Aim Counselor Series Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

    Investment Company Act file number 811-09913

AIM Counselor Series Trust (Invesco Counselor Series Trust)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000     Houston, Texas 77046

(Address of principal executive offices) (Zip code)

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:	09/30/19

Item 1. Reports to Stockholders.

	Annual Report	9/30/2019
	Invesco Oppenheimer Rochester Short Duration High Yield Municipal Fund*
	Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco. com/edelivery. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800 959 4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. *Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Rochester Short Duration High Yield Municipal Fund. See Important Update on the following page for more information.

Important Updates

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

Table of Contents
Fund Performance Discussion	5
Top Holdings and Allocations	8
Fund Expenses	12
Schedule of Investments	14
Statement of Assets and Liabilities	41
Statement of Operations	43
Statement of Changes in Net Assets	44
Financial Highlights	45
Notes to Financial Statements	50
Report of Independent Registered Public Accounting Firm	65
Independent Registered Public Accounting Firm	67
Federal Income Tax Information	68
Approval of Investment Advisory andSub-Advisory Contracts	69
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	74
Shareholder Proxy	75
Trustees and Officers	76
Invesco’s Privacy Notice	89

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 9/30/19

	Class A  Shares of the Fund
	Without Sales Charge		With Sales Charge		Bloomberg Barclays
					5 Year Municipal Bond Index
1-Year		8.55%		5.92%		6.02%
5-Year		3.24		2.72		2.25
10-Year		3.74		3.48		2.89

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher.Visit invesco.com for the most recentmonth-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Fund returns include changes in share price, reinvested distributions and a 2.50% maximum applicable sales charge except where “without sales charge” is indicated. Returns for periods of less than one year are cumulative and not annualized. 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 have different expenses. Returns do not consider capital gains or income taxes on an individual’s investment.

3      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

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.

4      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Fund Performance Discussion

The Fund’s Class A shares (without sales charge) returned 8.55% during the reporting period. In comparison, the Fund’s Class A shares outperformed the Bloomberg Barclays5-Year Municipal Bond Index, the Fund’s benchmark (the “Index”), which returned 6.02%.

MARKET CONDITIONS AND YOUR FUND

The broad municipal bond market experienced positive returns for the fifth consecutive year in 2018, and performance remained strong throughout this fiscal year. Investment grade municipal bonds returned 8.55% and high yield municipal bonds returned 10.02% during the fiscal year.¹ Performance was particularly strong during the first nine months of 2019, with investment grade municipals returning 6.75% and high yield municipals returning 9.69%.¹

The fiscal year was characterized by supportive technical conditions (supply and demand balances) as new issuance of municipal bonds totaled $362 billion — down 11% from the previous fiscal year.² Flows into the municipal bond asset class were positive for the last 38 weeks of the fiscal year.³ A consistently positive flow pattern, coupled with continued limited supply, resulted in strong performance across the municipal bond market. Fund flows totaled $58.2 billion from October 2018 through September 2019.³

For the fiscal year, the high yield municipal bond market outperformed the investment grade bond segment, led by improved price discovery on Puerto Rico bonds as a result of

developments in the commonwealth’s debt restructuring, as well as strong performance of high yield general obligation securities.

Municipal bonds withstood considerable headwinds during the fiscal year, including interest rate movements that had the10-year US Treasury yield breaching 2.00% in July 2019.⁴ Additionally, the US government shutdown, which occurred midway through the fiscal year and lasted 35 days, along with ongoingUS-China trade negotiations and Brexit developments, created a challenging market environment. Both investment grade municipals and high yield municipals posted negative returns for the months of September and October 2018. Worsening market conditions exposed the municipal bond market to more sensitivity relating to asell-off in US Treasuries in September. Despite these challenges, the municipal bond market performed positively for the fiscal year as technical conditions continued to provide tailwinds.

Concerns about future interest rate hikes led to an increased demand for US Treasuries and investment grade municipal bonds alike, and yields continued to fall as high yield securities rallied. The yield curve for30-year,AAA-rated

5      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

municipal bonds continued to flatten as trade tensions between the US and China increased worries about inflationary pressures.

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

However, the Fed’s dovish stance at the beginning of calendar year 2019 took the market by surprise, leading economists to change their predictions from two interest rate increases in 2019, to just one. Despite favorable growth and labor trends, the Fed ultimately reversed course and lowered the federal funds rate in July and again in September, citing uncertainty about the global economic outlook. The US Treasury curve was inverted at fiscalyear-end with the yield on the2-year US Treasury note exceeding the10-year note.⁴ Economist views were mixed as to whether this inversion, the first since December 2005, signaled a possible recession.

As anticipated, US midterm election results had a positive impact on municipal securities as perceived threats to municipal tax

exemptions, further tax reform and changes to the Affordable Care Act were greatly reduced. News of a possible ban on flavorede-cigarettes and menthol cigarettes made headlines, which caused a short-lived decline in the valuations of below investment grade tobacco settlement bonds. Meanwhile,year-end demand for yield and coupon payments caused the asset class to end 2018 on a strong note. Investors affected by the Tax Cuts and Jobs Acts of 2017, which instituted a $10,000 cap on state and local tax deductions, poured a record $18.9 billion into municipal bond funds in the first eight weeks of calendar year 2019, the most recorded over that period in at least 13 years.³

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

Over the fiscal year, security selection in many sectors – including sales tax revenue, General Obligation (G.O.), and tobacco, the Fund’s third largest, second largest, and first largest sectors, respectively – significantly contributed to the Fund’s performance. Electric utilities sectors and the marine/aviation facilities sector, among other sectors, were also strong contributors to the Fund’s performance. While none of the Fund’s sectors detracted from performance, the Fund’s holdings in some sectors – including the airlines and the chemicals sector – were underperformers

6      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

relative to the benchmark.

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

We wish to remind you that the Fund is subject to interest rate risk, meaning when interest rates rise, the value of fixed income securities tends to fall. This risk may be greater in the current market environment because interest rates are near historic lows. The degree to which the value of fixed income securities may decline due to rising interest rates may vary depending on the speed and magnitude of the increase in interest rates as well as individual security characteristics such

as price, maturity, duration and coupon and market forces such as supply and demand for similar securities. We are monitoring interest rates as well as the market, economic and geopolitical factors that may impact the direction, speed and magnitude of changes to interest rates across the maturity spectrum, including the potential impact of monetary policy changes by the Fed and certain foreign central banks. If interest rates rise, markets may experience increased volatility, which may affect the value and/or liquidity of certain of the Fund’s investments. Investors are reminded that the Fund is not and will not be managed based on predictions of interest rate changes.

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

1 Source: FactSet Research Systems Inc.

2 Source: The Bond Buyer

3 Source: Strategic Insight

4 Source: US Department of the Treasury

5 Source: US Federal Reserve.

7      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES

Tobacco Master Settlement Agreement	14.3%
General Obligation	10.4
Sales Tax Revenue	7.5
Marine/Aviation Facilities	6.4
PRE/ETM	6.2
Electric Utilities	5.6
Higher Education	5.1
Tax Increment Financing (TIF)	4.6
Adult Living Facilities	4.5
Hospital/Healthcare	4.4

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

CREDIT ALLOCATION
	NRSRO-		Adviser-
	Rated		Rated		Total
AAA		1.7%		0.5%		2.2%
AA		14.9		0.0		14.9
A		18.7		0.3		19.0
BBB		21.5		6.4		27.9
BB or lower		18.8		17.2		36.0
Total		75.6%		24.4%		100.0%

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

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

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

8      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 9/30/19

	Inception Date		1-Year			5-Year			10-Year			Since     Inception
Class A (OPITX)		11/11/86		8.55	%		3.24	%		3.74	%		5.25%
Class C (OITCX)		12/1/93		7.55			2.46			2.95			4.08
Class Y (OPIYX)		1/31/11		8.58			3.45			N/A			4.22
Class R5 (SDHYX)*		5/24/19		8.61			3.26			3.75			N/A
Class R6 (SDHHX)*		5/24/19		8.62			3.26			3.75			N/A
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 9/30/19
	Inception Date		1-Year			5-Year			10-Year			Since     Inception
Class A (OPITX)		11/11/86		5.92	%		2.72	%		3.48	%		5.17%
Class C (OITCX)		12/1/93		6.55			2.46			2.95			4.08
Class Y (OPIYX)		1/31/11		8.58			3.45			N/A			4.22
Class R5 (SDHYX)*		5/24/19		8.61			3.26			3.75			N/A
Class R6 (SDHHX)*		5/24/19		8.62			3.26			3.75			N/A

* Class R5 and 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.

9      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher.Visit invesco.com for the most recentmonth-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. 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, Class R5 and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A, Class C, and Class Y shares of the predecessor fund were reorganized into Class A, Class C, and Class Y shares, respectively, of the Fund. Class R5 and 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, Class R5 and Class R6 shares are blended returns of the predecessor fund and the Fund. Share class returns will differ from those of the predecessor fund because of different expenses. See Fund prospectuses and summary prospectuses for more information on share classes, sales charges and new fee agreements, if any. Fund literature is available at invesco.com.

The Fund’s performance is compared to the performance of the Bloomberg Barclays5-Year Municipal Bond Index, which is an index of a broad range of investment-grade municipal bonds and the4- to6-year component of the Bloomberg Barclays Municipal Bond Index, itself a measure of the general municipal bond market. The Fund’s performance is also compared to the Consumer Price Index, anon-securities index that measures changes in the inflation rate. The Indices are 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 predict or depict performance of

10      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

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

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

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

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

11      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Fund Expenses

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

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

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

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

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

12      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Actual	Beginning Account Value April 1, 2019		Ending Account Value September 30, 2019		Expenses Paid During 6 Months Ended September 30, 20191,2
Class A		$   1,000.00		$   1,042.80		$        5.49
Class C		1,000.00		1,039.10		9.34
Class Y		1,000.00		1,044.10		4.26
Class R5		1,000.00		1,043.40		2.89
Class R6		1,000.00		1,043.40		2.71
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.70		5.43
Class C		1,000.00		1,015.94		9.24
Class Y		1,000.00		1,020.91		4.21
Class R5		1,000.00		1,021.06		4.06
Class R6		1,000.00		1,021.31		3.81

1. Actual expenses paid for Class A, C and Y are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect theone-half year period). Actual expenses paid for Class R5 and R6 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 129/365 to reflect the period from after the close of business on May 24, 2019 (inception of offering) to September 30, 2019.

2.Hypothetical expenses paid for all classes are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect theone-half year period).

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the6-month period ended September 30, 2019 for Classes A, C and Yand for the period from after the close of business on May 24, 2019 (inception of offering) to September 30, 2019 for Class R5 and R6 are as follows:

Class	Expense Ratios
Class A		1.07	%
Class C		1.82
Class Y		0.83
Class R5		0.80
Class R6		0.75

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

13      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSSeptember 30, 2019

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Municipal Bonds and Notes—103.3%
Alabama—1.6%
$100,000	Birmingham, AL Airport Authority		5.000%		07/01/2020		10/31/2019	A	$	100,326
3,725,000	Fairfield, AL GO		6.000		06/01/2031		02/23/2022	A		3,732,040
1,400,000	Mobile, AL Improvement District (McGowin Park)		5.000		08/01/2025		06/24/2023	B		1,458,646
200,000	Mobile, AL Improvement District (McGowin Park)		5.250		08/01/2030		07/18/2026	A		211,858
6,550,000	Selma, AL Industrial Devel. Board (International Paper Company)		6.250		11/01/2033		11/01/2019	A		6,575,742
25,000	Talladega County, AL GO		5.250		01/01/2029		10/31/2019	A		25,080
4,000,000	Tuscaloosa County, AL IDA (Hunt Refining)		4.500		05/01/2032		05/01/2029	A		4,475,080
										16,578,772
Arizona—1.9%
1,955,000	AZ IDA (Accel Schools)		5.000		08/01/2033		08/01/2028	A		2,115,760
495,000	AZ IDA (AM&S/AM&SS/MSSA Obligated Group)		5.000		07/01/2030		07/01/2027	A		594,312
515,000	AZ IDA (AM&S/AM&SS/MSSA Obligated Group)		5.000		07/01/2031		07/01/2027	A		614,709
545,000	AZ IDA (AM&S/AM&SS/MSSA Obligated Group)		5.000		07/01/2032		07/01/2027	A		647,634
575,000	AZ IDA (AM&S/AM&SS/MSSA Obligated Group)		5.000		07/01/2033		07/01/2027	A		681,392
600,000	AZ IDA (AM&S/AM&SS/MSSA Obligated Group)		5.000		07/01/2034		07/01/2027	A		709,668
120,000	AZ IDA (Doral Academy)		4.875		07/15/2021		07/15/2021			121,135
375,000	AZ IDA (Mater Academy of Nevada)		4.750		12/15/2028		11/16/2025	A		409,088
10,000	Greater AZ Devel. Authority Infrastructure		4.375		08/01/2032		10/31/2019	A		10,019
2,035,000	Maricopa County, AZ Pollution Control (Southern California Edison Co.)		5.000		06/01/2035		06/01/2020	A		2,079,017
250,000	Phoenix, AZ IDA (Leman Academy of Excellence)		5.000		07/01/2034		07/01/2022	A		259,133
205,000	Phoenix, AZ IDA (Leman Academy of Excellence)		5.000		07/01/2039		07/01/2022	A		211,191
155,000	Phoenix, AZ IDA (Leman Academy of Excellence)		5.500		07/01/2024		03/11/2023	A		158,551
8,240,000	Pima County, AZ IDA (Arizona Charter School)		5.375		07/01/2031		07/01/2020	A		8,684,630
375,000	Pima County, AZ IDA (Excalibur Charter School)		5.000		09/01/2026		11/17/2023	B		397,211
245,000	Pima County, AZ IDA (Paideia Academies)		4.125		07/01/2029		03/07/2024	A		248,749
2,290,000	Tempe, AZ IDA (Mirabella at ASU)		4.000		10/01/2023		10/01/2020	A		2,315,259
										20,257,458

