the periods ended July 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer Rochester^® New Jersey Municipal Fund (formerly known as Oppenheimer Rochester^® New Jersey Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2019 by correspondence with the custodian and brokers; when replies were

57          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, TX

October 14, 2019

We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

58          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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.

59          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATIONUnaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 98.33% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

60          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY 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^® New Jersey 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.

61          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-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

62          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY 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

63          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-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

64          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY 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.

65          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO SCHEDULE 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

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· Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the 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-PORT. The most recent list of portfolio holdings is available at invesco. com/completeqtrholdings. Shareholders can also look up the Fund’s FormsN-PORT on the SEC website at sec.gov.

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

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

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

66          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

SHAREHOLDER PROXYUnaudited

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer Rochester^® New Jersey 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^® New Jersey Municipal Fund into Invesco Oppenheimer Rochester^® New Jersey 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		10,253,895		588,953		2,802,907		0

67          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited

The address of each trustee and officer is AIMTax-Exempt Funds (InvescoTax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified.

Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS
Martin L. Flanagan1— 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President,Co-Chief Executive Officer,Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	240	None
Philip A. Taylor2— 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser);	240	None
1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.
2 Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser.

68          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding

69          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.

70          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	240	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	240	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown3– 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	240	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance(non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry	240	None

3 Mss. Brown and Krentzman and Messrs. Motley, Vandivort and Vaughn were appointed as Trustees of the Trust effective June 10, 2019.

71          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Jack M. Fields (Continued)		company); Director of Cross Timbers Quail Research Ranch(non-profit); and member of the U.S. House of Representatives
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	240	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	240	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman3– 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the	240	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

72          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Elizabeth Krentzman (Continued)		Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	240	Blue Hills Bank; Chairman of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	240	None
Joel W. Motley3– 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization). Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	240	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	240	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)

73          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	240	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	240	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	240	None
Daniel S. Vandivort3–1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	240	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn3– 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	240	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement(non-profit)
Christopher L. Wilson – 1957 Trustee and Vice Chair	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios);	240	ISO New England, Inc.(non-profit organization managing regional electricity market)

74          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Christopher L. Wilson (Continued)		Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

75          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/ or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco	N/A	N/A

76          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/ or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Jeffrey H. Kupor (Continued)		India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC; Secretary, Jemstep, Inc. Formerly: Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.;	N/A	N/A

77          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/ or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Andrew R. Schlossberg (Continued)		Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC
John M. Zerr — 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent) Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and	N/A	N/A

78          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
John M. Zerr (Continued)		General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

79          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Assistant Treasurer, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer –Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A

80          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or  Officer  Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’ssub-advisers.

Office of the Fund

11 Greenway Plaza,

Suite 1000

Houston, TX 77046-1173

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street,

Suite 2600

Philadelphia, PA 19103-7018

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Counsel to the

Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza,

Suite 1000

Houston, TX

77046-1173

Transfer Agent

Invesco Investment

Services, Inc.

11 Greenway Plaza,

Suite 1000

Houston, TX

77046-1173

Auditors

PricewaterhouseCoopers

LLP

1000 Louisiana Street,

Suite 5800

Houston, TX 77002-5021

Custodian

Citibank, N.A.

111 Wall Street

New York, NY 10005

81          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

INVESCO’S PRIVACY NOTICE

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82          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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

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83          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

INVESCO’S PRIVACY NOTICEContinued

Security

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

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84          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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85          INVESCO OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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Invesco Distributors, Inc.	O-RONJM-AR-1	09272019

	Shareholder Report
	For the One Month Ended 8/31/2019
	Annual Report 7/31/2019
	Invesco Oppenheimer Rochester® Pennsylvania Municipal Fund* Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. *Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Rochester Pennsylvania Municipal Fund. See Important Update on the following page for more information.

Important Update

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

Table of Contents

Fund Performance Discussion	5
Top Holdings and Allocations	9
Fund Expenses	14
Schedule of Investments	18
Statement of Assets and Liabilities	38
Statement of Operations	40
Statement of Changes in Net Assets	41
Financial Highlights	42
Notes to Financial Statements	50
Report of Independent Registered Public Accounting Firm	68
Independent Registered Public Accounting Firm	70
Federal Income Tax Information	71
Approval of Investment Advisory andSub-Advisory Contracts	72
Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments	77
Shareholder Proxy	78
Trustees and Officers	79
Invesco’s Privacy Notice	93

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT8/31/19

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays Municipal Bond Index
1-Month	2.13%	-2.24%	1.58%
1-Year	11.36	6.63	8.72
5-Year	6.45	5.53	3.85
10-Year	7.15	6.69	4.62
AVERAGE ANNUAL TOTAL RETURNS AT7/31/19
	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Bloomberg Barclays Municipal Bond Index
1-Year	11.32%	6.60%	7.31%
5-Year	6.54	5.62	3.77
10-Year	7.52	7.05	4.63

3          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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. 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 PENNSYLVANIA MUNICIPAL FUND

Fund Performance Discussion

Performance summary

For the fiscal year ended July 31, 2019, the Class A shares of Invesco Oppenheimer Rochester Pennsylvania Municipal Fund (the Fund), at net asset value (NAV), outperformed the Bloomberg Barclays Municipal Bond Index, the Fund’s benchmark. Please note that the fiscalyear-end for the Fund has changed from July 31 to February 28. The below is a discussion of the Fund’s performance as of its last fiscal year ended July 31, 2019.

Market conditions and your Fund

Pennsylvania benefits from a highly diversified economy that tends to track the national economy, but with less volatility. During periods of national economic contraction, Pennsylvania may outperform the US in real gross state product, real personal income and employment. Pennsylvania’s economic performance is largely dependent on job growth.¹ Pennsylvania’s population grew an estimated 0.8% between 2010 and 2018, to 12.8 million, lagging the country as a whole, which grew by 6.0%.² Pennsylvania’s unemployment rate stood at 3.8% in June 2019 (latest available) versus 3.7% for the US.³

Pennsylvania is expected to add jobs at an average annual rate of 0.7% over the next several years. The Commonwealth continues to improve its overall financial condition; including raising several taxes as part of its fiscal2018-19 budget. In addition to the enactment of recurring revenue streams, the government is also working to shrink its long-term cost drivers.¹ As of the close of the reporting period, the state’s general

obligation bonds were rated A+ by Standard & Poor’s (S&P);AA- by Fitch Ratings; and Aa3 by Moody’s. All three agencies have assigned stable outlooks.⁴

The broad municipal bond market experienced positive returns for the fifth consecutive year in 2018, and performance remained strong throughout this fiscal year. Investment grade municipals returned 7.31% and high yield municipals returned 8.08% during the fiscal year.⁵ Performance has been particularly strong the first seven months of 2019 with investment grade municipals returning 5.94% and high yield municipals returning 7.33%.⁵

The fiscal year was characterized by supportive technical conditions (supply and demand balances) as new issuance of municipal bonds underwhelmed, totaling $342 billion — down nearly 18% from the previous fiscal year.⁶ Flows into the municipal bond asset class were positive for the last 30 weeks of the fiscal year.⁷ Consistent positive flow pattern, coupled with continued limited supply, resulted in strong performance across

5          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

the municipal market. Fund flows totaled $54.2 billion from August 2018 through July 2019.⁸

The high yield municipal bond market outperformed the investment grade bond segment, led by improved price discovery on Puerto Rico bonds as a result of developments in the commonwealth’s debt restructuring and strong performance of high yield general obligation securities.

Municipal bonds withstood considerable headwinds during the fiscal year, including interest rate movements that had the10-year US Treasury yield breaching 2.00% in July 2019. Additionally, the US government shutdown, which occurred midway through the fiscal year and lasted 35 days, along with ongoingUS-China trade negotiations and Brexit developments created a challenging market environment. Both investment grade municipals and high yield municipals posted negative returns for the months of September and October 2018: Worsening market conditions exposed the municipal bond market to more sensitivity relating to asell-off in US Treasuries in September. Despite these challenges, the municipal market continued to perform positively this fiscal year as technical conditions provided tailwinds.

Investors’ concerns about the future of interest rates, meanwhile, created increased demand for Treasuries and high-grade municipal bonds alike, and yields continued to fall at all maturities as high yield securities rallied. The yield curve for30-year,AAA-rated

municipal bonds continued to flatten as trade tensions between the US and China increased worries about inflationary pressures.

During the fiscal year, the US Federal Reserve (the Fed) raised the federal funds rate two times (in September and December 2018) before lowering it in July 2019.⁹ The two rate hikes, the eighth and ninth since December 2008, were anticipated and reflected increased confidence in the US economy amid low unemployment, relatively stable inflation and overall robust economic growth. This expansionary monetary policy significantly flattened the US Treasury yield curve with a slight inversion on the short end occurring in December 2018.

However, the Fed’s dovish stance at the beginning of calendar year 2019 took the market by surprise, leading economists to change their predictions from two interest rate increases in 2019, to just one. Amid political pressure and despite favorable growth and labor trends, the Fed ultimately reversed course and lowered the Fed Funds rate in July, citing uncertainty about the global economic outlook. The Treasury curve was inverted at fiscalyear-end with investors preferring2- to7-year paper over shorter and longer maturities. Economists were mixed as to whether this particular inversion, the first sincemid-2007, portends a recession.

Earlier in the fiscal year, as anticipated, US midterm election results had a positive impact on municipal securities as perceived threats to municipal tax exemptions, further tax reform

6          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

and changes to the Affordable Care Act were greatly reduced. News of a possible ban on flavorede-cigarettes and menthol cigarettes made headlines, which caused a short-lived decline in the valuations of below-investment-grade tobacco settlement bonds. Meanwhile,year-end demand for yield and coupon payments caused the asset class to end 2018 on a strong note. Investors affected by the $10,000 cap on state and local tax (SALT) deductions poured a record $18.9 billion into municipal bond funds in the first 8 weeks of calendar year 2019, the most over that period in at least 13 years.⁸

At the close of the fiscal year, we believed municipal fundamentals remained strong and viewed the ongoing impact of the Tax Cut and Jobs Act of 2018 as a potential market factor. As a result, demand for municipal bond investments could remain strong as retail investors continue to seektax-exempt income.

Over the fiscal year, security selection in the general obligation (G.O.), education, and sales tax revenue sectors, the Fund’s third largest, largest and tenth largest sectors, respectively, significantly contributed to the Fund’s performance. Sales tax revenue bonds issued by the Commonwealth of Puerto Rico (COFINAs) represented 90% of the Fund’s assets in that sector at fiscalyear-end. The Fund’s holdings in the Special Tax, sales tax revenue, and municipal leases sectors produced the strongest single-sector returns this fiscal year. In aggregate, the Fund’s diverse holdings in securities issued in Puerto Rico provided a much larger contribution to

the Fund’s total return than any single sector. None of the sectors in which the Fund was invested produced a negative return this fiscal year, and none detracted from the Fund’s performance.Pre-refunded bonds and the resource recovery sector, among others, were underperformers relative to the Bloomberg Barclays Municipal Bond Index.

During the fiscal year, leverage contributed to the Fund’s performance. The Fund achieved a leveraged position through the use of inverse floating rate securities and tender option bonds (TOBs). Exposure to TOBs aided performance due to the price appreciation in municipal holdings when interest rates declined. The Fund uses leverage because we believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, the use of leverage also can expose shareholders to additional volatility. For more information about the Fund’s use of leverage, see the Notes to Financial Statements later in this report.

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics such as price, maturity, duration and coupon and

7          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

market forces such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments. Investors are reminded that the Fund is not and will not be managed based on predictions of interest rate changes.

Oppenheimer Rochester Pennsylvania Municipal Fund (the predecessor fund) was renamed Invesco Oppenheimer Rochester Pennsylvania Municipal Fund after the close of business on May 24, 2019, when Invesco’s acquisition of OppenheimerFunds was finalized. Prior to the commencement of the Fund’s operations, Charlie Pulire managed the predecessor fund since 2010. Effective June 21, 2019, the portfolio management team of this fund was changed to Mr. Pulire (lead manager) and Mark Paris.

Thank you for investing in Invesco Oppenheimer Rochester Pennsylvania Municipal Fund and for sharing our long-term investment horizon.

1 Source: Commonwealth of Pennsylvania

2 Source: US Census Bureau

3 Source: Bureau of Labor Statistics

4 Sources: Standard & Poor’s, Fitch Ratings, Moody’s. A credit rating is an assessment provided by a nationally

recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.“Non-Rated” indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodology, please visit www.standardandpoors.com and select “Understanding Ratings” under Ratings Resources on the homepage; www.fitchratings.com and select “Understanding Credit Ratings” from the drop-down menu on the homepage; and www.moodys.com and select “Methodology,” then “Rating Methodologies” under Research Type on the left-hand side.

