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:September 30
Date of reporting period:3/31/2020
Item 1. Reports to Stockholders.
Semiannual Report
| 3/31/2020 | |||
Invesco
Oppenheimer
Intermediate Term
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.
Class A Shares
AVERAGE ANNUAL TOTAL RETURNS AT 3/31/20
Class A Shares of the Fund | ||||||
Without Sales Charge | With Sales Charge | Bloomberg Barclays
| ||||
6-Month | -1.38% | -3.91% | -0.02% | |||
1-Year | 2.55 | 0.08 | 2.19 | |||
5-Year | 2.91 | 2.39 | 2.08 | |||
Since Inception (12/6/10) | 3.58 | 3.30 | 2.57 |
Performance quoted is past performance and cannot guarantee future results; current performance may be lower or higher.Visit invesco.com for the most recentmonth-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 2.50% maximum applicable sales charge except where “without sales charge” is indicated. As the result of a reorganization after the close of business on May 24, 2019, the returns of the Fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from those of the predecessor fund because they
2 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
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, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.
3 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
TOP TEN CATEGORIES
| ||||
Dedicated Tax | 11.6% | |||
Hospital | 9.1 | |||
Industrial Development Revenue / Pollution Control Revenue | 7.9 | |||
Appropriation | 6.8 | |||
Local General Obligation | 6.7 | |||
Higher Education | 6.5 | |||
Incremental Tax | 5.5 | |||
Life Care | 5.4 | |||
Water / Sewer | 5.3 | |||
Tollroad | 4.3 |
Holdings and allocations are subject to change and are not buy/sell recommendations. Percentages are as of March 31, 2020 and are based on total assets.
CREDIT ALLOCATION
NRSRO- Rated | Adviser- Rated | Total | ||||||||||
AAA | 1.2% | 0.1% | 1.3% | |||||||||
AA | 34.3 | 0.0 | 34.3 | |||||||||
A | 33.2 | 2.2 | 35.4 | |||||||||
BBB | 15.3 | 4.7 | 20.0 | |||||||||
BB or lower | 4.3 | 4.7 | 9.0 | |||||||||
Total | 88.3% | 11.7% | 100.0% |
The percentages above are based on the market value of the securities as of March 31, 2020 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 converts that security’s rating to the equivalent S&P rating. If two or more NSROs 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.
4 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
Performance
AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 3/31/20 | ||||||||||
Inception Date | 6-Month | 1-Year | 5-Year | Since Inception | ||||||
Class A (ORRWX) | 12/6/10 | -1.38% | 2.55% | 2.91% | 3.58% | |||||
Class C (ORRCX) | 12/6/10 | -1.77 | 1.54 | 2.10 | 2.76 | |||||
Class Y (ORRYX) | 12/6/10 | -1.27 | 2.56 | 3.14 | 3.80 | |||||
Class R6* (IOITX) | 5/24/19 | -1.23 | 2.79 | 2.96 | 3.60 |
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 3/31/20 | ||||||||||
Inception Date | 6-Month | 1-Year | 5-Year | Since Inception | ||||||
Class A (ORRWX) | 12/6/10 | -3.91% | 0.08% | 2.39% | 3.30% | |||||
Class C (ORRCX) | 12/6/10 | -2.74 | 0.54 | 2.10 | 2.76 | |||||
Class Y (ORRYX) | 12/6/10 | -1.27 | 2.56 | 3.14 | 3.80 | |||||
Class R6* (IOITX) | 5/24/19 | -1.23 | 2.79 | 2.96 | 3.60 |
*Class R6 shares’ performance shown prior to the inception date (after the close of business on May 24, 2019) is that of the predecessor fund’s Class A shares at net asset value (NAV) and includes the12b-1 fees applicable to Class A shares. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements.
Performance quoted is past performance and cannot guarantee 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 a measure of the general municipal bond market. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance and does not
5 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.
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.
6 INVESCO OPPENHEIMER INTERMEDIATE TERM 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 March 31, 2020.
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 March 31, 2020” 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.
7 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
Actual | Beginning Account Value October 1, 2019 | Ending Account Value March 31, 2020 | Expenses Paid During 6 Months Ended March 31, 2020 | |||
Class A | $ 1,000.00 | $ 986.20 | $ 5.03 | |||
Class C | 1,000.00 | 982.30 | 8.91 | |||
Class Y | 1,000.00 | 987.30 | 3.93 | |||
Class R6 | 1,000.00 | 987.70 | 3.43 | |||
Hypothetical (5% return before expenses) | ||||||
Class A | 1,000.00 | 1,019.95 | 5.11 | |||
Class C | 1,000.00 | 1,016.05 | 9.06 | |||
Class Y | 1,000.00 | 1,021.05 | 4.00 | |||
Class R6 | 1,000.00 | 1,021.55 | 3.49 |
Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect theone-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended March 31, 2020 are as follows:
Class | Expense Ratios | |||
Class A | 1.01 | % | ||
Class C | 1.79 | |||
Class Y | 0.79 | |||
Class R6 | 0.69 |
The expense ratios reflect voluntary and/or contractual waivers and/or reimbursements of expenses by the Fund’s Adviser. 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.
8 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSMarch 31, 2020 Unaudited
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
Municipal Bonds and Notes—99.0% |
| |||||||||||||||||
Alabama—1.5% |
| |||||||||||||||||
$2,345,000 | Birmingham (City of) & Jefferson (County of), AL Civic Center Authority; Series 2018 B, RB | 5.000% | 07/01/2035 | 07/01/2028 | A | $ | 2,865,824 | |||||||||||
230,000 | Health Care Authority for Baptist Health; Series 2006 D, RB | 5.000 | 11/15/2021 | 04/30/2020 | A | 230,725 | ||||||||||||
10,000 | Lee (County of), AL Public Building Authority (DHR Building); Series 2006, Revenue Ctfs. | 4.375 | 09/01/2025 | 04/30/2020 | A |
| 10,026 |
| ||||||||||
3,106,575 | ||||||||||||||||||
Arizona—4.4% | ||||||||||||||||||
1,000,000 | Glendale (City of), AZ; Series 2015, Ref. RB | 5.000 | 07/01/2029 | 07/01/2025 | A | 1,177,150 | ||||||||||||
2,625,000 | Maricopa County Pollution Control Corp. (Southern California Edison Co.); Series 2000 A, Ref. PCR | 5.000 | 06/01/2035 | 06/01/2020 | A | 2,638,440 | ||||||||||||
725,000 | Navajo (Nation of); Series 2015 A, Ref. RB | 5.500 | 12/01/2030 | 12/01/2025 | A | 776,170 | ||||||||||||
250,000 | Northern Arizona University; Series 2015, Ref. RB | 5.000 | 06/01/2032 | 06/01/2025 | A | 290,945 | ||||||||||||
1,000,000 | Pima (County of), AZ Industrial Development Authority (American Leadership Academy); Series 2017, RB | 4.750 | 06/15/2037 | 03/13/2034 | B | 897,650 | ||||||||||||
50,000 | Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB | 5.000 | 09/01/2026 | 11/17/2023 | B | 49,297 | ||||||||||||
900,000 | Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU); Series 2017 A, RB | 5.500 | 10/01/2027 | 04/26/2026 | B | 909,666 | ||||||||||||
460,000 | Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU); Series 2017 B, RB | 4.000 | 10/01/2023 | 10/01/2023 | 446,697 | |||||||||||||
20,000 | University of Arizona Board of Regents (Arizona Biomedical Research Collaborative Building); Series 2006, COP | 4.500 | 06/01/2031 | 04/30/2020 | A | 20,048 | ||||||||||||
2,000,000 | Westpark Community Facility District; Series 2016, Ref. GO Bonds | 5.000 | 07/15/2032 | 07/15/2026 | A | 2,215,020 | ||||||||||||
9,421,083 | ||||||||||||||||||
California—13.6% | ||||||||||||||||||
175,000 | Adelanto (City of), CA Public Utility Authority; Series 2017 A, Ref. RB | 5.000 | 07/01/2027 | 07/01/2027 | 220,617 |
9 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSUnaudited/ Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
California (Continued) |
| |||||||||||||||||
$315,000 | Adelanto (City of), CA Public Utility Authority; Series 2017 A, Ref. RB | 5.000% | 07/01/2028 | 07/01/2027 | A | $ | 396,150 | |||||||||||
300,000 | Adelanto (City of), CA Public Utility Authority; Series 2017 A, Ref. RB | 5.000 | 07/01/2029 | 07/01/2027 | A | 375,069 | ||||||||||||
325,000 | Adelanto (City of), CA Public Utility Authority; Series 2017 A, Ref. RB | 5.000 | 07/01/2030 | 07/01/2027 | A | 404,001 | ||||||||||||
310,000 | Adelanto (City of), CA Public Utility Authority; Series 2017 A, Ref. RB | 5.000 | 07/01/2031 | 07/01/2027 | A | 383,082 | ||||||||||||
310,000 | Adelanto (City of), CA Public Utility Authority; Series 2017 A, Ref. RB | 5.000 | 07/01/2032 | 07/01/2027 | A | 381,080 | ||||||||||||
100,000 | Atwater (City of), CA; Series 2017 A, Ref. RB | 5.000 | 05/01/2033 | 05/01/2027 | A | 121,112 | ||||||||||||
1,000,000 | Beaumont (City of), TX Financing Authority (Improvement Area No. 17A); Series 2013 B, RB | 5.000 | 09/01/2028 | 09/01/2023 | A | 1,083,500 | ||||||||||||
2,250,000 | California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2002, RB | 6.000 | 06/01/2042 | 04/30/2020 | A | 2,250,472 | ||||||||||||
420,000 | California (State of) Educational Facilities Authority (Chapman University); Series 2011, RB | 5.000 | 04/01/2025 | 04/01/2021 | A | 432,802 | ||||||||||||