14      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Arkansas—0.2%
$75,000	AR Devel. Finance Authority (Madison Industrial Devel./ Community Living Obligated Group)		5.800%		12/01/2020		10/31/2019	A	$	75,274
2,245,000	Independence County, AR Public Health Education & Hsg. Facilities Board (White River Health System)		5.400		06/01/2023		06/01/2020	A		2,295,333
										2,370,607
California—17.2%
590,000	Atwater, CA Wastewater		5.000		05/01/2030		05/01/2027	A		732,125
700,000	Atwater, CA Wastewater		5.000		05/01/2033		05/01/2027	A		857,703
95,000	CA County Tobacco Securitization Agency (TASC)		5.000		06/01/2026		10/31/2019	A		95,031
880,000	CA County Tobacco Securitization Agency (TASC)		5.750		06/01/2029		10/31/2019	A		889,812
155,000	CA County Tobacco Securitization Agency (TASC)		5.875		06/01/2027		10/31/2019	A		155,186
2,460,000	CA County Tobacco Securitization Agency (TASC)		5.875		06/01/2043		10/31/2019	A		2,495,990
135,000	CA County Tobacco Securitization Agency (TASC)		6.000		06/01/2042		10/31/2019	A		136,354
22,500,000	CA GO1		4.000		11/01/2033		11/01/2033			26,044,875
2,360,000	CA GO		5.375		06/01/2026		12/01/2019	A		2,376,190
1,825,000	CA Golden State Tobacco Securitization Corp.		5.000		06/01/2028		06/01/2027	A		2,187,664
4,345,000	CA Golden State Tobacco Securitization Corp. (TASC)		3.500		06/01/2036		06/01/2022	A		4,425,252
145,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.000		06/01/2029		06/01/2027	A		173,020
20,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.3002		06/01/2037		06/01/2022	A		20,815,200
50,000,000	CA Health Facilities Financing Authority (El Camino Hospital)1		5.750		11/15/2031		09/30/2027	A		52,550,500
12,450,000	CA Pollution Control Financing Authority (Calplant I)		7.500		07/01/2032		06/25/2023	A		13,020,085
250,000	CA Public Financing Authority (Trinity Classical Academy)		5.000		07/01/2026		11/14/2024	B		252,797
600,000	CA Public Works (Various Community Colleges)		5.750		10/01/2030		10/01/2019	A		600,000
160,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		5.625		05/01/2029		11/01/2019	A		161,222
220,000	Carson, CA Public Financing Authority (Remediation)		6.500		10/01/2036		10/01/2019	A		220,000
2,140,000	El Centro, CA Financing Authority (El Centro Redevel.)		6.000		11/01/2021		09/05/2020	A		2,243,940
4,790,000	Fullerton, CA Public Financing Authority		5.000		09/01/2022		03/01/2020	A		4,865,874

15      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$4,785,000	Fullerton, CA Public Financing Authority		5.000%		09/01/2023		03/01/2020	A	$	4,860,603
2,750,000	Huntington Park, CA Public Financing Authority		5.000		09/01/2022		10/31/2019	A		2,758,332
225,000	Irvine, CA Unified School District		5.000		09/01/2033		09/01/2027	A		269,442
150,000	Maywood, CA Public Financing Authority		7.000		09/01/2028		10/31/2019	A		150,290
3,820,000	Montclair, CA Redevel. Agency Tax Allocation		5.300		10/01/2030		10/31/2019	A		3,824,202
3,535,000	Mountain House, CA Public Financing Authority Utility System		5.200		12/01/2032		10/31/2019	A		3,545,817
605,000	North City, CA West School Facilities Financing Authority Special Tax		5.000		09/01/2026		09/01/2022	A		665,500
10,000,000	Northern CA Energy Authority		4.0003		07/01/2049		04/01/2024	A		10,877,200
170,000	Northern, CA Inyo County Local Hospital District		6.000		12/01/2021		08/09/2020	A		174,585
240,000	Ontario, CA Improvement Bond Act 1915 Assessment District No. 108		7.500		09/02/2020		03/02/2020	A		246,437
2,000,000	Redding, CA Redevel. Agency Tax Allocation (Canby-Hilltop-Cyprus Redevel.)		5.000		09/01/2022		10/31/2019	A		2,006,280
62,566	Riverside County, CA Public Financing Authority COP (Air Force Village West)4		5.750		05/15/2019		05/15/2019			1,877
75,000	Riverside County, CA Redevel. Agency (215 Corridor Redevel.)		6.500		12/01/2021		12/16/2020	B		80,672
5,405,000	Sacramento County, CA COP (Juvenile Courthouse)		5.000		12/01/2034		10/31/2019	A		5,420,999
25,000	San Bernardino, CA Joint Powers Financing Authority		5.750		10/01/2019		10/01/2019			25,000
600,000	San Bernardino, CA Joint Powers Financing Authority		5.750		10/01/2020		10/01/2020			624,900
10,000	San Bernardino, CA Joint Powers Financing Authority		5.750		10/01/2020		10/01/2020			10,415
225,000	San Bernardino, CA Joint Powers Financing Authority		5.750		10/01/2021		10/01/2021			242,588
1,000,000	San Bernardino, CA Joint Powers Financing Authority		5.750		10/01/2021		10/01/2021			1,078,170
125,000	San Bernardino, CA Joint Powers Financing Authority		5.750		10/01/2022		10/01/2022			139,458
4,550,000	Southern CA Tobacco Securitization Authority		4.750		06/01/2025		10/15/2019	A		4,577,346
110,000	Stockton, CA Public Financing Authority (Parking & Capital Projects)		5.375		09/01/2021		10/31/2019	A		110,081
490,000	Vernon, CA Electric System		5.125		08/01/2021		10/31/2019	A		491,798

16      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
California (Continued)
$3,200,000	West Covina, CA Public Financing Authority (Big League Dreams)		5.000%		06/01/2030		10/31/2019	A	$	3,209,024
										180,689,836
Colorado—0.8%
500,000	Arista, CO Metropolitan District		4.375		12/01/2028		09/19/2025	A		535,855
4,000,000	CO Regional Transportation District (Denver Transportation Partners)		6.000		01/15/2034		07/15/2020	A		4,117,360
265,000	Denver, CO City & County Airport		6.125		11/15/2025		10/31/2019	A		276,254
310,000	Denver, CO Health & Hospital Authority (550 Acoma)		5.000		12/01/2028		12/01/2028			386,592
500,000	Denver, CO Health & Hospital Authority (550 Acoma)		5.000		12/01/2029		12/01/2028	A		621,945
350,000	Denver, CO Health & Hospital Authority (550 Acoma)		5.000		12/01/2030		12/01/2028	A		432,645
375,000	Denver, CO Health & Hospital Authority (550 Acoma)		5.000		12/01/2031		12/01/2028	A		462,649
455,000	Denver, CO Health & Hospital Authority (550 Acoma)		5.000		12/01/2032		12/01/2028	A		559,582
600,000	Frisco, CO Marina Enterprise		5.000		12/01/2036		12/01/2026	A		647,022
515,000	Thompson Crossing, CO Metropolitan District No. 4		3.500		12/01/2029		04/04/2027	A		517,467
										8,557,371
Connecticut—0.1%
525,000	Eastern CT Res Rec (Wheelabrator Lisbon)		5.500		01/01/2020		01/01/2020			533,484
District of Columbia—5.6%
50,000	District of Columbia (Howard University)		6.250		10/01/2032		04/01/2021	A		53,673
50,000	District of Columbia (Howard University)		6.250		10/01/2032		04/01/2021	A		52,280
2,915,000	District of Columbia (United Negro College Fund)		6.875		07/01/2040		07/01/2020	A		3,035,594
5,000	District of Columbia Ballpark		5.000		02/01/2031		10/31/2019	A		5,014
100,000	District of Columbia Tax Increment (Mandarin Oriental Hotel)		5.250		07/01/2022		10/31/2019	A		100,320
26,755,000	District of Columbia Tobacco Settlement Financing Corp.		6.500		05/15/2033		05/25/2022	B		30,625,913
24,435,000	District of Columbia Tobacco Settlement Financing Corp.		6.750		05/15/2040		10/31/2019	A		25,296,578
										59,169,372
Florida—4.7%
1,920,000	Amelia Concourse, FL Community Devel. District		5.250		05/01/2029		05/01/2029			2,026,406

17      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Florida (Continued)
$45,000	Broward County, FL HFA (Golden Villas)		6.750%3		10/01/2045		10/31/2019	A	$	45,128
15,000	Broward County, FL HFA (Heron Pointe Apartments)		5.650		11/01/2022		11/01/2019	A		15,034
20,000	Broward County, FL HFA (Heron Pointe Apartments)		5.700		11/01/2029		11/01/2019	A		20,068
25,000	Celebration, FL Community Devel. District		5.000		05/01/2020		11/01/2019	A		25,024
30,000	Celebration, FL Community Devel. District		5.000		05/01/2022		11/01/2019	A		30,026
45,000	Dade County, FL HFA (Golden Lakes Apartments)		5.900		11/01/2022		11/01/2019	A		45,095
550,000	Dade County, FL HFA (Golden Lakes Apartments)		5.950		11/01/2027		11/01/2019	A		551,116
380,000	Dade County, FL HFA (Golden Lakes Apartments)		6.000		11/01/2032		11/01/2019	A		380,764
770,000	Dade County, FL HFA (Golden Lakes Apartments)		6.050		11/01/2039		11/01/2019	A		771,648
90,000	Dade County, FL HFA (Siesta Pointe Apartments)		5.700		09/01/2022		10/31/2019	A		90,279
230,000	Dade County, FL HFA (Siesta Pointe Apartments)		5.750		09/01/2029		10/31/2019	A		230,759
70,000	East Homestead, FL Community Devel. District		7.250		05/01/2021		05/01/2021			72,824
600,000	Escambia County, FL Health Facilities Authority		5.950		07/01/2020		07/01/2020			620,574
500,000	FL Capital Trust Agency (Elim Senior Hsg.)		5.000		08/01/2027		04/08/2025	B		518,265
1,000,000	FL Capital Trust Agency (Elim Senior Hsg.)		5.375		08/01/2032		08/01/2027	A		1,049,740
660,000	FL Capital Trust Agency (Viera Charter School)		4.000		10/15/2029		10/03/2025	A		688,578
3,000,000	FL Devel. Finance Corp. (Virgin Trains USA Florida)		6.2503		01/01/2049		01/01/2024	C		2,797,500
3,000,000	FL Devel. Finance Corp. (Waste Pro USA)		5.000		05/01/2029		05/01/2022	A		3,314,010
1,000,000	FL HEFFA (Nova Educational Facilities)		5.000		04/01/2022		04/01/2022			1,085,240
3,470,000	FL HFC (Homeowner Mtg.)		3.650		07/01/2041		11/01/2020	A		3,607,863
3,665,000	Jacksonville, FL EDC (Met Packaging Solutions)		5.500		10/01/2030		10/31/2019	A		3,673,026
5,695,000	Jacksonville, FL EDC (Met Packaging Solutions)5		5.750		10/01/2024		10/27/2019	A		5,712,142
7,035,000	Jacksonville, FL EDC (Met Packaging Solutions)		5.875		06/01/2025		10/31/2019	A		7,056,035
3,060,000	Jacksonville, FL EDC (Met Packaging Solutions)		5.875		06/01/2031		10/31/2019	A		3,068,201

18      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Florida (Continued)
$1,300,000	Lake Helen, FL Educational Facilities (Ivy Hawn Charter School)		5.375%		07/15/2038		07/15/2028	A	$	1,379,768
1,000,000	Miami-Dade County, FL Aviation (Miami International Airport)		5.250		10/01/2023		10/01/2020	A		1,040,540
1,520,000	Orlando, FL Community Redevel. Agency (Conroy Road District)		5.000		04/01/2022		04/01/2022			1,636,356
1,095,000	Orlando, FL Community Redevel. Agency (Conroy Road District)		5.000		04/01/2023		04/01/2022	A		1,177,224
25,000	Palm Beach County, FL Health Facilities Authority (Harbours Edge)		6.000		11/15/2024		10/31/2019	A		25,086
3,000,000	Palm Beach County, FL HFA (ARLC/LVE/AT/ASCS/AMS Obligated Group)		5.000		11/15/2032		11/15/2026	A		3,534,810
1,185,000	Pembroke Harbor, FL Community Devel. District Special Assessment		7.000		05/01/2038		11/01/2019	A		1,190,866
25,000	Quincy, FL Utilities		5.000		10/01/2029		10/31/2019	A		25,067
200,823	Santa Rosa Bay, FL Bridge Authority		6.250		07/01/2028		10/31/2019	A		201,375
560,000	South Lake County, FL Hospital District (South Lake Hospital)		6.000		04/01/2029		10/15/2019	A		560,935
360,000	South-Dade, FL Venture Community Devel. District		4.250		05/01/2020		05/01/2020			364,709
761,421	Waterford Estates, FL Community Devel. District Special Assessment4,6		5.125		05/01/2013		05/01/2013			723,350
										49,355,431
Georgia—2.5%
810,000	Albany-Dougherty, GA Payroll Devel. Authority (Proctor & Gamble Company)		5.300		05/15/2026		10/31/2019	A		812,114
3,000,000	Burke County, GA Devel. Authority (Oglethorpe Power Corp.)		3.2503		11/01/2045		02/03/2025	C		3,121,290
1,400,000	DeKalb County Housing Authority		4.250		01/01/2029		04/28/2028	B		1,396,738
5,300,000	DeKalb, GA Private Hospital Authority (CHAF/EAS/EPG/CASvcs/ CSS/CHA/ECHEU/SRCMC Obligated Group)		5.250		11/15/2039		11/15/2019	A		5,324,804
1,900,000	Floyd County, GA Devel. Authority (Lavender Mountain Senior Living)		5.500		12/01/2028		12/01/2024	A		1,975,031
4,920,000	GA Environmental Loan Acquisition Corp. (Local Water Authority)		5.125		03/15/2031		08/23/2025	B		4,920,000
10,000	GA Municipal Assoc. (Atlanta Detention Center)		5.000		12/01/2023		10/31/2019	A		10,030
1,600,000	GA Private Colleges & University Authority (Mercer University)		5.250		10/01/2027		10/01/2022	A		1,755,808