5 Sources: Bloomberg Barclays Municipal Bond Index, High Yield Municipal Bond Index

6 Source: The Bond Buyer

7 Source: Lipper

8 Source: Strategic Insight

9 Source: US Federal Reserve

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

8          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES

Education	13.3	%
Higher Education	13.2
General Obligation	8.9
Tobacco Master Settlement Agreement	8.0
U.S. Government Obligations	7.8
Hospital/Healthcare	7.2
Highways/Commuter Facilities	6.2
Water Utilities	5.3
Adult Living Facilities	3.9
Marine/Aviation Facilities	3.6

Portfolio holdings and allocations are subject to change. Percentages are as of August 31, 2019 and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated	Adviser- Rated	Total
AAA	0.0%	4.4%	4.4%
AA	17.5	0.0	17.5
A	34.9	0.0	34.9
BBB	16.0	2.6	18.6
BB or lower	12.5	12.1	24.6
Total	80.9%	19.1%	100.0%

The percentages above are based on the market value of the securities as of August 31, 2019 and are subject to change. Invesco Advisers, Inc. (the Adviser) determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco, converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

9          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

TOP TEN CATEGORIES

Education	13.8	%
Higher Education	13.6
General Obligation	9.3
U.S. Government Obligations	8.2
Tobacco Master Settlement Agreement	7.9
Hospital/Healthcare	7.3
Highways/Commuter Facilities	6.3
Adult Living Facilities	3.7
Marine/Aviation Facilities	3.7
Sales Tax Revenue	3.4

Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2019 and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated	Adviser- Rated	Total
AAA	0.0%	4.2%	4.2%
AA	18.1	0.0	18.1
A	33.1	0.0	33.1
BBB	16.5	2.5	19.0
BB or lower	13.5	12.1	25.6
Total	81.2%	18.8%	100.0%

The percentages above are based on the market value of the securities as of July 31, 2019 and are subject to change. Invesco Advisers, Inc. (the Adviser) determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the adviser, Invesco, converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

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

10          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 8/31/19
	Inception														Since
	Date		1-Month			1-Year			5-Year			10-Year			Inception
Class A (OPATX)		9/18/89		2.13	%		11.36	%		6.45	%		7.15	%		5.82	%
Class C (OPACX)		8/29/95		2.08			10.57			5.68			6.37			5.11
Class Y (OPAYX)		11/29/10		2.15			11.52			6.65			N/A			6.36
Class R6 (IORPX)1		5/24/19		2.16			11.31			6.44			7.15			N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 8/31/19
	Inception														Since
	Date		1-Month			1-Year			5-Year			10-Year			Inception
Class A (OPATX)		9/18/89		-2.24	%		6.63	%		5.53	%		6.69	%		5.66	%
Class C (OPACX)		8/29/95		1.08			9.57			5.68			6.37			5.11
Class Y (OPAYX)		11/29/10		2.15			11.52			6.65			N/A			6.36
Class R6 (IORPX)1		5/24/19		2.16			11.31			6.44			7.15			N/A

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/19
	Inception											Since
	Date		1-Year			5-Year			10-Year			Inception
Class A (OPATX)		9/18/89		11.32	%		6.54	%		7.52	%		5.76	%
Class C (OPACX)		8/29/95		10.52			5.77			6.72			5.04
Class Y (OPAYX)		11/29/10		11.58			6.74			N/A			6.16
Class R6 (IORPX)1		5/24/19		11.24			6.53			7.51			N/A

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/19
	Inception											Since
	Date		1-Year			5-Year			10-Year			Inception
Class A (OPATX)		9/18/89		6.60	%		5.62	%		7.05	%		5.61	%
Class C (OPACX)		8/29/95		9.52			5.77			6.72			5.04
Class Y (OPAYX)		11/29/10		11.58			6.74			N/A			6.16
Class R6 (IORPX)1		5/24/19		11.24			6.53			7.51			N/A

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

11          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

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

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

12          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Investments in tobacco settlement bonds, which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments byMSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share ofnon-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

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

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

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

13          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended August 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended August 31, 2019” to estimate the expenses you paid on your account during this period.

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

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

14          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Actual	Beginning   Account   Value March 1, 2019		Ending Account Value August 31, 2019		Expenses Paid During 6 Months Ended         August 31, 20191,2
Class A	$	1,000.00	$	1,090.10	$	5.48
Class C		1,000.00		1,085.80		8.95
Class Y		1,000.00		1,091.40		4.21
Class R6		1,000.00		1,089.60		2.15
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.91		5.29
Class C		1,000.00		1,016.59		8.65
Class Y		1,000.00		1,021.11		4.07
Class R6		1,000.00		1,021.32		3.87

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 184/366 (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 99/366 to reflect the period from after the close of business on May 24, 2019 (inception of offering) to August 31, 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 184/366 (to reflect theone-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended August 31, 2019 for Classes A, C and Yand for the period from after the close of business on May 24, 2019 (inception of offering) to August 31, 2019 for Class R6 are as follows:

Class	Expense Ratios
Class A		1.04	%
Class C		1.70
Class Y		0.80
Class R6		0.76

15          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire6-month period ended July 31, 2019.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended July 31, 2019” to estimate the expenses you paid on your account during this period.

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

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

16          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Actual	Beginning Account Value February 1, 2019		Ending     Account     Value     July 31, 2019		Expenses Paid During 6 Months Ended         July 31, 20191,2
Class A	$	1,000.00	$	1,084.50	$	5.91
Class C		1,000.00		1,080.20		9.32
Class Y		1,000.00		1,084.70		4.71
Class R6		1,000.00		1,083.80		1.75
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.14		5.72
Class C		1,000.00		1,015.87		9.04
Class Y		1,000.00		1,020.28		4.57
Class R6		1,000.00		1,020.33		4.52

1. Actual expenses paid for Class A, C and Y 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). 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 68/365 to reflect the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 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 July 31, 2019 for Classes A, C and Yand for the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019 for Class R6 are as follows:

Class	Expense Ratios
Class A		1.14	%
Class C		1.80
Class Y		0.91
Class R6		0.90

17          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSAugust 31, 2019 Unaudited

Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—105.3%
Pennsylvania—83.9%
$30,000	Aliquippa, PA School District1		4.000	%		12/01/2030	$	30,064
1,750,000	Aliquippa, PA School District1		4.000			12/01/2041		1,949,185
11,500,000	Allegheny County, PA GO1		5.000			11/01/2041		13,724,445
4,960,000	Allegheny County, PA GO1		5.000			11/01/2043		6,164,685
12,500,000	Allegheny County, PA HDA (Allegheny Health Network)1		5.000			04/01/2047		14,967,750
830,000	Allegheny County, PA HEBA (Carlow University)1		6.000			11/01/2021		876,281
1,125,000	Allegheny County, PA HEBA (Carlow University)1		6.750			11/01/2031		1,258,380
1,000,000	Allegheny County, PA HEBA (Chatham University)1		5.000			09/01/2035		1,071,280
615,000	Allegheny County, PA HEBA (Robert Morris University)1		5.000			10/15/2037		709,821
1,500,000	Allegheny County, PA HEBA (Robert Morris University)1		5.000			10/15/2047		1,706,100
2,250,000	Allegheny County, PA HEBA (Robert Morris University)1		5.500			10/15/2030		2,337,322
3,650,000	Allegheny County, PA HEBA (Robert Morris University)1		5.750			10/15/2040		3,788,663
195,000	Allegheny County, PA HEBA (Robert Morris University)1		6.000			05/01/2028		228,339
1,200,000	Allegheny County, PA IDA (Propel Charter School-East)1		6.375			08/15/2035		1,241,976
700,000	Allegheny County, PA IDA (Propel Charter School-Montour)1		6.750			08/15/2035		726,929
1,500,000	Allegheny County, PA IDA (Propel Charter School-Sunrise)1		6.000			07/15/2038		1,604,670
270,000	Allegheny County, PA IDA (School Facility Devel.)1		5.900			08/15/2026		279,863
9,085,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)1		5.600			07/01/2023		9,059,471
1,545,000	Allegheny County, PA Residential Finance Authority (Broadview Manor Apartments)1		5.950			01/20/2043		1,556,294
1,200,000	Allegheny County, PA Residential Finance Authority (Independence House Apartments)1		6.100			01/20/2043		1,213,608
1,550,000	Allegheny County, PA Residential Finance Authority (Versailles Apartments)1		6.160			01/20/2043		1,567,933
1,250,000	Allentown, PA City School District1		5.000			06/01/2036		1,477,637
1,255,000	Allentown, PA City School District1		5.000			06/01/2037		1,479,871
4,000,000	Allentown, PA Neighborhood Improvement Zone1		5.375			05/01/2042		4,523,920
375,000	Berks County, PA IDA (Highlands at Wyomissing Healthcare Facilities)1		5.000			05/15/2037		437,685
500,000	Berks County, PA IDA (Highlands at Wyomissing Healthcare Facilities)1		5.000			05/15/2042		576,415
600,000	Berks County, PA IDA (Highlands at Wyomissing Healthcare Facilities)1		5.000			05/15/2047		687,378
�� 13,400,000	Berks County, PA IDA (THlth/RHosp/BHospital/CHH/JH/PHospital/PottsH Obligated Group)2		5.000			11/01/2047		15,717,290
6,500,000	Berks County, PA Municipal Authority (Tower Health)2		5.500			11/01/2031		6,543,680

18          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$6,500,000	Berks County, PA Municipal Authority (Tower Health)2		5.500	%		11/01/2031	$	6,543,680
3,000,000	Bethlehem, PA Area School District1		5.000			08/01/2035		3,561,930
1,750,000	Bethlehem, PA GO1		6.500			12/01/2032		1,913,502
950,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)1		6.250			11/15/2041		1,055,687
2,000,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)1		7.000			11/15/2046		2,252,620
2,830,000	Cheltenham Township, PA GO1		4.000			07/01/2048		2,975,773
2,000,000	Chester County, PA H&EFA (Main Line Health System)1		5.000			10/01/2052		2,373,480
1,000,000	Chester County, PA IDA (West Chester University Student Hsg.)1		5.000			08/01/2035		1,093,350
1,000,000	Clairton, PA Municipal Authority1		5.000			12/01/2037		1,092,980
1,220,000	Clarion County, PA IDA (Clarion University Foundation)1		5.000			07/01/2024		1,348,222
2,430,000	Clarion County, PA IDA (Clarion University Foundation)1		5.000			07/01/2029		2,652,005
3,500,000	Clarion County, PA IDA (Clarion University Foundation)1		5.000			07/01/2033		3,783,990
2,310,000	Clarion County, PA IDA (Clarion University Foundation)1		5.000			07/01/2034		2,466,271
1,000,000	Clarion County, PA IDA (Clarion University Foundation)1		5.000			07/01/2045		1,051,320
2,750,000	Cumberland County, PA Municipal Authority (Asbury)1		5.250			01/01/2041		2,851,447
1,565,000	Cumberland County, PA Municipal Authority (Messiah Lifeways)1		5.000			07/01/2031		1,738,684
3,210,000	Cumberland County, PA Municipal Authority (Messiah Lifeways)1		5.000			07/01/2035		3,530,133
905,000	Dallas, PA Area Municipal Authority (Misericordia University)1		5.000			05/01/2039		1,046,895
3,440,000	Dallas, PA Area Municipal Authority (Misericordia University)1		5.000			05/01/2048		3,925,281
5,225,000	Delaware County, PA Authority (Eastern University)1		5.250			10/01/2032		5,303,218
1,750,000	Delaware County, PA Authority (Elwyn/ElwynNJ/ElwynCA/Family Support Services Obligated Group)1		5.000			06/01/2037		1,971,497
60,000	Delaware County, PA Authority (MAS/MCMCSPA/ MHH/MHP/MHSSPA Obligated Group)1		5.375			11/15/2023		61,591
1,150,000	Delaware County, PA Authority (Neumann University)1		5.000			10/01/2025		1,197,943
1,425,000	Delaware County, PA Authority (Neumann University)1		5.000			10/01/2031		1,621,750
2,305,000	Delaware County, PA Authority (Neumann University)1		5.000			10/01/2035		2,596,744
1,250,000	Delaware County, PA Authority (Neumann University)1		5.250			10/01/2031		1,291,038

19          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$1,980,000	Delaware County, PA IDA (Chester Fund for Education & the Arts)1		5.125	%		06/01/2046	$	2,124,877
1,000,000	East Hempfield Township, PA IDA (Millersville University Student Services)1		5.000			07/01/2030		1,094,930
820,000	East Hempfield Township, PA IDA (Millersville University Student Services)1		5.000			07/01/2030		933,439
1,250,000	East Hempfield Township, PA IDA (Millersville University Student Services)1		5.000			07/01/2035		1,353,525
1,060,000	East Hempfield Township, PA IDA (Millersville University Student Services)1		5.000			07/01/2035		1,190,242
7,840,000	Erie, PA Higher Education Building Authority (Gannon University)1		5.000			05/01/2038		8,536,584
1,000,000	Erie, PA Higher Education Building Authority (Gannon University)1		5.375			05/01/2030		1,023,500
2,565,000	Erie, PA Higher Education Building Authority (Gannon University)1		5.500			05/01/2040		2,620,609
1,280,000	Erie, PA Water Authority1		5.000			12/01/2043		1,588,429
5,000,000	Erie, PA Water Authority1		5.000			12/01/2049		5,810,450
760,000	Fayette County, PA Redevel. Authority (Fayette Crossing)1		7.000			09/01/2019		760,000
370,000	Franklin County, PA IDA (Menno-Haven)1,3		5.000			12/01/2039		413,579
510,000	Franklin County, PA IDA (Menno-Haven)1,3		5.000			12/01/2049		563,637
1,000,000	Franklin County, PA IDA (Menno-Haven)1,3		5.000			12/01/2054		1,102,190
2,100,000	Lackawanna County, PA GO1		6.000			09/15/2032		2,103,150
15,000	Langhorne Manor Boro, PA Higher Education Authority (WR/WSF/WS Obligated Group)1		4.000			11/15/2033		15,020
2,747,774	Lehigh County, PA GPA (Kidspeace)1		0.000	4		02/01/2044		1,300,576
2,721,970	Lehigh County, PA GPA (Kidspeace)5		7.500			02/01/2044		708
4,764,260	Lehigh County, PA GPA (Kidspeace/KC/KNCONY/KCH/KMAKNC/KNCONM/IRSch Obligated Group)1		7.500			02/01/2044		4,804,423
5,000,000	Luzerne County, PA IDA1		7.750			12/15/2027		5,091,150
4,000,000	Montgomery County, PA HEHA (Thomas Jefferson University)1		5.000			09/01/2048		4,836,840
11,075,000	Montgomery County, PA IDA (ARLC/LVE/ATI/ASCS/AMS Obligated Group)1		5.000			11/15/2036		13,105,823
300,000	Montgomery County, PA IDA (Philadelphia Presbyterian Homes)1		6.500			12/01/2025		335,625
4,500,000	Northampton County, PA General Purpose Authority (Lafayette College)1		5.000			11/01/2047		5,460,840
2,860,000	Northampton County, PA General Purpose Authority (Moravian College)1		5.000			07/01/2031		3,097,866
2,250,000	Northampton County, PA General Purpose Authority (Moravian College)1		5.000			10/01/2036		2,599,650
7,785,000	Northampton County, PA General Purpose Authority (St. Luke’s University Health Network)1		4.000			08/15/2048		8,449,995
14,826,610	Northampton County, PA IDA (Northampton Generating)6,7,8		5.000			12/31/2023		4,447,983