500,000 | California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange County); Series 2011 A, RB | 5.000 | 11/01/2024 | 11/01/2021 | A | 530,550 | ||||||||||||
1,000,000 | California (State of) Municipal Finance Authority (Harbor Regional Center); Series 2015, Ref. RB | 5.000 | 11/01/2032 | 11/01/2025 | A | 1,174,410 | ||||||||||||
125,000 | California (State of) Public Works Board (California Community Colleges); Series 2004 B, RB | 5.500 | 06/01/2022 | 04/30/2020 | A | 125,415 | ||||||||||||
155,000 | California (State of) Statewide Communities Development Authority (Bakersfield Consolidated Reassessment DistrictNo. 12-1); Series 2012, RB | 5.000 | 09/02/2022 | 08/09/2021 | B | 163,665 | ||||||||||||
1,250,000 | California (State of) Statewide Communities Development Authority (University of California, Irvine East Campus Apartments,CHF-Irvine, LLC); Series 2016, Ref. RB | 5.000 | 05/15/2032 | 05/15/2026 | A | 1,409,025 |
10 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
California (Continued) |
| |||||||||||||||||
$5,000 | California (State of); Series 1994, GO Bonds | 6.000% | 08/01/2020 | 08/01/2020 | $ | 5,082 | ||||||||||||
1,000,000 | California (State of); Series 2007, Ref. GO Bonds | 5.250 | 08/01/2032 | 12/19/2031 | B | 1,364,800 | ||||||||||||
1,500,000 | Chula Vista (City of), CA Municipal Financing Authority; Series 2015 B, Ref. RB | 5.000 | 09/01/2026 | 09/01/2025 | A | 1,773,375 | ||||||||||||
100,000 | El Centro (City of), CA Financing Authority (El Centro California Redevelopment); Series 2011, RB | 6.625 | 11/01/2025 | 05/01/2021 | A | 105,736 | ||||||||||||
500,000 | El Dorado (County of), CA (Community Facilities District No.1992-1 - El Dorado Hills Development); Series 2012, Ref. RB | 5.000 | 09/01/2024 | 09/01/2022 | A | 544,725 | ||||||||||||
970,000 | Indio (City of), CA Community Facilities DistrictNo. 2004-3 (Improvement Area No. 1); Series 2015, Ref. RB | 5.000 | 09/01/2035 | 09/01/2025 | A | 1,066,476 | ||||||||||||
500,000 | Lancaster (City of), CA Redevelopment Agency Successor Agency (Lancaster Public Capital Improvements); Series 2010, Ref. RB | 5.500 | 12/01/2028 | 12/01/2020 | A | 509,805 | ||||||||||||
500,000 | Lodi (City of), CA Public Financing Authority; Series 2012, Ref. RB | 5.250 | 10/01/2026 | 04/01/2022 | A | 537,160 | ||||||||||||
1,595,000 | Modesto (City of), CA Irrigation District; Series 2015 B, Ref. RB | 5.000 | 10/01/2028 | 10/01/2025 | A | 1,911,161 | ||||||||||||
100,000 | Monrovia (City of), CA Redevelopment Agency Successor Agency (Central Redevelopment - Project Area No. 1); Series 2011, RB | 6.500 | 05/01/2026 | 05/01/2021 | A | 105,783 | ||||||||||||
500,000 | Palomar Health; Series 2016, Ref. RB | 5.000 | 11/01/2031 | 11/01/2026 | A | 584,000 | ||||||||||||
495,000 | Redwood City (City of), CA (Redwood Shores Community Facilities District No.99-1 - Shores Transportation Improvement); Series 2012, Ref. RB | 5.000 | 09/01/2026 | 09/01/2022 | A | 523,096 | ||||||||||||
400,000 | Riverside (City of), CA (Riverwalk Assessment District); Series 2011, Ref. RB | 5.250 | 09/02/2026 | 09/02/2020 | A | 408,716 | ||||||||||||
500,000 | Riverside (County of), CA (Community Facilities District No.04-2); Series 2012, Ref. RB | 5.000 | 09/01/2028 | 09/01/2022 | A | 529,150 | ||||||||||||
250,000 | Riverside (County of), CA Public Financing Authority (County Facilities); Series 2012, Ref. RB | 5.000 | 05/01/2025 | 05/01/2022 | A | 268,688 |
11 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSUnaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
California (Continued) |
| |||||||||||||||||
$250,000 | Riverside (County of), CA Public Financing Authority (County Facilities); Series 2012, Ref. RB | 5.000% | 05/01/2026 | 05/01/2022 | A | $ | 268,368 | |||||||||||
1,375,000 | Riverside (County of), CA Public Financing Authority (Desert Communities & Interstate 215 Corridor - Project Area No. 1); Series 2015 A, RB | 5.000 | 10/01/2029 | 10/01/2025 | A | 1,630,681 | ||||||||||||
100,000 | Riverside (County of), CA Redevelopment Successor Agency (Jurupa Valley Redevelopment); Series 2011 B, RB | 5.750 | 10/01/2020 | 10/01/2020 | 102,315 | |||||||||||||
350,000 | San Bernardino (City of), CA Joint Powers Financing Authority; Series 2005 A, Ref. RB | 5.750 | 10/01/2020 | 10/01/2020 | 357,623 | |||||||||||||
520,000 | San Diego (City of), CA Community Facilities District No. 3; Series 2013, Ref. RB | 5.000 | 09/01/2024 | 09/01/2023 | A | 565,375 | ||||||||||||
250,000 | San Diego (City of), CA Public Facilities Financing Authority; Series 2012 A, Ref. RB | 5.000 | 08/01/2028 | 08/01/2022 | A | 272,225 | ||||||||||||
1,010,000 | San Gorgonio Memorial Health Care District; Series 2013, GO Bonds | 5.000 | 08/01/2025 | 08/01/2020 | A | 1,022,019 | ||||||||||||
520,000 | Santa Clarita (City of), CA Community Facilities District No.2002-1 (Valencia Town Center); Series 2012, Ref. RB | 5.000 | 11/15/2022 | 11/15/2022 | 551,450 | |||||||||||||
500,000 | South Gate (City of), CA Utility Authority; Series 2012, RB | 5.250 | 10/01/2026 | 10/01/2022 | A | 552,020 | ||||||||||||
2,080,000 | South Tahoe Joint Powers Financing Authority (South Tahoe Redevelopment Project Area No. 1); Series 2015 A, Ref. RB | 5.000 | 10/01/2028 | 10/01/2025 | A | 2,388,214 | ||||||||||||
100,000 | Westlands Water District; Series 2012 A, Ref. RB | 5.000 | 09/01/2026 | 09/01/2022 | A | 109,145 | ||||||||||||
20,000 | Westlands Water District; Series 2012 A, Ref. RB | 5.000 | 09/01/2027 | 09/01/2022 | A | 21,809 | ||||||||||||
80,000 | Westlands Water District; Series 2012 A, Ref. RB | 5.000 | 09/01/2027 | 09/01/2022 | A | 87,371 | ||||||||||||
1,045,000 | William S. Hart Union High School District (Community Facilities DistrictNo. 2005-1); Series 2015, Ref. RB | 5.000 | 09/01/2032 | 03/01/2025 | A | 1,145,435 | ||||||||||||
28,762,753 | ||||||||||||||||||
Colorado—0.8% |
| |||||||||||||||||
360,000 | BNC Metropolitan District No. 1; Series 2017 A, Ref. GO Bonds | 5.000 | 12/01/2032 | 12/01/2027 | A | 435,085 |
12 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
Colorado (Continued) |
| |||||||||||||||||
$525,000 | Brighton Crossing Metropolitan District No. 4; Series 2017 A, GO Bonds | 5.000% | 12/01/2037 | 01/01/2034 | B | $ | 511,602 | |||||||||||
240,000 | Interquest South Business Improvement District; Series 2017, GO Bonds | 4.500 | 12/01/2030 | 10/16/2026 | B | 222,646 | ||||||||||||
500,000 | Plaza Metropolitan District No. 1; Series 2013, Ref. RB | 5.000 | 12/01/2022 | 12/01/2022 | 512,360 | |||||||||||||
1,681,693 | ||||||||||||||||||
Connecticut—0.3% |
| |||||||||||||||||
510,000 | Connecticut (State of) Health & Educational Facilities Authority; Series 2020 A, RB | 5.000 | 07/01/2033 | 01/01/2030 | A | 649,205 | ||||||||||||
District of Columbia—0.7% |
| |||||||||||||||||
300,000 | District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB | 5.000 | 10/01/2030 | 10/01/2022 | A | 305,136 | ||||||||||||
1,000,000 | Metropolitan Washington Airports Authority; Series 2020 A, Ref. RB1 | 5.000 | 10/01/2033 | 10/01/2030 | A | 1,214,680 | ||||||||||||
1,519,816 | ||||||||||||||||||
Florida—5.2% |
| |||||||||||||||||
500,000 | Capital Trust Agency (Sarasota- Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB | 5.000 | 07/01/2032 | 08/06/2030 | B | 499,055 | ||||||||||||
510,000 | Capital Trust Agency Inc. (Viera Charter Schools, Inc.); Series 2017 A, RB | 5.000 | 10/15/2037 | 07/16/2034 | B | 501,804 | ||||||||||||
690,000 | Florida Housing Finance Corp.; Series 2015 A, RB | 3.650 | 07/01/2041 | 11/01/2020 | A | 718,525 | ||||||||||||
325,000 | Halifax Hospital Medical Center; Series 2015, Ref. RB | 5.000 | 06/01/2035 | 06/01/2025 | A | 370,650 | ||||||||||||
600,000 | Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); Series 2018 A, RB | 5.000 | 07/15/2028 | 08/09/2025 | B | 592,950 | ||||||||||||
1,000,000 | Lee (County of), FL Industrial Development Authority (Preserve (The)); Series 2017 A, RB | 5.375 | 12/01/2032 | 01/09/2031 | B | 929,920 | ||||||||||||
1,900,000 | Miami (City of) & Dade (County of), FL School Board; Series 2015 A, COP | 5.000 | 05/01/2032 | 05/01/2025 | A | 2,181,694 | ||||||||||||
1,000,000 | Miami (City of), FL; Series 2012, Ref. RB | 5.000 | 03/01/2030 | 03/01/2023 | A | 1,100,690 | ||||||||||||
1,000,000 | Miami-Dade (County of), FL (Jackson Health System); Series 2015 A, Ref. RB | 5.000 | 06/01/2033 | 06/01/2025 | A | 1,162,840 |
13 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSUnaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
Florida (Continued) |
| |||||||||||||||||
$180,000 | Mirabella Community Development District; Series 2013, RB | 6.000% | 11/01/2026 | 07/20/2023 | A | $ | 187,952 | |||||||||||
500,000 | Orlando (City of), FL Community Redevelopment Agency (Conroy Road District); Series 2012, Ref. RB | 5.000 | 04/01/2023 | 04/01/2022 | A | 529,825 | ||||||||||||
1,500,000 | Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.); Series 2016, Ref. RB | 5.000 | 11/15/2032 | 11/15/2026 | A | 1,545,915 | ||||||||||||