19      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Georgia (Continued)
$1,280,000	Marietta, GA Devel. Authority (Life University)		5.000%		11/01/2023		11/01/2023		$	1,407,040
1,125,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		5.500		12/01/2028		12/01/2021	A		1,145,318
2,630,000	Oconee County, GA IDA (Westminster Presbyterian Homes)		5.750		12/01/2028		07/31/2026	B		2,764,419
1,245,000	Randolph County, GA GO		5.000		04/01/2022		04/13/2021	B		1,308,781
										25,941,373
Idaho—0.1%
300,000	ID Health Facilities Authority (Valley Vista Care Corp./Vista Community Hsg. Corp. Obligated Group)		4.000		11/15/2027		05/12/2024	B		305,301
185,000	ID Hsg. & Finance Assoc. (Compass Public Charter School)		4.625		07/01/2029		05/25/2026	A		200,894
130,000	Power County, ID Industrial Devel. Corp. (FMC Corp.)		6.450		08/01/2032		10/31/2019	A		130,599
										636,794
Illinois—9.9%
900,000	Aurora, IL Tax Increment (River City)		4.500		12/30/2023		01/27/2022	B		918,054
425,000	Bradley, IL (Bradley Commons)		5.000		01/01/2023		01/01/2023			451,231
455,000	Bradley, IL (Bradley Commons)		5.000		01/01/2024		01/01/2024			488,197
485,000	Bradley, IL (Bradley Commons)		5.000		01/01/2025		01/01/2025			523,916
505,000	Bradley, IL (Bradley Commons)		5.000		01/01/2026		01/01/2026			550,405
530,000	Bradley, IL (Bradley Commons)		5.000		01/01/2027		01/01/2027			581,898
1,700,000	Centerpoint, IL Intermodal Center Program		4.0003		06/15/2023		06/15/2023			1,725,483
1,085,000	Chicago, IL Board of Education, Series 1992A		6.000		01/01/2020		01/01/2020			1,094,016
18,235,000	Chicago, IL GO		5.000		01/01/2029		10/31/2019	A		18,297,728
410,000	Chicago, IL GO		5.000		01/01/2034		10/31/2019	A		411,078
70,000	Chicago, IL Multifamily Hsg. (Hearts United Apartments)		5.600		01/01/2041		10/15/2019	A		70,276
250,000	Chicago, IL O’Hare International Airport		5.250		01/01/2028		01/01/2027	A		307,395
1,500,000	Chicago, IL O’Hare International Airport		5.250		01/01/2029		01/01/2027	A		1,866,750
350,000	Chicago, IL O’Hare International Airport		5.250		01/01/2029		01/01/2027	A		429,408
3,000,000	Chicago, IL O’Hare International Airport		5.250		01/01/2030		01/01/2027	A		3,720,870
400,000	Chicago, IL O’Hare International Airport		5.250		01/01/2030		01/01/2027	A		488,188
350,000	Chicago, IL O’Hare International Airport		5.250		01/01/2031		01/01/2027	A		426,055
1,295,000	Cicero, IL GO		5.000		12/01/2023		12/01/2022	A		1,422,091

20      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Illinois (Continued)
$1,005,000	Cicero, IL GO		5.000%		12/01/2024		12/01/2022	A	$	1,101,671
725,000	Cicero, IL GO		5.000		12/01/2025		12/01/2022	A		793,955
5,000,000	Cook County, IL GO		5.000		11/15/2021		11/15/2019	A		5,021,050
980,000	East Dundee, IL Tax Increment (Route 25 South Redevel.)		5.250		12/01/2022		04/06/2021	A		987,134
23,605,000	IL Devel. Finance Authority Environmental Facilities (Citgo Petroleum Corp.)		8.000		06/01/2032		10/31/2019	A		23,739,548
1,000,000	IL Finance Authority (Benedictine University)		5.000		10/01/2030		10/01/2027	A		1,113,600
1,000,000	IL Finance Authority (Benedictine University)		5.000		10/01/2033		10/01/2027	A		1,103,990
2,000,000	IL Finance Authority (Benedictine University)		6.000		10/01/2028		10/31/2019	A		2,004,860
400,000	IL Finance Authority (Lake Forest College)		5.000		10/01/2022		04/26/2021	B		414,108
2,700,000	IL Finance Authority (MercyH/MercyHS/RMH/RHP Obligated Group)		5.000		12/01/2026		06/01/2026	A		3,213,432
1,875,000	IL Finance Authority (PHlth/Provena Senior Services Obligated Group)		6.000		05/01/2028		05/01/2020	A		1,925,456
140,000	IL Finance Authority (Roosevelt University)		5.400		04/01/2027		10/31/2019	A		140,178
425,000	IL Finance Authority (Rosalind Franklin University of Medicine & Science)		5.000		08/01/2027		08/01/2027			504,620
500,000	IL Finance Authority (Rosalind Franklin University of Medicine & Science)		5.000		08/01/2028		08/01/2027	A		593,560
325,000	IL Finance Authority (Rosalind Franklin University of Medicine & Science)		5.000		08/01/2029		08/01/2027	A		385,096
380,000	IL Finance Authority (Rosalind Franklin University of Medicine & Science)		5.000		08/01/2030		08/01/2027	A		447,845
375,000	IL Finance Authority (Rosalind Franklin University of Medicine & Science)		5.000		08/01/2031		08/01/2027	A		439,369
470,000	IL Finance Authority (Rosalind Franklin University of Medicine & Science)		5.000		08/01/2033		08/01/2027	A		546,784
5,000,000	IL GO		5.000		11/01/2022		11/01/2022			5,385,000
5,000,000	IL GO		5.000		11/01/2023		11/01/2023			5,475,100
790,000	IL Hsg. Devel. Authority (Anchor Senior Living/Greenwood Senior Living Obligated Group)		4.700		10/20/2026		10/30/2019	A		791,856
50,000	IL Medical District COP		5.125		06/01/2026		10/31/2019	A		50,067
140,000	IL Medical District COP		5.250		06/01/2032		10/31/2019	A		140,204

21      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Illinois (Continued)
$5,000,000	IL Sales Tax Securitization Corp.		5.000%		01/01/2032		01/01/2028	A	$	5,888,250
295,000	Quad Cities, IL Regional EDA (Augustana College)		5.000		10/01/2023		10/01/2022	A		322,668
275,000	Quad Cities, IL Regional EDA (Augustana College)		5.000		10/01/2024		10/01/2022	A		302,145
445,000	Quad Cities, IL Regional EDA (Augustana College)		5.000		10/01/2025		10/01/2022	A		489,456
400,000	Quad Cities, IL Regional EDA (Augustana College)		5.000		10/01/2026		10/01/2022	A		439,208
450,000	Quad Cities, IL Regional EDA (Augustana College)		5.000		10/01/2027		10/01/2022	A		493,596
270,000	Saint Clair County, IL School District No. 189 East Saint Louis		5.100		01/01/2020		10/31/2019	A		270,392
545,000	Saint Clair County, IL School District No. 189 East Saint Louis		5.100		01/01/2020		01/01/2020			545,725
1,000,000	Saint Clair County, IL School District No. 189 East Saint Louis		5.250		01/01/2021		01/01/2021			1,008,510
1,000,000	Saint Clair County, IL School District No. 189 East Saint Louis		5.375		01/01/2022		01/01/2021	A		1,009,960
1,540,000	Saint Clair County, IL School District No. 189 East Saint Louis		5.500		01/01/2023		01/01/2021	A		1,556,986
1,480,000	Yorkville, IL United City Special Services Area Special Tax		4.600		03/01/2025		08/20/2022	A		1,499,536
										103,917,954
Indiana—1.6%
400,000	Evansville, IN Multifamily Hsg. (Silver Birch Evansville)		4.800		01/01/2028		03/15/2025	B		412,748
1,000,000	Hobart, IN Building Corp.		4.650		07/15/2028		01/15/2020	A		1,008,530
500,000	IN Finance Authority (Butler University)		5.000		02/01/2022		02/01/2022			536,125
7,220,000	IN Finance Authority (Deaconess Health System)		6.0003		03/01/2029		03/01/2021	C		7,672,477
210,000	Indiana, IA Finance Authority (Irvington Community School)		5.500		07/01/2028		09/19/2024	A		223,136
1,315,000	Indianapolis, IN Multifamily Hsg. (Berkley Common)		5.750		07/01/2030		06/25/2020	D		1,355,278
4,800,000	Lake County, IN Building Corp.		5.000		02/01/2024		11/23/2021	A		4,985,088
615,000	Mishawaka, IN Multifamily Hsg. (Silver Birch Mishawaka)		5.100		01/01/2032		05/25/2026	A		639,662
										16,833,044
Iowa—0.5%
600,000	Ackley, IA Long Term Care (Presbyterian Village-Grand Jivant)		4.500		08/01/2033		08/01/2023	A		626,346
660,000	Clear Lake, IA Senior Hsg. (Timbercrest Apartments)		4.300		10/01/2028		10/01/2026	A		693,772
1,905,000	Coralville, IA GO		3.000		05/01/2020		05/01/2020			1,892,636

22      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Iowa (Continued)
$625,000	IA Finance Authority Senior Hsg. (PHS Council Bluffs)		4.450%		08/01/2028		08/01/2024	A	$	658,069
500,000	IA Finance Authority Senior Hsg. (PHS Council Bluffs)		5.000		08/01/2033		08/01/2023	A		534,280
500,000	IA Tobacco Settlement Authority (TASC)		5.6002		06/01/2034		10/31/2019	A		500,700
										4,905,803
Kansas—0.0%
420,000	Pittsburgh, KS Transportation Devel. District (N. Broadway- Pittsburgh Town Center)		4.800		04/01/2027		05/16/2024	B		368,592
Kentucky—0.6%
240,000	KY EDFA (Ashland Hospital)		6.000		02/01/2031		10/31/2019	A		240,804
515,000	KY EDFA (Ashland Hospital)		6.000		02/01/2033		10/31/2019	A		516,674
3,815,000	KY EDFA (Owensboro Health/ Owensboro Health Medical Group Obligated Group)		6.000		06/01/2030		06/01/2020	A		3,929,717
1,000,000	Owen County, KY Waterworks System (AWCC/KAWC Obligated Group)		5.625		09/01/2039		10/31/2019	A		1,003,240
920,000	Owen County, KY Waterworks System (AWCC/KAWC Obligated Group)		6.250		06/01/2039		10/31/2019	A		923,431
										6,613,866
Louisiana—2.1%
70,000	Calcasieu Parish, LA Industrial Devel. Board (Citgo Petroleum Corp.)		6.000		07/01/2023		10/31/2019	A		70,265
850,000	LA HFA (La Chateau)		6.000		09/01/2020		06/03/2020	B		845,937
360,000	LA HFA (La Chateau)		7.250		09/01/2039		07/03/2035	B		354,240
2,080,000	LA Local Government EF&CD Authority (Vermilion Parish)		4.625		11/01/2038		09/18/2027	A		2,146,893
5,650,000	LA Tobacco Settlement Financing Corp. (TASC)		5.500		05/15/2029		10/19/2019	A		5,661,639
6,490,000	LA Tobacco Settlement Financing Corp. (TASC)		5.500		05/15/2030		05/15/2020	A		6,688,464
1,000,000	New Orleans, LA Aviation Board (Parking Facilities)		5.000		10/01/2032		10/01/2028	A		1,229,280
715,000	New Orleans, LA Aviation Board (Parking Facilities)		5.000		10/01/2033		10/01/2028	A		876,425
540,000	New Orleans, LA Aviation Board (Parking Facilities)		5.000		10/01/2034		10/01/2028	A		659,335
515,000	New Orleans, LA Aviation Board (Parking Facilities)		5.000		10/01/2034		10/01/2028	A		628,810
1,115,000	New Orleans, LA Aviation Board (Parking Facilities)		5.000		10/01/2036		10/01/2028	A		1,352,038

23      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Louisiana (Continued)
$755,000	New Orleans, LA Aviation Board (Parking Facilities)		5.000%		10/01/2037		10/01/2028	A	$	911,942
475,000	New Orleans, LA Aviation Board (Parking Facilities)		5.000		10/01/2038		10/01/2028	A		573,263
										21,998,531
Maine—0.1%
500,000	ME Finance Authority (Supplemental Education Loan)		5.000		12/01/2022		12/01/2022			549,425
100,000	ME Finance Authority (Supplemental Education Loan)		5.000		12/01/2023		12/01/2023			112,632
										662,057
Maryland—0.0%
65,000	MD H&HEFA (Johns Hopkins Hospital)		5.500		07/01/2026		10/31/2019	A		65,159
Massachusetts—2.7%
200,000	Lynn, MA Hsg. Authority & Neighborhood Devel.		3.600		10/01/2023		07/02/2023	B		205,772
250,000	Lynn, MA Hsg. Authority & Neighborhood Devel.		3.750		10/01/2024		10/01/2023	A		259,470
200,000	Lynn, MA Hsg. Authority & Neighborhood Devel.		4.000		10/01/2025		10/01/2023	A		211,700
100,000	Lynn, MA Hsg. Authority & Neighborhood Devel.		4.000		10/01/2026		10/01/2023	A		105,963
150,000	Lynn, MA Hsg. Authority & Neighborhood Devel.		4.000		10/01/2027		10/01/2023	A		158,964
320,000	Lynn, MA Hsg. Authority & Neighborhood Devel.		4.250		10/01/2028		10/01/2023	A		343,033
385,000	Lynn, MA Hsg. Authority & Neighborhood Devel.		4.375		10/01/2029		10/01/2023	A		413,752
690,000	Lynn, MA Hsg. Authority & Neighborhood Devel.		4.500		10/01/2030		10/01/2023	A		743,068
1,500,000	MA Devel. Finance Agency (Linden Ponds)		5.000		11/15/2033		11/15/2025	A		1,719,555
1,470,000	MA Devel. Finance Agency (Plantation Apartments)		5.000		12/15/2024		10/15/2019	A		1,478,100
2,495,000	MA H&EFA (Milford Regional Medical Center)		5.000		07/15/2022		10/31/2019	A		2,516,856
3,245,000	MA H&EFA (Milford Regional Medical Center)		5.000		07/15/2027		10/31/2019	A		3,277,353
955,000	MA H&EFA (Milford Regional Medical Center)		5.000		07/15/2032		10/31/2019	A		964,502
2,750,000	MA H&EFA (Milford Regional Medical Center)		5.000		07/15/2037		10/31/2019	A		2,772,165
10,000,000	MA Water Resources Authority1		5.250		08/01/2030		08/01/2030			13,521,600
										28,691,853

