AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS) (Form: N-CSR, Received: 10/04/2019 15:55:08)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05686

AIM Investment Securities Funds (Invesco Investment Securities Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: 07/31/19

Item 1. Reports to Stockholders.


		Annual Report		7/31/2019

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

		*Prior to the close of business on May 24, 2019, the Fund’s name was Oppenheimer Government Cash Reserves. See Important Update on the following page for more information.

Important Update

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it had entered into an agreement whereby Invesco Ltd., a global investment management company would acquire OppenheimerFunds and its subsidiaries (together, “OppenheimerFunds”). After the close of business on May 24, 2019 Invesco Ltd. completed the acquisition of OppenheimerFunds. This Fund was included in that acquisition and as of that date, became part of the Invesco family of funds. Please visit invesco.com for more information or call Invesco’s Client Services team at 800-959-4246.

Table of Contents


Fund Performance Discussion			4

Portfolio Allocation and Performance			6

Fund Expenses			8

Schedule of Investments			10

Statement of Assets and Liabilities			13

Statement of Operations			15

Statements of Changes in Net Assets			16

Financial Highlights			17

Notes to Financial Statements			22

Report of Independent Registered Public Accounting Firm			32

Independent Registered Public Accounting Firm			33

Federal Income Tax Information			34

Approval of Investment Advisory and Sub-Advisory Contracts			35

Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments			39

Shareholder Proxy			40

Trustees and Officers			41

Invesco’s Privacy Notice			55

3 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

Fund Performance Discussion

Throughout the reporting period, the Fund continued to offer very strong liquidity and a stable $1.00 net asset value (NAV). At its June meeting, the Federal Open Market Committee (FOMC) voted to lift the Federal Funds Rate, to a range of 1.75% to 2.00%, completing its seventh hike in this cycle. The Fund continued to benefit from these rate hikes, with ongoing reinvestment at higher rates. With the added expectation for further hikes this year, we believe the Fund’s yield forecast remains optimistic.

MARKET OVERVIEW

Throughout the reporting period, the Treasury Market has significantly rallied, especially during the second quarter of 2019. Additionally, falling US interest rates have driven valuations as the 2-year Treasury yield fell to 1.75%. We have observed that the market has priced in multiple rate cuts, which we believe will drive down dividend yields for government money market funds. At quarter end, the yield curve was nearly completely inverted with short-term yields at the 2.50% upper target of the federal funds rate. This is a very different picture than what was expected 1 year ago, when the market was pricing in rate hikes, not cuts.

Though decelerating global growth pushed interest rates lower, which boosted valuations, credit investors clamored for yield and showed less concern about rising risk factors. The yield spread between US investment grade credit and comparable duration US Treasuries narrowed, with the segment significantly outperforming for the quarter. Technical conditions in the corporate sector benefited from slightly less new issuance

compared to the second quarter of last year. Nevertheless, bourgeoning demand for corporate credit caused yield spreads to tighten.

In July, Congress signed a bill to temporarily suspend the statutory debt limit through July 31, 2021. We anticipate a significant increase in Treasury Bill supply, which we believe will cause overnight repurchase agreement rates to steepen.

Growth forecasts have been downgraded and are largely at market expectations. Trade uncertainty has waned but still looms. We expect that US growth will be about 2%, supported by consumers but slowing due to the industrial sector. In Europe, where growth is forecast at 1.2%, we do not anticipate global trade to return, but the domestic economy is steady. We expect that China’s growth should be in the low to mid-6% range as its central bank is expected to combat growth concerns with fiscal spending. Current data and accommodative central bank policies suggest only modest growth deterioration.

4 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

Tariffs add noise to US inflation data making it more difficult for the Federal Reserve to determine persistent inflation trends. However, we expect the underlying trend to remain benign. We expect Europe’s core inflation to rise to about 1.3% and headline inflation (including food and energy) to decline to 1.4% due to lower oil prices, with a demand pick-up necessary for a structural shift in inflation to occur. We expect China’s inflation to be about 2.5%, above the 2.2% consensus forecast due to food price pressures. Overall, excluding tariffs, we believe inflationary pressures will remain range bound, but there could be “noise” in the data.

FUND REVIEW

The Fund’s weighted average maturity throughout the reporting period remained in a range of 35-45 days. Supply continues to be available, notably in Federal Home Loan Bank paper. We are heavily weighted in government repurchase agreements and floating rate securities, and we occasionally add some long dated fixed paper to the portfolio. We believe the Fund is well positioned should the Fed continue its upward trajectory on the Fed Funds Rate.

STRATEGY & OUTLOOK

Our strategy continues to incorporate select incremental investing as we seek to provide shareholders stable and steady value. We intend to remain active in the auction market, with most of that weight going to fixed-rate instruments with durations of three months or less. When pricing allows, we will

likely continue to layer in one-and three-month floating rate securities. Our outlook is for continued rate hikes in 2019, and our investment strategy is in line with the Fed’s dot plot for more hikes this year. We believe the Fund is well-positioned to take advantage of these higher rates as long as the Fed continues on a path of slow and steady hikes.

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.

5 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

Portfolio Allocation



Repurchase Agreements		67.3%

U.S. Government Agencies		29.5

Investment Companies		3.2
Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2019, and are based on the total market value of investments. For more current Fund holdings, please visit invesco.com.

Performance


CURRENT YIELD
For the 7-Day Period Ended July 31, 2019
	With Compounding	Without Compounding

Class A (CRSXX)	1.76%		1.75%

Class C (CSCXX)	1.76		1.74

Class R (CSNXX)	1.76		1.75

Class Y (GGVXX)	1.79		1.78

Class R6 (GGYXX)	1.89		1.87

CURRENT YIELD
For the Year Ended July 31, 2019
	With Compounding	Without Compounding

Class A (CRSXX)	1.72%		1.71%

Class C (CSCXX)	1.73		1.71

Class R (CSNXX)	1.73		1.71

Class Y (GGVXX)	–		–

Class R6 (GGYXX)	–		–

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com for the most recent month-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. Class A shares have no sales charge and performance is shown at NAV. The contingent deferred sales charge for Class C shares is 1% for the 1-year period. Class R, Class Y, 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 R shares of the predecessor fund were reorganized into Class A, Class C and Class R shares, respectively, of the Fund. Class A shares’ performance reflects any applicable fee waivers and/or expense reimbursements. Returns

6 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

shown for Class A, Class C and Class R 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.

Compounded yields assume reinvestment of dividends. The seven-day yield without compounding is an annualized average daily yield of the Fund for the most recent seven days. The compounded seven-day average yield for 365 days is offered as a comparison to a savings account’s compounded interest rate. Unlike an investment in the Fund, the FDIC generally insures deposits in savings accounts.

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.

7 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES 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 entire 6-month period ended July 31, 2019.

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-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.

8 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND


Actual	Beginning Account Value February 1, 2019		Ending Account Value July 31, 2019		Expenses Paid During 6 Months Ended July 31, 2019^1,2
Class A		$ 1,000.00		$ 1,009.00		$ 3.09
Class C		1,000.00		1,009.00		3.09
Class R		1,000.00		1,009.00		3.09
Class Y		1,000.00		1,008.90		1.20
Class R6		1,000.00		1,009.00		1.01

Hypothetical
(5% return before expenses)
Class A		1,000.00		1,021.72		3.11
Class C		1,000.00		1,021.72		3.11
Class R		1,000.00		1,021.72		3.11
Class Y		1,000.00		1,021.62		3.21
Class R6		1,000.00		1,022.12		2.71

1. Actual expenses paid for Class A, C, and R are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Actual expenses paid for Class Y and R6 are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 68/365 to reflect the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019.

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

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended July 31, 2019 for Classes A, C, and R and for the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019 for Class Y and R6 are as follows:



Class	Expense Ratios
Class A		0.62	%
Class C		0.62
Class R		0.62
Class Y		0.64
Class R6		0.54

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.