20          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$3,585,109	Northampton County, PA IDA (Northampton Generating)6,7,8		5.000	%		12/31/2023	$	1,075,533
120,000	Octorara, PA Area School District1		4.250			06/01/2022		120,271
4,500,000	PA Commonwealth Financing Authority1		5.000			06/01/2035		5,548,500
3,000,000	PA EDFA (Forum)1		5.000			03/01/2029		3,218,280
8,500,000	PA EDFA (PA Bridges Finco)1		5.000			06/30/2042		9,754,175
3,000,000	PA EDFA (Philadelphia Biosolids Facility)1		6.250			01/01/2032		3,039,360
17,715,000	PA Geisinger Authority Health System2		5.000			02/15/2045		20,982,675
535,000	PA HEFA (Delaware Valley College of Science & Agriculture)1		5.000			11/01/2042		548,782
3,000,000	PA HEFA (Edinboro University Foundation)1		5.800			07/01/2030		3,116,430
3,500,000	PA HEFA (Edinboro University Foundation)1		6.000			07/01/2043		3,641,575
1,300,000	PA HEFA (Gwynedd Mercy College)1		5.375			05/01/2042		1,399,008
750,000	PA HEFA (Indiana University Foundation)1		5.000			07/01/2041		832,013
2,650,000	PA HEFA (La Salle University)1		5.000			05/01/2029		2,896,079
30,000	PA HEFA (Pennsylvania State University)1		5.000			03/01/2022		30,088
1,400,000	PA HEFA (Shippensburg University Student Services)1		5.000			10/01/2035		1,565,984
3,000,000	PA HEFA (Shippensburg University)1		6.000			10/01/2031		3,303,330
7,000,000	PA HEFA (Shippensburg University)1		6.250			10/01/2043		7,743,610
1,750,000	PA HEFA (St. Francis University)1		6.000			11/01/2031		1,933,960
2,250,000	PA HEFA (St. Francis University)1		6.250			11/01/2041		2,498,490
1,000,000	PA HEFA (Ursinus College)1		5.000			01/01/2029		1,063,060
1,000,000	PA HEFA (Widener University)1		5.000			07/15/2038		1,106,930
5,000,000	PA Public School Building Authority (Harrisburg Area Community College)1		5.000			10/01/2031		5,250,250
3,500,000	PA Public School Building Authority (School District of Philadelphia)1		5.000			04/01/2027		3,808,945
4,410,000	PA Public School Building Authority (School District of Philadelphia)1		5.000			04/01/2028		4,793,450
3,000,000	PA Public School Building Authority (School District of Philadelphia)1		5.000			04/01/2029		3,256,470
250,000	PA Public School Building Authority (School District of Philadelphia)1		5.000			04/01/2030		270,905
4,780,000	PA Public School Building Authority (School District of Philadelphia)1		5.000			04/01/2032		5,164,216
1,000,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2029		1,192,440
3,750,000	PA State Public School Building Authority (Philadelphia School District)1		5.000			06/01/2027		4,620,600
8,795,000	PA State Public School Building Authority (Philadelphia School District)1		5.000			06/01/2032		10,566,929
4,800,000	PA State Public School Building Authority (Philadelphia School District)1		5.000			06/01/2036		5,677,584
200,000	PA State Public School Building Authority (Philadelphia School District)1		5.000			06/01/2036		252,242
500,000	PA Turnpike Commission1		5.000			12/01/2030		603,970
1,000,000	PA Turnpike Commission1		5.000			12/01/2031		1,203,860
2,000,000	PA Turnpike Commission1		5.000			12/01/2032		2,304,180

21          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$1,050,000	PA Turnpike Commission1		5.000	%		12/01/2035	$	1,298,924
6,000,000	PA Turnpike Commission1		5.000			12/01/2048		7,446,660
4,100,000	PA Turnpike Commission1		5.500	4		12/01/2034		4,323,901
900,000	PA Turnpike Commission1		5.500	4		12/01/2034		949,149
5,000,000	PA Turnpike Commission1		5.500			12/01/2042		6,116,350
2,820,000	PA Turnpike Commission1		6.000	4		12/01/2034		2,991,343
610,000	PA Turnpike Commission1		6.000	4		12/01/2034		647,064
570,000	PA Turnpike Commission1		6.000	4		12/01/2034		604,633
10,000,000	PA Turnpike Commission1		6.375	4		12/01/2038		13,242,200
2,000,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)1		5.625			01/01/2032		2,188,560
1,835,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)1		6.500			01/01/2041		1,965,707
1,430,000	Pennsylvania State University1		5.000			09/01/2041		1,735,262
2,500,000	Pennsylvania State University1		5.000			09/01/2047		3,067,750
18,700,000	Philadelphia, PA Airport, Series B1		5.000			07/01/2047		22,195,404
2,500,000	Philadelphia, PA Authority for Industrial Devel. (Architecture & Design Charter School)8		6.125			03/15/2043		2,500,000
450,000	Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School)1		5.875			04/01/2032		464,427
500,000	Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School)1		6.250			04/01/2042		515,145
1,000,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)1		5.750			11/15/2030		1,027,280
500,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)1		6.375			11/15/2040		514,600
2,040,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)1		5.375			06/15/2030		2,086,512
4,000,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)1		5.625			06/15/2042		4,084,520
1,640,000	Philadelphia, PA Authority for Industrial Devel. (Richard Allen Prep Charter School)1		6.250			05/01/2033		1,528,660
2,000,000	Philadelphia, PA Authority for Industrial Devel. (Tacony Academy Charter School)1		6.750			06/15/2033		2,237,180
3,090,000	Philadelphia, PA Authority for Industrial Devel. (Tacony Academy Charter School)1		7.000			06/15/2043		3,444,145
13,365,000	Philadelphia, PA Authority for Industrial Devel. (TJU/TJUHS/TJUH/JUP/AHlth/AHlthF/ AMH/LHosp/AriaH/AHSys Obligated Group)1		5.000			09/01/2047		15,753,726
4,165,000	Philadelphia, PA Authority for Industrial Devel. (University Plaza Associates)1		5.000			12/01/2058		4,691,914
2,730,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Presbyterian Homes Germantown)1		5.625			07/01/2035		2,733,795
3,620,000	Philadelphia, PA Gas Works1		5.000			08/01/2047		4,308,633
3,500,000	Philadelphia, PA GO1		5.000			08/01/2035		4,316,725
6,260,000	Philadelphia, PA GO1		6.500			08/01/2041		6,563,422
250,000	Philadelphia, PA Hsg. Authority1		5.000			12/01/2021		250,810
1,300,000	Philadelphia, PA Hsg. Authority1		5.000	��		05/01/2039		1,532,362
2,415,000	Philadelphia, PA Hsg. Authority1		5.000			05/01/2042		2,831,660

22          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$3,335,000	Philadelphia, PA Hsg. Authority (PHA Headquarters)1		5.000	%		05/01/2047	$	3,883,407
25,000	Philadelphia, PA Parking Authority, Series A1		5.250			02/15/2029		25,081
20,000	Philadelphia, PA School District1		4.375			06/01/2034		20,050
10,000,000	Philadelphia, PA School District1		5.000			09/01/2028		12,129,900
10,000,000	Philadelphia, PA School District1		5.000			09/01/2029		12,083,000
1,000,000	Philadelphia, PA School District1		5.000			09/01/2032		1,195,080
1,895,000	Philadelphia, PA Water & Wastewater1		5.000			10/01/2052		2,282,755
7,000,000	Philadelphia, PA Water & Wastewater1		5.000			10/01/2053		8,586,200
15,665,000	Philadelphia, PA Water & Wastewater?1		5.000			11/01/2049		19,672,264
2,640,000	Pittsburgh, PA Urban Redevel. Authority (Marian Plaza)1		6.130			01/20/2043		2,666,954
4,000,000	Pottsville, PA Hospital Authority (LVHN/LVlyH/LVHM/SRehC/SRMC/NPHC/SMCSJS/PMCtr/PHSys Obligated Group)1		5.000			07/01/2041		4,706,440
900,000	Reading, PA Hsg. Auth (Goggle Works Apartments)1		5.625			06/01/2042		925,407
2,895,000	Reading, PA Hsg. Auth (Goggle Works Apartments)1		5.875			06/01/2052		2,979,968
1,500,000	Reading, PA School District1		5.000			03/01/2037		1,797,690
1,500,000	Reading, PA School District1		5.000			03/01/2038		1,787,520
820,000	Scranton, PA School District1		5.000			12/01/2034		1,003,819
750,000	Scranton, PA School District1		5.000			12/01/2035		915,630
1,350,000	Susquehanna, PA Area Regional Airport Authority1		5.000			01/01/2038		1,578,515
2,000,000	Westmoreland County, PA Municipal Authority1		5.000			08/15/2038		2,342,820
2,600,000	Wilkes-Barre, PA Area School District1		5.000			08/01/2034		3,130,972
2,125,000	Wilkes-Barre, PA Area School District1		5.000			08/01/2036		2,546,451
110,000	York County, PA IDA (York Water)1		4.750			10/01/2036		110,163
								584,486,289
U.S. Possessions—21.4%
700,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750			09/01/2031		717,584
185,000	Guam Power Authority, Series A1		5.000			10/01/2023		205,849
235,000	Guam Power Authority, Series A1		5.000			10/01/2024		261,395
420,000	Guam Power Authority, Series A1		5.000			10/01/2030		464,600
470,000	Northern Mariana Islands Commonwealth, Series A1		5.000			10/01/2022		470,353
1,065,000	Northern Mariana Islands Ports Authority, Series A1		6.250			03/15/2028		1,029,599
795,000	Northern Mariana Islands Ports Authority, Series A1		6.600			03/15/2028		799,595
3,000,000	Puerto Rico Aqueduct & Sewer Authority		5.125			07/01/2037		3,142,500
810,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		852,525
1,460,000	Puerto Rico Aqueduct & Sewer Authority		5.750			07/01/2037		1,551,250
1,005,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		1,070,325
1,700,000	Puerto Rico Aqueduct & Sewer Authority		6.125	4		07/01/2024		1,823,250
17,000,000	Puerto Rico Children’s Trust Fund (TASC)1		5.500			05/15/2039		17,290,700
53,320,000	Puerto Rico Children’s Trust Fund (TASC)		7.153	9		05/15/2050		7,497,325

23          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$526,500,000	Puerto Rico Children’s Trust Fund (TASC)		7.622	%9		05/15/2057	$	26,719,875
2,185,000	Puerto Rico Commonwealth GO5		5.000			07/01/2029		1,592,319
7,405,000	Puerto Rico Commonwealth GO, AGC1		5.125			07/01/2030		7,603,972
9,000,000	Puerto Rico Commonwealth GO5		5.750			07/01/2036		6,232,500
120,000	Puerto Rico Commonwealth GO5		5.750			07/01/2038		85,800
3,000,000	Puerto Rico Commonwealth GO5		5.750			07/01/2041		2,077,500
15,000	Puerto Rico Commonwealth GO, NPFGC1		6.000			07/01/2027		15,330
790,000	Puerto Rico Commonwealth GO5		6.000			07/01/2028		547,075
1,250,000	Puerto Rico Commonwealth GO5		6.000			07/01/2039		915,625
9,745,000	Puerto Rico Commonwealth GO5		6.000			07/01/2039		6,967,675
1,000,000	Puerto Rico Commonwealth GO5		6.500			07/01/2037		737,500
1,435,000	Puerto Rico Electric Power Authority, Series AAA5		5.250			07/01/2024		1,151,588
6,000,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000			07/01/2025		6,058,560
1,450,000	Puerto Rico Electric Power Authority, Series TT5		5.000			07/01/2032		1,160,000
2,445,000	Puerto Rico Electric Power Authority, Series XX5		5.250			07/01/2040		1,962,113
1,000,000	Puerto Rico Highway & Transportation Authority5		5.300			07/01/2035		862,500
10,000	Puerto Rico Highway & Transportation Authority, Series A5		5.000			07/01/2038		3,875
965,000	Puerto Rico Highway & Transportation Authority, Series D, AGC1		5.000			07/01/2032		984,541
325,000	Puerto Rico Highway & Transportation Authority, Series H5		5.000			07/01/2028		125,938
270,000	Puerto Rico Infrastructure5		5.000			07/01/2041		64,125
1,400,000	Puerto Rico Infrastructure (Mepsi Campus)5		6.500			10/01/2037		283,500
1,250,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		1,238,688
125,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.125			04/01/2032		125,480
185,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			04/01/2042		185,463
1,265,000	Puerto Rico Public Buildings Authority5		6.000			07/01/2019		1,083,156
2,070,000	Puerto Rico Public Buildings Authority5		6.000			07/01/2041		1,749,150
1,500,000	Puerto Rico Public Buildings Authority5		6.500			07/01/2030		1,288,125
1,000,000	Puerto Rico Public Buildings Authority5		6.750			07/01/2036		863,750
3,000,000	Puerto Rico Public Buildings Authority5		10.000			07/01/2034		2,681,250
1,000,000	Puerto Rico Public Buildings Authority, AMBAC		10.000	10		07/01/2035		1,064,000
1,015,000	Puerto Rico Public Buildings Authority, Series D5		5.250			07/01/2036		846,256
5,725,000	Puerto Rico Public Finance Corp., Series B5		5.500			08/01/2031		343,500
716,000	Puerto Rico Sales Tax Financing Corp., Series A		4.839	9		07/01/2031		485,405
5,940,000	Puerto Rico Sales Tax Financing Corp., Series A		5.091	9		07/01/2033		3,674,128
298,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		3.973	9		07/01/2024		260,008
569,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.259	9		07/01/2027		450,244
590,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		4.500			07/01/2034		631,571
298,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		4.550			07/01/2040		307,593
555,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.560	9		07/01/2029		408,252
2,190,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		4.750			07/01/2053		2,250,904
5,537,000	Puerto Rico Sales Tax Financing Corp., SeriesA-11		5.000			07/01/2058		5,787,051
7,662,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.894	9		07/01/2046		2,057,553
6,242,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.951	9		07/01/2051		1,213,070
3,033,000	Puerto Rico Sales Tax Financing Corp., SeriesA-21		4.329			07/01/2040		3,089,869
91,000	Puerto Rico Sales Tax Financing Corp., SeriesA-21		4.536			07/01/2053		92,476