24      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Effective Maturity*			Value
Michigan—1.3%
$2,565,000	Ecorse City, MI GO			5.800%		11/01/2026		07/11/2021	A	$	2,761,094
4,225,000	MI Finance Authority (Lawrence Technological University)			5.250		02/01/2027		03/10/2025	B		4,714,086
300,000	MI Finance Authority (Universal Learning Academy)			5.000		11/01/2023		12/07/2021	B		311,181
500,000	MI Finance Authority (Universal Learning Academy)			5.500		11/01/2028		09/21/2026	A		538,460
500,000	MI Finance Authority (Universal Learning Academy)			6.000		11/01/2032		11/01/2026	A		544,360
20,000	MI Hospital Finance Authority (McLaren Health Care Corp.)			5.000		06/01/2025		06/01/2022	A		21,832
50,000	MI Municipal Bond Authority			6.000		11/01/2023		11/01/2019	A		50,194
1,730,000	MI Strategic Fund Limited Obligation (Oakland Corridor Partners)			5.000		12/31/2032		12/31/2028	A		2,127,260
2,000,000	MI Strategic Fund Limited Obligation (Oakland Corridor Partners)			5.000		12/31/2033		12/31/2028	A		2,453,300
50,000	Negaunee, MI Sanitary Sewage Disposal System			4.800		01/01/2027		01/01/2020	A		50,417
											13,572,184
		��
Minnesota—1.8%
1,250,000	Bethel, MN Senior Hsg. & Healthcare (Benedictine Living Communities - St. Peter Communities)			5.000		12/01/2033		12/01/2027	A		1,317,563
1,155,000	Dakota County, MN Community Devel. Agency (Sanctuary at West St. Paul)			5.750		08/01/2030		11/12/2023	A		1,191,175
1,680,000	Duluth, MN Hsg. & Redevel. Authority (Public Schools Academy)			4.250		11/01/2028		09/15/2026	A		1,836,845
1,070,000	Duluth, MN Hsg. & Redevel. Authority (Public Schools Academy)			5.000		11/01/2033		11/01/2026	A		1,198,796
590,000	Minneapolis, MN Charter School (Spero Academy)			5.500		07/01/2027		04/10/2026	B		612,160
1,080,000	Minneapolis, MN Charter School (Spero Academy)			6.000		07/01/2032		07/01/2027	A		1,126,721
4,525,000	Minneapolis, MN Multifamily Hsg. (1500 Nicollet Apartments)			3.0003		05/01/2021		02/01/2020	A		4,525,724
1,685,000	Minneapolis, MN Multifamily Hsg. (Riverside Homes)			3.7503		11/01/2021		11/01/2019	A		1,685,876
250,000	Minnetonka, MN Tax Increment (Preserve at Shady Oak)			4.500		03/01/2033		03/01/2025	A		258,730
140,000	St. Paul, MN Hsg. & Redevel. Authority (Great River School)			5.250		07/01/2033		07/01/2027	A		152,426

25      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Minnesota (Continued)
$3,320,000	St. Paul, MN Hsg. & Redevel. Authority (Legends Berry Senior Apartments)		3.750%3		09/01/2021		03/01/2020	A	$	3,328,433
1,480,000	St. Paul, MN Hsg. & Redevel. Authority (Millberry Apartments)		3.7503		03/01/2021		10/19/2019	A		1,480,414
100,000	Wayzata, MN Senior Hsg. (Folkstone Senior Living Community)		5.000		08/01/2035		08/01/2024	A		111,668
										18,826,531
Mississippi—0.1%
720,000	MS Devel. Bank (George County Hospital Construction)		5.000		09/01/2030		09/01/2024	A		801,598
Missouri—1.2%
615,000	Arnold Retail Corridor Transportation Development District5		3.000		11/01/2028		11/01/2024	A		617,011
1,440,000	Branson, MO IDA (Branson Shoppes Redevel.)		4.000		11/01/2025		11/01/2025			1,508,846
750,000	Branson, MO IDA (Branson Shoppes Redevel.)		4.000		11/01/2026		11/01/2025	A		782,902
30,000	Cape Girardeau County, MO IDA (Procter & Gamble Company)		5.300		05/15/2028		10/31/2019	A		30,077
155,000	Maplewood, MO Tax (Maplewood South Redevel.)		5.200		11/01/2022		11/01/2019	A		155,011
50,000	MO Devel. Finance Board (Crackerneck Creek)		4.125		03/01/2029		10/31/2019	A		50,075
1,620,000	Northpark Lane, MO Community Improvement District		4.500		11/01/2036		11/01/2025	A		1,629,752
3,835,000	Raytown, MO Annual Appropriation-Supported Tax (Raytown Live Redevel. Plan)		5.125		12/01/2031		10/21/2019	A		3,840,446
1,325,000	Saint Charles County, MO IDA(Suemandy/Mid-Rivers Community Improvement District)		4.250		10/01/2034		10/01/2025	A		1,351,010
1,165,000	St. Louis, MO Airport(Lambert-St. Louis International Airport)		5.000		07/01/2021		07/01/2021			1,236,077
1,000,000	Western Gateway, MO Transportation Devel. District(I-470)		4.500		12/01/2029		05/10/2025	A		1,041,270
										12,242,477
Montana—0.0%
275,000	Crow, MT Finance Authority (Tribal)		5.700		10/01/2027		10/28/2019	A		275,305

26      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Nebraska—1.1%
$10,000,000	NE Central Plains Gas Energy		5.000%3		03/01/2050		10/01/2023	A	$	11,186,700
Nevada—0.1%
230,000	Clark County, NV Improvement District (Summerlin South Area)		5.000		02/01/2020		02/01/2020			231,541
390,000	Clark County, NV Improvement District (Summerlin South Area)		5.000		02/01/2021		02/01/2021			399,415
360,000	Las Vegas, NV Special Improvement District No. 607		5.000		06/01/2022		06/01/2022			383,047
335,000	Las Vegas, NV Special Improvement District No. 607		5.000		06/01/2023		06/01/2023			362,587
140,000	Las Vegas, NV Special Improvement District No. 607		5.000		06/01/2024		06/01/2024			153,432
										1,530,022
New Hampshire—0.9%
8,010,000	NH H&EFA (Hillside Village)		4.125		07/01/2024		10/31/2019	A		8,022,816
1,585,000	NH H&EFA (Hillside Village)		5.250		07/01/2027		09/12/2024	B		1,645,737
										9,668,553
New Jersey—3.4%
180,000	Garden State Preservation Trust, NJ Open Space & Farmland Preservation		5.750		11/01/2028		12/13/2026	B		229,367
210,000	NJ EDA (Friends of Teaneck Community Charter School)		4.250		09/01/2027		10/02/2025	B		226,115
215,000	NJ EDA (Golden Door Charter School)		5.125		11/01/2029		11/18/2026	A		231,729
395,000	NJ EDA (Hatikvah International Academy Charter School)		5.000		07/01/2027		08/21/2025	B		427,355
1,820,000	NJ EDA (Marion P Thomas Charter School)		4.750		10/01/2028		02/23/2025	B		1,922,284
580,000	NJ EDA (Newark Downtown District Management Corp.)		5.125		06/15/2037		04/23/2030	B		697,201
325,000	NJ EDA (University Heights Charter School)		4.700		09/01/2028		02/23/2026	B		330,616
12,670,000	NJ Tobacco Settlement Financing Corp.		3.200		06/01/2027		02/19/2022	B		12,958,749
4,850,000	NJ Transportation Trust Fund Authority		3.7267		12/15/2028		12/15/2028			3,875,150
845,000	NJ Transportation Trust Fund Authority		5.000		06/15/2030		06/15/2026	A		992,867
2,680,000	NJ Transportation Trust Fund Authority		5.000		06/15/2031		06/15/2026	A		3,138,146
10,000,000	NJ Turnpike Authority1		4.000		01/01/2035		01/01/2035			10,854,260
										35,883,839

27      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
New Mexico—0.2%
$2,000,000	Farmington, NM Pollution Control (Public Service Company of New Mexico)		5.900%		06/01/2040		06/01/2020	A	$	2,058,720
New York—7.3%
530,000	Buffalo & Erie County, NY Industrial Land Devel. (Medaille College)		5.000		10/01/2028		01/16/2025	B		579,316
2,445,000	Buffalo & Erie County, NY Industrial Land Devel. (Medaille College)		5.000		10/01/2038		10/01/2028	A		2,692,263
890,925	Johnson City, NY GO		4.000		10/03/2019		10/03/2019			891,023
285,000	NY Counties Tobacco Trust II (TASC)		5.625		06/01/2035		10/31/2019	A		286,134
425,000	NY Counties Tobacco Trust III (TASC)		6.000		06/01/2043		10/15/2019	A		425,790
1,850,000	NY Counties Tobacco Trust VI		5.625		06/01/2035		07/11/2025	B		2,005,826
4,145,000	NY Counties Tobacco Trust VI		6.000		06/01/2043		03/20/2029	B		4,616,038
11,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2036		07/15/2036			13,416,040
3,985,003	Port Authority NY/NJ (JFK International Air Terminal)		5.750		12/01/2022		08/16/2020	A		4,176,841
5,055,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750		12/01/2025		10/31/2019	A		5,262,508
40,000,000	Port Authority NY/NJ (JFK International Air Terminal)		6.500		12/01/2028		10/31/2019	A		41,898,400
										76,250,179
North Carolina—0.5%
85,000	NC Medical Care Commission (Scotland Memorial Hospital)		5.500		10/01/2019		10/01/2019			85,000
4,775,000	NC Medical Care Commission Retirement Facilities (Salemtowne)		4.000		10/01/2025		10/01/2020	A		4,818,739
										4,903,739
Ohio—4.8%
2,755,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.125		06/01/2024		10/15/2019	A		2,755,028
2,500,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.875		06/01/2030		10/15/2019	A		2,505,975
250,000	Cleveland, OH Airport (Continental Airlines)		5.375		09/15/2027		10/31/2019	A		250,730
1,000,000	Cleveland-Cuyahoga County, OH Port Authority		6.000		11/15/2035		11/15/2020	A		1,049,900
600,000	Cleveland-Cuyahoga County, OH Port Authority (Euclid Avenue Devel. Corp.)		5.000		08/01/2029		08/01/2024	A		685,578

28      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Ohio (Continued)
$1,000,000	Gallia County, OH Hospital Facilities (Holzer/HHlthS/HMCG/ HMCJ Obligated Group)		8.000%		07/01/2042		06/13/2022	A	$	1,130,420
1,500,000	Lorain County, OH Port Authority (Kendal at Oberlin)		5.000		11/15/2030		11/15/2023	A		1,672,980
205,000	Lucas, OH Metropolitan Hsg. Authority		5.250		09/01/2022		09/01/2021	A		225,219
260,000	Lucas, OH Metropolitan Hsg. Authority		5.250		09/01/2023		09/01/2021	A		285,121
275,000	Lucas, OH Metropolitan Hsg. Authority		5.250		09/01/2024		09/01/2021	A		301,018
290,000	Lucas, OH Metropolitan Hsg. Authority		5.250		09/01/2025		09/01/2021	A		316,564
305,000	Lucas, OH Metropolitan Hsg. Authority		5.250		09/01/2026		09/01/2021	A		332,023
320,000	Lucas, OH Metropolitan Hsg. Authority		5.250		09/01/2027		09/01/2021	A		347,651
17,400,000	OH Air Quality Devel. Authority (First Energy Generation)4		5.625		06/01/2018		06/01/2018			18,618,000
15,000	OH HFA		5.250		09/01/2030		10/31/2019	A		15,027
8,675,000	OH Higher Educational Facility Commission (Cleveland Clinic Health System)1		4.000		01/01/2036		01/01/2036			9,840,031
4,185,000	OH Hospital (Aultman Health Foundation)		5.000		12/01/2023		12/01/2023			4,505,989
870,000	OH River South Authority (Lazarus Building Redevel.)		5.750		12/01/2027		10/31/2019	A		872,323
835,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.300		02/15/2024		04/03/2022	B		829,907
1,950,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.400		02/15/2034		02/27/2030	B		1,921,062
935,000	Summit County, OH Port Authority (University of Akron Student Hsg.)		5.250		01/01/2024		01/01/2021	A		980,282
435,000	Summit County, OH Port Authority (University of Akron Student Hsg.)		5.250		01/01/2024		01/01/2021	A		453,888
380,000	Youngstown, OH Metropolitan Hsg. Authority		3.000		12/15/2020		12/15/2019	A		380,266
100,000	Youngstown, OH Metropolitan Hsg. Authority		3.200		06/15/2023		12/15/2019	A		100,116
210,000	Youngstown, OH Metropolitan Hsg. Authority		4.000		12/15/2024		12/15/2019	A		210,573
										50,585,671
Oklahoma—0.0%
485,000	Oklahoma County, OK HFA (Single Family Mtg.)		6.600		10/01/2035		10/31/2019	A		486,668

29      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Oregon—0.0%
$125,000	Local OR Capital Assets		4.600%		06/01/2031		10/15/2019	A	$	125,170
20,000	OR GO (Elderly & Disabled Hsg.)		5.650		08/01/2026		10/31/2019	A		20,055
										145,225
Other Territory—0.4%
1,278,301	Public Hsg. Capital Fund Multi- State Revenue Trust I		4.500		07/01/2022		02/23/2021	B		1,290,982
387,167	Public Hsg. Capital Fund Multi- State Revenue Trust II		4.500		07/01/2022		02/26/2021	B		392,727
2,464,293	Public Hsg. Capital Fund Multi- State Revenue Trust III		5.000		07/01/2022		05/24/2020	A		2,475,333
										4,159,042
Pennsylvania—3.2%
725,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)		5.600		07/01/2023		02/04/2022	B		720,585
1,345,000	Allentown, PA Neighborhood Improvement Zone		5.000		05/01/2022		05/13/2021	B		1,432,667
2,750,000	Allentown, PA Neighborhood Improvement Zone		5.000		05/01/2027		06/06/2025	B		3,205,510
275,000	Chester County, PA IDA (Woodlands at Graystone)		4.375		03/01/2028		10/17/2025	B		287,551
1,000,000	Delaware Valley, PA Regional Financial Authority		5.700		07/01/2027		07/01/2027			1,274,110
630,000	Franklin County, PA IDA (Menno-Haven)		5.000		12/01/2028		12/01/2025	A		713,834
910,000	Franklin County, PA IDA (Menno-Haven)		5.000		12/01/2030		12/01/2025	A		1,023,386
1,950,000	Lancaster County, PA Hospital Authority (Maravian Manors)		2.875		12/15/2023		12/15/2019	A		1,951,228
5,000,000	Luzerne County, PA GO		5.000		11/15/2029		11/15/2025	A		5,893,800
2,840,000	Luzerne County, PA GO		6.750		11/01/2023		11/01/2019	A		2,851,559
5,000,000	Luzerne County, PA IDA (Pennsylvania-American Water Company)		5.500		12/01/2039		12/01/2019	A		5,035,150
350,140	Northampton County, PA IDA (Northampton Generating)6,8,9		5.000		12/31/2023		12/31/2023			87,535
84,657	Northampton County, PA IDA (Northampton Generating)6,8,9		5.000		12/31/2023		12/31/2023			21,164
2,000,000	PA EDFA (Carbonlite)		5.250		06/01/2026		04/09/2024	B		2,081,440
640,000	PA HEFA (Pennsylvania State System of Higher Education)		5.000		06/15/2034		10/31/2019	A		641,715
785,000	PA HEFA (Ursinus College)		5.000		01/01/2025		01/01/2022	A		833,513
890,000	Philadelphia, PA Airport, Series A		5.250		06/15/2030		06/15/2020	A		912,651
1,735,000	Philadelphia, PA Authority for Industrial Devel. (La Salle University)		5.000		05/01/2027		05/01/2027			2,024,589