175,000 | Pinellas (County of), FL; Series 2003, RB | 5.000 | 10/01/2032 | 04/30/2020 | A | 175,551 | ||||||||||||
500,000 | Tampa (City of), FL (BayCare Health System); Series 2012 A, Ref. RB | 5.000 | 11/15/2026 | 05/15/2022 | A | 536,725 | ||||||||||||
11,034,096 | ||||||||||||||||||
Georgia—3.2% | ||||||||||||||||||
15,000 | College Park (City of), GA (Atlanta International Airport); Series 2006 B, RB | 4.500 | 01/01/2031 | 04/30/2020 | A | 15,034 | ||||||||||||
4,000,000 | Coweta (County of), GA Development Authority (Yates); Series 2006, VRD RB | 1.0202 | 06/01/2032 | 04/01/2020 | A | 4,000,000 | ||||||||||||
875,000 | Georgia (State of) Municipal Electric Authority (Project One); Series 2015 A, Ref. RB | 5.000 | 01/01/2032 | 01/01/2025 | A | 962,202 | ||||||||||||
35,000 | Georgia Municipal Association Inc.; Series 1998, COP | 5.000 | 12/01/2023 | 04/30/2020 | A | 35,111 | ||||||||||||
235,000 | Georgia State Environmental Loan Acquisition Corp.; Series 2011, RB | 5.125 | 03/15/2031 | 03/15/2021 | A | 235,646 | ||||||||||||
910,000 | Houston (County of), GA Hospital Authority (Houston Hospitals, Inc.); Series 2016 A, Ref. RB | 5.000 | 10/01/2031 | 09/22/2023 | A | 986,404 | ||||||||||||
500,000 | Randolph (County of), GA; Series 2012 A, GO Bonds | 5.000 | 04/01/2030 | 04/01/2022 | A | 529,310 | ||||||||||||
6,763,707 | ||||||||||||||||||
Illinois—4.8% | ||||||||||||||||||
3,000,000 | Chicago (City of), IL (Chicago O’Hare International Airport); Series 2015 B, Ref. RB | 5.000 | 01/01/2031 | 01/01/2025 | A | 3,350,220 | ||||||||||||
1,000,000 | Chicago (City of), IL Board of Education; Series 2017, RB | 5.750 | 04/01/2035 | 04/01/2027 | A | 1,069,310 | ||||||||||||
350,000 | Cook (County of), IL; Series 2010 A, Ref. GO Bonds | 5.250 | 11/15/2033 | 11/15/2020 | A | 352,635 |
14 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
Illinois (Continued) |
| |||||||||||||||||
$500,000 | Cook County Community College District No. 508 (City Colleges of Chicago); Series 2013, GO Bonds | 5.250% | 12/01/2026 | 12/01/2023 | A | $ | 517,080 | |||||||||||
175,000 | Franklin Park (Village of), IL; Series 2011, GO Bonds | 6.250 | 07/01/2030 | 07/01/2021 | A | 184,718 | ||||||||||||
100,000 | Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB | 8.000 | 06/01/2032 | 04/30/2020 | A | 100,006 | ||||||||||||
935,000 | Illinois (State of) Finance Authority (Robert Morris College); Series 2000, RB | 5.800 | 06/01/2030 | 04/30/2020 | A | 937,515 | ||||||||||||
100,000 | Illinois (State of) Sports Facilities Authority (The); Series 2019, Ref. RB | 5.000 | 06/15/2028 | 06/15/2028 | 122,708 | |||||||||||||
25,000 | Markham (City of), IL (Library Purposes); Series 2005 B, GO Bonds | 5.250 | 01/01/2023 | 04/30/2020 | A | 25,064 | ||||||||||||
2,000,000 | Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 1998 A, Ref. RB | 5.500 | 06/15/2029 | 12/11/2026 | B | 2,197,820 | ||||||||||||
1,100,000 | Stephenson County School District No. 145; Series 2018 A, Ref. GO Bonds | 5.000 | 02/01/2031 | 02/01/2028 | A | 1,363,098 | ||||||||||||
10,220,174 | ||||||||||||||||||
Indiana—0.4% | ||||||||||||||||||
200,000 | Michigan City (City of), IN; Series 2016, RB | 4.500 | 01/01/2026 | 08/17/2023 | B | 185,580 | ||||||||||||
710,000 | Terre Haute (City of), IN (Silver Birch of Terre Haute); Series 2017, RB | 5.100 | 01/01/2032 | 07/04/2027 | B | 631,822 | ||||||||||||
817,402 | ||||||||||||||||||
Iowa—0.2% | ||||||||||||||||||
150,000 | Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2019, RB | 2.875 | 05/15/2049 | 01/30/2038 | B | 145,359 | ||||||||||||
125,000 | Iowa (State of) Finance Authority (PHS Council Bluffs, Inc.); Series 2018, RB | 4.450 | 08/01/2028 | 09/02/2026 | B | 122,018 | ||||||||||||
250,000 | Iowa (State of) Tobacco Settlement Authority; Series 2005 B, RB | 5.600 | 3 | 06/01/2034 | 09/15/2032 | B | 247,235 | |||||||||||
514,612 | ||||||||||||||||||
Kentucky—0.8% | ||||||||||||||||||
1,000,000 | Fayette County School District Finance Corp.; Series 2015 D, RB | 5.000 | 08/01/2031 | 08/01/2025 | A | 1,172,980 |
15 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSUnaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
Kentucky (Continued) |
| |||||||||||||||||
$100,000 | Kentucky (State of) Property & Building Commission (Project No. 119); Series 2018, RB | 5.000% | 05/01/2031 | 05/01/2028 | A | $ | 122,177 | |||||||||||
100,000 | Kentucky (State of) Property & Building Commission (Project No. 119); Series 2018, RB | 5.000 | 05/01/2032 | 05/01/2028 | A | 121,724 | ||||||||||||
100,000 | Kentucky (State of) Property & Building Commission (Project No. 119); Series 2018, RB | 5.000 | 05/01/2033 | 05/01/2028 | A | 121,369 | ||||||||||||
100,000 | Kentucky (State of) Property & Building Commission (Project No. 119); Series 2018, RB | 5.000 | 05/01/2034 | 05/01/2028 | A | 121,109 | ||||||||||||
1,659,359 | ||||||||||||||||||
Louisiana—3.6% | ||||||||||||||||||
1,405,000 | Louisiana (State of) Public Facilities Authority (19th Judicial District Court Building); Series 2015, Ref. RB | 5.000 | 06/01/2036 | 06/01/2025 | A | 1,619,782 | ||||||||||||
250,000 | Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans); Series 2017, Ref. RB | 5.000 | 07/01/2028 | 07/01/2027 | A | 283,073 | ||||||||||||
400,000 | Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans); Series 2017, Ref. RB | 5.000 | 07/01/2029 | 07/01/2027 | A | 451,408 | ||||||||||||
500,000 | Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans); Series 2017, Ref. RB | 5.000 | 07/01/2030 | 07/01/2027 | A | 562,820 | ||||||||||||
2,545,000 | Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2016, Ref. RB | 5.000 | 05/15/2034 | 05/15/2026 | A | 3,006,281 | ||||||||||||
100,000 | New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 A, RB | 5.000 | 10/01/2034 | 10/01/2028 | A | 124,029 | ||||||||||||
220,000 | New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 A, RB | 5.000 | 10/01/2036 | 10/01/2028 | A | 268,244 | ||||||||||||
145,000 | New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 A, RB | 5.000 | 10/01/2037 | 10/01/2028 | A | 174,983 | ||||||||||||
100,000 | New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 A, RB | 5.000 | 10/01/2038 | 10/01/2028 | A | 120,478 |
16 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
Louisiana (Continued) | ||||||||||||||||||
$200,000 | New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 B, Ref. RB | 5.000% | 10/01/2032 | 10/01/2028 | A | $ | 250,574 | |||||||||||
135,000 | New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 B, Ref. RB | 5.000 | 10/01/2033 | 10/01/2028 | A | 168,337 | ||||||||||||
100,000 | New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 B, Ref. RB | 5.000 | 10/01/2034 | 10/01/2028 | A | 124,029 | ||||||||||||
500,000 | New Orleans (City of), LA; Series 2014, Ref. RB | 5.000 | 06/01/2026 | 06/01/2024 | A | 571,245 | ||||||||||||
7,725,283 | ||||||||||||||||||
Maryland—2.4% | ||||||||||||||||||
2,500,000 | Baltimore (City of), MD; Series 2017 A, RB | 5.000 | 07/01/2033 | 01/01/2027 | A | 3,003,200 | ||||||||||||
2,000,000 | Gaithersburg (City of), MD (Asbury Maryland Obligated Group); Series 2018 A, Ref. RB | 5.000 | 01/01/2033 | 01/01/2024 | A | 2,167,960 | ||||||||||||
5,171,160 | ||||||||||||||||||
Massachusetts—0.6% | ||||||||||||||||||
130,000 | Massachusetts (State of) Development Finance Agency (Partners Healthcare); Series 2012, RB | 5.000 | 07/01/2031 | 07/01/2021 | A | 136,427 | ||||||||||||
120,000 | Massachusetts (State of) Development Finance Agency (Partners Healthcare); Series 2012, RB | 5.000 | 07/01/2031 | 07/01/2021 | A | 125,933 | ||||||||||||
700,000 | Massachusetts (State of) Development Finance Agency; Series 2007 E, RB | 5.000 | 07/15/2027 | 04/30/2020 | A | 700,483 | ||||||||||||
200,000 | Massachusetts (State of) Development Finance Agency; Series 2007 E, RB | 5.000 | 07/15/2032 | 04/30/2020 | A | 200,106 | ||||||||||||
1,162,949 | ||||||||||||||||||
Michigan—2.7% | ||||||||||||||||||
50,000 | Charyl Stockwell Academy; Series 2015, Ref. RB | 4.875 | 10/01/2023 | 04/24/2022 | B | 49,143 | ||||||||||||
1,000,000 | Michigan (State of) Finance Authority (Detroit Water & Sewerage Department); Series 2014C-7, Ref. RB | 5.000 | 07/01/2026 | 07/01/2024 | A | 1,138,090 |
17 �� INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSUnaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
Michigan (Continued) | ||||||||||||||||||
$1,000,000 | Michigan (State of) Finance Authority (Detroit Water & Sewerage Department); Series 2014C-7, Ref. RB | 5.000% | 07/01/2027 | 07/01/2024 | A | $ | 1,137,210 | |||||||||||
750,000 | Michigan (State of) Finance Authority (Detroit Water & Sewerage Department); Series 2015D-1, Ref. RB | 5.000 | 07/01/2029 | 07/01/2025 | A | 853,575 | ||||||||||||
245,000 | Michigan (State of) Finance Authority; Series 2015, Ref. RB | 5.000 | 11/15/2032 | 05/15/2025 | A | 282,732 | ||||||||||||
1,805,000 | Romulus (City of), MI Tax Increment Finance Authority; Series 2016, Ref. RB | 5.000 | 11/01/2026 | 05/07/2026 | B | 2,147,986 | ||||||||||||