9 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

SCHEDULE OF INVESTMENTS July 31, 2019


	Maturity Date*		Final Legal Maturity Date**		Principal Amount		Value
U.S. Government Agencies—29.5%
Federal Farm Credit Bank:
2.123% [US0003M-18]¹		10/15/19		10/15/19	$	10,500,000	$	10,499,570
2.126% [USBMMY3M+4.5]¹		8/1/19		1/30/20		2,000,000		1,999,698
2.265% [US0001M-6]¹		8/14/19		8/14/19		3,000,000		2,999,965
2.285% [US0001M-7.5]¹		8/5/19		11/5/19		5,000,000		4,999,305
2.39% [FEDL01]¹		8/1/19		8/8/19		2,000,000		1,999,975
2.481%²		8/12/19		8/12/19		1,000,000		999,358
2.59% [FCPR DLY-291]¹		8/1/19		12/11/19		2,500,000		2,501,895
2.633%²		8/6/19		8/6/19		2,000,000		1,999,417
2.722%²		10/4/19		10/4/19		3,000,000		2,988,800
Federal Home Loan Bank:
0.875%		8/5/19		8/5/19		3,100,000		3,099,522
1.375%		9/13/19		9/13/19		735,000		734,285
1.50%		10/21/19		10/21/19		1,050,000		1,048,499
2.081% [US0003M-26]¹		10/11/19		10/11/19		7,000,000		6,998,147
2.105%²		10/18/19		10/18/19		3,900,000		3,882,255
2.136% [US0001M-10.5]¹		8/27/19		8/27/19		4,000,000		3,999,837
2.157%²		9/18/19		9/18/19		5,500,000		5,484,453
2.158%²		9/20/19		9/20/19		5,300,000		5,284,395
2.182% [US0001M-8]¹		8/26/19		9/26/19		2,000,000		1,999,750
2.249% [US0001M-6.5]¹		8/17/19		10/17/19		2,000,000		1,999,859
2.281% [US0003M-24]¹		8/25/19		11/25/19		2,000,000		1,999,568
2.33% [US0001M-3]¹		8/8/19		11/8/19		5,000,000		4,999,596
2.361%²		8/28/19		8/28/19		3,000,000		2,995,275
2.363%²		8/30/19		8/30/19		6,000,000		5,989,850
2.40% [SOFRRATE+1]¹		8/1/19		11/13/19		2,000,000		1,999,887
2.40% [SOFRRATE+1]¹		8/1/19		8/30/19		4,000,000		3,999,871
2.41% [SOFRRATE+2]¹		8/1/19		2/21/20		1,000,000		999,918
2.417%²		8/1/19		8/1/19		5,000,000		5,000,000
2.42% [SOFRRATE+3]¹		8/1/19		12/6/19		5,000,000		4,999,962
2.42% [SOFRRATE+3]¹		8/1/19		10/9/19		5,000,000		4,999,683
2.425% [SOFRRATE+3.5]¹		8/1/19		5/8/20		2,000,000		1,999,879
2.425% [SOFRRATE+3.5]¹		8/1/19		2/21/20		2,500,000		2,500,006
2.425%²		8/2/19		8/2/19		3,500,000		3,499,796
2.426%²		8/5/19		8/5/19		3,500,000		3,499,184
2.43% [SOFRRATE+4]¹		8/1/19		8/25/20		1,000,000		1,000,101
2.44% [SOFRRATE+5]¹		8/1/19		1/17/20		1,000,000		1,000,076
2.45%		9/23/19		9/23/19		3,000,000		3,001,081
2.481%²		8/16/19		8/16/19		3,000,000		2,997,375
2.483%²		9/11/19		9/11/19		1,500,000		1,496,378
2.494%²		8/21/19		8/21/19		4,000,000		3,995,333
2.494%²		8/23/19		8/23/19		2,000,000		1,997,433
2.495%		5/28/20		5/28/20		2,000,000		1,999,392
2.50%		8/15/19		8/15/19		750,000		750,068
2.625%		9/24/19		9/24/19		1,230,000		1,230,760
Federal Home Loan Mortgage Corp.:
1.25%		8/15/19		8/15/19		1,000,000		999,657

10 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND


	Maturity Date*		Final Legal Maturity Date**	Principal Amount		Value
U.S. Government Agencies (Continued)
Federal Home Loan Mortgage Corp.: (Continued)
1.25%		8/1/19	8/1/19	$	1,541,000	$	1,541,000
1.25%		10/2/19	10/2/19		2,100,000		2,096,673
1.375%		8/15/19	8/15/19		6,448,000		6,445,699
1.75%		11/27/19	11/27/19		3,000,000		2,995,018
Federal National Mortgage Assn.:
0.875%		8/2/19	8/2/19		2,722,000		2,721,890
1.00%		8/28/19	8/28/19		3,200,000		3,197,111
1.00%		10/24/19	10/24/19		1,000,000		997,315
1.15%		8/23/19	8/23/19		500,000		499,717
1.75%		9/12/19	9/12/19		2,100,000		2,098,757
Tennessee Valley Authority, 2.191%²		8/7/19	8/7/19		5,000,000		4,998,250
Total U.S. Government Agencies (Cost $163,044,876)							163,060,544

Repurchase Agreements—67.1%
Repurchase Agreements³(Cost $371,800,000)					371,800,000		371,800,000

					Shares
Investment Company—3.2%
Invesco Oppenheimer Institutional Government Money Market Fund, 2.29%⁴(Cost $17,714,743)					17,714,743		17,714,743
Total Investments, at Value (Cost $552,559,619)					99.8%		552,575,287
Net Other Assets (Liabilities)					0.2		1,237,634
Net Assets					100.0%	$	553,812,921

Footnotes to Schedule of Investments

Short-term notes and direct bank obligations are generally traded on a discount basis; the interest rate shown is the discount rate received by the Fund at the time of purchase. Other securities normally bear interest at the rates shown.

*. The Maturity Date represents the date used to calculate the Fund’s weighted average maturity as determined under Rule 2a-7.

**. If different from the Maturity Date, the Final Legal Maturity Date includes any maturity date extensions which may be affected at the option of the issuer or unconditional payments of principal by the issuer which may be affected at the option of the Fund, and represents the date used to calculate the Fund’s weighted average life as determined under Rule 2a-7.

1. Represents the current interest rate for a variable or increasing rate security, which may be fixed for a predetermined period. The interest rate is, or will be as of an established date, determined as [Referenced Rate + Basis-point spread].

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

3. Repurchase agreements:

Counterparty

Lending

Rate

Settlement

Date

Maturity

Date

Principal
Amount

Cantor Fitzgerald

Secured, LLC

2.55%

7/2/19

8/2/19

$1,000,000

11 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

SCHEDULE OF INVESTMENTS Continued

Footnotes to Schedule of Investments (Continued)


Counterparty		Lending Rate	Settlement Date			Maturity Date		Principal Amount
Credit Agricole Corp. & Investment Bank		2.27%		7/31/19			8/7/19	$10,000,000
Credit Agricole Corp. & Investment Bank		2.52		7/31/19			8/1/19	187,800,000
RBC Dominion Securities, Inc.		2.52		7/31/19			8/1/19	144,000,000
TD Securities (USA) LLC		2.47		7/25/19			8/1/19	29,000,000

Counterparty	Collateralized By		Collateral Received, at Value^a			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received^a
Cantor Fitzgerald Secured, LLC	U.S. Government Agency Mortgages, 2.50%-4.50%, 4/25/22-2/20/49			$(1,022,930	)		$1,000,000	$1,002,196
Credit Agricole Corp. & Investment Bank	U.S. Government Agency Mortgages, 3.00%, 7/20/46			(10,204,502	)		10,000,000	10,004,414
Credit Agricole Corp. & Investment Bank	U.S. Treasury Nts., 2.50%, 5/15/24			(191,569,509	)		187,800,000	187,813,244
RBC Dominion Securities, Inc.	U.S. Treasury Bonds, 1.875%, 8/15/22; U.S. Treasury Nts., 0.00%-1.625%, 7/31/20-2/15/48 and U.S. Government Agency Mortgages, 3.50%-5.00%, 7/15/39-5/20/49			(146,890,282	)		144,000,000	144,010,080
TD Securities (USA) LLC	U.S. Government Agency Mortgages, 3.50%, 6/1/49			(29,594,207	)		29,000,000	29,013,929
				$(379,281,430	)		$371,800,000	$371,843,863

a. Includes accrued interest.

4. The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of July 31, 2019.


Glossary:
Definitions
FCPR DLY		Federal Reserve Bank Prime Loan Rate US Daily
FEDL01		US Federal Funds Effective Rate (continuous series)
ICE LIBOR		Intercontinental Exchange London Interbank Offered Rate
US0001M		ICE LIBOR USD 1 Month
US0003M		ICE LIBOR USD 3 Month
USBMMY3M		US Treasury Bill 3 Month Money Market Yield

See accompanying Notes to Financial Statements.

12 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2019


Assets
Investments, at value—see accompanying schedule of investments:
Unaffiliated companies (cost $163,044,876)	$	163,060,544
Affiliated companies (cost $17,714,743)		17,714,743
Repurchase agreements (cost $371,800,000)		371,800,000

		552,575,287
Cash		331,382
Receivables and other assets:
Shares of beneficial interest sold		2,202,477
Interest and dividends		423,144
Other		230,623

Total assets		555,762,913
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		992,117
Dividends		267,978
Advisory fees		249,281
Transfer and shareholder servicing agent fees		191,638
Trustees’ compensation		143,641
Investments purchased		35,186
Administration fees		17,639
Shareholder communications		16,250
Other		36,262

Total liabilities		1,949,992
Net Assets	$	553,812,921


Composition of Net Assets
Shares of beneficial interest	$	553,814,003
Total accumulated loss		(1,082	)

Net Assets	$	553,812,921

13 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

STATEMENT OF ASSETS AND LIABILITIES Continued


Net Asset Value Per Share
Class A Shares:

Net asset value and redemption price per share (based on net assets of $338,871,480 and 338,896,509 shares of beneficial interest outstanding)	$	1.00

Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $96,121,208 and 96,123,200 shares of beneficial interest outstanding)	$	1.00

Class R Shares:

Net asset value, redemption price and offering price per share (based on net assets of $118,790,219 and 118,789,784 shares of beneficial interest outstanding)	$	1.00

Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $20,014 and 20,015 shares of beneficial interest outstanding)	$	1.00

Class R6 Shares:

Net asset value, redemption price and offering price per share (based on net assets of $10,000 and 10,000 shares of beneficial interest outstanding)	$	1.00

See accompanying Notes to Financial Statements.