30      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Pennsylvania (Continued)
$1,810,000	Philadelphia, PA Authority for Industrial Devel. (La Salle University)		5.000%		05/01/2028		11/01/2027	A	$	2,121,845
										33,113,832
Rhode Island—0.0%
195,000	Pawtucket, RI Hsg. Authority		5.500		09/01/2028		09/01/2020	A		207,281
75,000	Providence, RI Public Building Authority, Series A		5.375		12/15/2021		10/31/2019	A		75,246
80,000	RI Hsg. & Mtg. Finance Corp. (Homeownership Opportunity)		6.500		04/01/2027		10/31/2019	A		80,271
										362,798
South Carolina—0.4%
1,583,387	SC Connector 2000 Assoc. Toll Road, Series B		2.6247		01/01/2021		01/01/2021			1,466,390
673,035	SC Connector 2000 Assoc. Toll Road, Series B		3.4187		01/01/2026		01/01/2026			456,755
2,000,000	SCJobs-EDA (GreenBond-AAC East)		7.000		05/01/2026		01/10/2024	B		2,021,880
										3,945,025
Tennessee—0.6%
545,000	Nashville, TN Metropolitan Development & Hsg. Agency (Fifth & Broadway Devel. District)		4.500		06/01/2028		12/12/2025	B		592,181
5,000,000	TN Energy Acquisition Gas Corp.		4.0003		11/01/2049		08/01/2025	A		5,535,150
										6,127,331
Texas—3.9%
470,000	Argyle, TX Special Assessment (Highlands Argyle Public Improvement District No. 1)		4.250		09/01/2027		05/23/2024	B		478,498
605,000	Arlington, TX Higher Education Finance Corp. (UMEP)		4.550		08/15/2028		12/08/2025	A		644,488
1,000,000	Arlington, TX Higher Education Finance Corp. (Winfree Academy Charter School)		5.150		08/15/2029		07/12/2026	B		1,093,030
400,000	Arlington, TX Higher Education Finance Corp. (Winfree Academy Charter School)		5.500		08/15/2023		03/06/2022	B		407,236
1,075,000	Dallas, TX GO		5.000		02/15/2030		02/15/2025	A		1,263,641
585,000	Edinburg, TX Economic Devel. Corp.		4.000		08/15/2029		06/25/2027	A		603,076
500,000	Fort Worth, TX Independent School District		5.000		02/15/2030		02/15/2020	A		506,710
340,000	Gulf Coast, TX IDA Solid Waste (Citgo Petroleum Corp.)		8.000		04/01/2028		10/31/2019	A		341,931

31      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Texas (Continued)
$5,380,000	Harris County, TX HFDC (St. Luke’s Episcopal Hospital)		6.750%		02/15/2021		10/31/2019	A	$	5,403,349
50,000	Houston, TX Airport System		5.000		07/01/2032		10/31/2019	A		50,179
5,000	Houston, TX Airport System		5.125		07/01/2032		10/31/2019	A		5,018
1,750,000	Houston, TX Airport System (United Airlines)		5.000		07/15/2028		07/15/2028			2,101,347
265,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)		5.875		05/15/2021		11/18/2020	B		277,055
5,000,000	Mission, TX EDC (Natgasoline)		4.625		10/01/2031		10/01/2021	A		5,432,200
200,000	Newark, TX Higher Education Finance Corp. (Austin Achieve Public Schools)		4.250		06/15/2028		04/22/2022	A		206,068
150,000	Newark, TX Higher Education Finance Corp. (Austin Achieve Public Schools)		5.000		06/15/2033		06/15/2022	A		156,219
110,000	San Antonio, TX Airport System (Passenger Facility)		4.625		07/01/2030		10/31/2019	A		110,171
3,700,000	Temple, TX Tax Increment		5.000		08/01/2028		11/19/2024	A		4,160,909
4,030,000	Texas City, TX Industrial Devel. Corp. (ARCO Pipe Line Co.)		7.375		10/01/2020		10/01/2020			4,262,249
690,000	TX Dept. of Hsg. & Community Affairs (Skyway Villas)		5.450		12/01/2022		10/31/2019	A		691,139
10,235,000	TX Municipal Gas Acquisition & Supply Corp.		6.250		12/15/2026		12/10/2023	B		11,944,859
375,000	TX Private Activity (NTE Mobility Partners)		7.500		12/31/2031		12/31/2019	A		381,176
50,000	Ysleta, TX Independent School District		5.375		11/15/2024		11/15/2019	A		50,238
										40,570,786
Utah—0.2%
200,000	UT Charter School Finance Authority (Freedom Academy Foundation)		4.500		06/15/2027		01/30/2025	B		210,356
500,000	UT Charter School Finance Authority (Merit Preparatory Academy)		4.500		06/15/2029		06/15/2024	A		510,485
1,270,000	UT Charter School Finance Authority (Merit Preparatory Academy)		5.000		06/15/2034		06/15/2024	A		1,303,058
										2,023,899
Vermont—0.6%
1,820,000	VT Educational & Health Buildings Financing Agency (St. Michaels College)		5.000		10/01/2020		10/01/2020			1,876,565

32      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
Vermont (Continued)
$2,020,000	VT Educational & Health Buildings Financing Agency (St. Michaels College)		5.000%		10/01/2021		10/01/2021		$	2,143,483
1,025,000	VT Educational & Health Buildings Financing Agency (St. Michaels College)		5.000		10/01/2022		10/01/2022			1,116,194
1,000,000	VT Educational & Health Buildings Financing Agency (St. Michaels College)		5.000		10/01/2023		10/01/2022	A		1,087,070
										6,223,312
Virginia—0.9%
3,200,000	Norfolk, VA Redevel. & Hsg. Authority (Fort Norfolk Retirement Community-Harbors Edge)		4.000		01/01/2025		10/10/2019	A		3,201,056
5,750,000	Suffolk, VA Redevel. & Hsg. Authority (Henrico-Richmond)		5.000		08/01/2036		08/01/2019	A		5,750,000
310,000	VA Small Business Financing Authority (Covanta Holding Corp.)		5.0003		01/01/2048		07/01/2023	A		330,897
170,000	Watkins Centre, VA Community Devel. Authority		5.400		03/01/2020		10/31/2019	A		170,281
										9,452,234
Washington—0.3%
160,000	Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments)		5.600		03/01/2028		10/31/2019	A		160,161
10,000	King County, WA Hsg. Authority (Rural Preservation)		5.750		01/01/2028		01/01/2020	A		10,040
2,265,000	WA Hsg. Finance Commission (Lutheran Retirement Home of Greater Seattle)		3.125		07/01/2023		10/31/2019	A		2,265,997
400,000	WA Kalispel Tribe Indians Priority District		5.000		01/01/2032		09/09/2027	A		448,728
100,000	WA Kalispel Tribe Indians Priority District		5.000		01/01/2032		09/16/2027	A		112,182
										2,997,108
West Virginia—1.0%
5,025,000	County of Ohio WV Special District Excise Tax Revenue		4.250		03/01/2035		03/01/2023	A		5,444,336
190,000	Monongalia County, WV Building Commission (Monongalia Health System)		4.000		07/01/2035		07/01/2025	A		198,331
360,000	Monongalia County, WV Building Commission (Monongalia Health System)		5.000		07/01/2025		07/01/2025			410,335
460,000	Monongalia County, WV Building Commission (Monongalia Health System)		5.000		07/01/2026		07/01/2025	A		521,447

33      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
West Virginia (Continued)
$560,000	Monongalia County, WV Building Commission (Monongalia Health System)		5.000%		07/01/2027		07/01/2025	A	$	631,271
700,000	Monongalia County, WV Special District Excise Tax (University Town Center)		4.500		06/01/2027		07/28/2024	B		743,554
2,575,000	WV EDA (Morgantown Associates)		2.875		12/15/2026		07/11/2023	B		2,603,377
										10,552,651
Wisconsin—2.2%
705,000	Lomira Village, WI Community Devel. Authority		3.650		10/01/2028		10/01/2023	A		736,133
175,000	Lomira Village, WI Community Devel. Authority		3.750		10/01/2029		10/01/2023	A		182,768
150,000	WI H&EFA (Beloit College)		5.250		06/01/2025		06/01/2020	A		153,881
1,000,000	WI H&EFA (Clement Manor)		4.250		08/01/2034		08/30/2032	B		994,510
12,000,000	WI Public Finance Authority (American Dream at Meadowlands Project)		6.250		08/01/2027		08/01/2027			13,721,040
390,000	WI Public Finance Authority (Community School of Davidson)		5.000		10/01/2033		12/02/2027	A		426,313
325,000	WI Public Finance Authority (North Carolina Leadership Academy)		4.000		06/15/2029		12/30/2024	A		340,161
65,000	WI Public Finance Authority (North Carolina Leadership Academy)		5.750		06/15/2021		09/13/2020	B		65,330
1,825,000	WI Public Finance Authority Educational Facility (Wingate University)		5.250		10/01/2029		10/01/2028	A		2,219,857
1,925,000	WI Public Finance Authority Educational Facility (Wingate University)		5.250		10/01/2030		10/01/2028	A		2,325,419
1,030,000	WI Public Finance Authority Educational Facility (Wingate University)		5.250		10/01/2031		10/01/2028	A		1,237,143
720,000	WI Public Finance Authority Educational Facility (Wingate University)		5.250		10/01/2032		10/01/2028	A		860,717
										23,263,272
U.S. Possessions—14.7%
1,000,000	Puerto Rico Aqueduct & Sewer Authority, AGC		5.000		07/01/2025		10/31/2019	A		1,028,330
6,680,000	Puerto Rico Children’s Trust Fund (TASC)		5.375		05/15/2033		10/31/2019	A		6,789,151
6,095,000	Puerto Rico Children’s Trust Fund (TASC)		5.500		05/15/2039		10/31/2019	A		6,211,110
145,000	Puerto Rico Children’s Trust Fund (TASC)		5.625		05/15/2043		10/31/2019	A		147,762

34      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
U.S. Possessions (Continued)
$100,000	Puerto Rico Commonwealth GO, AGC		5.000%		07/01/2023		10/31/2019	A	$	102,654
15,580,000	Puerto Rico Commonwealth GO4		5.125		07/01/2024		07/01/2024			11,548,675
105,000	Puerto Rico Commonwealth GO4		5.250		07/01/2017		07/01/2017			75,206
655,000	Puerto Rico Commonwealth GO, NPFGC		5.250		07/01/2021		10/31/2019	A		663,725
515,000	Puerto Rico Commonwealth GO, AGC		5.250		07/01/2024		07/01/2021	A		542,671
5,250,000	Puerto Rico Commonwealth GO4		5.500		07/01/2026		07/01/2026			3,451,875
140,000	Puerto Rico Commonwealth GO4		5.500		07/01/2026		07/01/2026			92,050
2,160,000	Puerto Rico Commonwealth GO4		5.500		07/01/2027		07/01/2027			1,420,200
12,765,000	Puerto Rico Commonwealth GO4		6.000		07/01/2029		07/01/2029			9,350,362
300,000	Puerto Rico Commonwealth GO, AGC		6.000		07/01/2033		10/31/2019	A		313,371
80,000	Puerto Rico Convention Center Authority, AGC		5.000		07/01/2027		10/31/2019	A		82,195
1,199,460	Puerto Rico Electric Power Authority, SeriesA-44		10.000		07/01/2019		07/01/2019			1,021,040
5,685,000	Puerto Rico Electric Power Authority, Series AAA4		5.250		07/01/2028		07/01/2028			4,562,213
1,199,459	Puerto Rico Electric Power Authority, SeriesB-44		10.000		07/01/2019		07/01/2019			1,021,039
6,565,000	Puerto Rico Electric Power Authority, Series CCC4		5.250		07/01/2026		07/01/2026			5,268,412
40,000	Puerto Rico Electric Power Authority, Series DDD, AGC		5.000		07/01/2023		07/01/2020	A		40,809
899,595	Puerto Rico Electric Power Authority, SeriesE-14		10.000		01/01/2021		01/01/2021			800,640
899,595	Puerto Rico Electric Power Authority, SeriesE-24		10.000		07/01/2021		07/01/2021			800,640
299,864	Puerto Rico Electric Power Authority, SeriesE-24		10.000		01/01/2022		01/01/2022			266,879
299,865	Puerto Rico Electric Power Authority, SeriesE-44		10.000		07/01/2022		07/01/2022			266,880
1,000,000	Puerto Rico Electric Power Authority, Series PP, NPFGC		5.000		07/01/2023		10/31/2019	A		1,017,340
550,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000		07/01/2022		10/31/2019	A		558,134
100,000	Puerto Rico Electric Power Authority, Series RR, SGI		5.000		07/01/2025		10/31/2019	A		100,096
155,000	Puerto Rico Electric Power Authority, Series RR, AGC		5.000		07/01/2026		10/31/2019	A		159,272
790,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000		07/01/2020		10/31/2019	A		795,633
2,000,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000		07/01/2021		10/31/2019	A		2,024,520
1,000,000	Puerto Rico Electric Power Authority, Series SS, NPFGC		5.000		07/01/2023		10/31/2019	A		1,017,340