5,608,736 | ||||||||||||||||||
Minnesota—1.5% | ||||||||||||||||||
400,000 | Dakota (County of), MN Community Development Agency (Sanctuary at Est St. Paul); Series 2015, RB | 5.750 | 08/01/2030 | 02/18/2026 | B | 370,264 | ||||||||||||
320,000 | Duluth (City of), MN Housing & Redevelopment Authority (Duluth Public Schools Academy); Series 2018 A, Ref. RB | 4.250 | 11/01/2028 | 12/03/2026 | B | 318,851 | ||||||||||||
205,000 | Duluth (City of), MN Housing & Redevelopment Authority (Duluth Public Schools Academy); Series 2018 A, Ref. RB | 5.000 | 11/01/2033 | 11/01/2028 | A | 206,415 | ||||||||||||
2,320,000 | St. Paul (City of), MN Housing & Redevelopment Authority; Series 2018 B, RB | 3.750 | 2 | 09/01/2021 | 04/20/2020 | A | 2,320,742 | |||||||||||
3,216,272 | ||||||||||||||||||
Mississippi—0.3% | ||||||||||||||||||
545,000 | Ridgeland (City of), MS (Colony Park); Series 2011, RB | 5.875 | 04/01/2026 | 04/01/2021 | A | 561,617 | ||||||||||||
Missouri—0.9% | ||||||||||||||||||
125,000 | Arnold Retail Corridor Transportation Development District; Series 2019, Ref. RB | 3.000 | 11/01/2028 | 11/01/2028 | 113,861 | |||||||||||||
15,000 | Kansas City (City of), MO Industrial Development Authority; Series 2016 A, Ref. RB | 4.250 | 04/01/2026 | 07/30/2023 | B | 14,567 | ||||||||||||
620,000 | St. Charles (County of), MO Industrial Development Authority(Suemandy/Mid-Rivers Community Improvement District); Series 2016, RB | 4.000 | 10/01/2028 | 10/01/2028 | 578,317 |
18 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
Missouri (Continued) |
| |||||||||||||||||
$1,000,000 | St. Louis Municipal Finance Corp.; Series 2015, Ref. RB | 5.000% | 07/15/2030 | 07/15/2024 | A | $ | 1,142,710 | |||||||||||
1,849,455 | ||||||||||||||||||
Nevada—0.0% |
| |||||||||||||||||
45,000 | Las Vegas (City of), NV Special Improvement District No. 607; Series 2013, Ref. RB | 5.000 | 06/01/2024 | 06/01/2024 | 46,549 | |||||||||||||
New Jersey—8.0% | ||||||||||||||||||
250,000 | Atlantic City (City of), NJ; Series 2017 A, Ref. GO Bonds | 5.000 | 03/01/2032 | 03/01/2027 | A | 298,177 | ||||||||||||
15,000 | Burlington (County of), NJ Bridge Commission; Series 2002, RB | 4.500 | 10/15/2022 | 04/30/2020 | A | 15,042 | ||||||||||||
1,000,000 | Casino Reinvestment Development Authority; Series 2014, Ref. RB | 5.000 | 11/01/2027 | 11/01/2024 | A | 1,115,820 | ||||||||||||
500,000 | New Jersey (State of) Economic Development Authority (American Water Co., Inc.); Series 2019, Ref. VRD RB | 2.200 | 2 | 10/01/2039 | 12/03/2029 | C | 503,400 | |||||||||||
120,000 | New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB | 5.125 | 06/15/2037 | 04/23/2030 | B | 142,335 | ||||||||||||
250,000 | New Jersey (State of) Economic Development Authority (Provident Group - Rowan Properties LLC - Rowan University Student Housing); Series 2015 A, RB | 5.000 | 01/01/2030 | 01/01/2025 | A | 262,885 | ||||||||||||
1,000,000 | New Jersey (State of) Economic Development Authority; Series 2012, Ref. RB | 5.000 | 06/15/2022 | 06/15/2022 | 1,062,540 | |||||||||||||
305,000 | New Jersey (State of) Economic Development Authority; Series 2013 NN, Ref. RB | 5.000 | 03/01/2026 | 03/01/2023 | A | 318,585 | ||||||||||||
2,000,000 | New Jersey (State of) Economic Development Authority; Series 2015 XX, Ref. RB | 5.000 | 06/15/2025 | 06/15/2025 | 2,155,580 | |||||||||||||
395,000 | New Jersey (State of) Educational Facilities Authority (Rider University); Series 2017 F, RB | 5.000 | 07/01/2032 | 07/01/2027 | A | 421,354 | ||||||||||||
415,000 | New Jersey (State of) Educational Facilities Authority (Rider University); Series 2017 F, RB | 5.000 | 07/01/2033 | 07/01/2027 | A | 441,498 | ||||||||||||
1,000,000 | New Jersey (State of) Educational Facilities Authority; Series 2014, RB | 5.000 | 06/15/2026 | 06/15/2024 | A | 1,062,460 |
19 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSUnaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New Jersey (Continued) |
| |||||||||||||||||
$1,000,000 | New Jersey (State of) Educational Facilities Authority; Series 2017 F, RB | 5.000% | 07/01/2035 | 07/01/2027 | A | $ | 1,057,940 | |||||||||||
45,000 | New Jersey (State of) Higher Education Student Assistance Authority; Series 20101-A, Ref. RB | 5.000 | 12/01/2025 | 04/10/2020 | A | 45,040 | ||||||||||||
250,000 | New Jersey (State of) Transportation Trust Fund Authority; Series 2009 C, RB | 5.250 | 06/15/2032 | 12/15/2024 | A | 264,570 | ||||||||||||
250,000 | New Jersey (State of) Transportation Trust Fund Authority; Series 2011 A, RB | 5.000 | 06/15/2027 | 06/15/2021 | A | 254,580 | ||||||||||||
710,000 | New Jersey (State of) Transportation Trust Fund Authority; Series 2013 AA, RB | 5.250 | 06/15/2030 | 06/15/2023 | A | 742,873 | ||||||||||||
2,000,000 | New Jersey (State of) Transportation Trust Fund Authority; Series 2015 AA, RB | 5.000 | 06/15/2023 | 06/15/2023 | 2,107,800 | |||||||||||||
500,000 | South Jersey Transportation Authority LLC; Series 2014 A, Ref. RB | 5.000 | 11/01/2028 | 11/01/2024 | A | 540,655 | ||||||||||||
900,000 | Tobacco Settlement Financing Corp.; Series 2018 A, Ref. RB | 5.000 | 06/01/2031 | 06/01/2028 | A | 994,500 | ||||||||||||
335,000 | Tobacco Settlement Financing Corp.; Series 2018 A, Ref. RB | 5.000 | 06/01/2032 | 06/01/2028 | A | 368,657 | ||||||||||||
2,755,000 | Tobacco Settlement Financing Corp.; Series 2018 B, Ref. RB | 3.200 | 06/01/2027 | 02/19/2022 | B | 2,742,658 | ||||||||||||
16,918,949 | ||||||||||||||||||
New Mexico—0.3% |
| |||||||||||||||||
625,000 | Farmington (City of), NM; Series 2004 A, RB
|
| 5.000
|
|
| 06/01/2023
|
|
| 04/30/2020
| A
|
| 627,075
|
| |||||
New York—8.2% | ||||||||||||||||||
500,000 | Buffalo & Erie County Industrial Land Development Corp. (Medaille College); Series 2018, Ref. RB | 5.000 | 10/01/2038 | 09/06/2036 | B | 457,105 | ||||||||||||
350,000 | City of New Rochelle Corp. for Local Development (Iona College); Series 2015 A, Ref. RB | 5.000 | 07/01/2035 | 07/01/2025 | A | 396,301 | ||||||||||||
1,000,000 | Long Island Power Authority; Series 2018, RB | 5.000 | 09/01/2029 | 09/01/2028 | A | 1,237,480 | ||||||||||||
1,875,000 | Metropolitan Transportation Authority; Series 2015C-1, Ref. RB | 5.000 | 11/15/2031 | 11/15/2025 | A | 2,066,400 | ||||||||||||
2,500,000 | Metropolitan Transportation Authority; Series 2015C-1, Ref. RB | 5.250 | 11/15/2031 | 11/15/2025 | A | 2,787,300 |
20 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
New York (Continued) |
| |||||||||||||||||
$500,000 | Nassau County Tobacco Settlement Corp.; Series 2006A-2, RB | 5.250% 3 | 06/01/2026 | 06/01/2026 | $ | 471,890 | ||||||||||||
1,230,000 | New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); Series 2010 8, RB | 6.500 | 12/01/2028 | 04/30/2020 | A | 1,231,156 | ||||||||||||
2,250,000 | New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2009 A, RB | 7.000 | 03/01/2049 | 04/30/2020 | A | 2,273,175 | ||||||||||||
1,000,000 | New York (City of), NY; Series 2015 C, Ref. GO Bonds | 5.000 | 08/01/2029 | 02/01/2025 | A | 1,154,120 | ||||||||||||
300,000 | New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2015, RB | 5.000 | 12/01/2024 | 12/01/2024 | 342,153 | |||||||||||||
35,000 | New York (State of) Dormitory Authority (Ozanam Hall of Queens Nursing Home, Inc.); Series 2006, RB | 5.000 | 11/01/2026 | 04/30/2020 | A | 35,541 | ||||||||||||
2,055,000 | New York (State of) Dormitory Authority; Series 2015 B, RB | 5.000 | 02/15/2032 | 02/15/2025 | A | 2,369,888 | ||||||||||||
1,000,000 | New York (State of) Dormitory Authority; Series 2020 D, Ref. RB | 5.000 | 02/15/2033 | 02/15/2030 | A | 1,295,260 | ||||||||||||
280,000 | New York Counties Tobacco Trust VI; Series 2016 B, Ref. RB | 5.000 | 06/01/2027 | 06/01/2026 | A | 302,560 | ||||||||||||
270,000 | New York Counties Tobacco Trust VI; Series 2016 B, Ref. RB | 5.000 | 06/01/2030 | 06/01/2026 | A | 286,905 | ||||||||||||
250,000 | New York Counties Tobacco Trust VI; Series 2016 B, Ref. RB | 5.000 | 06/01/2031 | 06/01/2026 | A | 264,162 | ||||||||||||
500,000 | Otsego County Capital Resource Corp. (Hartwick College); Series 2015 A, Ref. RB | 5.000 | 10/01/2030 | 04/24/2029 | B | 477,960 | ||||||||||||
17,449,356 | ||||||||||||||||||
North Carolina—0.3% | ||||||||||||||||||
500,000 | Raleigh & Durham (Cities of) Airport Authority; Series 2020 A, Ref. RB | 5.000 | 05/01/2033 | 05/01/2030 | A | 611,785 | ||||||||||||
Ohio—1.0% | ||||||||||||||||||
1,500,000 | Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); Series 2014, RB | 2.600 | 2 | 06/01/2041 | 10/01/2029 | C | 1,417,095 | |||||||||||
255,000 | Ohio (State of) Higher Educational Facility Commission; Series 2015, Ref. RB | 6.000 | 10/01/2021 | 04/30/2020 | A | 255,291 |
21 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSUnaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
Ohio (Continued) |
| |||||||||||||||||
$350,000 | Southeastern Ohio Port Authority (Memorial Health System); Series 2015, RB | 5.500% | 12/01/2029 | 12/01/2024 | A | $ | 397,617 | |||||||||||