24          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$1,216,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2?1		4.784	%		07/01/2058	$	1,250,960
3,235,000	University of Puerto Rico, Series P		5.000			06/01/2030		3,218,825
1,300,000	University of Puerto Rico, Series Q		5.000			06/01/2030		1,293,500
2,500,000	V.I. Public Finance Authority, Series C		5.000			10/01/2039		2,381,250
2,195,000	V.I. Tobacco Settlement Financing Corp.		6.497	9		05/15/2035		719,872
4,150,000	V.I. Tobacco Settlement Financing Corp.		6.872	9		05/15/2035		1,241,058
7,000,000	V.I. Tobacco Settlement Financing Corp.		7.622	9		05/15/2035		2,093,350
1,255,000	V.I. Tobacco Settlement Financing Corp. (TASC)1		5.000			05/15/2031		1,257,535
								148,962,053
Total Investments, at Value (Cost $707,752,075)—105.3%								733,448,342
Net Other Assets (Liabilities)—(5.3)								(36,720,961	)
Net Assets—100.0%							$	696,727,381

Footnotes to Schedule of Investments

1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 9 of the accompanying Notes.

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

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

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

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

6. Interest or dividend ispaid-in-kind, when applicable.

7. This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

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

Notes.

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

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

To simplify the listings of securities, abbreviations are used per the table below:
AGC	Assured Guaranty Corp.
AHlth	Abington Health
AHlthF	Abington Health Foundation
AHSys	Aria Health System
AMBAC	AMBAC Indemnity Corp.
AMH	Abington Memorial Hospital
AMS	ACTS Management Services, Inc.
AriaH	Aria Health

25          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSUnaudited / Continued

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
ARLC	ACTS Retirement-Life Communities, Inc.
ASCS	ACTS Signature Community Services, Inc.
ATI	Azalea Trace, Inc.
BHospital	Brandywine Hospital
CHH	Chestnut Hill Hospital
EDFA	Economic Devel. Finance Authority
ElwynCA	Elwyn California
ElwynNJ	Elwyn New Jersey
GO	General Obligation
GPA	General Purpose Authority
H&EFA	Health and Educational Facilities Authority
HDA	Hospital Devel. Authority
HEBA	Higher Education Building Authority
HEFA	Higher Education Facilities Authority
HEHA	Higher Education and Health Authority
IDA	Industrial Devel. Agency
IRSch	Iron Range School
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JH	Jennersville Hospital
JUP	Jefferson University Physicians
KC	Kidspeace Corporation
KCH	Kidspeace Childrens Hospital
KMAKNC	Kidspeace Mesabi Academy
KNCONM	Kidspeace National Centers of North America
KNCONY	Kidspeace National Centers of New York
LHosp	Landsdale Hospital
LVE	Lanier Village Estates, Inc.
LVHM	Lehigh Valley Hospital-Muhlenberg
LVHN	Lehigh Valley Health Network
LVlyH	Lehigh Valley Hospital
MAS	Mercy Adult Services
MCMCSPA	Mercy Catholic Medical Center of Southeastern Pennsylvania
MHH	Mercy Haverford Foundation
MHP	Mercy Health Plan
MHSSPA	Mercy Health System of Southeastern Pennsylvania
NPFGC	National Public Finance Guarantee Corp.
NPHC	Northeastern Pennsylvania Health Corp.
PHospital	Phoenixville Hospital
PHSys	Pocono Health System
PMCtr	Pocono Medical Center
PottsH	Pottstown Hospital
RHosp	Reading Hospital
SMCSJS	Schuylkill Medical Center South Jackson Street
SRehC	Simpson Retirement Communities
SRMC	Schuylkill Regional Medical Center
TASC	Tobacco Settlement Asset-Backed Bonds
THlth	Tower Health
TJU	Thomas Jefferson University
TJUH	Thomas Jefferson University Hospital
TJUHS	TJUH System

26          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
V.I.	United States Virgin Islands
WR	Woods Resources
WS	Woods Services
WSF	Woods Services Foundation

See accompanying Notes to Financial Statements.

27          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSJuly 31, 2019

Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—103.2%
Pennsylvania—81.9%
$30,000	Aliquippa, PA School District		4.000	%		12/01/2030	$	30,064
1,750,000	Aliquippa, PA School District		4.000			12/01/2041		1,896,632
11,500,000	Allegheny County, PA GO		5.000			11/01/2041		13,432,230
4,960,000	Allegheny County, PA GO		5.000			11/01/2043		6,001,848
12,500,000	Allegheny County, PA HDA (Allegheny Health Network)		5.000			04/01/2047		14,550,000
35,000	Allegheny County, PA HDA (UPMC Health System)		5.375			08/15/2029		35,054
160,000	Allegheny County, PA HDA (UPMC Health System)		5.500			08/15/2034		160,254
830,000	Allegheny County, PA HEBA (Carlow University)		6.000			11/01/2021		879,460
1,125,000	Allegheny County, PA HEBA (Carlow University)		6.750			11/01/2031		1,262,194
1,000,000	Allegheny County, PA HEBA (Chatham University)		5.000			09/01/2035		1,060,220
615,000	Allegheny County, PA HEBA (Robert Morris University)		5.000			10/15/2037		686,291
1,500,000	Allegheny County, PA HEBA (Robert Morris University)		5.000			10/15/2047		1,647,930
2,250,000	Allegheny County, PA HEBA (Robert Morris University)		5.500			10/15/2030		2,330,752
3,650,000	Allegheny County, PA HEBA (Robert Morris University)		5.750			10/15/2040		3,776,764
195,000	Allegheny County, PA HEBA (Robert Morris University)		6.000			05/01/2028		224,162
1,200,000	Allegheny County, PA IDA (Propel Charter School-East)		6.375			08/15/2035		1,232,436
700,000	Allegheny County, PA IDA (Propel Charter School-Montour)1		6.750			08/15/2035		721,567
1,500,000	Allegheny County, PA IDA (Propel Charter School-Sunrise)		6.000			07/15/2038		1,591,200
630,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)		5.000			09/01/2021		631,575
1,225,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)		5.100			09/01/2026		1,227,548
430,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)		5.125			09/01/2031		430,555
270,000	Allegheny County, PA IDA (School Facility Devel.)1		5.900			08/15/2026		277,943
9,085,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)		5.600			07/01/2023		8,981,068
1,545,000	Allegheny County, PA Residential Finance Authority (Broadview Manor Apartments)		5.950			01/20/2043		1,558,194
1,200,000	Allegheny County, PA Residential Finance Authority (Independence House Apartments)		6.100			01/20/2043		1,214,724
1,550,000	Allegheny County, PA Residential Finance Authority (Versailles Apartments)		6.160			01/20/2043		1,569,096
1,250,000	Allentown, PA City School District		5.000			06/01/2036		1,449,662
1,255,000	Allentown, PA City School District		5.000			06/01/2037		1,451,144
4,000,000	Allentown, PA Neighborhood Improvement Zone		5.375			05/01/2042		4,420,960

28          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$375,000	Berks County, PA IDA (Highlands at Wyomissing Healthcare Facilities)		5.000	%		05/15/2037	$	427,995
500,000	Berks County, PA IDA (Highlands at Wyomissing Healthcare Facilities)		5.000			05/15/2042		563,150
600,000	Berks County, PA IDA (Highlands at Wyomissing Healthcare Facilities)		5.000			05/15/2047		672,054
13,400,000	Berks County, PA IDA (THlth/RHosp/BHospital/CHH/JH/PHospital/PottsH Obligated Group)2		5.000			11/01/2047		15,399,963
6,500,000	Berks County, PA Municipal Authority (Tower Health)2		5.500			11/01/2031		6,567,649
6,500,000	Berks County, PA Municipal Authority (Tower Health)2		5.500			11/01/2031		6,567,649
3,000,000	Bethlehem, PA Area School District		5.000			08/01/2035		3,504,690
1,750,000	Bethlehem, PA GO		6.500			12/01/2032		1,920,082
950,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)		6.250			11/15/2041		1,058,528
2,000,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)		7.000			11/15/2046		2,259,800
2,830,000	Cheltenham Township, PA GO		4.000			07/01/2048		2,940,511
2,000,000	Chester County, PA H&EFA (Main Line Health System)		5.000			10/01/2052		2,318,980
1,000,000	Chester County, PA IDA (West Chester University Student Hsg.)		5.000			08/01/2035		1,071,690
1,000,000	Clairton, PA Municipal Authority		5.000			12/01/2037		1,080,450
1,220,000	Clarion County, PA IDA (Clarion University Foundation)		5.000			07/01/2024		1,324,286
2,430,000	Clarion County, PA IDA (Clarion University Foundation)		5.000			07/01/2029		2,599,978
3,500,000	Clarion County, PA IDA (Clarion University Foundation)		5.000			07/01/2033		3,704,225
2,310,000	Clarion County, PA IDA (Clarion University Foundation)		5.000			07/01/2034		2,439,475
1,000,000	Clarion County, PA IDA (Clarion University Foundation)		5.000			07/01/2045		1,039,650
2,750,000	Cumberland County, PA Municipal Authority (Asbury)		5.250			01/01/2041		2,839,127
1,565,000	Cumberland County, PA Municipal Authority (Messiah Lifeways)		5.000			07/01/2031		1,718,401
3,210,000	Cumberland County, PA Municipal Authority (Messiah Lifeways)		5.000			07/01/2035		3,488,596
905,000	Dallas, PA Area Municipal Authority (Misericordia University)		5.000			05/01/2039		1,024,234
3,440,000	Dallas, PA Area Municipal Authority (Misericordia University)		5.000			05/01/2048		3,838,765
5,225,000	Delaware County, PA Authority (Eastern University)		5.250			10/01/2032		5,262,411
1,750,000	Delaware County, PA Authority (Elwyn/ElwynNJ/ElwynCA/Family Support Services Obligated Group)		5.000			06/01/2037		1,937,792

29          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$60,000	Delaware County, PA Authority (MAS/MCMCSPA/MHH/MHP/MHSSPA Obligated Group)		5.375	%		11/15/2023	$	61,775
1,150,000	Delaware County, PA Authority (Neumann University)		5.000			10/01/2025		1,199,450
1,425,000	Delaware County, PA Authority (Neumann University)		5.000			10/01/2031		1,598,095
2,305,000	Delaware County, PA Authority (Neumann University)		5.000			10/01/2035		2,552,188
1,250,000	Delaware County, PA Authority (Neumann University)		5.250			10/01/2031		1,289,912
1,980,000	Delaware County, PA IDA (Chester Fund for Education & the Arts)		5.125			06/01/2046		2,092,484
820,000	East Hempfield Township, PA IDA (Millersville University Student Services)		5.000			07/01/2030		906,371
1,000,000	East Hempfield Township, PA IDA (Millersville University Student Services)		5.000			07/01/2030		1,073,700
1,060,000	East Hempfield Township, PA IDA (Millersville University Student Services)		5.000			07/01/2035		1,154,287
1,250,000	East Hempfield Township, PA IDA (Millersville University Student Services)		5.000			07/01/2035		1,325,975
7,840,000	Erie, PA Higher Education Building Authority (Gannon University)		5.000			05/01/2038		8,445,170
1,000,000	Erie, PA Higher Education Building Authority (Gannon University)		5.375			05/01/2030		1,024,500
2,565,000	Erie, PA Higher Education Building Authority (Gannon University)		5.500			05/01/2040		2,620,814
1,280,000	Erie, PA Water Authority		5.000			12/01/2043		1,546,150
5,000,000	Erie, PA Water Authority		5.000			12/01/2049		5,724,200
760,000	Fayette County, PA Redevel. Authority (Fayette Crossing)		7.000			09/01/2019		760,942
2,100,000	Lackawanna County, PA GO		6.000			09/15/2032		2,112,264
15,000	Langhorne Manor Boro, PA Higher Education Authority (WR/WSF/WS Obligated Group)		4.000			11/15/2033		15,018
2,747,774	Lehigh County, PA GPA (Kidspeace)		0.000	3		02/01/2044		1,273,154
2,721,970	Lehigh County, PA GPA (Kidspeace)4		7.500			02/01/2044		680
4,764,260	Lehigh County, PA GPA (Kidspeace/KC/KNCONY/KCH/KMAKNC/KNCONM/IRSch Obligated Group)		7.500			02/01/2044		4,790,130
5,000,000	Luzerne County, PA IDA		7.750			12/15/2027		5,119,650
4,000,000	Montgomery County, PA HEHA (Thomas Jefferson University)		5.000			09/01/2048		4,698,080
11,075,000	Montgomery County, PA IDA (ARLC/LVE/ATI/ASCS/AMS Obligated Group)		5.000			11/15/2036		12,837,586
300,000	Montgomery County, PA IDA (Philadelphia Presbyterian Homes)		6.500			12/01/2025		336,576
4,500,000	Northampton County, PA General Purpose Authority (Lafayette College)		5.000			11/01/2047		5,334,345
2,860,000	Northampton County, PA General Purpose Authority (Moravian College)		5.000			07/01/2031		3,079,591