35      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
U.S. Possessions (Continued)
$1,380,000	Puerto Rico Electric Power Authority, Series TT4		5.000%		07/01/2017		07/01/2017		$	1,074,675
165,000	Puerto Rico Electric Power Authority, Series TT, NPFGC		5.000		07/01/2026		10/31/2019	A		168,845
10,000	Puerto Rico Electric Power Authority, Series UU, AGC		5.000		07/01/2023		10/31/2019	A		10,265
1,435,000	Puerto Rico Electric Power Authority, Series UU, AGC		5.000		07/01/2026		10/31/2019	A		1,474,549
1,705,000	Puerto Rico Electric Power Authority, Series VV, NPFGC		5.250		07/01/2025		07/01/2025			1,832,022
250,000	Puerto Rico Electric Power Authority, Series XX4		5.250		07/01/2027		07/01/2027			200,625
6,280,000	Puerto Rico Electric Power Authority, Series ZZ4		5.000		07/01/2017		07/01/2017			4,890,550
1,180,000	Puerto Rico Electric Power Authority, Series ZZ4		5.250		07/01/2025		07/01/2025			946,950
475,000	Puerto Rico Highway & Transportation Authority, NPFGC		5.000		07/01/2029		10/31/2019	A		486,272
230,000	Puerto Rico Highway & Transportation Authority, AGC		5.250		07/01/2022		07/01/2022			244,791
105,000	Puerto Rico Highway & Transportation Authority, AGC		5.500		07/01/2020		07/01/2020			107,550
530,000	Puerto Rico Highway & Transportation Authority, AGC		5.500		07/01/2023		07/01/2023			576,603
15,000	Puerto Rico Highway & Transportation Authority, NPFGC		5.500		07/01/2029		07/01/2029			16,646
530,000	Puerto Rico Highway & Transportation Authority, FGIC10		5.750		07/01/2021		07/01/2021			462,425
1,045,000	Puerto Rico Highway & Transportation Authority, Series N4		5.500		07/01/2021		07/01/2021			429,756
2,465,000	Puerto Rico Infrastructure (Mepsi Campus)4		6.250		10/01/2024		06/12/2022	B		499,162
3,310,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625		06/01/2026		10/31/2019	A		3,396,888
450,000	Puerto Rico ITEMECF (International American University)		5.000		10/01/2021		10/01/2021			464,603
50,000	Puerto Rico Municipal Finance Agency, Series A, AGC		5.000		08/01/2020		10/31/2019	A		50,660
50,000	Puerto Rico Municipal Finance Agency, Series A, AGC		5.000		08/01/2022		10/31/2019	A		51,294
1,605,000	Puerto Rico Municipal Finance Agency, Series A, AGC		5.000		08/01/2027		10/31/2019	A		1,649,041
305,000	Puerto Rico Municipal Finance Agency, Series A, AGC		5.000		08/01/2030		10/31/2019	A		312,710
145,000	Puerto Rico Municipal Finance Agency, Series A, AGC		5.250		08/01/2020		10/31/2019	A		147,265
265,000	Puerto Rico Municipal Finance Agency, Series A, AGC		5.250		08/01/2021		10/31/2019	A		270,128

36      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
U.S. Possessions (Continued)
$30,000	Puerto Rico Municipal Finance Agency, Series B, AGC		5.250%		07/01/2021		07/01/2021		$	31,401
40,000	Puerto Rico Municipal Finance Agency, Series C, AGC		5.250		08/01/2022		08/01/2022			42,648
50,000	Puerto Rico Public Buildings Authority, AGC		5.250		07/01/2025		07/01/2025			55,135
760,000	Puerto Rico Public Buildings Authority4		5.250		07/01/2027		10/17/2026	B		656,450
54,141	Puerto Rico Public Buildings Authority, FGIC10		5.500		07/01/2016		07/01/2016			48,727
135,000	Puerto Rico Public Buildings Authority4		5.500		07/01/2023		07/01/2023			113,737
1,335,181	Puerto Rico Public Buildings Authority4		5.750		07/01/2016		07/01/2016			1,164,945
500,000	Puerto Rico Public Buildings Authority4		6.125		07/01/2023		07/01/2023			439,375
5,345,000	Puerto Rico Public Buildings Authority4		6.250		07/01/2022		07/01/2022			4,777,094
2,905,000	Puerto Rico Public Buildings Authority4		6.250		07/01/2026		07/01/2026			2,560,031
190,000	Puerto Rico Public Buildings Authority, AMBAC		10.000 3		07/01/2035		10/31/2019	A		201,852
37,400,000	Puerto Rico Public Finance Corp., Series A4		6.500		08/01/2028		12/12/2027	B		2,262,326
54,770,000	Puerto Rico Public Finance Corp., Series B4		5.500		08/01/2031		07/17/2029	B		3,313,037
10,675,000	Puerto Rico Public Finance Corp., Series B4		6.000		08/01/2024		08/01/2024			645,731
17,475,000	Puerto Rico Public Finance Corp., Series B4		6.000		08/01/2025		08/01/2025			1,057,063
6,495,000	Puerto Rico Public Finance Corp., Series B4		6.000		08/01/2026		08/01/2026			392,883
3,146,000	Puerto Rico Sales Tax Financing Corp., Series A		4.6957		07/01/2031		01/10/2031	B		2,168,443
6,719,000	Puerto Rico Sales Tax Financing Corp., Series A		4.8397		07/01/2033		12/21/2032	B		4,238,144
539,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		3.9737		07/01/2024		07/09/2023	B		471,021
1,027,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.2597		07/01/2027		08/15/2026	B		818,570
7,162,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.500		07/01/2034		07/01/2025	A		7,668,640
538,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.550		07/01/2040		07/01/2028	A		556,055
1,003,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.5607		07/01/2029		01/12/2029	B		745,650
3,953,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		4.750		07/01/2053		07/01/2028	A		4,111,120

37      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

Principal Amount		Coupon		Maturity		Effective Maturity*			Value
U.S. Possessions (Continued)
$9,996,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.000%		07/01/2058		07/01/2028	A	$	10,562,973
13,831,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.8947		07/01/2046		12/21/2042	A		3,684,993
11,268,000	Puerto Rico Sales Tax Financing Corp., SeriesA-1		5.9517		07/01/2051		07/01/2028	A		2,198,274
5,475,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.329		07/01/2040		07/01/2028	A		5,570,703
163,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.536		07/01/2053		07/01/2028	A		166,668
2,196,000	Puerto Rico Sales Tax Financing Corp., SeriesA-2		4.784		07/01/2058		07/01/2028	A		2,284,038
1,000,000	University of Puerto Rico		5.000		06/01/2020		10/31/2019	A		1,002,500
5,000,000	University of Puerto Rico		5.000		06/01/2025		06/01/2025			4,987,500
2,535,000	University of Puerto Rico, Series P		5.000		06/01/2023		10/31/2019	A		2,535,000
1,790,000	University of Puerto Rico, Series Q		5.000		06/01/2022		10/31/2019	A		1,792,238
										154,629,464
Total Municipal Bonds and Notes (Cost $1,180,980,569)										1,083,985,522
Shares
Common Stock—0.0%
6,757	Resolute Forest Products11(Cost $80,903)									31,758
Total Investments, at Value (Cost $1,181,061,472)—103.3%										1,084,017,280
Floating Rate Note Obligations—(6.5)
Notes with interest and fee rates ranging from 1.58% to 1.73% at 9/30/2019 and contractual maturities of collateral ranging from 08/01/2027 to 07/15/2036.12										(68,630,000	)
Net Other Assets (Liabilities)—3.2										34,062,951
Net Assets—100.0%									$	1,049,450,231

Footnotes to Statement of Investments

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

A.Option 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.

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

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

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

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

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

5.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.

38      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Footnotes to Statement of Investments (Continued)

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

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

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

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

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

11.Received as a result of a corporate action.

12.Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at September 30, 2019. At September 30, 2019, the Fund’s investments with a value of $126,227,306 are held by TOB Trusts and serve as collateral for the $68,630,000 in the floating rate note obligations outstanding at that date.

To simplify the listings of securities, abbreviations are used per the table below:
AAC	Auto Aerated Concrete
AGC	Assured Guaranty Corp.
AMBAC	AMBAC Indemnity Corp.
AMS	ACTS Management Services, Inc.
AM&S	Academies of Math & Science
AM&SS	Academies of Math & Science South
ARLC	ACTS Retirement-Life Communities, Inc.
ASCS	ACTS Signature Community Services, Inc.
ASU	Arizona State University
AT	Azalea Trace, Inc.
AWCC	American Water Capital Corp.
CASvcs	Children’s Anesthesia Services
CHA	Children’s Healthcare of Atlanta
CHAF	Children’s Healthcare of Atlanta Foundation
COP	Certificates of Participation
CSS	Children’s Sedation Services
EAS	Egleston Affiliated Services
ECHEU	Egleston Children’s Hospital at Emory University
EDA	Economic Devel. Authority
EDC	Economic Devel. Corp.
EDFA	Economic Devel. Finance Authority
EF&CD	Environmental Facilities and Community Devel.
EPG	Egleston Pediatric Group
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
H&EFA	Health and Educational Facilities Authority
H&HEFA	Hospitals and Higher Education Facilities Authority
HEFA	Higher Education Facilities Authority
HEFFA	Higher Educational Facilities Finance Authority
HFA	Housing Finance Agency
HFC	Housing Finance Corp.
HFDC	Health Facilities Devel. Corp.
HHlthS	Holzer Health Systems
HMCG	Holzer Medical Center-Gallipolis

39      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

SCHEDULE OF INVESTMENTSContinued

To simplify the listings of securities, abbreviations are used per the table below: (Continued)
HMCJ	Holzer Medical Center-Jackson
IDA	Industrial Devel. Agency
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK	John Fitzgerald Kennedy
KAWC	Kentucky American Water Company
LVE	Lanier Village Estates, Inc.
MercyH	Mercy Health
MercyHS	Mercy Health Systems
MSSA	Math & Science Success Academy
NPFGC	National Public Finance Guarantee Corp.
NTE	North Tarrant Express
NY/NJ	New York/New Jersey
NYC	New York City
PHlth	Presence Health
PHS	Pinnacle Health System
Res Rec	Resource Recovery Facility
RHP	Rockford Health Physicians
RMH	Rockford Memorial Hospital
SGI	Syncora Guarantee, Inc.
SRCMC	Scottish Rite Children’s Medical Center
TASC	Tobacco Settlement Asset-Backed Bonds
UMEP	UME Preparatory Academy
See accompanying Notes to Financial Statements.

40      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIESSeptember 30, 2019

Assets
Investments, at value (cost $1,181,061,472)—see accompanying schedule of investments	$	1,084,017,280
Cash		19,717,135
Receivables and other assets:
Interest		14,958,283
Investments sold		965,000
Shares of beneficial interest sold		697,604
Other		360,565
Total assets		1,120,715,867
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued		68,630,000
Investments purchased		615,000
Dividends		587,458
Shares of beneficial interest redeemed		463,627
Distribution and service plan fees		307,407
Transfer and shareholder servicing agent fees		200,362
Trustees’ compensation		103,394
Shareholder communications		58,000
Advisory fees		12,009
Administration fees		141
Other		288,238
Total liabilities		71,265,636
Net Assets	$	1,049,450,231
Composition of Net Assets
Shares of beneficial interest	$	1,397,961,047
Total accumulated loss		(348,510,816	)
Net Assets	$	1,049,450,231

41      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIESContinued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $672,924,371 and 144,530,179 shares of beneficial interest outstanding)	$4.66
Maximum offering price per share (net asset value plus sales charge of 2.50% of offering price)	$4.78
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $195,262,730 and 42,174,168 shares of beneficial interest outstanding)	$4.63
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $181,242,864 and 38,935,581 shares of beneficial interest outstanding)	$4.65
Class R5 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $10,132 and 2,174 shares of beneficial interest outstanding)	$4.66
Class R6 Shares:
Net asset value, redemption price and offering price per share (based on net assets of $10,134 and 2,174 shares of beneficial interest outstanding)	$4.66

See accompanying Notes to Financial Statements.

42      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

STATEMENT OF

OPERATIONSFor Year Ended September 30, 2019

Investment Income
Interest	$	46,534,436
Dividends		10,136
Total investment income		46,544,572
Expenses
Advisory fees		4,399,003
Administration fees		51,559
Distribution and service plan fees:
Class A		1,529,512
Class C		2,707,668
Transfer and shareholder servicing agent fees:
Class A		581,359
Class C		257,332
Class Y		152,666
Class R5		3
Class R6		1
Shareholder communications:
Class A		42,912
Class C		15,641
Class Y		10,994
Interest expense and fees on short-term floating rate notes issued		1,474,108
Borrowing fees		1,121,986
Interest expense on borrowings		496,734
Trustees’ compensation		17,888
Custodian fees and expenses		9,953
Other		373,779
Total expenses		13,243,098
Less waivers and reimbursement of expenses		(2	)
Net expenses		13,243,096
Net Investment Income		33,301,476
Realized and Unrealized Gain (Loss)
Net realized loss on investment transactions		(30,342,413	)
Net change in unrealized appreciation/(depreciation) on investment transactions		79,544,611
Net Increase in Net Assets Resulting from Operations	$	82,503,674

See accompanying Notes to Financial Statements.

43      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended September 30, 2019			Year Ended September 30, 2018
Operations
Net investment income	$	33,301,476		$	35,933,595
Net realized gain (loss)		(30,342,413	)		(113,702,674	)
Net change in unrealized appreciation/(depreciation)		79,544,611			156,613,949
Net increase in net assets resulting from operations		82,503,674			78,844,870
Dividends and/or Distributions to Shareholders1
Distributions to shareholders from distributable earnings:
Class A		(19,517,064	)		(22,867,971	)
Class B		—			(29,000	)
Class C		(6,533,539	)		(9,282,868	)
Class Y		(5,543,432	)		(5,793,725	)
Class R5		(120	)		—
Class R6		(121	)		—
Total distributions from distributable earnings		(31,594,276	)		(37,973,564	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		19,993,035			(187,099,116	)
Class B		—			(2,831,651	)
Class C		(125,484,707	)		(120,687,147	)
Class Y		26,455,109			(74,468,991	)
Class R5		10,000			—
Class R6		10,000			—
Total beneficial interest transactions		(79,016,563	)		(385,086,905	)
Net Assets
Total decrease		(28,107,165	)		(344,215,599	)
Beginning of period		1,077,557,396			1,421,772,995
End of period	$	1,049,450,231		$	1,077,557,396

1. Securities Exchange Commission eliminated the requirement to disclose the distribution components separately, except for tax return of capital. For the year ended September 30, 2018, distributions to shareholders from distributable earnings consisted of distributions from net investment income.