2,070,003 | ||||||||||||||||||
Oklahoma—0.6% | ||||||||||||||||||
1,000,000 | Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB | 5.000 | 08/15/2033 | 08/15/2028 | A | 1,185,940 | ||||||||||||
Oregon—0.4% | ||||||||||||||||||
250,000 | Forest Grove (City of), OR (Pacific University); Series 2015 A, Ref. RB | 5.000 | 05/01/2036 | 05/01/2025 | A | 271,962 | ||||||||||||
295,000 | Multnomah (County of), OR Hospital Facilities Authority (Terwilliger Plaza, Inc.); Series 2016, Ref. RB | 5.000 | 12/01/2025 | 12/01/2025 | 314,264 | |||||||||||||
250,000 | Multnomah (County of), OR Hospital Facilities Authority (Terwilliger Plaza, Inc.); Series 2016, Ref. RB | 5.000 | 12/01/2030 | 12/01/2026 | A | 264,035 | ||||||||||||
850,261 | ||||||||||||||||||
Pennsylvania—12.6% | ||||||||||||||||||
1,000,000 | Chester (County of), PA Health & Education Facilities Authority (Simpson Senior Services); Series 2015 A, Ref. RB | 5.000 | 12/01/2030 | 12/01/2025 | A | 1,024,190 | ||||||||||||
385,000 | Coatesville Area School District Building Authority; Series 2018, RB | 5.000 | 12/01/2025 | 06/01/2023 | A | 423,049 | ||||||||||||
335,000 | Coatesville Area School District Building Authority; Series 2018, RB | 5.000 | 12/01/2026 | 06/01/2023 | A | 367,458 | ||||||||||||
360,000 | Coatesville Area School District Building Authority; Series 2018, RB | 5.000 | 12/01/2027 | 06/01/2023 | A | 394,067 | ||||||||||||
2,000,000 | Commonwealth Financing Authority; Series 2018, RB | 5.000 | 06/01/2033 | 06/01/2028 | A | 2,396,000 | ||||||||||||
460,000 | East Hempfield (Township of), PA Industrial Development Authority (Student Services, Inc. Student Housing Project at Millersville University of Pennsylvania); Series 2015, RB | 5.000 | 07/01/2025 | 01/12/2023 | B | 481,611 | ||||||||||||
845,000 | Erie (County of), PA Hospital Authority; Series 2010 A, RB | 7.000 | 07/01/2027 | 07/01/2020 | A | 857,016 | ||||||||||||
1,500,000 | Lancaster (County of), PA Hospital Authority (Masonic Villages); Series 2015, Ref. RB | 5.000 | 11/01/2029 | 05/01/2025 | A | 1,688,130 |
22 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
Pennsylvania (Continued) |
| |||||||||||||||||
$500,000 | Luzerne (County of), PA; Series 2015 A, Ref. GO Bonds | 5.000% | 11/15/2029 | 11/15/2025 | A | $ | 584,235 | |||||||||||
3,000,000 | Pennsylvania (State of) Public School Building Authority (Philadelphia School District); Series 2016 A, Ref. RB | 5.000 | 06/01/2030 | 12/01/2026 | A | 3,575,700 | ||||||||||||
1,055,000 | Pennsylvania (State of) Turnpike Commission; Series 2015A-1, Ref. RB | 5.000 | 12/01/2028 | 06/01/2025 | A | 1,215,930 | ||||||||||||
250,000 | Pennsylvania (State of) Turnpike Commission; Series 2015A-1, Ref. RB | 5.250 | 12/01/2034 | 12/01/2025 | A | 293,992 | ||||||||||||
1,000,000 | Pennsylvania (State of) Turnpike Commission; Series 2016A-1, RB | 5.000 | 12/01/2041 | 12/01/2025 | A | 1,143,010 | ||||||||||||
3,000,000 | Pennsylvania (State of) Turnpike Commission; Series 2017 3, Ref. RB | 5.000 | 12/01/2034 | 12/01/2027 | A | 3,617,610 | ||||||||||||
1,500,000 | Pennsylvania (State of); Series 2015 1, GO Bonds | 5.000 | 03/15/2031 | 03/15/2025 | A | 1,736,580 | ||||||||||||
1,000,000 | Philadelphia (City of), PA Authority for Industrial Development (La Salle University); Series 2017, Ref. RB | 5.000 | 05/01/2034 | 11/01/2027 | A | 1,071,490 | ||||||||||||
1,000,000 | Philadelphia (City of), PA Authority for Industrial Development; Series 2017, RB | 5.000 | 12/01/2035 | 06/01/2027 | A | 1,197,240 | ||||||||||||
1,310,000 | Philadelphia (City of), PA Authority for Industrial Development; Series 2017, RB | 5.000 | 12/01/2037 | 06/01/2027 | A | 1,540,901 | ||||||||||||
745,000 | Philadelphia School District; Series 2018 A, GO Bonds | 5.000 | 09/01/2025 | 09/01/2025 | 881,626 | |||||||||||||
510,000 | Philadelphia School District; Series 2018 A, GO Bonds | 5.000 | 09/01/2032 | 09/01/2028 | A | 626,275 | ||||||||||||
30,000 | Reading School District; Series 2017, Ref. GO Bonds | 5.000 | 03/01/2035 | 03/01/2027 | A | 35,866 | ||||||||||||
25,000 | Reading School District; Series 2017, Ref. GO Bonds | 5.000 | 03/01/2036 | 03/01/2027 | A | 29,679 | ||||||||||||
110,000 | Scranton School District; Series 2017 E, Ref. GO Bonds | 5.000 | 12/01/2032 | 12/01/2027 | A | 133,028 | ||||||||||||
90,000 | Scranton School District; Series 2017 E, Ref. GO Bonds | 5.000 | 12/01/2033 | 12/01/2027 | A | 108,786 | ||||||||||||
225,000 | Washington (County of), PA Redevelopment Authority; Series 2018, Ref. RB | 5.000 | 07/01/2028 | 02/22/2026 | A | 226,379 | ||||||||||||
500,000 | West Shore Area Authority (Messiah Village); Series 2015 A, Ref. RB | 5.000 | 07/01/2030 | 07/01/2025 | A | 513,180 |
23 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSUnaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
Pennsylvania (Continued) |
| |||||||||||||||||
$500,000 | Wilkes-Barre Area School District; Series 2016 B, GO Bonds | 5.000% | 08/01/2028 | 02/01/2027 | A | $ | 606,990 | |||||||||||
26,770,018 | ||||||||||||||||||
Rhode Island—0.3% | ||||||||||||||||||
500,000 | Providence (City of), RI Public Building Authority; Series 2011 A, RB | 5.875 | 06/15/2026 | 06/15/2021 | A | 525,125 | ||||||||||||
South Carolina—1.3% | ||||||||||||||||||
500,000 | Greenville (County of), SC Hospital System Board of Trustees; Series 2012, Ref. RB | 5.000 | 05/01/2024 | 05/01/2022 | A | 535,735 | ||||||||||||
2,000,000 | Piedmont (City of), SC Municipal Power Agency; Series 2015 A, RB | 5.000 | 01/01/2030 | 01/01/2025 | A | 2,291,700 | ||||||||||||
2,827,435 | ||||||||||||||||||
South Dakota—0.3% | ||||||||||||||||||
550,000 | Educational Enhancement Funding Corp.; Series 2013 B, RB | 5.000 | 06/01/2026 | 06/01/2023 | A | 603,526 | ||||||||||||
Tennessee—1.4% | ||||||||||||||||||
1,305,000 | Chattanooga (City of) & Hamilton (County of), TN Hospital Authority (Erlanger Health System); Series 2014 A, Ref. RB | 5.000 | 10/01/2039 | 10/01/2024 | A | 1,382,921 | ||||||||||||
500,000 | Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health); Series 2012 A, Ref. RB | 5.000 | 01/01/2025 | 01/01/2023 | A | 545,875 | ||||||||||||
815,000 | Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB | 4.500 | 06/01/2028 | 12/12/2025 | B | 827,641 | ||||||||||||
300,000 | Tennessee Energy Acquisition Corp.; Series 2006 A, RB | 5.250 | 09/01/2020 | 09/01/2020 | 302,817 | |||||||||||||
3,059,254 | ||||||||||||||||||
Texas—9.8% | ||||||||||||||||||
1,500,000 | Arlington Higher Education Finance Corp. (Harmony Public Schools); Series 2015, Ref. RB | 5.000 | 02/15/2032 | 02/15/2025 | A | 1,719,270 | ||||||||||||
125,000 | Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB | 4.550 | 08/15/2028 | 02/11/2026 | B | 122,691 | ||||||||||||
115,000 | Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB | 5.000 | 08/15/2038 | 07/10/2034 | B | 108,397 |
24 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
Texas (Continued) |
| |||||||||||||||||
$250,000 | City of Houston Higher Education Finance Corp. (KIPP, Inc.); Series 2015, Ref. RB | 5.000% | 08/15/2029 | 08/15/2025 | A | $ | 291,008 | |||||||||||
125,000 | Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport); Series 2012 G, Ref. RB | 5.000 | 11/01/2025 | 11/01/2020 | A | 127,254 | ||||||||||||
125,000 | Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport); Series 2012 G, Ref. RB | 5.000 | 11/01/2026 | 11/01/2020 | A | 127,217 | ||||||||||||
1,000,000 | Dallas (County of), TX Flood Control District No. 1; Series 2015, Ref. GO Bonds | 5.000 | 04/01/2028 | 04/01/2023 | A | 1,067,390 | ||||||||||||
2,000,000 | Grand Parkway Transportation Corp. (TELA Supported); Series 2018 A, RB | 5.000 | 10/01/2038 | 04/01/2028 | A | 2,395,680 | ||||||||||||
250,000 | Grand Parkway Transportation Corp.; Series 2020 C, Ref. RB | 4.000 | 10/01/2036 | 04/01/2030 | A | 283,435 | ||||||||||||
1,000,000 | Harris (County of) & Houston (City of), TX Sports Authority; Series 2014 A, Ref. RB | 5.000 | 11/15/2030 | 11/15/2024 | A | 1,139,750 | ||||||||||||
20,000 | Huntsville (City of), TX; Series 2001, GO Ctfs. | 5.000 | 08/15/2023 | 04/30/2020 | A | 20,064 | ||||||||||||
670,000 | New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing Corpus Christi II, LLC - Texas A&M University- Corpus Christi); Series 2016 A, RB | 5.000 | 04/01/2031 | 05/07/2029 | B | 654,496 | ||||||||||||
350,000 | New Hope Cultural Education Facilities Finance Corp. (MRC SeniorLiving-The Langford); Series 2016 A, RB | 5.000 | 11/15/2026 | 03/20/2025 | B | 343,609 | ||||||||||||
2,000,000 | SA Energy Acquisition Public Facility Corp.; Series 2007, RB | 5.500 | 08/01/2025 | 08/01/2025 | 2,266,540 | |||||||||||||
1,000,000 | Temple (City of), TX; Series 2018 A, RB | 5.000 | 08/01/2038 | 08/01/2025 | A | 1,085,780 | ||||||||||||
3,340,000 | Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB | 6.250 | 12/15/2026 | 04/25/2024 | B | 3,681,081 | ||||||||||||
500,000 | Texas Municipal Gas Acquisition & Supply Corp. III; Series 2012, RB | 5.000 | 12/15/2026 | 12/15/2022 | A | 522,975 | ||||||||||||