14 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

STATEMENT OF

OPERATIONS For the Year Ended July 31, 2019


Investment Income

Interest	$	12,943,261
Dividends from affiliated companies		390,536

Total investment income		13,333,797
Expenses

Advisory fees		2,758,352
Administration fees		36,538
Transfer and shareholder servicing agent fees:
Class A		493,151
Class C		262,448
Class R		195,532
Class Y		6
Class R6		1
Shareholder communications:
Class A		23,693
Class C		8,401
Class R		5,795
Class Y		1
Trustees’ compensation		38,021
Custodian fees and expenses		5,609
Other		186,948

Total expenses		4,014,496
Less waivers and reimbursements of expenses		(491,374	)

Net expenses		3,523,122

Net Investment Income		9,810,675
Realized and Unrealized Gain

Net realized gain on investment transactions in unaffiliated companies		4,303

Net change in unrealized appreciation/(depreciation) on investment transactions		15,668

Net Increase in Net Assets Resulting from Operations	$	9,830,646

See accompanying Notes to Financial Statements.

15 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended July 31, 2019			Year Ended July 31, 2018
Operations
Net investment income	$	9,810,675		$	5,041,163
Net realized gain (loss)		4,303			(563	)
Net change in unrealized appreciation/(depreciation)		15,668			—

Net increase in net assets resulting from operations		9,830,646			5,040,600

Dividends and/or Distributions to Shareholders¹
Distributions to shareholders from distributable earnings:
Class A		(5,063,032	)		(2,638,076	)
Class B		—			(9,288	)
Class C		(2,731,460	)		(1,429,363	)
Class R		(2,015,456	)		(995,959	)
Class Y		(52	)		—
Class R6		(32	)		—

Total distributions from distributable earnings		(9,810,032	)		(5,072,686	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		42,873,565			(64,427,145	)
Class B		—			(4,014,186	)
Class C		(61,207,385	)		(34,967,739	)
Class R		5,001,814			(33,710,020	)
Class Y		20,015			—
Class R6		10,000			—

Total beneficial interest transactions		(13,301,991	)		(137,119,090	)

Net Assets
Total decrease		(13,281,377	)		(137,151,176	)
Beginning of period		567,094,298			704,245,474

End of period	$	553,812,921		$	567,094,298

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

See accompanying Notes to Financial Statements.

16 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

FINANCIAL HIGHLIGHTS


Class A	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
Class A	July 31, 2019		July 31, 2018		July 31, 2017		July 31, 2016		July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$1.00		$1.00		$1.00		$1.00		$1.00
Income (loss) from investment operations:
Net investment income¹		0.02		0.01		0.00²		0.00²		0.00²
Net realized and unrealized gain		0.00²		(0.00)²		0.00²		0.00²		0.00²

Total from investment operations		0.02		0.01		0.00²		0.00²		0.00²
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.01)		(0.00)²		(0.00)²		(0.00)²
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.00)²

Total dividends and/or distributions to shareholders		(0.02)		(0.01)		(0.00)²		(0.00)²		(0.00)²
Net asset value, end of period		$1.00		$1.00		$1.00		$1.00		$1.00


Total Return³		1.72%		0.81%		0.09%		0.01%		0.01%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$338,871		$295,990		$360,432		$440,221		$454,790
Average net assets (in thousands)		$296,264		$335,146		$416,878		$451,257		$453,036
Ratios to average net assets:⁴
Net investment income		1.71%		0.78%		0.08%		0.01%		0.01%
Total expenses		0.70%⁵		0.92%⁵		0.94%⁵		0.92%		0.93%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.62%		0.63%		0.54%		0.44%		0.21%

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

2. Less than $0.005 per share.

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

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended July 31, 2019	0.70	%
Year Ended July 31, 2018	0.92	%
Year Ended July 31, 2017	0.94	%

See accompanying Notes to Financial Statements.

17 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

FINANCIAL HIGHLIGHTS Continued


Class C	Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$1.00		$1.00		$1.00		$1.00		$1.00
Income (loss) from investment operations:
Net investment income¹		0.02		0.01		0.00²		0.00²		0.00²
Net realized and unrealized gain		0.00²		(0.00)²		0.00²		0.00²		0.00²

Total from investment operations		0.02		0.01		0.00²		0.00²		0.00²
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.01)		(0.00)²		(0.00)²		(0.00)²
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.00)²

Total dividends and/or distributions to shareholders		(0.02)		(0.01)		(0.00)²		(0.00)²		(0.00)²
Net asset value, end of period		$1.00		$1.00		$1.00		$1.00		$1.00


Total Return³		1.73%		0.82%		0.09%		0.01%		0.01%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$96,121		$157,321		$192,298		$237,627		$233,185
Average net assets (in thousands)		$158,804		$181,028		$220,055		$250,110		$238,275
Ratios to average net assets:⁴
Net investment income		1.72%		0.78%		0.08%		0.01%		0.01%
Total expenses		0.70%⁵		1.47%⁵		1.49%⁵		1.47%		1.49%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.61%		0.63%		0.54%		0.44%		0.21%

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

2. Less than $0.005 per share.

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended July 31, 2019	0.70	%
Year Ended July 31, 2018	1.47	%
Year Ended July 31, 2017	1.49	%

See accompanying Notes to Financial Statements.

18 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND


Class R	Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$1.00		$1.00		$1.00		$1.00		$1.00
Income (loss) from investment operations:
Net investment income¹		0.02		0.01		0.00²		0.00²		0.00²
Net realized and unrealized gain		0.00²		(0.00)²		0.00²		0.00²		0.00²

Total from investment operations		0.02		0.01		0.00²		0.00²		0.00²
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.01)		(0.00)²		(0.00)²		(0.00)²
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.00)²

Total dividends and/or distributions to shareholders		(0.02)		(0.01)		(0.00)²		(0.00)²		(0.00)²
Net asset value, end of period		$1.00		$1.00		$1.00		$1.00		$1.00


Total Return³		1.73%		0.82%		0.09%		0.01%		0.01%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$118,790		$113,783		$147,499		$151,342		$144,114
Average net assets (in thousands)		$117,636		$126,545		$151,832		$147,965		$154,777
Ratios to average net assets:⁴
Net investment income		1.71%		0.78%		0.09%		0.01%		0.01%
Total expenses		0.70%⁵		1.22%⁵		1.24%⁵		1.22%		1.23%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.61%		0.63%		0.55%		0.44%		0.21%

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

2. Less than $0.005 per share.

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended July 31, 2019	0.70	%
Year Ended July 31, 2018	1.22	%
Year Ended July 31, 2017	1.24	%

See accompanying Notes to Financial Statements.

19 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

FINANCIAL HIGHLIGHTS Continued


Class Y	Period Ended July 31, 2019¹
Per Share Operating Data
Net asset value, beginning of period		$1.00
Income (loss) from investment operations:
Net investment income²		0.00³
Net realized and unrealized loss		0.00³

Total from investment operations		0.00³
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)³
Distributions from net realized gain		0.00

Total dividends and/or distributions to shareholders		(0.00)³
Net asset value, end of period		$1.00


Total Return⁴		0.30%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$20
Average net assets (in thousands)		$17
Ratios to average net assets:⁵
Net investment income		1.69%
Total expenses⁶		0.75%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.64%

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

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

3. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


		Period Ended July 31, 2019					0.75	%

See accompanying Notes to Financial Statements.

20 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND


Class R6	Period Ended July 31, 2019¹
Per Share Operating Data
Net asset value, beginning of period		$1.00
Income (loss) from investment operations:
Net investment income²		0.00³
Net realized and unrealized gain		0.00³

Total from investment operations		0.00³
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)³
Distributions from net realized gain		0.00

Total dividends and/or distributions to shareholders		(0.00)³
Net asset value, end of period		$1.00


Total Return⁴		0.32%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10
Average net assets (in thousands)		$10
Ratios to average net assets:⁵
Net investment income		1.82%
Total expenses⁶		0.58%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.54%

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

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

3. Less than $0.005 per share.

5. Annualized for periods less than one full year.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


		Period Ended July 31, 2019			0.58	%

See accompanying Notes to Financial Statements.

21 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

NOTES TO FINANCIAL STATEMENTS July 31, 2019

Note 1- Significant Accounting Policies

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

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Government Cash Reserves (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 R shares received the corresponding class of shares of the Fund. Class Y and R6 shares commenced operations on the Reorganization Date.

The Fund’s investment objective is to seek income consistent with stability of principal.

The Fund currently consists of five different classes of shares: Class A, Class C, Class R, Class Y and Class R6. Class Y shares are available only to certain investors. Under certain circumstances Class A shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y and Class R6 shares are sold at net asset value.

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

The Fund is a “government money market fund” as defined in Rule 2a-7 under the 1940 Act and seeks to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation. “Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/ or repurchase agreements collateralized fully by cash or Government Securities. The Board of Trustees has elected not to subject the Fund to the liquidity fee and redemption gate requirement at this time, as permitted by Rule 2a-7.

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

A. Security Valuations – The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The 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

22 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

Note 1- Significant Accounting Policies (Continued)

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.

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

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

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

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

D.	Distributions - Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from accounting principals generally accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date.