See accompanying Notes to Financial Statements.

44      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	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	$4.43		$4.23		$4.57		$4.51		$4.78
Income (loss) from investment operations:
Net investment income2	0.15		0.14		0.15		0.17		0.18
Net realized and unrealized gain (loss)	0.22		0.21		(0.32)		0.07		(0.26)
Total from investment operations	0.37		0.35		(0.17)		0.24		(0.08)
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.14)		(0.15)		(0.17)		(0.18)		(0.19)
Net asset value, end of period	$4.66		$4.43		$4.23		$4.57		$4.51
Total Return, at Net Asset Value3	8.55%		8.47%		(3.86)%		5.35%		(1.63)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$672,924		$623,324		$785,651		$1,054,193		$1,321,554
Average net assets (in thousands)	$619,375		$646,107		$927,434		$1,168,904		$1,681,042
Ratios to average net assets:4
Net investment income	3.32%		3.37%		3.49%		3.86%		3.80%
Expenses excluding specific expenses listed below	0.81%		0.87%		0.81%		0.84%		0.77%
Interest and fees from borrowings	0.15%		0.19%		0.13%		0.13%		0.14%
Interest and fees on short-term floating rate notes issued5	0.14%		0.15%		0.03%		0.03%		0.01%
Total expenses	1.10%		1.21%		0.97%		1.00%		0.92%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.10%		1.21%		0.95%		1.00%		0.92%
Portfolio turnover rate6	20%		19%		26%		10%		16%

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

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

See accompanying Notes to Financial Statements.

45      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

Class C	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		$4.41		$4.20		$4.54		$4.49		$4.75
Income (loss) from investment operations:
Net investment income2		0.12		0.11		0.12		0.14		0.14
Net realized and unrealized gain (loss)		0.21		0.22		(0.33)		0.05		(0.24)
Total from investment operations		0.33		0.33		(0.21)		0.19		(0.10)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.11)		(0.12)		(0.13)		(0.14)		(0.16)
Net asset value, end of period		$4.63		$4.41		$4.20		$4.54		$4.49
Total Return, at Net Asset Value3		7.55%		7.96%		(4.61)%		4.36%		(2.30)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$195,263		$307,510		$416,490		$588,919		$707,252
Average net assets (in thousands)		$270,438		$330,295		$511,787		$640,614		$845,068
Ratios to average net assets:4
Net investment income		2.57%		2.61%		2.75%		3.10%		3.04%
Expenses excluding specific expenses listed below		1.56%		1.63%		1.56%		1.60%		1.52%
Interest and fees from borrowings		0.15%		0.19%		0.13%		0.13%		0.14%
Interest and fees on short-term floating rate notes issued5		0.14%		0.15%		0.03%		0.03%		0.01%
Total expenses		1.85%		1.97%		1.72%		1.76%		1.67%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.85%		1.97%		1.70%		1.76%		1.67%
Portfolio turnover rate6		20%		19%		26%		10%		16%

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

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

See accompanying Notes to Financial Statements.

46      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Class Y	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		$4.43		$4.23		$4.57		$4.51		$4.78
Income (loss) from investment operations:
Net investment income2		0.16		0.15		0.16		0.19		0.19
Net realized and unrealized gain (loss)		0.21		0.21		(0.32)		0.06		(0.26)
Total from investment operations		0.37		0.36		(0.16)		0.25		(0.07)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.15)		(0.16)		(0.18)		(0.19)		(0.20)
Net asset value, end of period		$4.65		$4.43		$4.23		$4.57		$4.51
Total Return, at Net Asset Value3		8.58%		8.73%		(3.62)%		5.61%		(1.38)%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$181,243		$146,723		$216,735		$235,050		$314,830
Average net assets (in thousands)		$163,266		$152,754		$244,752		$258,865		$494,061
Ratios to average net assets:4
Net investment income		3.57%		3.61%		3.68%		4.11%		4.12%
Expenses excluding specific expenses listed below		0.56%		0.62%		0.56%		0.59%		0.52%
Interest and fees from borrowings		0.15%		0.19%		0.13%		0.13%		0.14%
Interest and fees on short-term floating rate notes issued5		0.14%		0.15%		0.03%		0.03%		0.01%
Total expenses		0.85%		0.96%		0.72%		0.75%		0.67%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.85%		0.96%		0.70%		0.75%		0.67%
Portfolio turnover rate6		20%		19%		26%		10%		16%

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

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

See accompanying Notes to Financial Statements.

47      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTSContinued

Class R5	Period Ended September 30, 20191
Per Share Operating Data
Net asset value, beginning of period		$4.60
Income (loss) from investment operations:
Net investment income2		0.06
Net realized and unrealized gain		0.05
Total from investment operations		0.11
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.05)
Net asset value, end of period		$4.66
Total Return, at Net Asset Value3		2.46%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10
Average net assets (in thousands)		$10
Ratios to average net assets:4
Net investment income		3.62%
Expenses excluding specific expenses listed below		0.53%
Interest and fees from borrowings		0.15%
Interest and fees on short-term floating rate notes issued5		0.14%
Total expenses		0.82%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%
Portfolio turnover rate6		20%

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

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

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

See accompanying Notes to Financial Statements.

48      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Class R6	Period Ended September 30, 20191
Per Share Operating Data
Net asset value, beginning of period		$4.60
Income (loss) from investment operations:
Net investment income2		0.06
Net realized and unrealized gain		0.05
Total from investment operations		0.11
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.05)
Net asset value, end of period		$4.66
Total Return, at Net Asset Value3		2.46%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10
Average net assets (in thousands)		$10
Ratios to average net assets:4
Net investment income		3.67%
Expenses excluding specific expenses listed below		0.49%
Interest and fees from borrowings		0.15%
Interest and fees on short-term floating rate notes issued5		0.14%
Total expenses		0.78%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.75%
Portfolio turnover rate6		20%

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

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

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

See accompanying Notes to Financial Statements.

49      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSSeptember 30, 2019

Note 1 - Significant Accounting Policies

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

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

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

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

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with afront-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value.

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

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

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

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

50      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

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

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

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

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

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

    Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment transactions reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are

51      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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

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

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

D.  Distributions -Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting 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 provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended September 30, 2019, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

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

52      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3,4		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$28,263,652		$—		$259,954,640		$116,129,204

1. At period end, the Fund had $259,954,640 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

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

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

4.During the reporting period, $9,284,227 of unused capital loss carryforward expired.

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

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

Reduction toPaid-in Capital	Reduction to Accumulated Net Investment Loss
$9,284,227		$9,284,227

The tax character of distributions paid during the reporting periods:

	Year Ended September 30, 2019		Year Ended September 30, 2018
Distributions paid from:
Exempt-interest dividends	$	31,144,244	$	37,704,600
Ordinary income		450,032		268,964
Total	$	31,594,276	$	37,973,564

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

53      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

Total federal tax cost of securities	$	1,130,865,1991
Gross unrealized appreciation	$	50,174,667
Gross unrealized depreciation		(166,303,871)
Net unrealized depreciation	$	(116,129,204)

1.The Federal tax cost of securities does not include cost of $69,281,285, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note in Note 1J.

F. Expenses -Fees provided for under the Rule12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets.Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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

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

J. Floating Rate Note Obligations -The Fund invests in inverse floating rate securities,

54      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

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

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

55      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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

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

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

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

    TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily

56      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

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

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

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

Note 2 - Advisory Fees and Other Fees Paid to Affiliates

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

Fee Schedule*
First to $100 million	0.500%
Next $150 million	0.450
Next $250 million	0.425
Next $4.5 billion	0.400
Next $5 billion	0.390
Over $10 billion	0.370

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

For the yearended September 30, 2019, the effective advisory fees incurred by the Fund was 0.42%.

    From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $2,875,178in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

    Under the terms of a mastersub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separatesub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the “AffiliatedSub-Advisers”) the Adviser, not the Fund, will pay 40% of the

57      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

fees paid to the Adviser to any such AffiliatedSub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to suchSub-Adviser(s). Invesco has also entered into aSub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

Effective on the Reorganization Date, the Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) ofClass A, Class C, Class Y, Class R5 and Class R6 shares to 0.81%, 1.56%, 0.56%, 0.51% and 0.46%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary ornon-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2021, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees 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 yearended September 30, 2019, the Adviser reimbursed fund expenses of $1 and $1for Class R5, 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 yearended September 30, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements wherebyCitibank, N.A. serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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

58      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for theClass A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C(collectively the “Plan”). The Fund, pursuant to the Class A Plan, reimbursed IDI in an amount up to an annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the yearended September 30, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund.Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During theyear ended September 30, 2019, IDI advised the Fund that IDI retained $5,532 infront-end sales commissions from the sale of Class A shares and $149 and $576 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders. From the beginning of the fiscal year to the date of the Reorganization, OppenheimerFunds Distributor, Inc. retained $13,482 in front–end sales commissions from the sale of Class A shares and $1,546 and $1,011 from Class A and Class C shares, respectively, for CDSC imposed on redemption by shareholders.

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

Note 3 - Additional Valuation Information

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

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

59      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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

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

The following is a summary of the tiered valuation input levels, as of September 30, 2019. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Alabama		$                            —		$            16,578,772		$                            —		$            16,578,772
Arizona		—		20,257,458		—		20,257,458
Arkansas		—		2,370,607		—		2,370,607
California		—		180,689,836		—		180,689,836
Colorado		—		8,557,371		—		8,557,371
Connecticut		—		533,484		—		533,484
District of Columbia		—		59,169,372		—		59,169,372
Florida		—		48,632,081		723,350		49,355,431
Georgia		—		25,941,373		—		25,941,373
Idaho		—		636,794		—		636,794
Illinois		—		103,917,954		—		103,917,954
Indiana		—		16,833,044		—		16,833,044
Iowa		—		4,905,803		—		4,905,803
Kansas		—		368,592		—		368,592
Kentucky		—		6,613,866		—		6,613,866
Louisiana		—		21,998,531		—		21,998,531
Maine		—		662,057		—		662,057
Maryland		—		65,159		—		65,159
Massachusetts		—		28,691,853		—		28,691,853
Michigan		—		13,572,184		—		13,572,184
Minnesota		—		18,826,531		—		18,826,531
Mississippi		—		801,598		—		801,598
Missouri		—		12,242,477		—		12,242,477
Montana		—		275,305		—		275,305
Nebraska		—		11,186,700		—		11,186,700

60      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Municipal Bonds and Notes (Continued)
Nevada	$	—	$	1,530,022	$	—	$	1,530,022
New Hampshire		—		9,668,553		—		9,668,553
New Jersey		—		35,883,839		—		35,883,839
New Mexico		—		2,058,720		—		2,058,720
New York		—		76,250,179		—		76,250,179
North Carolina		—		4,903,739		—		4,903,739
Ohio		—		50,585,671		—		50,585,671
Oklahoma		—		486,668		—		486,668
Oregon		—		145,225		—		145,225
Other Territory		—		4,159,042		—		4,159,042
Pennsylvania		—		33,005,133		108,699		33,113,832
Rhode Island		—		362,798		—		362,798
South Carolina		—		3,945,025		—		3,945,025
Tennessee		—		6,127,331		—		6,127,331
Texas		—		40,570,786		—		40,570,786
Utah		—		2,023,899		—		2,023,899
Vermont		—		6,223,312		—		6,223,312
Virginia		—		9,452,234		—		9,452,234
Washington		—		2,997,108		—		2,997,108
West Virginia		—		10,552,651		—		10,552,651
Wisconsin		—		23,263,272		—		23,263,272
U.S. Possessions		—		154,629,464		—		154,629,464
Common Stock		31,758		—		—		31,758
Total Assets	$	31,758	$	1,083,153,473	$	832,049	$	1,084,017,280

Note 4 - Trustee and Officer Fees and Benefits

Certain Trustees have executed a Deferred Compensation Agreement pursuant to which they have the option to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustees under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Invesco and/or Invesco Oppenheimer funds selected by the 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 will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Note 5 - Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account

61      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

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

Note 6 - Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during theyearended September 30, 2019 was $224,577,888 and $310,756,922, respectively.

Note 7 - Share Information

Transactions in shares of beneficial interest were as follows:

	Year Ended September 30, 20191						Year Ended September 30, 2018
	Shares			Amount			Shares			Amount
Class A
Sold		30,940,366		$	141,567,955			11,491,118		$	48,117,063
Dividends and/or distributions reinvested		3,669,554			16,631,922			4,673,205			19,570,704
Redeemed		(30,638,004	)		(138,206,842	)		(61,516,906	)		(254,786,883	)
Net increase (decrease)		3,971,916		$	19,993,035			(45,352,583	)	$	(187,099,116	)
Class B
Sold		—		$	—			106		$	520
Dividends and/or distributions reinvested		—			—			7,009			28,663
Redeemed2		—			—			(693,227	)		(2,860,834	)
Net increase (decrease)		—		$	—			(686,112	)	$	(2,831,651	)
Class C
Sold		3,637,170		$	16,258,208			4,705,408		$	19,288,877
Dividends and/or distributions reinvested		1,281,200			5,759,571			1,974,379			8,216,239
Redeemed		(32,468,777	)		(147,502,486	)		(36,030,225	)		(148,192,263	)
Net increase (decrease)		(27,550,407	)	$	(125,484,707	)		(29,350,438	)	$	(120,687,147	)
Class Y
Sold		17,181,026		$	77,647,702			15,017,256		$	62,302,128
Dividends and/or distributions reinvested		1,069,247			4,853,168			1,165,821			4,882,670
Redeemed		(12,406,457	)		(56,045,761	)		(34,386,113	)		(141,653,789	)
Net increase (decrease)		5,843,816		$	26,455,109			(18,203,036	)	$	(74,468,991	)

62      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

	Year Ended September 30, 20191				Year Ended September 30, 2018
	Shares		Amount		Shares		Amount
Class R53
Sold		2,174	$	10,000		—	$	—
Dividends and/or distributions reinvested		—		—		—		—
Redeemed		—		—		—		—
Net increase (decrease)		2,174	$	10,000		—	$	—
Class R63
Sold		2,174	$	10,000		—	$	—
Dividends and/or distributions reinvested		—		—		—		—
Redeemed		—		—		—		—
Net increase (decrease)		2,174	$	10,000		—	$	—

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 51% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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

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

Note 8 - Borrowings

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

    The Acquired Fund had entered into a Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enabled the Fund to participate with certain other Funds in a committed secured borrowing facility that permitted borrowing up to $2.5 billion, collectively, by certain Funds. This revolving credit agreement was secured by the assets of the Fund and terminated on May 24, 2019. In connection with this agreement, for the period October 1, 2018 to May 24, 2019, the Fund incurred fees of $1,083,117. The average daily balance borrowings under this agreement was $26,732,203 with a weighted average interest rate of 2.54%.