1,000,000 | Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes); Series 2019 A, Ref. RB | 5.000 | 12/31/2032 | 12/31/2029 | A | 1,140,250 | ||||||||||||
1,005,000 | Viridian Municipal Management District; Series 2015, Ref. GO Bonds | 6.000 | 12/01/2029 | 12/01/2024 | A | 1,202,362 | ||||||||||||
665,000 | Viridian Municipal Management District; Series 2015, Ref. GO Bonds | 6.000 | 12/01/2029 | 12/01/2024 | A | 795,593 |
25 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSUnaudited / Continued
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
Texas (Continued) |
| |||||||||||||||||
$500,000 | Viridian Municipal Management District; Series 2015, Ref. GO Bonds | 6.000% | 12/01/2030 | 12/01/2024 | A | $ | 598,685 | |||||||||||
920,000 | Viridian Municipal Management District; Series 2015, Ref. GO Bonds | 6.000 | 12/01/2030 | 12/01/2024 | A | 1,101,580 | ||||||||||||
20,795,107 | ||||||||||||||||||
Utah—0.6% | ||||||||||||||||||
1,000,000 | Salt Lake City Corp.; Series 2018 B, RB | 5.000 | 07/01/2038 | 07/01/2028 | A | 1,174,520 | ||||||||||||
Vermont—1.0% | ||||||||||||||||||
250,000 | Burlington (City of), VT; Series 2012 A, GO Bonds | 5.000 | 11/01/2021 | 11/01/2021 | 264,017 | |||||||||||||
250,000 | Burlington (City of), VT; Series 2012 A, GO Bonds | 5.000 | 11/01/2027 | 11/01/2022 | A | 275,208 | ||||||||||||
1,000,000 | Burlington (City of), VT; Series 2014 A, Ref. RB | 5.000 | 07/01/2030 | 07/01/2024 | A | 1,115,420 | ||||||||||||
500,000 | Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College); Series 2012 A, Ref. RB | 5.000 | 11/01/2028 | 11/01/2022 | A | 546,475 | ||||||||||||
2,201,120 | ||||||||||||||||||
Virginia—0.5% | ||||||||||||||||||
1,000,000 | Farmville (Town of), VA Industrial Development Authority (Longwood University Student Housing); Series 2018 A, Ref. RB | 5.000 | 01/01/2038 | 01/01/2029 | A | 1,101,060 | ||||||||||||
Washington—0.8% | ||||||||||||||||||
70,000 | Kalispel Tribe of Indians; Series 2018 A, RB | 5.000 | 01/01/2032 | 09/21/2027 | A | 75,441 | ||||||||||||
100,000 | Kalispel Tribe of Indians; Series 2018 B, RB | 5.000 | 01/01/2032 | 09/25/2027 | A | 107,773 | ||||||||||||
20,000 | Kelso (City of), WA Housing Authority; Series 1998, RB | 5.600 | 03/01/2028 | 04/30/2020 | A | 20,006 | ||||||||||||
500,000 | Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association); Series 2015, Ref. RB | 5.000 | 07/01/2030 | 07/01/2025 | A | 558,395 | ||||||||||||
425,000 | Washington (State of) Housing Finance Commission (Hearthstone (The)); Series 2018 B, Ref. RB | 3.125 | 07/01/2023 | 07/01/2023 | 403,075 |
26 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
Principal Amount | Coupon | Maturity | Effective Maturity* | Value | ||||||||||||||
Washington (Continued) |
| |||||||||||||||||
$500,000 | Washington (State of) Housing Finance Commission (Heron’s Key Senior Living); Series 2015 A, RB | 6.000% | 07/01/2025 | 08/13/2023 | B | $ | 518,580 | |||||||||||
1,683,270 | ||||||||||||||||||
Wisconsin—3.7% | ||||||||||||||||||
800,000 | Public Finance Authority (Beyond Boone, LLC - Appalachian State University); Series 2019 A, RB | 5.000 | 07/01/2034 | 07/01/2028 | A | 970,824 | ||||||||||||
2,000,000 | Public Finance Authority (City of Boynton Beach, Florida Municipal Improvements); Series 2018, RB | 5.000 | 07/01/2035 | 07/01/2028 | A | 2,444,200 | ||||||||||||
390,000 | Public Finance Authority (Community School of Davidson); Series 2018, RB | 5.000 | 10/01/2033 | 12/02/2027 | A | 393,494 | ||||||||||||
1,000,000 | Public Finance Authority (Wingate University); Series 2018 A, Ref. RB | 5.250 | 10/01/2038 | 10/01/2028 | A | 1,107,540 | ||||||||||||
2,000,000 | Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group); Series 2016 A, Ref. RB | 4.000 | 11/15/2036 | 05/15/2026 | A | 2,155,580 | ||||||||||||
500,000 | Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic); Series 2012 B, RB | 5.000 | 02/15/2028 | 02/15/2022 | A | 529,540 | ||||||||||||
350,000 | Wisconsin (State of) Public Finance Authority (21st Century Public Academy); Series 2020 A, RB | 3.750 | 06/01/2030 | 05/17/2028 | B | 311,584 | ||||||||||||
7,912,762 | ||||||||||||||||||
Total Investments, at Value (Cost $203,203,213)—99.0% |
| 209,859,062 | ||||||||||||||||
Net Other Assets (Liabilities)—1.0 |
| 2,106,171 | ||||||||||||||||
|
| |||||||||||||||||
Net Assets—100.0% |
| $ | 211,965,233 | |||||||||||||||
|
|
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.Date of mandatory put.
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.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.Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.
27 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
SCHEDULE OF INVESTMENTSUnaudited / Continued
To simplify the listings of securities, abbreviations are used per the table below:
ACTS | Adult Communities Total Services, Inc. | |
ASU | Arizona State University | |
CHF | City Hospital Foundation | |
COP | Certificates of Participation | |
Ctfs | Certificates | |
DHR | Department of Human Resources | |
GO | General Obligation | |
JFK | John Fitzgerald Kennedy | |
MRC | Methodist Retirement Communities | |
NTE | North Tarrant Express | |
OU | Oklahoma University | |
PCR | Pollution Control Revenue Bonds | |
PHS | Pinnacle Health System | |
Ref. | Refunding | |
RB | Revenue Bonds |
See accompanying Notes to Financial Statements.
28 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF ASSETS AND LIABILITIESMarch 31, 2020 Unaudited
| ||||
Assets | ||||
Investments, at value (cost $203,203,213)—see accompanying schedule of investments | $ | 209,859,062 | ||
| ||||
Cash | 575,803 | |||
| ||||
Receivables and other assets: | ||||
Interest | 2,812,703 | |||
Shares of beneficial interest sold | 200,524 | |||
Investments sold | 108 | |||
Other | 137,720 | |||
|
| |||
Total assets | 213,585,920 | |||
| ||||
Liabilities | ||||
Payables and other liabilities: | ||||
Investments purchased | 1,242,780 | |||
Dividends | 111,972 | |||
Shares of beneficial interest redeemed | 90,724 | |||
Distribution and service plan fees | 48,683 | |||
Shareholder communications | 35,509 | |||
Transfer and shareholder servicing agent fees | 26,059 | |||
Trustees’ compensation | 7,375 | |||
Advisory fees | 3,387 | |||
Administration fees | 84 | |||
Interest expense on borrowings | 32 | |||
Other | 54,082 | |||
|
| |||
Total liabilities | 1,620,687 | |||
| ||||
Net Assets | $ | 211,965,233 | ||
|
| |||
| ||||
Composition of Net Assets | ||||
Shares of beneficial interest | $ | 208,343,087 | ||
| ||||
Total distributable earnings | 3,622,146 | |||
|
| |||
Net Assets | $ | 211,965,233 | ||
|
|
29 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF ASSETS AND LIABILITIESUnaudited / Continued
| ||||
Net Asset Value Per Share | ||||
Class A Shares:
| ||||
Net asset value and redemption price per share (based on net assets of $132,212,446 and 29,712,160 shares of beneficial interest outstanding) | $4.45 | |||
Maximum offering price per share (net asset value plus sales charge of 2.50% of offering price) | $4.56 | |||
| ||||
Class C Shares: | ||||
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $23,169,103 and 5,215,135 shares of beneficial interest outstanding) | $4.44 | |||
| ||||
Class Y Shares: | ||||
Net asset value, redemption price and offering price per share (based on net assets of $56,561,200 and 12,706,880 shares of beneficial interest outstanding) | $4.45 | |||
| ||||
Class R6 Shares:
| ||||
Net asset value, redemption price and offering price per share (based on net assets of $22,484 and 5,056 shares of beneficial interest outstanding) | $4.45 |
See accompanying Notes to Financial Statements.
30 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
OPERATIONSFor the Six Months Ended March 31, 2020 Unaudited
| ||||
Investment Income | ||||
Interest | $ | 3,733,046 | ||
| ||||
Expenses | ||||
Advisory fees | 635,785 | |||
| ||||
Administration fees | 15,845 | |||
| ||||
Distribution and service plan fees: | ||||
Class A | 171,557 | |||
Class C | 120,822 | |||
| ||||
Transfer and shareholder servicing agent fees: | ||||
Class A | 51,875 | |||
Class C | 9,101 | |||
Class Y | 21,433 | |||
Class R6 | 3 | |||
| ||||
Shareholder communications: | ||||
Class A | 6,115 | |||
Class C | 1,082 | |||
Class Y | 2,470 | |||
| ||||
Borrowing fees | 62,314 | |||
| ||||
Trustees’ compensation | 8,731 | |||
| ||||
Custodian fees and expenses | 1,467 | |||
| ||||
Interest expense on borrowings | 31 | |||
| ||||
Other | 47,085 | |||
|
| |||
Total expenses | 1,155,716 | |||
Less waivers and reimbursement of expenses | (22,538) | |||
|
| |||
Net expenses | 1,133,178 | |||
| ||||
Net Investment Income | 2,599,868 | |||
| ||||
Realized and Unrealized Gain (Loss) | ||||
Net realized loss on investment transactions | (193,517) | |||
| ||||
Net change in unrealized appreciation/(depreciation) on investment transactions | (5,623,811) | |||
| ||||
Net Decrease in Net Assets Resulting from Operations | $ | (3,217,460) | ||
|
|
See accompanying Notes to Financial Statements.