23 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 1- Significant Accounting Policies (Continued)

Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually but may be paid at other times to maintain the net asset value per share at $1.00.

Federal Income Taxes - The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended July 31, 2019, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

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

Undistributed

Net Investment

Income

Undistributed

Long-Term

Gain

Accumulated

Loss

Carryforward^1,2

Net Unrealized

Appreciation

Based on cost of

Securities and

Other Investments

for Federal Income

Tax Purposes

$393,017

$—

$ 15,668

1. During the reporting period, the Fund utilized $563 of capital loss carryforward to offset capital gains realized in that fiscal year.

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

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

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

24 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

Note 1- Significant Accounting Policies (Continued)

Increase

to Paid-in Capital

Reduction

to Accumulated Net

Earnings

$2,043

The tax character of distributions paid during the reporting periods:


	Year Ended July 31, 2019		Year Ended July 31, 2018
Distributions paid from:
Ordinary income	$	9,810,032	$	5,072,686

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


Federal tax cost of securities	$	552,559,619

Gross unrealized appreciation	$	19,873
Gross unrealized depreciation		(4,205	)

Net unrealized appreciation	$	15,668

Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets.

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 the period-end date and before the date the financial statements are released to print.

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.	Repurchase Agreements - In a repurchase transaction, a Fund buys a security and

25 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 1- Significant Accounting Policies (Continued)

simultaneously sells it back to an approved institution for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved institutions include U.S. commercial banks, U.S. branches of foreign banks or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the investment adviser from time to time. Repurchase agreements must be fully collateralized. However, if the seller fails to pay the repurchase price on the delivery date, a Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. If the default on the part of the seller is due to its bankruptcy, a Fund’s ability to liquidate the collateral may be delayed or limited.

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received) as of period end:


Counterparty	Repurchase Agreement Proceeds to be Received¹		Collateral Received¹		Net Exposure²
Repurchase Agreements
Cantor Fitzgerald Secured, LLC		$1,002,196		$(1,022,930)		$(20,734)
Credit Agricole Corp. & Investment Bank		197,817,658		(201,774,011)		(3,956,353)
RBC Dominion Securities, Inc.		144,010,080		(146,890,282)		(2,880,202)
TD Securities (USA) LLC		29,013,929		(29,594,207)		(580,278)

		$371,843,863		$(379,281,430)

1. Includes accrued interest.

2. Net exposure represents the net (receivable)/payable that would be due from/to the counterparty in the event of default.

Other Risks - Investments in obligations issued by agencies and instrumentalities of the U.S. Government may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government.

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:

26 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

Note 2- Advisory Fees and Other Fees Paid to Affiliates (Continued)


Fee Schedule*
Up to $250 million		0.500 %
Next $250 million		0.475
Next $250 million		0.450
Next $250 million		0.425
Over $1.0 billion		0.400

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

For the year ended July 31, 2019, the effective advisory fees incurred by the Fund were 0.48%.

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $2,262,905 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

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

Effective on the Reorganization Date, the Adviser has contractually agreed, through May 28, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, and Class R6 shares to 0.89%, 1.44%, 1.19%, 0.64%, and 0.54%, 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 or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate May 28, 2021. Invesco has contractually agreed to waive fees and/or reimburse the Fund for certain expenses in order to limit “Advisory Fees” to an annual rate of 0.40% for each class of shares, as calculated on the daily net assets of the Fund through May 28, 2021. During their terms, the fee waiver agreements 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

27 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 2- Advisory Fees and Other Fees Paid to Affiliates (Continued)

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 year ended July 31, 2019, the Adviser waived advisory fees of $17,492 and reimbursed fund expenses of $245,179, $131,343, $97,356, $3 and $1 for Class A, Class C, Class R, Class Y and Class R6, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended July 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank, N.A. serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plan”). The Fund, pursuant to the Class A Plan, reimbursed IDI in an amount up to an annual rate of 0.20% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 0.75% of the average daily net assets of Class C and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. IDI has contractually agreed to waive the fees payable under the Distribution and/or Service Plans for each class of shares so that those fees are limited to 0.00% of the average annual net assets for each class of shares of the Fund through at least May 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the fee waiver without approval of the Board of Trustees. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the year ended July 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution

28 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

Note 2- Advisory Fees and Other Fees Paid to Affiliates (Continued)

and service plan fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended July 31, 2019, IDI advised the Fund that IDI retained $— in front-end sales commissions from the sale of Class A shares and $— and $6,962 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 $37 in front–end sales commissions from the sale of Class A shares and $466 and $33,928 from Class A and Class C shares, respectively, for CDSC imposed on redemption by shareholders.

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

Note 3- Additional Valuation Information

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

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

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

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

29 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 3- Additional Valuation Information (Continued)

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:
U.S. Government Agencies	$	—	$	163,060,544	$	—	$	163,060,544
Repurchase Agreements		—		371,800,000		—		371,800,000
Investment Company		17,714,743		—		—		17,714,743

Total Assets	$	17,714,743	$	534,860,544	$	—	$	552,575,287

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

30 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

Note 6- Share Information

Transactions in shares of beneficial interest were as follows:


	Year Ended July 31, 2019						Year Ended July 31, 2018
	Shares			Amount			Shares			Amount
Class A
Sold		218,924,116		$	218,924,116			217,198,106		$	217,198,106
Dividends and/or distributions reinvested		4,904,409			4,901,520			2,494,812			2,494,812
Redeemed		(180,952,071	)		(180,952,071	)		(284,120,063	)		(284,120,063	)

Net increase (decrease)		42,876,454		$	42,873,565			(64,427,145	)	$	(64,427,145	)


Class B
Sold		—		$	—			850,617		$	850,617
Dividends and/or distributions reinvested		—			—			9,036			9,036
Redeemed¹		—			—			(4,873,839	)		(4,873,839	)

Net decrease		—		$	—			(4,014,186	)	$	(4,014,186	)


Class C
Sold		132,661,244		$	132,660,244			137,724,382		$	137,724,382
Dividends and/or distributions reinvested		2,644,928			2,640,264			1,352,321			1,352,321
Redeemed		(196,508,893	)		(196,507,893	)		(174,044,442	)		(174,044,442	)

Net decrease		(61,202,721	)	$	(61,207,385	)		(34,967,739	)	$	(34,967,739	)


Class R
Sold		75,985,187		$	75,985,187			84,619,444		$	84,619,444
Dividends and/or distributions reinvested		1,978,191			1,978,168			955,884			955,884
Redeemed		(72,961,541	)		(72,961,541	)		(119,285,348	)		(119,285,348	)

Net increase (decrease)		5,001,837		$	5,001,814			(33,710,020	)	$	(33,710,020	)


Class Y²
Sold		20,000		$	20,000			—		$	—
Dividends and/or distributions reinvested		15			15			—			—
Redeemed		—			—			—			—

Net increase		20,015		$	20,015			—		$	—


Class R6²
Sold		10,000		$	10,000			—		$	—
Dividends and/or distributions reinvested		—			—			—			—
Redeemed		—			—			—			—

Net increase		10,000		$	10,000			—		$	—

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

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

31 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of AIM Investment Securities Funds (Invesco Investment Securities Funds) and Shareholders of Invesco Oppenheimer Government Cash Reserves Fund

Opinion on the Financial Statements

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

The financial statements of Invesco Oppenheimer Government Cash Reserves Fund (formerly known as Oppenheimer Government Cash Reserves Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 26, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

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

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

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

/s/ PricewaterhouseCoopers LLP

Houston, TX

September 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.

32 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES 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 Regulation S-K under the Securities Exchange Act of 1934.

33 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

FEDERAL INCOME TAX INFORMATION Unaudited

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.

Dividends, if any, paid by the Fund during the reporting period which are not designated as capital gain distributions, may be eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. In early 2019, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates. The amount will be the maximum amount allowed.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $9,829,612 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend and the maximum amount allowable but not less than $1,697 of the short-term capital gain distribution to be paid by the Fund qualifies as a short-term capital gain dividend.

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.

34 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY

CONTRACTS Unaudited

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

The Board’s Evaluation Process

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

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

35 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY

CONTRACTS Unaudited / Continued

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

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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

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

36 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

B. Fund Investment Performance

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

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

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

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

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub- Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.

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

37 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY

CONTRACTS Unaudited / Continued

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board also considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund will share directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.

E. Profitability and Financial Resources

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

38 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO SCHEDULE OF INVESTMENTS Unaudited

Go paperless with eDelivery

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

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

● Fund reports and prospectuses

● Quarterly statements

● Daily confirmations

● Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.

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

39 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

SHAREHOLDER PROXY Unaudited

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer Government Cash Reserves 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 Government Cash Reserves into Invesco Oppenheimer Government Cash Reserves 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

246,293,464

23,684,549

62,935,075

40 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

TRUSTEES AND OFFICERS Unaudited

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



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS

Martin L. Flanagan ¹— 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	240	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. Taylor ²— 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser);	240	None
1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

41 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

TRUSTEES AND OFFICERS Unaudited / Continued


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.

Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)

Philip A. Taylor (Continued)		Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./ Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding

42 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS (CONTINUED)

Philip A. Taylor (Continued)		company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.