    On May 24, 2019, the Fund entered into a $2.5 billion Revolving Credit and Security Agreement with conduit lenders and Citibank N.A. which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds. This revolving agreement is secured by the assets of the Fund. In connection with this agreement, for the period May 24, 2019 to September 30, 2019, the Fund incurred fees of $290,942. The average daily balance of borrowings under this agreement is $5,828,682 with a weighted average interest rate of 2.39%. Expenses under the credit agreement are shown in the Statement of Operations as Interest expense on borrowings.

    At September 30, 2019 the Fund had no borrowings outstanding under this agreement.

63      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTSContinued

    Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended September 30, 2019 were $71,926,000 and 2.05%, respectively.

Note 9 - Reverse Repurchase Agreements

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

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

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

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

64      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of AIM Counselor Series Trust (Invesco Counselor Series Trust) and Shareholders of Invesco Oppenheimer Rochester Short Duration High Yield Municipal Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Oppenheimer Rochester Short Duration High Yield Municipal Fund (one of the funds constituting AIM Counselor Series Trust (Invesco Counselor Series Trust), referred to hereafter as the “Fund”) as of September 30, 2019, the related statement of operations and the statement of changes in net assets for the year ended September 30, 2019, including the related notes, and the financial highlights for each of the periods ended September 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2019, the results of its operations and changes in its net assets for the year ended September 30, 2019 and the financial highlights for each of the periods ended September 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Oppenheimer Rochester Short Duration High Yield Municipal Fund (formerly known as Oppenheimer Rochester Short Duration High Yield Municipal Fund) as of and for the year ended September 30, 2018 and the financial highlights for each of the periods ended on or prior to September 30, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated November 21, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating

65      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

November 27, 2019

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

66      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

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

67      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION

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

    None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 98.58% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

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

68      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTS

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

The Board’s Evaluation Process

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

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

69      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTSContinued

    The discussion below serves as a summary of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement andsub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of December 14, 2018 and March 26, 2019 for thesub-advisory contract with OppenheimerFunds, Inc.

    Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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

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

70      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

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

B. Fund Investment Performance

    The Board noted that the Fund would continue the historical performance information of the Acquired Fund following the consummation of the OFI Transaction. The Board considered the performance of the Acquired Fund and the fact that, at the closing of the OFI Transaction, management anticipates that the Fund will be managed pursuant to substantially similar investment strategies and by substantially the same portfolio management team as managed the Acquired Fund. The Board did not view Fund performance as a relevant factor in considering whether to approve thesub-advisory contracts for the Fund, as no Affiliated Sub- Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2017 to the performance of funds in the Morningstar performance universe and against the Fund’s benchmark index. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.

    C. Advisory andSub-Advisory Fees and Fund Expenses

    The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Morningstar expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for at least two years from the closing date of the OFI Transaction in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

    The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.

    D. Economies of Scale and Breakpoints

    The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board also considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the

71      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

APPROVAL OF INVESTMENT ADVISORY ANDSUB-ADVISORY CONTRACTSContinued

Fund’s expense ratio as it grows in size. The Board noted that the Fund will share directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.

    E. Profitability and Financial Resources

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

    F. Collateral Benefits to Invesco Advisers and its Affiliates

    The Board considered various other benefits to be received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees to be received for providing administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services to other Invesco Funds and the organizational structure employed to provide these services. The Board also considered that these services will be provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund will not execute brokerage transactions through “soft dollar” arrangements to any significant degree.    

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered that Invesco Advisers will receive advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers will receive from the affiliated money market funds

72      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees to be received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable..

73      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTS

Go paperless with eDelivery

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

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

● Fund reports and prospectuses

● Quarterly statements

● Daily confirmations

● Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact

Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

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

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

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

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

74      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

SHAREHOLDER PROXY

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

(1) Approval of an Agreement and Plan of Reorganization that provides for the reorganization of Oppenheimer Rochester^® Short Duration High Yield Municipal Fund into Invesco Oppenheimer Rochester^® Short Duration High Yield Municipal Fund.

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

Matter	Votes For		Votes       Against		Votes       Abstain		Broker         Non-Votes
(1) Approval of an Agreement and Plan of Reorganization		97,594,770		3,826,349		25,268,305		0

75      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERS

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

Name, Year of Birth and  Position(s) Held with the Trust	Trustee   and/or   Officer   Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS
Martin L. Flanagan1— 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business	229	None
		Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President,Co-Chief Executive Officer,Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)
Philip A. Taylor2— 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds	229	None
		Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser);
1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.
2 Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser.

76      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

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

77      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERSContinued

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

78      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Name, Year of Birth and  Position(s) Held with the Trust	Trustee   and/or   Officer   Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES
Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	229	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	229	Board member of the Illinois Manufacturers’ Association
Beth Ann Brown – 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	229	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non-profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance(non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch(non-profit); and member of the U.S. House of Representatives	229	None

79      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERSContinued

Name, Year of Birth and  Position(s) Held with the Trust	Trustee   and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex   Overseen by Trustee	Other Directorship(s) Held by Trustee During Past��5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	229	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	229	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds	229	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

80      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

Name, Year of Birth and  Position(s) Held with the Trust	Trustee   and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	229	Blue Hills Bank; Chairman of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	229	None
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley (non-profit cultural organization). Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	229	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	229	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital;	229	Federal Reserve Bank of Dallas

81      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERSContinued

Name, Year of Birth and  Position(s) Held with the Trust	Trustee   and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Ann Barnett Stern (Continued)		Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	229	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	229	None
Daniel S. Vandivort –1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	229	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	229	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement(non-profit)
Christopher L. Wilson – 1957 Trustee, Vice Chair and Chair Designate	2017	Retired Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	229	ISO New England, Inc.(non-profit organization managing regional electricity market)

82      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

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

83      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERSContinued

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

84      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

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

85      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERSContinued

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

86      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

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

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TRUSTEES AND OFFICERSContinued

Name, Year of Birth and Position(s) Held with the Trust	Trustee   and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds     in Fund Complex     Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)
Crissie M. Wisdom (Continued)		Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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

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

88      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

INVESCO’S PRIVACY NOTICE

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

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

89      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

INVESCO’S PRIVACY NOTICEContinued

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

We also use the information you provide to further develop and improve our products and services. We aggregate and/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.

90      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD 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:

91      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD 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.

92      INVESCO OPPENHEIMER ROCHESTER SHORT DURATION HIGH YIELD MUNICIPAL FUND

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Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Invesco Distributors, Inc.	O-ROSDHYM-AR-1             11272019

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Raymond Stickel, Jr., Robert C. Troccoli and James Vaughn. David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Raymond Stickel, Jr., Robert C. Troccoli and James Vaughn are “independent” within the meaning of that term as used in FormN-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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 a PwC Senior Associate, a PwC Manager and a PwC Director each held financial interests in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule2-01(c)(1) of RegulationS-X. PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments (or with respect to the PwC Senior Associate and one PwC Manager. was not aware until after the investments were confirmed as SEC exceptions), the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliate of the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates (or with respect to the PwC Senior Associate, the services were performed by an individual who did not have decision-making responsibilities for matters that materially affected the audit and were reviewed by team members at least two levels higher than the PwC Senior Associate), and the investments were not material to the net worth of each individual or their respective immediate family members which 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.

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

Prior to the consummation of the Acquisition and the Reorganizations on May 24, 2019, PwC completed an independence assessment to evaluate the services and relationships with OFI and its affiliates, which

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

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

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

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

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

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

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

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

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

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

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

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

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

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC billed the series of the Registrant with a fiscal year end of September 30, 2019 (each a “Fund”) aggregate fees for services rendered to these Funds as shown in the following table. Each Fund is newly organized and was created, respectively, for the purpose of acquiring the assets and liabilities of a corresponding predecessor fund (each, a “Reorganization”). Each Reorganization was consummated after the close of business on May 24, 2019, prior to which each Fund had not yet commenced operations. Accordingly, the information shown in the following table has been provided for the periods since each Fund’s commencement of operations. The Audit Committeepre-approved all audit andnon-audit services provided to the Funds.

	Fees Billed for Services Rendered to the Registrant for fiscal year end 2019
Audit Fees		$	48,540
Audit-Related Fees		$	0
Tax Fees(1)		$	5,740
All Other Fees		$	0
Total Fees		$	54,280

(g) PwC billed the Registrant aggregatenon-audit fees of $5,740 for the fiscal year ended September 30, 2019

(1) Tax Fees for the fiscal year ended September 30, 2019 include fees billed for reviewing tax returns and/or services related to tax compliance.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), each Fund’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to each Fund (“Invesco Affiliates”) aggregate fees forpre-approvednon-audit services rendered to Invesco and Invesco Affiliates for the periods since each Fund’s commencement of operations as shown in the following table. The Audit Committeepre-approved allnon-audit services provided to Invesco and Invesco Affiliates.

	Fees Billed for Non-Audit Services Rendered to Invesco and  Affiliates for fiscal year end 2019 That Were Required to bePre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)		$	690,000
Tax Fees		$	0
All Other Fees		$	0
Total Fees		$	690,000

(1) Audit-Related Fees for the fiscal year ended September 30, 2019 include fees billed related to reviewing controls at a service organization.

(e)(2) There were no amounts that werepre-approved by the Audit Committee pursuant to the de minimis exception under Rule2-01 of RegulationS-X.

(f) Not applicable.

(g) Including the fees for services not required to bepre-approved by the registrant’s audit committee, PwC billed Invesco and Invesco Affiliates aggregatenon-audit fees of $3,984,000 for the fiscal year ended September 30, 2019 fornon-audit services rendered to Invesco and Invesco Affiliates.

PwC provided audit services to the Investment Company complex of approximately $34 million.

(h) The Audit Committee also has considered whether the provision ofnon-audit services that were rendered to Invesco and Invesco Affiliates that were not required to bepre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

(e)(1)

PRE-APPROVAL OF AUDIT ANDNON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

I. Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to thepre-approval of audit andnon-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit andnon-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule2-01 of RegulationS-X requires that the Audit Committee alsopre-approve a Service Affiliate’s engagement of the Auditor fornon-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee maypre-approve audit andnon-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both generalpre-approvals without consideration of specificcase-by-case services (“general pre-approvals”) and pre-approvals on acase-by-case basis (“specific pre-approvals”). Any services requiringpre-approval that are not within the scope of generalpre-approvals hereunder are subject to specificpre-approval. These Procedures also address the delegation by the Audit Committee ofpre-approval authority to the Audit Committee Chair or Vice Chair.

II. Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specificpre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specificallypre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III. General and SpecificPre-Approval ofNon-Audit Fund Services

The Audit Committee will consider, at least annually, the list of GeneralPre-ApprovedNon-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of GeneralPre-ApprovedNon-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of GeneralPre-ApprovedNon-Audit Services have not received generalpre-approval and require specificpre-approval. Each request for specificpre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee)and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable toclosed-end funds managed by Invesco and listed on NYSE.

whether topre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV. Non-Audit Service Types

The Audit Committee may provide either general or specificpre-approval of audit-related, tax or other services, each as described in more detail below.

a. Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

b. Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specificpre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee orfee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

c. Other Services

The Audit Committee maypre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor.Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules.Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

V. Pre-Approval of Service Affiliate’s Covered Engagements

Rule2-01 of RegulationS-X requires that the Audit Committeepre-approve a Service Affiliate’s engagement of the Auditor fornon-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specificpre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of GeneralPre-ApprovedNon-Audit Services have not received generalpre-approval and require specificpre-approval.

Each request for specificpre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee)and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of thepre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule2-201 of RegulationS-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requirespre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor fornon-audit services, whether or not subject topre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.

VI. Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit andnon-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under generalpre-approval or specificpre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximumpre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specificpre-approval by the Audit Committee before payment of any additional fees is made.

VII. Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, topre-approve audit andnon-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider andpre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee mustpre-approve: (a) anynon-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII. Compliance with Procedures

Notwithstanding anything herein to the contrary, failure topre-approve any services or engagements that are not required to bepre-approved pursuant to the de minimis exception provided for in Rule2-01(c)(7)(i)(C) of RegulationS-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements arepre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to bepre-approved pursuant to the de minimis exception provided for in Rule2-01(c)(7)(i)(C) of RegulationS-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of allnon-audit services provided to any entity in the investment company complex (as defined in section2-01(f)(14) of RegulationS-X, including the Funds and Service Affiliates) that were notpre-approved, including the nature of services provided and the associated fees.

IX. Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee.Non-material amendments to these Procedures may be made by the Legal and

Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the followingnon-audit services:

● Management functions;

● Human resources;

● Broker-dealer, investment adviser, or investment banking services;

● Legal services;

● Expert services unrelated to the audit;

● Any service or product provided for a contingent fee or a commission;

● Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

● Tax services for persons in financial reporting oversight roles at the Fund; and

● Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the followingnon-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

● Bookkeeping or other services related to the accounting records or financial statements of the audit client;

● Financial information systems design and implementation;

● Appraisal or valuation services, fairness opinions, orcontribution-in-kind reports;

● Actuarial services; and

● Internal audit outsourcing services.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of November 22, 2019, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of November 22, 2019, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on FormN-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

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

SIGNATURES

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

Registrant:    AIM Counselor Series Trust (Invesco Counselor Series Trust)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	December 5, 2019

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

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	December 5, 2019

By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	December 5, 2019