31 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | |||||||
Operations | ||||||||
Net investment income | $ | 2,599,868 | $ | 5,337,013 | ||||
| ||||||||
Net realized gain (loss) | (193,517 | ) | (137,529) | |||||
| ||||||||
Net change in unrealized appreciation/(depreciation) | (5,623,811 | ) | 10,949,152 | |||||
|
| |||||||
Net increase (decrease) in net assets resulting from operations
|
| (3,217,460
| )
|
| 16,148,636
|
| ||
Dividends and/or Distributions to Shareholders | ||||||||
Distributions to shareholders from distributable earnings: | ||||||||
Class A | (1,731,856 | ) | (3,189,137) | |||||
Class C | (210,578 | ) | (562,318) | |||||
Class Y | (780,436 | ) | (1,406,805) | |||||
Class R6 | (152 | ) | (99) | |||||
|
| |||||||
Total distributions from distributable earnings
|
| (2,723,022
| )
|
| (5,158,359)
|
| ||
Beneficial Interest Transactions | ||||||||
Net increase (decrease) in net assets resulting from beneficial interest transactions: | ||||||||
Class A | (834,361 | ) | 5,303,066 | |||||
Class C | (878,524 | ) | (13,465,631) | |||||
Class Y | 2,835,736 | 3,360,330 | ||||||
Class R6 | 11,902 | 10,000 | ||||||
|
| |||||||
Total beneficial interest transactions
|
| 1,134,753
|
|
| (4,792,235)
|
| ||
Net Assets | ||||||||
Total increase (decrease) | (4,805,729 | ) | 6,198,042 | |||||
| ||||||||
Beginning of period | 216,770,962 | 210,572,920 | ||||||
|
| |||||||
End of period | $ | 211,965,233 | $ | 216,770,962 | ||||
|
|
See accompanying Notes to Financial Statements.
32 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
Class A | Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Year Ended September 30, 2018 | Year Ended September 30, 2017 | Year Ended September 30, 2016 | Year Ended September 30, 20151 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $4.57 | $4.34 | $4.43 | $4.50 | $4.29 | $4.28 | ||||||||||||||||||
| ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.05 | 0.11 | 0.11 | 0.10 | 0.09 | 0.10 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (0.11) | 0.23 | (0.10) | (0.08) | 0.21 | 0.02 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total from investment operations | (0.06) | 0.34 | 0.01 | 0.02 | 0.30 | 0.12 | ||||||||||||||||||
| ||||||||||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (0.06) | (0.11) | (0.10) | (0.09) | (0.09) | (0.11) | ||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, end of period | $4.45 | $4.57 | $4.34 | $4.43 | $4.50 | $4.29 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return, at Net Asset Value3 | (1.38)% | 7.95% | 0.22% | 0.44% | 7.10% | 2.94% | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $132,212 | $136,701 | $124,789 | $123,839 | $166,994 | $93,966 | ||||||||||||||||||
| ||||||||||||||||||||||||
Average net assets (in thousands) | $137,669 | $127,675 | $133,054 | $135,493 | $135,238 | $55,240 | ||||||||||||||||||
| ||||||||||||||||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||||||
Net investment income | 2.40% | 2.58% | 2.41% | 2.36% | 2.00% | 2.42% | ||||||||||||||||||
Expenses excluding specific expenses listed below | 0.98% | 0.99% | 0.98% | 0.99% | 0.99% | 1.03% | ||||||||||||||||||
Interest and fees from borrowings | 0.06% | 0.13% | 0.12% | 0.10% | 0.07% | 0.15% | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total expenses | 1.04% | 1.12% | 1.10% | 1.09% | 1.06% | 1.18% | ||||||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.01% | 1.08% | 1.07% | 1.05% | 1.02% | 1.09% | ||||||||||||||||||
| ||||||||||||||||||||||||
Portfolio turnover rate5 | 6% | 7% | 45% | 25% | 24% | 56% |
33 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
FINANCIAL HIGHLIGHTSContinued
1. On August 21, 2015, the Fund effected a 3 for 1 share split effectively increasing the number of outstanding shares for the Fund. The Fund’s holdings and total value of shareholders’ investments were unchanged. Per share data prior to this date has been restated to give effect to the share split.
2. Calculated based on the average shares outstanding during the period.
3. Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
4. Annualized for periods less than one full year.
5. 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.
34 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
Class C | Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Year Ended September 30, 2018 | Year Ended September 30, 2017 | Year Ended September 30, 2016 | Year Ended September 30, 20151 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $4.56 | $4.33 | $4.42 | $4.49 | $4.29 | $4.28 | ||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.04 | 0.08 | 0.07 | 0.07 | 0.05 | 0.07 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (0.12) | 0.23 | (0.10) | (0.09) | 0.21 | 0.02 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total from investment operations | (0.08) | 0.31 | (0.03) | (0.02) | 0.26 | 0.09 | ||||||||||||||||||
| ||||||||||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (0.04) | (0.08) | (0.06) | (0.05) | (0.06) | (0.08) | ||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, end of period | $4.44 | $4.56 | $4.33 | $4.42 | $4.49 | $4.29 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return, at Net Asset Value3 | (1.77)% | 7.14% | (0.56)% | (0.34)% | 6.04% | 2.23% | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $23,169 | $24,706 | $36,446 | $37,126 | $48,103 | $25,703 | ||||||||||||||||||
| ||||||||||||||||||||||||
Average net assets (in thousands) | $24,147 | $32,550 | $40,207 | $39,435 | $38,334 | $16,536 | ||||||||||||||||||
| ||||||||||||||||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||||||
Net investment income | 1.62% | 1.80% | 1.63% | 1.57% | 1.22% | 1.66% | ||||||||||||||||||
Expenses excluding specific expenses listed below | 1.73% | 1.74% | 1.73% | 1.75% | 1.74% | 1.79% | ||||||||||||||||||
Interest and fees from borrowings | 0.06% | 0.13% | 0.12% | 0.10% | 0.07% | 0.15% | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total expenses | 1.79% | 1.87% | 1.85% | 1.85% | 1.81% | 1.94% | ||||||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 1.79%5 | 1.86% | 1.85%5 | 1.83% | 1.80% | 1.87% | ||||||||||||||||||
| ||||||||||||||||||||||||
Portfolio turnover rate6 | 6% | 7% | 45% | 25% | 24% | 56% |
35 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
FINANCIAL HIGHLIGHTSContinued
1. On August 21, 2015, the Fund effected a 3 for 1 share split effectively increasing the number of outstanding shares for the Fund. The Fund’s holdings and total value of shareholders’ investments were unchanged. Per share data prior to this date has been restated to give effect to the share split.
2. Calculated based on the average shares outstanding during the period.
3. Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
4. Annualized for periods less than one full year.
5. 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.
36 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
Class Y | Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Year Ended September 30, 2018 | Year Ended September 30, 2017 | Year Ended September 30, 2016 | Year Ended September 30, 20151 | ||||||||||||||||||
Per Share Operating Data | ||||||||||||||||||||||||
Net asset value, beginning of period | $4.57 | $4.34 | $4.43 | $4.50 | $4.30 | $4.28 | ||||||||||||||||||
| ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.06 | 0.12 | 0.12 | 0.11 | 0.10 | 0.12 | ||||||||||||||||||
Net realized and unrealized gain (loss) | (0.12) | 0.23 | (0.10) | (0.08) | 0.20 | 0.02 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total from investment operations | (0.06) | 0.35 | 0.02 | 0.03 | 0.30 | 0.14 | ||||||||||||||||||
Dividends and/or distributions to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (0.06) | (0.12) | (0.11) | (0.10) | (0.10) | (0.12) | ||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, end of period | $4.45 | $4.57 | $4.34 | $4.43 | $4.50 | $4.30 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return, at Net Asset Value3 | (1.27)% | 8.20% | 0.44% | 0.66% | 7.08% | 3.41% | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (in thousands) | $56,561 | $55,354 | $49,338 | $59,247 | $54,109 | $20,589 | ||||||||||||||||||
| ||||||||||||||||||||||||
Average net assets (in thousands) | $56,906 | $51,596 | $59,658 | $51,840 | $35,292 | $9,772 | ||||||||||||||||||
| ||||||||||||||||||||||||
Ratios to average net assets:4 | ||||||||||||||||||||||||
Net investment income | 2.62% | 2.80% | 2.63% | 2.60% | 2.19% | 2.69% | ||||||||||||||||||
Expenses excluding specific expenses listed below | 0.73% | 0.74% | 0.73% | 0.75% | 0.74% | 0.80% | ||||||||||||||||||
Interest and fees from borrowings | 0.06% | 0.13% | 0.12% | 0.10% | 0.07% | 0.15% | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total expenses | 0.79% | 0.87% | 0.85% | 0.85% | 0.81% | 0.95% | ||||||||||||||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.79%5 | 0.86% | 0.85%5 | 0.83% | 0.80% | 0.87% | ||||||||||||||||||
| ||||||||||||||||||||||||
Portfolio turnover rate6 | 6% | 7% | 45% | 25% | 24% | 56% |
37 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
FINANCIAL HIGHLIGHTSContinued
1. On August 21, 2015, the Fund effected a 3 for 1 share split effectively increasing the number of outstanding shares for the Fund. The Fund’s holdings and total value of shareholders’ investments were unchanged. Per share data prior to this date has been restated to give effect to the share split.
2. Calculated based on the average shares outstanding during the period.
3. Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
4. Annualized for periods less than one full year.
5. 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.
38 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
Class R6 | Six Months Ended March 31, 2020 (Unaudited) | Period Ended September 30, 20191 | ||||||
Per Share Operating Data | ||||||||
Net asset value, beginning of period | $4.57 | $4.50 | ||||||
| ||||||||
Income (loss) from investment operations: | ||||||||
Net investment income2 | 0.06 | 0.05 | ||||||
Net realized and unrealized gain (loss) | (0.11) | 0.06 | ||||||
|
| |||||||
Total from investment operations | (0.05) | 0.11 | ||||||
| ||||||||
Dividends and/or distributions to shareholders: | ||||||||
Dividends from net investment income | (0.07) | (0.04) | ||||||
| ||||||||
Net asset value, end of period | $4.45 | $4.57 | ||||||
|
| |||||||
Total Return, at Net Asset Value3 | (1.23)% | 2.50% | ||||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (in thousands) | $22 | $10 | ||||||
| ||||||||
Average net assets (in thousands) | $11 | $10 | ||||||
| ||||||||
Ratios to average net assets:4 | ||||||||
Net investment income | 2.72% | 2.90% | ||||||
Expenses excluding specific expenses listed below | 0.70% | 0.69% | ||||||
Interest and fees from borrowings | 0.06% | 0.13% | ||||||
|
| |||||||
Total expenses | 0.76% | 0.82% | ||||||
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses | 0.69% | 0.76% | ||||||
| ||||||||
Portfolio turnover rate5 | 6% | 7% |
1. For the period from after the close of business on May 24, 2019 (inception of offering) to September 30, 2019.
2. Calculated based on the average shares outstanding during the period.
3. Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
4. Annualized for periods less than one full year.
5. 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 INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTSMarch 31, 2020 Unaudited
Note 1 - Significant Accounting Policies
Invesco Oppenheimer Intermediate Term 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.