43 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES

Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	240	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)

David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	240	Board member of the Illinois Manufacturers’ Association

Beth Ann Brown ³– 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	240	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection (non-profit)

Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry	240	None

3 Mss. Brown and Krentzman and Messrs. Motley, Vandivort and Vaughn were appointed as Trustees of the Trust effective June 10, 2019.

44 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)

Jack M. Fields (Continued)		company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives

Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	240	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	240	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Elizabeth Krentzman ³– 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the	240	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

45 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)

Elizabeth Krentzman (Continued)		Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds

Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	240	Blue Hills Bank; Chairman of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	240	None

Joel W. Motley³– 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley 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)	240	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)

Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	240	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)

46 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)

Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	240	Federal Reserve Bank of Dallas

Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	240	None

Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	240	None

Daniel S. Vandivort ³–1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	240	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds

James D. Vaughn ³– 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	240	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

Christopher L. Wilson – 1957 Trustee and Vice Chair	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios);	240	ISO New England, Inc. (non-profit organization managing regional electricity market)

47 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)

Christopher L. Wilson (Continued)		Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments

48 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since		Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS

Sheri Morris — 1964 President, Principal Executive Officer and Treasurer		2003	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A

Russell C. Burk — 1958 Senior Vice President and Senior Officer		2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary		2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco	N/A	N/A

49 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)

Jeffrey H. Kupor (Continued)		India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC; Secretary, Jemstep, Inc. Formerly: Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.

Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.;	N/A	N/A

50 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)

Andrew R. Schlossberg (Continued)		Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC

John M. Zerr — 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent) Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and	N/A	N/A

51 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)

John M. Zerr (Continued)		General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)

Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

52 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS (CONTINUED)

Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Assistant Treasurer, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer –Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self- Indexed Fund Trust Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A

53 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

OTHER OFFICERS (CONTINUED)

Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A

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


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

54 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

INVESCO’S PRIVACY NOTICE

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

55 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

INVESCO’S PRIVACY NOTICE Continued

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

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

How We Share Personal Information

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

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

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

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

Cookies and Other Tools

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

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

56 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES 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:

57 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

INVESCO’S PRIVACY NOTICE Continued

●

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.

58 INVESCO OPPENHEIMER GOVERNMENT CASH RESERVES FUND

THIS PAGE INTENTIONALLY LEFT BLANK.


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.

LOGO


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


				Annual Report 7/31/2019

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

Important Update

Table of Contents


Fund Performance Discussion			4

Portfolio Allocation and Performance			6

Fund Expenses			8

Schedule of Investments			11

Statement of Assets and Liabilities			14

Statement of Operations			16

Statements of Changes in Net Assets			17

Financial Highlights			18

Notes to Financial Statements			23

Report of Independent Registered Public Accounting Firm			34

Independent Registered Public Accounting Firm			35

Federal Income Tax Information			36

Approval of Investment Advisory and Sub-Advisory Contracts			37

Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments			41

Shareholder Proxy			42

Trustees and Officers			43

Invesco’s Privacy Notice			57

3 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

Fund Performance Discussion

Throughout the reporting period, the Fund continued to offer very strong liquidity and a stable $1.00 net asset value (NAV). The Fund continued to provide current income consistent with the preservation of capital and liquidity. At its July 31st meeting, the Federal Open Market Committee (FOMC) lowered short term interest rates, reducing the federal funds range to 2.00% to 2.25%. This was the first rate cut since December 2008 following nine consecutive rate hikes that ended in December 2018, shifting the trajectory of monetary policy. With the inversion of the Treasury yield curve, the Fund, which has maintained adequate liquidity has been able to benefit from higher overnight rates on the very front end of the curve with expectations of sustaining performance.

MARKET OVERVIEW

Throughout the reporting period, the Treasury Market has significantly rallied, especially during the second quarter of 2019. Additionally, falling US interest rates have driven valuations as the 2-year Treasury yield fell to 1.75%. We have observed that the market has priced in multiple rate cuts, which will drive down dividend yields for government money market funds. At quarter end, the yield curve was nearly completely inverted with short-term yields at the 2.50% upper target of the federal funds rate. This is a very different picture than what was expected 1 year ago, when the market was pricing in rate hikes, not cuts.

Technical conditions in the corporate sector benefited from slightly less new issuance compared to the second quarter of last year. Nevertheless, bourgeoning demand for corporate credit caused yield spreads to tighten.

In July, Congress signed a bill to temporarily suspend the statutory debt limit through July 31, 2021. We anticipate a significant increase in Treasury Bill supply, which will cause overnight repurchase agreement rates to steepen. This will be a positive contribution to performance for the fund due to the fund’s high liquidity positioning.

Growth forecasts have been downgraded and are largely at market expectations. Trade uncertainty has waned but still looms. US growth is expected to be about 2%, supported by consumers but slowing due to the industrial sector. In Europe, where growth is forecast at 1.2%, we do not anticipate global trade to return, but the domestic

4 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

economy is steady. We expect that China’s growth should be in the low to mid-6% range as its central bank is expected to combat growth concerns with fiscal spending. Current data and accommodative central bank policies suggest only modest growth deterioration.

FUND REVIEW

The Fund’s weighted average maturity throughout the reporting period decreased substantially as the overnight reinvestment target due to the inversion of the yield curve has been an effect strategy. We are heavily weighted in government repurchase agreements and floating rate securities, and we occasionally add some long dated fixed paper to the portfolio. We believe the Fund is well positioned.

STRATEGY & OUTLOOK

We believe in our investment process and our strong fundamental credit analysis. We expect the Fed to lean toward easier monetary policy given lackluster inflation. We intend to remain active in the auction market, with most of that weight going to fixed-rate instruments with durations of six months or less. Where relative value is determined, we will continue to purchase floating rate note securities priced off the SOFR and LIBOR indices. We believe the Fed will continue the trajectory of an accommodation monetary policy for the remainder of 2019.

5 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

Portfolio Allocation


PORTFOLIO ALLOCATION
Repurchase Agreements			65.9%
U.S. Government Agencies			31.4
Investment Companies			2.7

Portfolio holdings and allocations are subject

to change. Percentages are as of July 31, 2019,

and are based on the total market value of

investments.

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

Performance

CURRENT YIELD

For the 7-Day Period Ended 7/31/19


	With Compounding	Without Compounding
Class C (GMCXX)	0.85%	0.84%
Class R (GMLXX)	1.19	1.18
Class Y (OMBXX)	1.89	1.87
Class R6 (GMRXX)	2.00	1.98
Invesco Cash Reserve Shares (GMQXX)	1.75	1.73

CURRENT YIELD
For the Year Ended 7/31/19
	With Compounding	Without Compounding
Class C (GMCXX)	–%	–%
Class R (GMLXX)	–	–
Class Y (OMBXX)	1.77	1.76
Class R6 (GMRXX)	–	–
Invesco Cash Reserve Shares (GMQXX)	–	–

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com for the most recent month-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. Invesco Cash Reserve Shares has no sales charge and performance is shown at NAV. The contingent deferred sales charge for Class C shares is 1% for the

6 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

1- year period. Class R, Class Y, and Class R6 shares have no sales charge; therefore, performance is at NAV. Effective after the close of business on May 24, 2019, Class A and Class Y shares of the predecessor fund were reorganized into Class Y shares of the Fund. Invesco Cash Reserve Shares’ performance reflects any applicable fee waivers and/or expense reimbursements. Returns shown for Class Y 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.

You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

7 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 31, 2019.

8 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND


Actual	Beginning Account Value February 1, 2019	Ending Account Value July 31, 2019	Expenses Paid During 6 Months Ended July 31, 2019^1,2
Class C	$ 1,000.00	$ 1,007.70	$ 2.96
Class R	1,000.00	1,006.90	2.02
Class Y	1,000.00	1,009.40	2.89
Class R6	1,000.00	1,009.50	0.90
Invesco Cash Reserve Shares	1,000.00	1,008.30	1.37

Hypothetical
(5% return before expenses)
Class C	1,000.00	1,016.96	7.93
Class R	1,000.00	1,019.44	5.42
Class Y	1,000.00	1,021.92	2.91
Class R6	1,000.00	1,022.41	2.41
Invesco Cash Reserve Shares	1,000.00	1,021.17	3.66

1. Actual expenses paid for Class Y are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Actual expenses paid for Class C, R, R6 and Invesco Cash Reserve Shares are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 68/365 to reflect the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019.

Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended July 31, 2019 for Class Y and for the period from after the close of business on May 24, 2019 (inception of offering) to July 31, 2019 for Classes C, R, R6 and Invesco Cash Reserve Shares are as follows:


Class	Expense Ratios
Class C		1.58%
Class R		1.08
Class Y		0.58
Class R6		0.48
Invesco Cash Reserve Shares		0.73

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

9 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

10 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

SCHEDULE OF INVESTMENTS July 31, 2019


			Final Legal
	Maturity		Maturity		Principal
	Date*		Date**		Amount		Value
U.S. Government Agencies—31.5%
Federal Farm Credit Bank:
2.123% [US0003M-18]¹		10/15/19		10/15/19	$	32,000,000	$	31,998,688
2.126% [USBMMY3M+4.5]¹		8/1/19		1/30/20		5,000,000		4,999,245
2.244% [US0001M-2.5]¹		8/24/19		1/24/20		17,000,000		16,996,266
2.265% [US0001M-6]¹		8/14/19		8/14/19		9,000,000		8,999,895
2.285% [US0001M-7.5]¹		8/5/19		11/5/19		15,000,000		14,997,915
2.39% [FEDL01]¹		8/1/19		8/8/19		6,000,000		5,999,926
2.481%²		8/12/19		8/12/19		4,000,000		3,997,433
2.59% [FCPR DLY-291]¹		8/1/19		12/11/19		7,500,000		7,505,686
2.633%²		8/6/19		8/6/19		8,000,000		7,997,667
2.722%²		10/4/19		10/4/19		10,000,000		9,962,667
Federal Home Loan Bank:
0.875%		8/5/19		8/5/19		9,270,000		9,268,570
1.00%		9/26/19		9/26/19		5,265,000		5,255,465
1.375%		9/13/19		9/13/19		2,300,000		2,297,764
2.081% [US0003M-26]¹		10/11/19		10/11/19		21,000,000		20,994,440
2.105%²		10/18/19		10/18/19		7,200,000		7,167,240
2.136% [US0001M-10.5]¹		8/27/19		8/27/19		12,000,000		11,999,512
2.157%²		9/18/19		9/18/19		16,400,000		16,353,643
2.158%²		9/20/19		9/20/19		15,786,000		15,739,519
2.182% [US0001M-8]¹		8/26/19		9/26/19		10,000,000		9,998,748
2.249% [US0001M-6.5]¹		8/17/19		10/17/19		6,000,000		5,999,579
2.281% [US0003M-24]¹		8/25/19		11/25/19		6,000,000		5,998,703
2.33% [US0001M-3]¹		8/8/19		11/8/19		13,000,000		12,998,949
2.361%²		8/28/19		8/28/19		10,000,000		9,984,250
2.363%²		8/30/19		8/30/19		7,000,000		6,988,158
2.40% [SOFRRATE+1]¹		8/1/19		11/13/19		13,000,000		12,999,268
2.40% [SOFRRATE+1]¹		8/1/19		8/30/19		11,000,000		10,999,646
2.41% [SOFRRATE+2]¹		8/1/19		2/21/20		10,000,000		9,999,183
2.417%²		8/1/19		8/1/19		15,000,000		15,000,000
2.42% [SOFRRATE+3]¹		8/1/19		12/6/19		17,000,000		16,999,871
2.42% [SOFRRATE+3]¹		8/1/19		10/9/19		13,000,000		12,999,177
2.425% [SOFRRATE+3.5]¹		8/1/19		5/8/20		7,000,000		6,999,577
2.425% [SOFRRATE+3.5]¹		8/1/19		2/21/20		8,000,000		8,000,019
2.425%²		8/2/19		8/2/19		11,500,000		11,499,329
2.426%²		8/5/19		8/5/19		11,500,000		11,497,317
2.43% [SOFRRATE+4]¹		8/1/19		8/25/20		4,000,000		4,000,403
2.44% [SOFRRATE+5]¹		8/1/19		1/17/20		1,000,000		1,000,076
2.45%		9/23/19		9/23/19		11,000,000		11,003,962
2.481%²		8/16/19		8/16/19		11,500,000		11,489,937
2.483%²		9/11/19		9/11/19		5,000,000		4,987,928
2.494%²		8/21/19		8/21/19		12,000,000		11,986,000
2.494%²		8/23/19		8/23/19		7,000,000		6,991,017
2.495%		5/28/20		5/28/20		11,000,000		10,996,654
2.50%		8/15/19		8/15/19		2,250,000		2,250,205
2.625%		9/24/19		9/24/19		3,750,000		3,752,317

11 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

SCHEDULE OF INVESTMENTS Continued


			Final Legal
	Maturity		Maturity		Principal
	Date*		Date**		Amount			Value
U.S. Government Agencies (Continued)
Federal Home Loan Mortgage Corp.:
1.25%		8/15/19		8/15/19	$	2,340,000			$ 2,339,196
1.25%		8/1/19		8/1/19		2,000,000			2,000,000
1.25%		10/2/19		10/2/19		9,645,000			9,629,721
1.375%		8/15/19		8/15/19		20,460,000			20,452,699
1.75%		11/27/19		11/27/19		9,500,000			9,484,223
Federal National Mortgage Assn.:
0.875%		8/2/19		8/2/19		7,825,000			7,824,683
1.00%		10/24/19		10/24/19		3,000,000			2,991,947
1.125%		8/23/19		8/23/19		3,000,000			2,998,254
1.15%		8/23/19		8/23/19		1,500,000			1,499,150
1.15%		9/13/19		9/13/19		1,850,000			1,847,920
1.50%		8/28/19		8/28/19		2,931,000			2,929,694
1.75%		9/12/19		9/12/19		7,644,000			7,639,476
Tennessee Valley Authority, 2.191%²		8/7/19		8/7/19		15,000,000			14,994,750
Total U.S. Government Agencies (Cost $526,536,162)									526,583,527


Repurchase Agreements—66.0%
Repurchase Agreements³ (Cost $1,105,000,000)						1,105,000,000			1,105,000,000

						Shares
Investment Company—2.7%
Invesco Oppenheimer Institutional Government Money
Market Fund, 2.29%⁴ (Cost $45,642,572)						45,642,572			45,642,572
Total Investments, at Value (Cost $1,677,178,734)						100.2%			1,677,226,099
Net Other Assets (Liabilities)						(0.2	)		(3,486,398	)
Net Assets						100.0%			$ 1,673,739,701

Footnotes to Schedule of Investments

*. The Maturity Date represents the date used to calculate the Fund’s weighted average maturity as determined under Rule 2a-7.

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

3. Repurchase agreements:

12 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

Footnotes to Schedule of Investments (Continued)


	Lending		Settlement			Maturity		Principal
Counterparty	Rate		Date			Date		Amount
Cantor Fitzgerald Secured, LLC		2.55%		7/2/19			8/2/19		$3,000,000
Credit Agricole Corp. & Investment Bank		2.27		7/31/19			8/7/19		31,000,000
Credit Agricole Corp. & Investment Bank		2.52		7/31/19			8/1/19		508,000,000
RBC Dominion Securities, Inc.		2.52		7/31/19			8/1/19		476,000,000
TD Securities (USA) LLC		2.47		7/25/19			8/1/19		87,000,000

								Repurchase
Counterparty	Collateralized By		Collateral Received, at Value^a			Repurchase Agreements, at Value		Agreement Proceeds to be Received^a
Cantor Fitzgerald Secured, LLC		U.S. Government Agency Mortgages, 2.50%-7.00%, 4/25/22-2/20/49		$(3,067,734	)		$3,000,000		$3,006,588
Credit Agricole Corp. & Investment Bank		U.S. Government Agency Mortgages, 4.00%-4.50%, 8/1/47-7/1/48		(31,633,957	)		31,000,000		31,013,683
Credit Agricole Corp. & Investment Bank		U.S. Government Agency Mortgages, 3.00%-4.00%, 5/1/34-6/20/49		(518,196,272	)		508,000,000		508,035,560
RBC Dominion Securities, Inc.		U.S. Treasury Nts., 1.375%, 9/30/19 and U.S. Government Agency Mortgages, 3.00%-4.50%, 9/1/41-5/20/49		(485,553,986	)		476,000,000		476,033,320
TD Securities (USA) LLC		U.S. Government Agency Mortgages, 3.50%, 7/1/46		(88,782,620	)		87,000,000		87,041,784
				$(1,127,234,569	)		$1,105,000,000		$1,105,130,935

a. Includes accrued interest.

4.	The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of July 31, 2019.

Glossary:

Definitions


FCPR DLY		Federal Reserve Bank Prime Loan Rate US Daily
FEDL01		US Federal Funds Effective Rate (continuous series)
SOFRRATE		United States Secured Overnight Financing Rate
US0001M		Intercontinental Exchange London Interbank Offered Rate USD 1 Month
US0003M		Intercontinental Exchange London Interbank Offered Rate USD 3 Month
USBMMY3M		US Treasury Bill 3 Month Money Market Yield

See accompanying Notes to Financial Statements.

13 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2019


Assets
Investments, at value—see accompanying schedule of investments:
Unaffiliated companies (cost $526,536,162)	$	526,583,527
Affiliated companies (cost $45,642,572)		45,642,572
Repurchase agreements (cost $1,105,000,000)		1,105,000,000

		1,677,226,099
Cash		469,529
Receivables and other assets:
Shares of beneficial interest sold		1,783,513
Interest and dividends		1,396,513
Other		486,310

Total assets		1,681,361,964
Liabilities
Payables and other liabilities:
Shares of beneficial interest redeemed		4,682,116
Transfer and shareholder servicing agent fees		903,435
Dividends		874,055
Advisory fees		661,124
Trustees’ compensation		274,546
Investments purchased		90,659
Shareholder communications		55,000
Administration fees		48,776
Distribution and service plan fees		743
Other		31,809

Total liabilities		7,622,263
Net Assets	$	1,673,739,701


Composition of Net Assets
Shares of beneficial interest	$	1,673,799,146
Total accumulated loss		(59,445	)

Net Assets	$	1,673,739,701

14 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND


Net Asset Value Per Share
Class C Shares:

Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $497,044 and 497,059 shares of beneficial interest outstanding)			$1.00

Class R Shares:

Net asset value, redemption price and offering price per share (based on net assets of $182,126 and 182,123 shares of beneficial interest outstanding)			$1.00

Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $1,669,765,610 and 1,669,737,537 shares of beneficial interest outstanding)			$1.00

Class R6 Shares:

Net asset value, redemption price and offering price per share (based on net assets of $10,000 and 10,000 shares of beneficial interest outstanding)			$1.00
Invesco Cash Reserve Shares:

Net asset value, redemption price and offering price per share (based on net assets of $3,284,921 and 3,285,030 shares of beneficial interest outstanding)			$1.00

See accompanying Notes to Financial Statements.