30          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$2,250,000	Northampton County, PA General Purpose Authority (Moravian College)		5.000	%		10/01/2036	$	2,547,022
7,785,000	Northampton County, PA General Purpose Authority (St. Luke’s University Health Network)		4.000			08/15/2048		8,227,733
14,826,610	Northampton County, PA IDA (Northampton Generating)5,6,7		5.000			12/31/2023		4,447,983
3,585,109	Northampton County, PA IDA (Northampton Generating)5,6,7		5.000			12/31/2023		1,075,533
120,000	Octorara, PA Area School District		4.250			06/01/2022		120,298
4,500,000	PA Commonwealth Financing Authority		5.000			06/01/2035		5,421,870
3,000,000	PA EDFA (Forum)		5.000			03/01/2029		3,205,200
8,500,000	PA EDFA (PA Bridges Finco)		5.000			06/30/2042		9,553,830
3,000,000	PA EDFA (Philadelphia Biosolids Facility)		6.250			01/01/2032		3,046,290
17,715,000	PA Geisinger Authority Health System2		5.000			02/15/2045		20,542,917
535,000	PA HEFA (Delaware Valley College of Science & Agriculture)		5.000			11/01/2042		544,577
3,000,000	PA HEFA (Edinboro University Foundation)		5.800			07/01/2030		3,124,740
3,500,000	PA HEFA (Edinboro University Foundation)		6.000			07/01/2043		3,651,865
1,300,000	PA HEFA (Gwynedd Mercy College)		5.375			05/01/2042		1,388,712
750,000	PA HEFA (Indiana University Foundation)		5.000			07/01/2041		830,910
2,650,000	PA HEFA (La Salle University)		5.000			05/01/2029		2,862,212
10,000	PA HEFA (Pennsylvania State System of Higher Education)		4.375			06/15/2025		10,025
30,000	PA HEFA (Pennsylvania State University)		5.000			03/01/2022		30,097
1,400,000	PA HEFA (Shippensburg University Student Services)		5.000			10/01/2035		1,565,578
3,000,000	PA HEFA (Shippensburg University)		6.000			10/01/2031		3,308,670
7,000,000	PA HEFA (Shippensburg University)		6.250			10/01/2043		7,757,470
1,750,000	PA HEFA (St. Francis University)		6.000			11/01/2031		1,936,900
2,250,000	PA HEFA (St. Francis University)		6.250			11/01/2041		2,502,720
1,000,000	PA HEFA (Ursinus College)		5.000			01/01/2029		1,059,820
1,000,000	PA HEFA (Widener University)		5.000			07/15/2038		1,090,820
5,000,000	PA Public School Building Authority (Harrisburg Area Community College)		5.000			10/01/2031		5,238,500
3,500,000	PA Public School Building Authority (School District of Philadelphia)		5.000			04/01/2027		3,796,485
4,410,000	PA Public School Building Authority (School District of Philadelphia)		5.000			04/01/2028		4,776,515
3,000,000	PA Public School Building Authority (School District of Philadelphia)		5.000			04/01/2029		3,243,420
250,000	PA Public School Building Authority (School District of Philadelphia)		5.000			04/01/2030		269,678
4,780,000	PA Public School Building Authority (School District of Philadelphia)		5.000			04/01/2032		5,136,827
1,000,000	PA Southcentral General Authority (Hanover Hospital)		5.000			12/01/2029		1,176,790
3,750,000	PA State Public School Building Authority (Philadelphia School District)		5.000			06/01/2027		4,560,938

31          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$8,795,000	PA State Public School Building Authority (Philadelphia School District)		5.000	%		06/01/2032	$	10,381,002
4,800,000	PA State Public School Building Authority (Philadelphia School District)		5.000			06/01/2036		5,562,096
200,000	PA State Public School Building Authority (Philadelphia School District)		5.000			06/01/2036		249,676
500,000	PA Turnpike Commission		5.000			12/01/2030		593,280
1,000,000	PA Turnpike Commission		5.000			12/01/2031		1,181,720
2,000,000	PA Turnpike Commission		5.000			12/01/2032		2,273,260
1,050,000	PA Turnpike Commission		5.000			12/01/2035		1,265,240
6,000,000	PA Turnpike Commission		5.000			12/01/2048		7,128,960
4,100,000	PA Turnpike Commission		5.500	3		12/01/2034		4,337,021
900,000	PA Turnpike Commission		5.500	3		12/01/2034		952,029
5,000,000	PA Turnpike Commission		5.500			12/01/2042		5,988,000
2,820,000	PA Turnpike Commission		6.000	3		12/01/2034		3,001,580
610,000	PA Turnpike Commission		6.000	3		12/01/2034		649,278
570,000	PA Turnpike Commission		6.000	3		12/01/2034		606,702
10,000,000	PA Turnpike Commission		6.375	3		12/01/2038		12,944,800
2,000,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)		5.625			01/01/2032		2,193,120
1,835,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)		6.500			01/01/2041		1,973,084
1,430,000	Pennsylvania State University		5.000			09/01/2041		1,699,369
2,500,000	Pennsylvania State University		5.000			09/01/2047		2,995,975
18,700,000	Philadelphia, PA Airport, Series B		5.000			07/01/2047		21,697,423
2,500,000	Philadelphia, PA Authority for Industrial Devel. (Architecture & Design Charter School)7		6.125			03/15/2043		2,500,000
450,000	Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School)		5.875			04/01/2032		461,700
500,000	Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School)		6.250			04/01/2042		512,110
1,000,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)		5.750			11/15/2030		1,025,710
500,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)		6.375			11/15/2040		513,880
2,040,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)		5.375			06/15/2030		2,085,451
4,000,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)		5.625			06/15/2042		4,072,320
1,640,000	Philadelphia, PA Authority for Industrial Devel. (Richard Allen Prep Charter School)		6.250			05/01/2033		1,511,932
2,000,000	Philadelphia, PA Authority for Industrial Devel. (Tacony Academy Charter School)		6.750			06/15/2033		2,220,980
3,090,000	Philadelphia, PA Authority for Industrial Devel. (Tacony Academy Charter School)		7.000			06/15/2043		3,419,085
13,365,000	Philadelphia, PA Authority for Industrial Devel. (TJU/TJUHS/TJUH/JUP/AHlth/AHlthF/AMH/ LHosp/AriaH/AHSys Obligated Group)		5.000			09/01/2047		15,503,133

32          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
Pennsylvania (Continued)
$4,165,000	Philadelphia, PA Authority for Industrial Devel. (University Plaza Associates)		5.000	%		12/01/2058	$	4,593,370
2,730,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Presbyterian Homes Germantown)		5.625			07/01/2035		2,733,658
3,620,000	Philadelphia, PA Gas Works		5.000			08/01/2047		4,211,110
3,500,000	Philadelphia, PA GO		5.000			08/01/2035		4,209,800
6,260,000	Philadelphia, PA GO		6.500			08/01/2041		6,589,839
250,000	Philadelphia, PA Hsg. Authority		5.000			12/01/2021		250,893
1,300,000	Philadelphia, PA Hsg. Authority		5.000			05/01/2039		1,497,808
2,415,000	Philadelphia, PA Hsg. Authority		5.000			05/01/2042		2,767,059
3,335,000	Philadelphia, PA Hsg. Authority (PHA Headquarters)		5.000			05/01/2047		3,797,565
25,000	Philadelphia, PA Parking Authority, Series A		5.250			02/15/2029		25,090
20,000	Philadelphia, PA School District		4.375			06/01/2034		20,050
10,000,000	Philadelphia, PA School District		5.000			09/01/2028		11,967,800
10,000,000	Philadelphia, PA School District		5.000			09/01/2029		11,907,100
1,000,000	Philadelphia, PA School District		5.000			09/01/2032		1,174,530
1,895,000	Philadelphia, PA Water & Wastewater		5.000			10/01/2052		2,218,325
7,000,000	Philadelphia, PA Water & Wastewater		5.000			10/01/2053		8,317,470
2,640,000	Pittsburgh, PA Urban Redevel. Authority (Marian Plaza)		6.130			01/20/2043		2,668,829
4,000,000	Pottsville, PA Hospital Authority (LVHN/LVlyH/LVHM/SRehC/SRMC/NPHC/SMCSJS/PMCtr/ PHSys Obligated Group)		5.000			07/01/2041		4,603,680
900,000	Reading, PA Hsg. Auth (Goggle Works Apartments)		5.625			06/01/2042		922,734
2,895,000	Reading, PA Hsg. Auth (Goggle Works Apartments)		5.875			06/01/2052		2,972,152
1,500,000	Reading, PA School District		5.000			03/01/2037		1,759,320
1,500,000	Reading, PA School District		5.000			03/01/2038		1,748,745
820,000	Scranton, PA School District		5.000			12/01/2034		981,778
750,000	Scranton, PA School District		5.000			12/01/2035		894,953
1,350,000	Susquehanna, PA Area Regional Airport Authority		5.000			01/01/2038		1,539,608
2,000,000	Westmoreland County, PA Municipal Authority		5.000			08/15/2038		2,302,080
2,600,000	Wilkes-Barre, PA Area School District		5.000			08/01/2034		3,069,404
2,125,000	Wilkes-Barre, PA Area School District		5.000			08/01/2036		2,493,496
110,000	York County, PA IDA (York Water)		4.750			10/01/2036		110,150
								557,176,002
U.S. Possessions—21.3%
700,000	Guam Hsg. Corp. (Single Family Mtg.)		5.750			09/01/2031		716,443
185,000	Guam Power Authority, Series A		5.000			10/01/2023		205,994
235,000	Guam Power Authority, Series A		5.000			10/01/2024		261,308
420,000	Guam Power Authority, Series A		5.000			10/01/2030		461,857
470,000	Northern Mariana Islands Commonwealth, Series A		5.000			10/01/2022		470,352
1,065,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		1,029,599

33          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$795,000	Northern Mariana Islands Ports Authority, Series A		6.600	%		03/15/2028	$	799,595
3,000,000	Puerto Rico Aqueduct & Sewer Authority		5.125			07/01/2037		3,030,000
810,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		824,175
1,460,000	Puerto Rico Aqueduct & Sewer Authority		5.750			07/01/2037		1,500,150
1,005,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		1,035,150
1,700,000	Puerto Rico Aqueduct & Sewer Authority		6.125	3		07/01/2024		1,776,500
17,000,000	Puerto Rico Children’s Trust Fund (TASC)		5.500			05/15/2039		17,320,790
53,320,000	Puerto Rico Children’s Trust Fund (TASC)		7.153	8		05/15/2050		7,440,806
526,500,000	Puerto Rico Children’s Trust Fund (TASC)		7.622	8		05/15/2057		24,055,785
2,185,000	Puerto Rico Commonwealth GO4		5.000			07/01/2029		1,622,362
7,405,000	Puerto Rico Commonwealth GO, AGC		5.125			07/01/2030		7,627,446
9,000,000	Puerto Rico Commonwealth GO4		5.750			07/01/2036		6,513,750
120,000	Puerto Rico Commonwealth GO4		5.750			07/01/2038		89,100
3,000,000	Puerto Rico Commonwealth GO4		5.750			07/01/2041		2,171,250
15,000	Puerto Rico Commonwealth GO, NPFGC		6.000			07/01/2027		15,369
790,000	Puerto Rico Commonwealth GO4		6.000			07/01/2028		571,762
1,250,000	Puerto Rico Commonwealth GO4		6.000			07/01/2039		932,812
9,745,000	Puerto Rico Commonwealth GO4		6.000			07/01/2039		7,211,300
1,000,000	Puerto Rico Commonwealth GO4		6.500			07/01/2037		746,250
1,435,000	Puerto Rico Electric Power Authority, Series AAA4		5.250			07/01/2024		1,094,188
6,000,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000			07/01/2025		6,065,340
1,450,000	Puerto Rico Electric Power Authority, Series TT4		5.000			07/01/2032		1,102,000
2,445,000	Puerto Rico Electric Power Authority, Series XX4		5.250			07/01/2040		1,864,313
725,000	Puerto Rico Electric Power Authority, Series ZZ4		5.000			07/01/2022		551,000
1,000,000	Puerto Rico Highway & Transportation Authority4		5.300			07/01/2035		822,500
10,000	Puerto Rico Highway & Transportation Authority, Series A4		5.000			07/01/2038		3,525
965,000	Puerto Rico Highway & Transportation Authority, Series D, AGC		5.000			07/01/2032		986,828
325,000	Puerto Rico Highway & Transportation Authority, Series H4		5.000			07/01/2028		114,563
270,000	Puerto Rico Infrastructure4		5.000			07/01/2041		61,425
1,400,000	Puerto Rico Infrastructure (Mepsi Campus)4		6.500			10/01/2037		283,500
1,250,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			03/01/2036		1,238,688
125,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		125,480
185,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		185,463
1,265,000	Puerto Rico Public Buildings Authority4		6.000			07/01/2019		1,087,900
2,070,000	Puerto Rico Public Buildings Authority4		6.000			07/01/2041		1,749,150
1,500,000	Puerto Rico Public Buildings Authority4		6.500			07/01/2030		1,293,750
1,000,000	Puerto Rico Public Buildings Authority4		6.750			07/01/2036		867,500
3,000,000	Puerto Rico Public Buildings Authority4		10.000			07/01/2034		2,692,500
1,000,000	Puerto Rico Public Buildings Authority, AMBAC		10.000	9		07/01/2035		1,063,110
1,015,000	Puerto Rico Public Buildings Authority, Series D4		5.250			07/01/2036		850,063
5,725,000	Puerto Rico Public Finance Corp., Series B4		5.500			08/01/2031		343,500
716,000	Puerto Rico Sales Tax Financing Corp., Series A		4.839	8		07/01/2031		451,087
5,940,000	Puerto Rico Sales Tax Financing Corp., Series A		5.091	8		07/01/2033		3,339,349
298,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		3.973	8		07/01/2024		255,624