The Fund’s investment objective is to seektax-free income.
The Fund currently consists of four different classes of shares: Class A, Class C, Class Y, and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with afront-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A. Security Valuations– Securities, including restricted securities, are valued according to the following policy.
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such asinstitution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision 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
40 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Securities Transactions and Investment Income -Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date. |
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment transactions reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment 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 |
41 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTSUnaudited / Continued
of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. |
D. | Distributions -Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principles generally accepted in the United States of America (“GAAP”), are recorded on theex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Adviser. |
E. | Federal Income Taxes -The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Expenses -Fees provided for under the Rule12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are allocated to 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 |
42 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
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. | 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* | ||||
First 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 |
43 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTSUnaudited / Continued
*The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.
For the six monthsended March 31, 2020, the effective advisory fee rate incurred by the Fund was 0.58%.
Under the terms of a mastersub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separatesub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “AffiliatedSub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such AffiliatedSub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such AffiliatedSub-Adviser(s). Invesco has also entered into aSub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.
The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/ or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, and Class R6 shares to 0.95%, 1.73%, 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 on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.
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 the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.
For the six monthsended March 31, 2020, the Adviser reimbursed fund expenses of $21,614, $215, $705, and $4 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 six monthsended March 31, 2020, 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.
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
44 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
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. For the six monthsended March 31, 2020, 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 and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. For the six monthsended March 31, 2020, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund.Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During thesix monthsended March 31, 2020, IDI advised the Fund that IDI retained $3,643 infront-end sales commissions from the sale of Class A shares and $825 and $331 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
Note 3 - Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an
45 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTSUnaudited / Continued
investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of March 31, 2020, 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
Certain Trustees have executed Deferred Compensation Agreement(s) pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan(s), deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the Trustees. The Fund purchases shares of the funds selected for deferral by the Trustees in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan(s) will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Deferred Compensation Agreement(s).
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
46 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
Note 6 – Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscalyear-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund had a capital loss carryforward as of September 30, 2019, as follows:
Capital Loss Carryforward* | ||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||
Not subject to expiration | $ 2,715,825 | $ | 1,269,370 | $ | 3,985,195 |
* Capital loss carryforward listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further the realization of net unrealized gains or losses as of the date of any reorganization.
Note 7 - Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during thesix months ended March 31, 2020 was $15,528,321 and $12,553,492, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reportingperiod-end.
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | ||||
Aggregate unrealized appreciation of investments | $ | 8,443,629 | ||
Aggregate unrealized (depreciation) of investments | (1,787,780) | |||
|
| |||
Net unrealized appreciation of investments | $ | 6,655,849 | ||
|
|
Cost of investments for tax purposes is $203,203,213.
Note 8 - Share Information
Transactions in shares of beneficial interest were as follows:
47 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
NOTES TO FINANCIAL STATEMENTSUnaudited / Continued
Six Months Ended March 31, 20201 | Year Ended September 30, 2019 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Class A | ||||||||||||||||
Sold | 2,596,308 | $ | 11,831,710 | 6,249,730 | $ | 27,905,762 | ||||||||||
Automatic Conversion | ||||||||||||||||
Class C to Class A Shares | 179,104 | 814,587 | — | — | ||||||||||||
Dividends and/or distributions reinvested | 366,857 | 1,659,699 | 689,650 | 3,070,231 | ||||||||||||
Redeemed | (3,355,170 | ) | (15,140,357 | ) | (5,795,913 | ) | (25,672,927 | ) | ||||||||
|
| |||||||||||||||
Net increase (decrease) | (212,901 | ) | $ | (834,361 | ) | 1,143,467 | $ | 5,303,066 | ||||||||
|
| |||||||||||||||
Class C | ||||||||||||||||
Sold | 483,729 | $ | 2,210,294 | 861,226 | $ | 3,800,470 | ||||||||||
Dividends and/or distributions reinvested | 45,383 | 204,962 | 121,714 | 539,413 | ||||||||||||
Automatic Conversion | (179,499 | ) | (814,587 | ) | — | — | ||||||||||
Class C to Class A Shares | ||||||||||||||||
Redeemed | (551,415 | ) | (2,479,193 | ) | (3,984,185 | ) | (17,805,514 | ) | ||||||||
|
| |||||||||||||||
Net increase (decrease) | (201,802 | ) | $ | (878,524 | ) | (3,001,245 | ) | $ | (13,465,631 | ) | ||||||
|
| |||||||||||||||
Class Y | ||||||||||||||||
Sold | 1,939,561 | $ | 8,847,159 | 3,581,587 | $ | 15,895,659 | ||||||||||
Dividends and/or distributions reinvested | 170,444 | 771,138 | 312,745 | 1,392,695 | ||||||||||||
Redeemed | (1,516,723 | ) | (6,782,561 | ) | (3,154,854 | ) | (13,928,024 | ) | ||||||||
|
| |||||||||||||||
Net increase (decrease) | 593,282 | $ | 2,835,736 | 739,478 | $ | 3,360,330 | ||||||||||
|
| |||||||||||||||
Class R62 | ||||||||||||||||
Sold | 2,834 | $ | 11,902 | 2,222 | $ | 10,000 | ||||||||||
Dividends and/or distributions reinvested | — | — | — | — | ||||||||||||
Redeemed | — | — | — | — | ||||||||||||
|
| |||||||||||||||
Net increase (decrease) | 2,834 | $ | 11,902 | 2,222 | $ | 10,000 | ||||||||||
|
|
1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 56% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
2. 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 Fund has 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 six months ended March 31, 2020, the Fund incurred
48 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
fees of $62,345. The average daily balance of borrowings under this agreement is $3,825with a weighted average interest rate of 1.632%. Expenses under the credit agreement are shown in the Statement of Operations as Interest expense on borrowings.
Note 10 – Significant Event
The Board of Trustees unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which Invesco Oppenheimer Intermediate Term Municipal Fund (the “Fund”) would transfer all of its assets and liabilities to Invesco Intermediate Term Municipal Income Fund (the “Acquiring Fund”).
The reorganization was consummated on May 15, 2020. Upon closing of the reorganization, shareholders of the Fund received a corresponding class of shares of the Acquiring Fund in exchange for their shares of the Fund and the Fund liquidated and ceased operations.
During the first quarter of 2020, the World Health Organization declared the Coronavirus(COVID-19) to be a public health emergency.COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general.COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the “CARES Act,” was signed into law on March 27, 2020 by President Trump. The Act is a $2 trillion stimulus package to help individuals, businesses and hospitals in response to the economic distress caused by theCOVID-19 crisis. The Adviser is assessing the components of the Act and the impacts to the Fund should be immaterial.
49 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;
UPDATES TO SCHEDULE OF INVESTMENTS
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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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● | Tax forms |
Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on FormN-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s FormsN-PORT on the SEC website at sec.gov.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.
50 INVESCO OPPENHEIMER INTERMEDIATE TERM MUNICIPAL FUND |
| ||
Invesco recognizes the importance of protecting your personal and financial information when you visit our website located atwww.invesco.com (the “Website”). The following information is designed to help you understand the information collection practices at this Website. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy. When we refer to ourselves as “we” or “Invesco” in this Privacy Policy, we mean our entire company including our affiliates, such as subsidiaries.
By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this policy, you may not use this Website. This Privacy Policy is subject to change without notice, from time to time in our sole discretion. You acknowledge that by accessing the Website after we have posted changes to this Privacy Policy, you are agreeing to this Privacy Policy as modified. Please review the Terms of Use1 to learn of other terms and conditions applicable to your use of the Website.
Please note that this Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the products or services you obtain from Invesco, or the jurisdiction in which you transact with Invesco.
This Privacy Policy was last updated on May 6, 2018.
Information We Collect and Use
We collect personal information you choose to submit to the Website in order to process transactions requested by you and meet our contractual obligations. For example, you can choose to provide your name, contact information, social security number, or tax identification number in connection with accessing your account, or you can choose to provide your personal information when you fill out a secure account question form. Any information collected about you from the Website can, from time to time, be associated with other identifying information we have about you.
In addition, we may gather information about you automatically through your use of the Website, e.g. your IP address, how you navigate the Website, the organization from which you are accessing the Website, and the websites that you access before and after you visit the Website.
When you access the Website, we may also collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use the device from which you are viewing the Website. Where applicable, we may ask your permission before collecting certain information, such as precise geolocation information.
From time to time, we use or augment the personal information we have about you with information obtained from third parties. For example, we use third party information to confirm contact or financial information or to better understand your interests by associating demographic information from third parties with the information you have provided.
How We Use Personal Information
We use your personal information to respond to your inquiries and provide the products and services you request. We also use your information from time to time to deliver the content and services we believe
1NTD
51 INVESCO OPPENHEIMER INTERMEDIATE TERM 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.
52 INVESCO OPPENHEIMER INTERMEDIATE TERM 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:
53 INVESCO OPPENHEIMER INTERMEDIATE TERM 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.
54 INVESCO OPPENHEIMER INTERMEDIATE TERM 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.
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∎ Fund reports and prospectuses
∎ Quarterly statements
∎ Daily confirmations
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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-ITM-SAR-1 | 05272020 |
Item 2. Code of Ethics.
Not required for a semiannual report
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
During the reporting period, PricewaterhouseCoopers, LLC (“PwC”) advised the Audit Committee of the following matters for consideration under the SEC’s auditor independence rules. PwC advised the Audit Committee that four PwC Managers each held financial interests either directly or, in the case of one PwC Manager, indirectly through her spouse’s equivalent brokerage account, 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 until after three PwC Managers ceased providing services, (or with respect to one PwC Manager was not aware until after the investment was confirmed as an SEC exception), the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliates of the Registrant, the individuals did not provide any audit services to the Registrant or its affiliates and did not provide any consultation to the audit engagement team of the Funds (or with respect to one PwC Manager, the services were performed by an individual who did not have decision-making responsibility for matters that materially affected the audit and were reviewed by team members at least two levels higher than the PwC Manager), and the investments were not material to the net worth of each individual or their respective immediate family members which PwC considered in reaching its conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant and that it can continue to serve as the independent public accounting firm for the Funds.
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. |
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments.
Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers ofClosed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
None
Item 11. Controls and Procedures.
(a) | As of May 20, 2020, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of May 20, 2020, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on FormN-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
(b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
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: | June 4, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Sheri Morris | |
Sheri Morris | ||
Principal Executive Officer | ||
Date: | June 4, 2020 |
By: | /s/ Kelli Gallegos | |
Kelli Gallegos | ||
Principal Financial Officer | ||
Date: | June 4, 2020 |