15 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

STATEMENT OF

OPERATIONS For the Year Ended July 31, 2019


Investment Income
Interest	$	40,368,739
Dividends from affiliated companies		1,006,350

Total investment income		41,375,089
Expenses
Advisory fees		7,356,032
Administration fees		111,846
Distribution and service plan fees:
Class C		504
Class R		61
Invesco Cash Reserve Shares		475
Transfer and shareholder servicing agent fees:
Class C		152
Class R		57
Class Y		3,247,387
Class R6		1
Invesco Cash Reserve Shares		960
Shareholder communications:
Class C		9
Class R		3
Class Y		90,263
Invesco Cash Reserve Shares		60
Custodian fees and expenses		37,123
Trustees’ compensation		26,548
Other		74,166

Total expenses		10,945,647
Less waivers and reimbursements of expenses		(672,731	)

Net expenses		10,272,916
Net Investment Income		31,102,173
Realized and Unrealized Gain
Net realized gain on investment transactions in unaffiliated companies		31,408
Net change in unrealized appreciation/(depreciation) on investment transactions		47,365
Net Increase in Net Assets Resulting from Operations	$	31,180,946

See accompanying Notes to Financial Statements.

16 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended		Year Ended
	July 31, 2019		July 31, 2018
Operations
Net investment income	$	31,102,173	$	15,255,373
Net realized gain (loss)		31,408		(2,231)
Net change in unrealized appreciation/(depreciation)		47,365		—

Net increase in net assets resulting from operations		31,180,946		15,253,142
Dividends and/or Distributions to Shareholders¹
Distributions to shareholders from distributable earnings:
Class A		—		(14,922,631)
Class C		(468)		—
Class R		(231)		—
Class Y		(31,093,379)		(327,801)
Class R6		(33)		—
Invesco Cash Reserve Shares		(5,567)		—

Total distributions from distributable earnings		(31,099,678)		(15,250,432)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		—		(141,372,147)
Class C		497,059		—
Class R		182,123		—
Class Y		(83,864,491)		(1,877,618)
Class R6		10,000		—
Invesco Cash Reserve Shares		3,285,030		—

Total beneficial interest transactions		(79,890,279)		(143,249,765)
Net Assets
Total decrease		(79,809,011)		(143,247,055)
Beginning of period		1,753,548,712		1,896,795,767

End of period	$	1,673,739,701	$	1,753,548,712

See accompanying Notes to Financial Statements.

17 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

FINANCIAL HIGHLIGHTS


Class C	Period Ended July 31, 2019¹
Per Share Operating Data
Net asset value, beginning of period		$1.00
Income gain from investment operations:
Net investment income²		0.00³
Net realized and unrealized gain		0.00³
Total from investment operations		0.00³
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)³
Distributions from net realized gain		(0.00)³
Total dividends and/or distributions to shareholders		(0.00)³
Net asset value, end of period		$1.00


Total Return⁴		0.16%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$497
Average net assets (in thousands)		$296
Ratios to average net assets:⁵
Net investment income		0.91%
Total expenses⁶		1.64%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.43%

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

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

3.	Less than $0.005 per share.

5.	Annualized for periods less than one full year.

6.	Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Period Ended July 31, 2019			1.64	%

See accompanying Notes to Financial Statements.

18 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND


Class R	Period Ended July 31, 2019	¹
Per Share Operating Data
Net asset value, beginning of period	$1.00
Income gain from investment operations:
Net investment income²	0.00³
Net realized and unrealized gain	0.00³
Total from investment operations	0.00³
Dividends and/or distributions to shareholders:
Dividends from net investment income	(0.00)³
Distributions from net realized gain	(0.00)³
Total dividends and/or distributions to shareholders	(0.00)³
Net asset value, end of period	$1.00



Total Return⁴	0.23%

Ratios/Supplemental Data
Net assets, end of period (in thousands)	$182
Average net assets (in thousands)	$102
Ratios to average net assets:⁵
Net investment income	1.27%
Total expenses⁶	1.08%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses	1.08%⁷

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

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

3.	Less than $0.005 per share.

5.	Annualized for periods less than one full year.

6.	Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Period Ended July 31, 2019			1.08	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

19 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

FINANCIAL HIGHLIGHTS Continued


Class Y	Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016		Year Ended July 31, 2015
Per Share Operating Data
Net asset value, beginning of period		$1.00		$1.00		$1.00		$1.00		$1.00
Income gain from investment operations:
Net investment income¹		0.02		0.01		0.00²		0.00²		0.00²
Net realized and unrealized gain		0.00²		(0.00)²		0.00²		0.00²		0.00²
Total from investment operations		0.02		0.01		0.00²		0.00²		0.00²
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.02)		(0.01)		(0.00)²		(0.00)²		(0.00)²
Distributions from net realized gain		(0.00)²		0.00		0.00		0.00		(0.00)²
Total dividends and/or distributions to shareholders		(0.02)		(0.01)		(0.00) ²		(0.00)²		(0.00)²
Net asset value, end of period		$1.00		$1.00		$1.00		$1.00		$1.00


Total Return³		1.77%		0.84%		0.10%		0.01%		0.01%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$1,669,766		$40,384		$42,261		$92,494		$73,743
Average net assets (in thousands)		$1,766,227		$39,990		$79,473		$83,425		$71,722
Ratios to average net assets:⁴
Net investment income		1.76%		0.83%		0.07%		0.01%		0.01%
Total expenses		0.62%⁵		0.61%⁵		0.64%⁵		0.64%		0.65%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.58%		0.60%		0.51%		0.45%		0.21%

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

2. Less than $0.005 per share.

4. Annualized for periods less than one full year.

5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended July 31, 2019	0.62	%
Year Ended July 31, 2018	0.61	%
Year Ended July 31, 2017	0.64	%

See accompanying Notes to Financial Statements.

20 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND


Class R6	Period Ended July 31, 2019¹
Per Share Operating Data
Net asset value, beginning of period		$1.00
Income gain from investment operations:
Net investment income²		0.00³
Net realized and unrealized gain		0.00³
Total from investment operations		0.00³
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)³
Distributions from net realized gain		(0.00)³
Total dividends and/or distributions to shareholders		(0.00)³
Net asset value, end of period		$1.00


Total Return⁴		0.34%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10
Average net assets (in thousands)		$10
Ratios to average net assets:⁵
Net investment income		1.88%
Total expenses⁶		0.48%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.48%⁷

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

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

3. Less than $0.005 per share.

5.	Annualized for periods less than one full year.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Period Ended July 31, 2019			0.48	%

7. Waiver was less than 0.005%.

See accompanying Notes to Financial Statements.

21 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

FINANCIAL HIGHLIGHTS Continued


Invesco Cash Reserve Shares	Period Ended July 31, 2019¹
Per Share Operating Data
Net asset value, beginning of period		$1.00
Income gain from investment operations:
Net investment income²		0.00³
Net realized and unrealized gain		0.00³
Total from investment operations		0.00³
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.00)³
Distributions from net realized gain		(0.00)³
Total dividends and/or distributions to shareholders		(0.00)³
Net asset value, end of period		$1.00


Total Return⁴		0.30%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$3,285
Average net assets (in thousands)		$1,846
Ratios to average net assets:⁵
Net investment income		1.67%
Total expenses⁶		0.86%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.67%

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

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

3. Less than $0.005 per share.

5. Annualized for periods less than one full year.

6. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Period Ended July 31, 2019			0.86	%

See accompanying Notes to Financial Statements.

22 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

NOTES TO FINANCIAL STATEMENTS July 31, 2019

Note 1- Significant Accounting Policies

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

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Government Money Market 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 shares merged with Class Y shares, and Class Y shares received the corresponding class of shares of the Fund. Class C, R, R6 and Invesco Cash Reserve shares commenced operations on the Reorganization Date.

The Fund’s investment objective is to seek income consistent with stability of principal.

The Fund currently consists of five different classes of shares: Class C, Class R, Class Y, Class R6 and Invesco Cash Reserve. Class Y shares are available only to certain investors. Class C shares are sold with a contingent deferred sales charges (“CDSC”). Class R, Class Y, Class R6 and Invesco Cash Reserve shares are sold at net asset value.

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

Security Valuations – The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The Fund may invest in securities that are subject to interest rate risk, meaning the

23 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 1- Significant Accounting Policies (Continued)

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.