34          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$569,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.259	%8		07/01/2027	$	437,561
590,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.500			07/01/2034		610,261
298,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.550			07/01/2040		298,924
555,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.560	8		07/01/2029		390,837
2,190,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.750			07/01/2053		2,146,857
5,537,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.000			07/01/2058		5,550,566
7,662,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.894	8		07/01/2046		1,769,922
6,242,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.951	8		07/01/2051		1,064,011
3,033,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.550			07/01/2040		2,919,323
91,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.750			07/01/2053		85,655
1,216,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		5.000			07/01/2058		1,168,880
3,235,000	University of Puerto Rico, Series P		5.000			06/01/2030		3,146,038
1,300,000	University of Puerto Rico, Series Q		5.000			06/01/2030		1,264,250
2,500,000	V.I. Public Finance Authority, Series C		5.000			10/01/2039		2,381,249
2,195,000	V.I. Tobacco Settlement Financing Corp.		6.497	8		05/15/2035		686,530
4,150,000	V.I. Tobacco Settlement Financing Corp.		6.872	8		05/15/2035		1,183,082
7,000,000	V.I. Tobacco Settlement Financing Corp.		7.622	8		05/15/2035		1,995,560
1,255,000	V.I. Tobacco Settlement Financing Corp. (TASC)		5.000			05/15/2031		1,257,560
								145,279,317
Total Investments, at Value (Cost $689,427,520)—103.2%								702,455,319
Net Other Assets (Liabilities)—(3.2)								(21,768,182	)
Net Assets—100.0%							$	680,687,137

Footnotes to Schedule 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 1 of the accompanying Notes.

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

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

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

5. Interest or dividend ispaid-in-kind, when applicable.

6. This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the contractual interest rate.

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

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

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

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

AGC	Assured Guaranty Corp.
AHlth	Abington Health

35          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
AHlthF	Abington Health Foundation
AHSys	Aria Health System
AMH	Abington Memorial Hospital
AMS	ACTS Management Services, Inc.
AriaH	Aria Health
ARLC	ACTS Retirement-Life Communities, Inc.
ASCS	ACTS Signature Community Services, Inc.
ATI	Azalea Trace, Inc.
BHospital	Brandywine Hospital
CHH	Chestnut Hill Hospital
EDFA	Economic Devel. Finance Authority
ElwynCA	Elwyn California
ElwynNJ	Elwyn New Jersey
GO	General Obligation
GPA	General Purpose Authority
H&EFA	Health and Educational Facilities Authority
HDA	Hospital Devel. Authority
HEBA	Higher Education Building Authority
HEFA	Higher Education Facilities Authority
HEHA	Higher Education and Health Authority
IDA	Industrial Devel. Agency
IRSch	Iron Range School
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JH	Jennersville Hospital
JUP	Jefferson University Physicians
KC	Kidspeace Corporation
KCH	Kidspeace Childrens Hospital
KMAKNC	Kidspeace Mesabi Academy
KNCONM	Kidspeace National Centers of North America
KNCONY	Kidspeace National Centers of New York
LHosp	Landsdale Hospital
LVE	Lanier Village Estates, Inc.
LVHM	Lehigh Valley Hospital-Muhlenberg
LVHN	Lehigh Valley Health Network
LVlyH	Lehigh Valley Hospital
MAS	Mercy Adult Services
MCMCSPA	Mercy Catholic Medical Center of Southeastern Pennsylvania
MHH	Mercy Haverford Foundation
MHP	Mercy Health Plan
MHSSPA	Mercy Health System of Southeastern Pennsylvania
NPFGC	National Public Finance Guarantee Corp.
NPHC	Northeastern Pennsylvania Health Corp.
PHospital	Phoenixville Hospital
PHSys	Pocono Health System
PMCtr	Pocono Medical Center
PottsH	Pottstown Hospital
RHosp	Reading Hospital
RR	Residential Resources
RRDC	Residential Resources Devel. Corp.
RRSW	Residential Resources Southwest

36          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
SMCSJS	Schuylkill Medical Center South Jackson Street
SRehC	Simpson Retirement Communities
SRMC	Schuylkill Regional Medical Center
TASC	Tobacco Settlement Asset-Backed Bonds
THlth	Tower Health
TJU	Thomas Jefferson University
TJUH	Thomas Jefferson University Hospital
TJUHS	TJUH System
UPMC	University of Pittsburgh Medical Center
V.I.	United States Virgin Islands
WR	Woods Resources
WS	Woods Services
WSF	Woods Services Foundation
See accompanying Notes to Financial Statements.

37          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES

	August 31, 2019 (Unaudited)			July 31, 2019
Assets
Investments, at value (cost $707,752,075 (Unaudited) and $689,427,520)—see accompanying schedule of investments	$	733,448,342		$	702,455,319
Cash		445,869			4,378,121
Receivables and other assets:
Interest		8,098,636			7,257,457
Investments sold		2,295,103			130,000
Shares of beneficial interest sold		881,201			977,696
Other		227,117			254,075
Total assets		745,396,268			715,452,668
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued		32,855,000			32,855,000
Payable for borrowings		12,700,000			—
Investments purchased		2,070,435			—
Dividends		265,575			419,441
Shares of beneficial interest redeemed		249,402			703,868
Distribution and service plan fees		192,375			191,807
Trustees’ compensation		113,009			109,539
Transfer and shareholder servicing agent fees		95,631			79,581
Advisory fees		19,317			330,177
Interest expense on borrowings		16,221			602
Shareholder communications		13,053			9,750
Administration fees		536			23
Other		78,333			65,743
Total liabilities		48,668,887			34,765,531
Net Assets	$	696,727,381		$	680,687,137
Composition of Net Assets
Shares of beneficial interest	$	786,425,528		$	783,278,853
Total accumulated loss		(89,698,147	)		(102,591,716	)
Net Assets	$	696,727,381		$	680,687,137

38        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

	August 31, 2019 (Unaudited)		July 31, 2019
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets and shares of beneficial interest outstanding of $509,944,496 and 44,739,572 at August 31, 2019 (Unaudited) and $498,742,834 and 44,585,225 at July 31, 2019)		$11.40		$11.19
Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price)		$11.91		$11.69
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets and shares of beneficial interest outstanding of $112,667,003 and 9,914,395 at August 31, 2019 (Unaudited) and $110,165,617 and 9,877,730 at July 31, 2019)		$11.36		$11.15
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $74,080,098 and 6,495,481 at August 31, 2019 (Unaudited) and $71,768,565 and 6,411,926 at July 31, 2019)		$11.40		$11.19
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets and shares of beneficial interest outstanding of $35,784 and 3,142 at August 31, 2019 (Unaudited) and $10,121 and 905 at July 31, 2019)		$11.39		$11.18

See accompanying Notes to Financial Statements.

39        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT

OF OPERATIONS

	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019
Investment Income
Interest	$	2,282,215	$	35,366,915
Expenses
Advisory fees		297,082		3,389,151
Administration fees		8,248		8,013
Distribution and service plan fees:
Class A		103,379		1,033,301
Class C		85,459		1,401,089
Transfer and shareholder servicing agent fees:
Class A		30,365		404,651
Class C		6,742		148,707
Class Y		4,384		55,671
Class R6		1		1
Shareholder communications:
Class A		2,418		21,776
Class C		536		9,334
Class Y		349		3,608
Interest expense and fees on short-term floating rate notes issued		51,027		840,654
Borrowing fees		39,613		640,372
Interest expense on borrowings		16,221		300,138
Trustees’ compensation		1,593		11,037
Custodian fees and expenses		305		4,919
Other		8,290		263,960
Total expenses		656,012		8,536,382
Net Investment Income		1,626,203		26,830,533
Realized and Unrealized Gain/(Loss)
Net realized gain (loss) on investment transactions (includes net gains from securities sold to affiliates of $0 (Unaudited) and $1,050, respectively)		278,770		(34,584,554	)
Net change in unrealized appreciation/(depreciation) on investment transactions		12,668,468		76,354,420
Net Increase in Net Assets Resulting from Operations	$	14,573,441	$	68,600,399

See accompanying Notes to Financial Statements.

40          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF CHANGES IN NET ASSETS

	One Month Ended August 31, 2019 (Unaudited)			Year Ended July 31, 2019			Year Ended July 31, 2018
Operations
Net investment income	$	1,626,203		$	26,830,533		$	26,072,945
Net realized gain (loss)		278,770			(34,584,554	)		(39,669,100	)
Net change in unrealized appreciation/(depreciation)		12,668,468			76,354,420			31,315,112
Net increase in net assets resulting from operations		14,573,441			68,600,399			17,718,957
Dividends and/or Distributions to Shareholders1
Distributions to shareholders from distributable earnings:
Class A		(1,263,599	)		(14,650,196	)		(18,501,626	)
Class B		—			—			(37,707	)
Class C		(218,887	)		(4,303,794	)		(6,124,203	)
Class Y		(197,300	)		(2,165,871	)		(2,018,635	)
Class R6		(86	)		(68	)		—
Total distributions from distributable earnings		(1,679,872	)		(21,119,929	)		(26,682,171	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		1,761,821			44,220,407			(71,558,257	)
Class B		—			—			(2,593,497	)
Class C		411,393			(63,117,124	)		(35,340,354	)
Class Y		948,375			17,376,645			(3,952,301	)
Class R6		25,086			10,000			—
Total beneficial interest transactions		3,146,675			(1,510,072	)		(113,444,409	)
Net Assets
Total increase (decrease)		16,040,244			45,970,398			(122,407,623	)
Beginning of period		680,687,137			634,716,739			757,124,362
End of period	$	696,727,381		$	680,687,137		$	634,716,739

1. The Securities Exchange Commission eliminated the requirement to disclose the distribution components separately, except for tax return of capital. For the year ended July 31, 2018, distributions to shareholders from distributable earnings consisted of distributions from net investment income.

See accompanying Notes to Financial Statements.

41          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$11.19		$10.40		$10.44		$10.67		$10.49		$10.38
Income (loss) from investment operations:
Net investment income1		0.03		0.46		0.41		0.47		0.59		0.63
Net realized and unrealized gain (loss)		0.21		0.69		(0.03)		(0.16)		0.20		0.09
Total from investment operations		0.24		1.15		0.38		0.31		0.79		0.72
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.36)		(0.42)		(0.54)		(0.61)		(0.61)
Net asset value, end of period		$11.40		$11.19		$10.40		$10.44		$10.67		$10.49
Total Return, at Net Asset Value2		2.13%		11.32%		3.84%		2.96%		7.84%		6.98%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$509,944		$498,743		$423,210		$500,340		$526,247		$552,146
Average net assets (in thousands)		$505,407		$428,934		$443,594		$509,600		$537,284		$589,000
Ratios to average net assets:3
Net investment income		2.86%		4.30%		4.09%		4.50%		5.59%		5.93%
Expenses excluding specific expenses listed below		0.85%		0.91%		0.97%		0.83%		0.80%		0.77%
Interest and fees from borrowings		0.10%		0.15%		0.18%		0.11%		0.11%		0.11%
Interest and fees on short-term floating rate notes issued4		0.09%		0.13%		0.03%		0.06%		0.06%		0.07%
Total expenses		1.04%		1.19%		1.18%		1.00%		0.97%		0.95%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.04%		1.19%		1.18%		1.00%		0.97%		0.95%
Portfolio turnover rate5		2%		21%		13%		20%		6%		12%

42          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

43        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

Class C	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$11.15		$10.37		$10.42		$10.64		$10.47		$10.36
Income (loss) from investment operations:
Net investment income1		0.02		0.39		0.34		0.40		0.51		0.55
Net realized and unrealized gain (loss)		0.21		0.68		(0.04)		(0.15)		0.19		0.09
Total from investment operations		0.23		1.07		0.30		0.25		0.70		0.64
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.29)		(0.35)		(0.47)		(0.53)		(0.53)
Net asset value, end of period		$11.36		$11.15		$10.37		$10.42		$10.64		$10.47
Total Return, at Net Asset Value2		2.08%		10.52%		3.07%		2.23%		7.06%		6.19%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$112,667		$110,166		$161,664		$199,497		$220,769		$226,296
Average net assets (in thousands)		$112,198		$155,694		$173,445		$209,822		$221,129		$239,680
Ratios to average net assets:3
Net investment income		2.20%		3.64%		3.43%		3.79%		4.84%		5.17%
Expenses excluding specific expenses listed below		1.51%		1.57%		1.62%		1.56%		1.55%		1.52%
Interest and fees from borrowings		0.10%		0.15%		0.18%		0.11%		0.11%		0.11%
Interest and fees on short-term floating rate notes issued4		0.09%		0.13%		0.03%		0.06%		0.06%		0.07%
Total expenses		1.70%		1.85%		1.83%		1.73%		1.72%		1.70%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.70%		1.85%		1.83%		1.73%		1.72%		1.70%
Portfolio turnover rate5		2%		21%		13%		20%		6%		12%

44        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

45        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

Class Y	One Month Ended August 31, 2019 (Unaudited)		Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$11.19		$10.40		$10.45		$10.68		$10.50		$10.38
Income (loss) from investment operations:
Net investment income1		0.03		0.49		0.44		0.47		0.60		0.65
Net realized and unrealized gain (loss)		0.21		0.69		(0.05)		(0.14)		0.20		0.10
Total from investment operations		0.24		1.18		0.39		0.33		0.80		0.75
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.39)		(0.44)		(0.56)		(0.62)		(0.63)
Net asset value, end of period		$11.40		$11.19		$10.40		$10.45		$10.68		$10.50
Total Return, at Net Asset Value2		2.15%		11.58%		3.98%		3.14%		7.99%		7.23%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$74,080		$71,769		$49,843		$54,584		$30,357		$29,137
Average net assets (in thousands)		$73,008		$59,356		$45,899		$39,973		$28,378		$30,378
Ratios to average net assets:3
Net investment income		3.10%		4.54%		4.33%		4.53%		5.73%		6.07%
Expenses excluding specific expenses listed below		0.61%		0.67%		0.72%		0.65%		0.65%		0.62%
Interest and fees from borrowings		0.10%		0.15%		0.18%		0.11%		0.11%		0.11%
Interest and fees on short-term floating rate notes issued4		0.09%		0.13%		0.03%		0.06%		0.06%		0.07%
Total expenses		0.80%		0.95%		0.93%		0.82%		0.82%		0.80%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.95%		0.93%		0.82%		0.82%		0.80%
Portfolio turnover rate5		2%		21%		13%		20%		6%		12%

46        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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.

5. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

47        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

Class R6	One Month Ended August 31, 2019 (Unaudited)		Period Ended July 31, 20191
Per Share Operating Data
Net asset value, beginning of period		$11.18		$11.05
Income (loss) from investment operations:
Net investment income2		0.03		0.10
Net realized and unrealized gain		0.21		0.10
Total from investment operations		0.24		0.20
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.03)		(0.07)
Net asset value, end of period		$11.39		$11.18
Total Return, at Net Asset Value3		2.16%		1.86%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$36		$10
Average net assets (in thousands)		$32		$10
Ratios to average net assets:4
Net investment income		3.14%		4.59%
Expenses excluding specific expenses listed below		0.57%		0.62%
Interest and fees from borrowings		0.10%		0.15%
Interest and fees on short-term floating rate notes issued5		0.09%		0.13%
Total expenses		0.76%		0.90%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.76%		0.90%
Portfolio turnover rate6		2%		21%

48        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

1. For the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019.

2. 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.

6. Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements.

49        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSAugust 31, 2019 (Unaudited) and July 31, 2019

Note 1 - Significant Accounting Policies

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

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

Effective August 31, 2019, the Fund changed its fiscal year end from July 31 to February 28.

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.

50          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

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

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

B. Securities Transactions and Investment Income -Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

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

51          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

D. Distributions -Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principals generally accepted in the United States of America (“GAAP”), are recorded on theex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser.

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, 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 July 31, 2019, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table for the fiscal year ended July 31, 2019 represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

52          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3		Net Unrealized Appreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$11,741,732		$—		$128,748,517		$14,942,153

1.At July 31, 2019, the Fund had $128,748,517 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

2. During the reporting period, the Fund did not utilize any capital loss carryforward.

3.During the previous reporting period, the Fund did not utilize any capital loss carryforward.

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 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.

Accordingly, the following amounts have been reclassified for the reporting period ended July 31, 2019. Net assets of the Fund were unaffected by the reclassifications.

Increase toPaid-in Capital	Increase to Accumulated Net Loss
$346		$346

The tax character of distributions paid during the reporting periods:

	Year Ended July 31, 2019		Year Ended  July 31, 2018
Distributions paid from:
Exempt-interest dividends	$	20,835,304	$	26,429,383
Ordinary income		284,625		252,788
Total	$	21,119,929	$	26,682,171

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.

53        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

	One Month Ended August 31, 2019 (Unaudited)			Year Ended  July 31, 2019
Federal tax cost of securities	$	673,841,455	1	$	653,594,727	2
Gross unrealized appreciation	$	57,202,284		$	48,759,041
Gross unrealized depreciation		(31,506,017	)		(33,816,888	)
Net unrealized appreciation	$	25,696,267		$	14,942,153

1.The Federal tax cost of securities does not include cost of $33,910,620, 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.

2.The Federal tax cost of securities does not include cost of $33,918,439, 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 GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after theperiod-end date and before the date the financial statements are released to print.

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

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

54          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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 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

55          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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 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.

56          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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.

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

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

Fee Schedule*
Up to $200 million	0.60%
Next $100 million	0.55
Next $200 million	0.50
Next $250 million	0.45
Next $250 million	0.40
Next $4 billion	0.35
Over $5 billion	0.33

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

For theone-month period ended August 31, 2019 (Unaudited), the effective annualized advisory fees incurred by the Fund was 0.51% and for the year ended July 31, 2019, the effective annualized advisory fees incurred by the Fund was 0.53%.

From August 1, 2018 until the date of the Reorganization, the Acquired Fund paid $2,739,697 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

57          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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 0.98%, 1.62%, 0.72% and 0.62%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary 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 year ended July 31, 2019 and theone-month period ended August 31, 2019 (Unaudited), 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 yearended July 31, 2019 and theone-month period ended August 31, 2019 (Unaudited), 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

58          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

transfer agent fees to OFI Global Asset Management, Inc. and Shareholder Services, Inc. For the yearended July 31, 2019 and theone-month period ended August 31, 2019 (Unaudited), 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 0.90% 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 year ended July 31, 2019 and theone-month period ended August 31, 2019 (Unaudited), 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 theyear ended July 31, 2019, IDI advised the Fund that IDI retained $8,651 infront-end sales commissions from the sale of Class A shares and $350 from Class C shares, for CDSC imposed on redemptions by shareholders. During theone-month period ended August 31, 2019 (Unaudited), IDI advised the Fund that IDI retained $2,323 infront-end sales commissions from the sale of Class A shares and $432 from Class C shares, for CDSC imposed on redemptions by shareholders. From the beginning of the fiscal year to the date of the Reorganization, OppenheimerFunds Distributor, Inc. retained $56,849 in front–end sales commissions from the sale of Class A shares and $996 and $13,560 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

59        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The following is a summary of the tiered valuation input levels, as of August 31, 2019 (Unaudited).

		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
Pennsylvania	��	$	—	$	576,462,773	$	8,023,516	$	584,486,289
U.S. Possessions			—		148,962,053		—		148,962,053
Total Assets		$	—	$	725,424,826	$	8,023,516	$	733,448,342

The following is a summary of the tiered valuation input levels, as of July 31, 2019.

	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
Pennsylvania	$	—	$	549,152,486	$	8,023,516	$	557,176,002
U.S. Possessions		—		145,279,317		—		145,279,317
Total Assets	$	—	$	694,431,803	$	8,023,516	$	702,455,319

60          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value for theone-month period ended August 31, 2019 (Unaudited):

	Value as of July 31, 2019		Realized gain (loss)		Change in unrealized appreciation/ depreciation		Accretion/ (amortization) of premium/ discounta
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Pennsylvania	$	8,023,516	$	—	$	—	$	—
Total Assets	$	8,023,516	$	—	$	—	$	—

a. Included in net investment income.

					Transfers into Transfers out of				Value as of August 31, 2019
	Purchases		Sales		Level 3		Level 3		(Unaudited)
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Pennsylvania	$	—	$	—	$	—	$	—	$	8,023,516
Total Assets	$	—	$	—	$	—	$	—	$	8,023,516

The following is a reconciliation of assets in which significant unobservable inputs (level 3) were used in determining fair value for the year ended July 31, 2019:

	Value as of July 31, 2018		Realized gain (loss)		Change in unrealized appreciation/ depreciation		Accretion/ (amortization) of premium/ discounta
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Pennsylvania	$	5,257,362	$	—	$	673,925	$	—
Total Assets	$	5,257,362	$	—	$	673,925	$	—

a. Included in net investment income.

					Transfers into Transfers out of				Value as of
	Purchases		Sales		Level 3		Level 3		July 31, 2019
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Pennsylvania	$	266,154	$	—	$	1,826,075	$	—	$	8,023,516
Total Assets	$	266,154	$	—	$	1,826,075	$	—	$	8,023,516

The total change in unrealized appreciation/depreciation included in the Statement of Operations attributable to Level 3 investments still held for the fiscal year reporting period at

61          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

July 31, 2019:

	Change in unrealized appreciation/ depreciation
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Pennsylvania	$	673,925
Total Assets	$	673,925

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 for the fiscal year reporting period at July 31, 2019 and theone-month period ended August 31, 2019 (Unaudited):

	Value as of August 31, 2019 (Unaudited)		Valuation Technique		Unobservable Input		Range of Unobservable Inputs		Unobservable Input Used
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Pennsylvania	$	8,023,516		Pricing service		N/A		N/A		N/A (a)
Total	$	8,023,516

(a) Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Adviser periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service.

Note 4 - Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the period August 1, 2018 through May 24, 2019,the Predecessor Fund engaged in transactions with affiliates as listed: Securities sales of $2,113,538, which resulted in net realized gainsof $1,050. For the period August 1, 2019 to August 31, 2019 (Unaudited) and the period May 25, 2019 to July 31, 2019, the Fund did not engage in transactions with affiliates.

Note 5 - Trustee and Officer Fees and Benefits

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

62        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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 ended August 31, 2019 (Unaudited), the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	2,424
Payments Made to Retired Trustees		—
Accumulated Liability as of August 31, 2019 (Unaudited)		44,548

During the reporting period ended July 31, 2019, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	—
Payments Made to Retired Trustees		4,959
Accumulated Liability as of July 31, 2019		42,124

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 6 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with Citibank, NA, 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.

63          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

Note 7 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during theone-month period ended August 31, 2019 (Unaudited) was $33,460,527 and $15,434,781, respectivelyand year ended July 31, 2019 was $145,759,228 and $172,409,665, respectively.

Note 8 - Share Information

Transactions in shares of beneficial interest were as follows:

	One Month Ended
	August 31, 2019						Year Ended July 31, 20192						Year Ended July 31, 2018
	(Unaudited)1
	Shares			Amount			Shares			Amount			Shares			Amount
Class A
Sold		394,115		$	4,475,849			8,440,089		$	92,835,347			3,264,565		$	32,744,691
Dividends and/or distributions reinvested		105,355			1,198,859			1,163,062			12,457,740			1,583,701			15,894,703
Redeemed		(345,123	)		(3,912,887	)		(5,718,182	)		(61,072,680	)		(12,061,229	)		(120,197,651)
Net increase (decrease)		154,347		$	1,761,821			3,884,969		$	44,220,407			(7,212,963	)	$	(71,558,257)
Class B
Sold		—		$	—			—		$	—			34		$	343
Dividends and/or distributions reinvested		—			—			—			—			3,459			34,714
Redeemed3		—			—			—			—			(262,554	)		(2,628,554)
Net decrease		—		$	—			—		$	—			(259,061	)	$	(2,593,497)
Class C
Sold		165,594		$	1,873,023			1,288,613		$	13,745,931			1,216,982		$	12,191,245
Dividends and/or distributions reinvested		19,354			218,887			372,761			3,972,929			562,752			5,632,066
Redeemed		(148,283	)		(1,680,517	)		(7,373,461	)		(80,835,984	)		(5,343,607	)		(53,163,665)
Net increase (decrease)		36,665		$	411,393			(5,712,087	)	$	(63,117,124	)		(3,563,873	)	$	(35,340,354)

64          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

	One Month Ended August						Year Ended July 31, 20192						Year Ended July 31, 2018
	31, 2019 (Unaudited) 1
	Shares			Amount			Shares			Amount			Shares			Amount
Class Y
Sold		144,264		$	1,643,251			2,576,054		$	27,505,316			2,307,383		$	23,263,618
Dividends and/or distributions reinvested		17,985			197,300			188,318			2,022,099			185,867			1,870,127
Redeemed		(78,694	)		(892,176	)		(1,143,062	)		(12,150,770	)		(2,926,787	)		(29,086,046)
Net increase (decrease)		83,555		$	948,375			1,621,310		$	17,376,645			(433,537	)	$	(3,952,301)
Class R64
Sold		4,464		$	50,030			905		$	10,000			—		$	—
Dividends and/or distributions reinvested		5			56			—			—			—			—
Redeemed		(2,232	)		(25,000	)		—			—			—			—
Net increase		2,237		$	25,086			905		$	10,000			—		$	—

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

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

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

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

Note 9 - Borrowings

The Fund may utilize financial leverage to the maximum extent allowable under the 1940 Act, a fund generally may not borrow money greater than 33^1/3 of the Fund’s total assets.

The Acquired Fund had entered into a Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enabled the Fund to participate with certain other Funds in a committed secured borrowing facility that permitted borrowing up to $2.5 billion, collectively, by certain Funds. This revolving credit agreement was secured by the assets of the Fund and terminated on May 24, 2019. In connection with this agreement, for the period August 1, 2018 to May 24, 2019, the Fund incurred fees of $677,183. The average daily balance borrowings under this agreement was $13,591,246 with a weighted average interest rate of 2.50%.

On May 24, 2019, the Fund entered into a $2.5 billion Revolving Credit and Security

65          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

Agreement with conduit lenders and Citibank N.A. which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds. This revolving agreement is secured by the assets of the Fund. In connection with this agreement, for the period May 25, 2019 to July 31, 2019, the Fund incurred fees of $101,103 and for the period from August 1, 2019 to August 31, 2019 (Unaudited), the Fund incurred fees of $55,834. The average daily balance of borrowings under this agreement is $5,335,294 with a weighted average interest rate of 2.46% for the period from May 25, 2019 to July 31, 2019 and is $8,351,613 with a weighted average interest rate of 2.25% for the period from August 1, 2019 to August 31, 2019 (Unaudited). Expenses under the credit agreement are shown in the Statement of Operations as Interest expense on borrowings.

At July 31, 2019, the Fund had no borrowings outstanding under this agreement.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during theone-month period ended August 31, 2019 (Unaudited) were $32,855,000 and 1.83%, respectively. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended July 31, 2019 were $37,939,000 and 2.22%, respectively.

Note 10 - Reverse Repurchase Agreements

Prior to the reorganization, the Acquired Fund engaged in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement.

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

66          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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

The Fund executed no transactions under the Facility during the reporting period. This Facility terminated on May 24, 2019.

67          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of AIMTax-Exempt Funds (InvescoTax-Exempt Funds) and Shareholders of Invesco Oppenheimer Rochester^® Pennsylvania Municipal Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer Rochester^® Pennsylvania Municipal Fund (one of the funds constituting AIMTax-Exempt Funds (InvescoTax-Exempt Funds), referred to hereafter as the “Fund”) as of July 31, 2019, the related statement of operations and the statement of changes in net assets for the year ended July 31, 2019, including the related notes, and the financial highlights for each of the periods ended July 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations, changes in its net assets for the year ended July 31, 2019 and the financial highlights for each of the periods ended July 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer Rochester^® Pennsylvania Municipal Fund (formerly known as Oppenheimer Rochester^® Pennsylvania Municipal Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 27, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2019 by correspondence with the custodian and brokers; when replies were

68          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, TX

October 14, 2019

We have served as the auditor of one or more investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

69          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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.

70          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATIONUnaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 98.65% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

71          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA 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^® Pennsylvania 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.

72          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL 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

73          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL 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 also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other mutual funds andclosed-end funds in the Fund’s Lipper category advised orsub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2017.

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

74          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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 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%

75          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTSUnaudited / Continued

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 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.

76          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO SCHEDULE OF INVESTMENTS Unaudited

Go paperless with eDelivery

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

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

• Fund reports and prospectuses

• Quarterly statements

• Daily confirmations

• Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

77          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

SHAREHOLDER PROXYUnaudited

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer Rochester^® Pennsylvania 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^® Pennsylvania Municipal Fund into Invesco Oppenheimer Rochester^® Pennsylvania 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		25,514,187		1,377,138		5,605,902		0

78          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited

The address of each trustee and officer is AIMTax-Exempt Funds (InvescoTax-Exempt Funds) (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified.

Column two below includes length of time served with predecessor entities, if any.

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS
Martin L. Flanagan1— 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President,Co-Chief Executive Officer,Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	240	None
Philip A. Taylor2— 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser);	240	None
1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.
2 Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser.

79          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding

80          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)
Philip A. Taylor (Continued)		company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.

81        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	240	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	240	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown3– 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	240	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance(non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry	240	None
3 Mss. Brown and Krentzman and Messrs. Motley, Vandivort and Vaughn were appointed as Trustees of the Trust effective June 10, 2019.

82          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Jack M. Fields (Continued)		company); Director of Cross Timbers Quail Research Ranch(non-profit); and member of the U.S. House of Representatives
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	240	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	240	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman3– 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the	240	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

83          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Elizabeth Krentzman (Continued)		Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	240	Blue Hills Bank; Chairman of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	240	None
Joel W. Motley3– 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization). Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	240	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	240	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)

84          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	240	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	240	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	240	None
Daniel S. Vandivort3–1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	240	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn3– 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	240	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement(non-profit)
Christopher L. Wilson – 1957 Trustee and Vice Chair	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios);	240	ISO New England, Inc.(non-profit organization managing regional electricity market)

85          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Christopher L. Wilson (Continued)		Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

86          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A
Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco	N/A	N/A

87        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Jeffrey H. Kupor (Continued)		India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC; Secretary, Jemstep, Inc. Formerly: Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.;	N/A	N/A

88          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Andrew R. Schlossberg (Continued)		Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC
John M. Zerr — 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent) Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and	N/A	N/A

89        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
John M. Zerr (Continued)		General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)
Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

90          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Assistant Treasurer, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer–Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A

91        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERSUnaudited / Continued

Name, Year of Birth and Position(s) Held with the Trust	Trustee  and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’ssub-advisers.

Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza,	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Suite 1000	1555 Peachtree Street, N.E.	11 Greenway Plaza,	1000 Louisiana Street,
Houston, TX 77046-1173	Atlanta, GA 30309	Suite 1000	Suite 5800
		Houston, TX	Houston, TX 77002-5021
		77046-1173
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Independent Trustees	Invesco Investment	Citibank, N.A.
2005 Market Street,	Goodwin Procter LLP	Services, Inc.	111 Wall Street
Suite 2600	901 New York Avenue, N.W.	11 Greenway Plaza,	New York, NY 10005
Philadelphia, PA 19103-7018	Washington, D.C. 20001	Suite 1000
		Houston, TX
		77046-1173

92          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

INVESCO’S PRIVACY NOTICE

Invesco recognizes the importance of protecting your personal and financial information when you visit our website located 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

93          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL 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.

94          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Security

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

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

Transfer of Data to Other Countries

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

Children’s Privacy

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

Contact Us

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

Invesco Ltd.

1555 Peachtree St. NE

Atlanta, GA 30309

By phone:

(404)439-3236

By fax:

(404)962-8288

By email:

Anne.Gerry@invesco.com

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

You may also contact us to:

95        INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL 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.

96          INVESCO OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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

Invesco Distributors, Inc.	O-ROPAM-AR-1	09272019

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Raymond Stickel, Jr., Robert C. Troccoli and James Vaughn. David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Raymond Stickel, Jr., Robert C. Troccoli and James Vaughn are “independent” within the meaning of that term as used in FormN-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

PricewaterhouseCoopers LLP (“PwC”) informed the Audit Committee 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. PwC 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 PwC 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 matters for consideration under the SEC’s auditor independence rules. PwC advised the Audit Committee that a PwC Senior Associate, two PwC Managers, a PwC Senior Manager and a PwC Director each held financial interests in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule2-01(c)(1) of RegulationS-X. PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments (or with respect to the PwC Senior Associate and one PwC Manager, was not aware until after the investments were confirmed as SEC exceptions), the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliate of the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates (or with respect to the PwC Senior Associate, the services were performed by an individual who did not have decision-making responsibilities for matters that materially affected the audit and were reviewed by team members at least two levels higher than the PwC Senior Associate), and the investments were not material to the net worth of each individual or their respective immediate family members which 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 oversee.

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

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

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

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

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

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

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

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

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

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

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC billed the series of the Registrant with a fiscal year end of July 31, 2019 (each a “Fund”) aggregate fees for services rendered to these Funds as shown in the following table. Each Fund is newly organized and was created, respectively, for the purpose of acquiring the assets and liabilities of a corresponding predecessor fund (each, a “Reorganization”). Each Reorganization was consummated after the close of business on May 24, 2019, prior to which each Fund had not yet commenced operations. Accordingly, the information shown in the following table has been provided for the period since each Fund’s commencement of operations. The Audit Committeepre-approved all audit andnon-audit services provided to the Funds.

	Fees Billed for Services Rendered to the Registrant for fiscal year end 2019
Audit Fees	$	296,050
Audit-Related Fees	$	0
Tax Fees(1)	$	22,800
All Other Fees	$	0
Total Fees	$	318,850

(g) PwC billed the Registrant aggregatenon-audit fees of $22,800 for the fiscal year ended 2019.

(1) Tax Fees for the fiscal year end July 31, 2019 includes fees billed for reviewing tax returns and/or services related to tax compliance.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), each Fund’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to each Fund (“Invesco Affiliates”) aggregate fees forpre-approvednon-audit services rendered to Invesco and Invesco Affiliates for the period since each Fund’s commencement of operations as shown in the following table. The Audit Committeepre-approved allnon-audit services provided to Invesco and Invesco Affiliates.

	Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for fiscal year end 2019 That Were Required to bePre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)	$	690,000
Tax Fees	$	0
All Other Fees	$	0
Total Fees	$	690,000

(1) Audit-Related Fees for the year end 2019 include fees billed related to reviewing controls at a service organization.

(e)(2) There were no amounts that werepre-approved by the Audit Committee pursuant to the de minimis exception under Rule2-01 of RegulationS-X.

(f) Not applicable.

(g) Including the fees for services not required to bepre-approved by the registrant’s audit committee, PwC billed Invesco and Invesco Affiliates aggregatenon-audit fees of $3,901,000 for the fiscal year ended July 31, 2019 fornon-audit services rendered to Invesco and Invesco Affiliates.

PwC provided audit services to the Investment Company complex of approximately $34 million.

(h) The Audit Committee also has considered whether the provision ofnon-audit services that were rendered to Invesco and Invesco Affiliates that were not required to bepre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

(e)(1)

PRE-APPROVAL OF AUDIT ANDNON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

I. Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to thepre-approval of audit andnon-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit andnon-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule2-01 of RegulationS-X requires that the Audit Committee alsopre-approve a Service Affiliate’s engagement of the Auditor fornon-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee maypre-approve audit andnon-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both generalpre-approvals without consideration of specificcase-by-case services (“general pre-approvals”) and pre-approvals on acase-by-case basis (“specific pre-approvals”). Any services requiringpre-approval that are not within the scope of generalpre-approvals hereunder are subject to specificpre-approval. These Procedures also address the delegation by the Audit Committee ofpre-approval authority to the Audit Committee Chair or Vice Chair.

¹  Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable toclosed-end funds managed by Invesco and listed on NYSE.

II. Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specificpre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specificallypre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III. General and SpecificPre-Approval ofNon-Audit Fund Services

The Audit Committee will consider, at least annually, the list of GeneralPre-ApprovedNon-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of GeneralPre-ApprovedNon-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of GeneralPre-ApprovedNon-Audit Services have not received generalpre-approval and require specificpre-approval. Each request for specificpre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee)and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether topre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV. Non-Audit Service Types

The Audit Committee may provide either general or specificpre-approval of audit-related, tax or other services, each as described in more detail below.

a. Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

b. Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specificpre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee orfee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

c. Other Services

The Audit Committee maypre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor.Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules.Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

V. Pre-Approval of Service Affiliate’s Covered Engagements

Rule2-01 of RegulationS-X requires that the Audit Committeepre-approve a Service Affiliate’s engagement of the Auditor fornon-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specificpre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of GeneralPre-ApprovedNon-Audit Services have not received generalpre-approval and require specificpre-approval.

Each request for specificpre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee)and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of thepre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule2-201 of RegulationS-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requirespre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor fornon-audit services, whether or not subject topre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.

VI. Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit andnon-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under generalpre-approval or specificpre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximumpre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specificpre-approval by the Audit Committee before payment of any additional fees is made.

VII. Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, topre-approve audit andnon-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider andpre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee mustpre-approve: (a) anynon-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII. Compliance with Procedures

Notwithstanding anything herein to the contrary, failure topre-approve any services or engagements that are not required to bepre-approved pursuant to the de minimis exception provided for in Rule2-01(c)(7)(i)(C) of RegulationS-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements arepre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to bepre-approved pursuant to the de minimis exception provided for in Rule2-01(c)(7)(i)(C) of RegulationS-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of allnon-audit services provided to any entity in the investment company complex (as defined in section2-01(f)(14) of RegulationS-X, including the Funds and Service Affiliates) that were notpre-approved, including the nature of services provided and the associated fees.

IX. Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee.Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the followingnon-audit services:

• Management functions;

• Human resources;

• Broker-dealer, investment adviser, or investment banking services;

• Legal services;

• Expert services unrelated to the audit;

• Any service or product provided for a contingent fee or a commission;

• Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

• Tax services for persons in financial reporting oversight roles at the Fund; and

• Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the followingnon-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

• Bookkeeping or other services related to the accounting records or financial statements of the audit client;

• Financial information systems design and implementation;

• Appraisal or valuation services, fairness opinions, orcontribution-in-kind reports;

• Actuarial services; and

• Internal audit outsourcing services.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of September 19, 2019, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of September 19, 2019, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on FormN-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1) Code of Ethics.

13(a) (2) Certifications of principal executive officer and principal financial officer as required by Rule30a-2(a) under the Investment Company Act of 1940.

13(a) (3) Not applicable.

13(a) (4) 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:	October 14, 2019

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

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	October 14, 2019
By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	October 14, 2019