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

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

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

24 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

Note 1- Significant Accounting Policies (Continued)

accepted in the United States of America (“GAAP”), are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually but may be paid at other times to maintain the net asset value per share at $1.00.

Undistributed

Net Investment

Income

Undistributed
Long-Term
Gain

Accumulated
Loss
Carryforward^1,2

Net Unrealized
Appreciation
Based on cost of
Securities and
Other Investments
for Federal Income
Tax Purposes

$879,897

$—

$47,365

1. During the reporting period, the Fund utilized $2,231 of capital loss carryforward to offset capital gains realized in that fiscal year.

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

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

25 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 1- Significant Accounting Policies (Continued)

Increase

to Paid-in Capital

Increase
to Accumulated
Net Loss

$25,550

The tax character of distributions paid during the reporting periods:


	Year Ended July 31, 2019		Year Ended July 31, 2018
Distributions paid from:
Ordinary income	$	31,099,678	$	15,250,432


Federal tax cost of securities	$	1,677,178,734

Gross unrealized appreciation	$	66,088
Gross unrealized depreciation		(18,723)

Net unrealized appreciation	$	47,365

I.	Repurchase Agreements - In a repurchase transaction, a Fund buys a security and

26 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

Note 1- Significant Accounting Policies (Continued)

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received) as of period end:


Counterparty	Repurchase Agreement Proceeds to be Received¹		Collateral Received¹			Net Exposure²
Repurchase Agreements
Cantor Fitzgerald Secured, LLC		$3,006,588		$(3,067,734	)		$(61,146	)
Credit Agricole Corp. & Investment Bank		539,049,243		(549,830,229	)		(10,780,986	)
RBC Dominion Securities, Inc.		476,033,320		(485,553,986	)		(9,520,666	)
TD Securities (USA) LLC		87,041,784		(88,782,620	)		(1,740,836	)

		$1,105,130,935		$(1,127,234,569	)

1.	Includes accrued interest.

2.	Net exposure represents the net (receivable)/payable that would be due from/to the counterparty in the event of default.

Note 2- Advisory Fees and Other Fees Paid to Affiliates

27 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 2- Advisory Fees and Other Fees Paid to Affiliates (Continued)


Fee Schedule*
Up to $500 million	0.450	%
Next $500 million	0.425
Next $500 million	0.400
Next $1.5 billion	0.375
Over $3 billion	0.350

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

For the year ended July 31, 2019, the effective advisory fees incurred by the Fund were 0.42%.

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $6,040,178 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

Effective on the Reorganization Date, the Adviser has contractually agreed, through at least May 28, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/ or expense reimbursement (excluding certain items discussed below) of Class C, Class R, Class Y, Class R6 and Invesco Cash Reserve shares to 1.58%, 1.08%, 0.58%, 0.48%, and 0.73%, 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 or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate May 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

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.

28 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

Note 2- Advisory Fees and Other Fees Paid to Affiliates (Continued)

For the year ended July 31, 2019, the Adviser waived advisory fees of $45,066 and reimbursed fund expenses of $111, $626,878, $676 for Class C, Class Y, and Invesco Cash Reserve shares, 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 year ended July 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby Citibank, N.A., serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class C, Class R, and Invesco Cash Reserve shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class C, Class R and Invesco Cash Reserve shares (collectively the “Plan”). The Fund, pursuant to the plans, pays ID compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The Fund pursuant to the Class R and Invesco Cash Reserve shares Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R and 0.15% of the average daily net assets of Invesco Cash Reserve shares. The fees are accrued daily and paid monthly. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Prior to the Reorganization, the Acquired Fund paid distribution fees to OppenheimerFunds Distributor, Inc. For the year ended July 31, 2019, expenses incurred under the plans are shown in the Statement of Operations as Distribution and service plan fees.

29 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 2- Advisory Fees and Other Fees Paid to Affiliates (Continued)

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 $60 in front–end sales commissions from the sale of Class A shares and $7,646 from Class A, 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

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

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

30 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

Note 3- Additional Valuation Information (Continued)


	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
U.S. Government Agencies	$	—	$	526,583,527	$	—	$	526,583,527
Repurchase Agreements		—		1,105,000,000		—		1,105,000,000
Investment Company		45,642,572		—		—		45,642,572

Total Assets	$	45,642,572	$	1,631,583,527	$	—	$	1,677,226,099

Note 4- Trustee and Officer Fees and Benefits

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

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

Trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased		$ —
Payments Made to Retired Trustees		14,130
Accumulated Liability as of July 31, 2019		120,031

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

31 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 5- Cash Balances

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

Note 6- Share Information

Transactions in shares of beneficial interest were as follows:


	Year Ended July 31, 2019						Year Ended July 31, 2018
	Shares			Amount			Shares			Amount
Class A
Sold¹		—		$	—			894,416,986		$	894,416,986
Dividends and/or distributions reinvested		—			—			14,355,299			14,355,299
Redeemed		—			—			(1,050,144,432	)		(1,050,144,432	)

Net decrease		—		$	—			(141,372,147	)	$	(141,372,147	)


Class C²
Sold		851,427		$	851,427			—		$	—
Dividends and/or distributions reinvested		317			317			—			—
Redeemed		(354,685	)		(354,685	)		—			—

Net increase		497,059		$	497,059			—		$	—


Class R²
Sold		717,627		$	717,627			—		$	—
Dividends and/or distributions reinvested		97			97			—			—
Redeemed		(535,601	)		(535,601	)		—			—

Net increase		182,123		$	182,123			—		$	—


Class Y
Sold		862,431,158		$	862,431,159			58,650,411		$	58,650,411
Dividends and/or distributions reinvested		30,525,669			30,499,662			308,684			308,684
Redeemed¹		(976,795,312	)		(976,795,312	)		(60,836,713	)		(60,836,713	)

Net decrease		(83,838,485	)	$	(83,864,491	)		(1,877,618	)	$	(1,877,618	)

32 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

Note 6- Share Information (Continued)


	Year Ended July 31, 2019						Year Ended July 31, 2018
	Shares			Amount			Shares		Amount
Class R6²
Sold		10,001		$	10,001			—	$	—
Dividends and/or distributions reinvested		—			—			—		—
Redeemed		(1	)		(1	)		—		—

Net increase		10,000		$	10,000			—	$	—


Invesco Cash Reserve
Shares²
Sold		4,653,258		$	4,653,258			—	$	—
Dividends and/or distributions reinvested		3,652			3,652			—		—
Redeemed		(1,371,880	)		(1,371,880	)		—		—

Net increase		3,285,030		$	3,285,030			—	$	—

1. Effective as of the close of business May 24, 2019, all outstanding Class A shares were converted to Class Y shares.

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

33 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of AIM Investment Securities Funds (Invesco Investment Securities Funds) and Shareholders of Invesco Oppenheimer Government Money Market Fund

Opinion on the Financial Statements

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

The financial statements of Invesco Oppenheimer Government Money Market Fund (formerly known as Oppenheimer Government Money Market Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 26, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Houston, TX

September 27, 2019

34 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

35 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

FEDERAL INCOME TAX INFORMATION Unaudited

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.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $31,069,735 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend and the maximum amount allowable but not less than $3,627 of the short-term capital gain distribution to be paid by the Fund qualifies as a short-term capital gain dividend.

36 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS Unaudited

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

The Board’s Evaluation Process

37 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS Unaudited / Continued

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

38 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

B. Fund Investment Performance

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.

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

39 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS Unaudited / Continued

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 noted that the Fund will not benefit from economies of scale through contractual breakpoints, but will share 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

F. Collateral Benefits to Invesco Advisers and its Affiliates

40 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO SCHEDULE OF INVESTMENTS Unaudited

Go paperless with eDelivery

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

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

● Fund reports and prospectuses

● Quarterly statements

● Daily confirmations

● Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

41 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

SHAREHOLDER PROXY Unaudited

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer Government Money Market Fund was held on April 12, 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 Government Money Market Fund into Invesco Oppenheimer Government Money Market 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

877,221,345

95,425,304

90,284,169

42 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

TRUSTEES AND OFFICERS Unaudited

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


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INTERESTED PERSONS
Martin L. Flanagan ¹ — 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	240	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. Taylor ²— 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds	240	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.

43 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

TRUSTEES AND OFFICERS Unaudited / Continued



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

44 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND



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

45 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

TRUSTEES AND OFFICERS Unaudited / Continued



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

3 Mss. Brown and Krentzman and Messrs. Motley, Vandivort and Vaughn were appointed as Trustees of the Trust effective June 10, 2019.

46 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Jack M. Fields (Continued)		company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives
Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	240	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	240	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Elizabeth Krentzman ³– 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the	240	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

47 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Elizabeth Krentzman (Continued)		Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	240	Blue Hills Bank; Chairman of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	240	None
Joel W. Motley ³– 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)	240	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	240	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)

48 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	240	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	240	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	240	None
Daniel S. Vandivort ³–1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	240	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn ³– 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	240	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson – 1957 Trustee and Vice Chair	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios);	240	ISO New England, Inc. (non-profit organization managing regional electricity market)

49 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

TRUSTEES AND OFFICERS Unaudited / Continued



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

50 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND



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

51 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

TRUSTEES AND OFFICERS Unaudited / Continued



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

52 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND



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

53 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

TRUSTEES AND OFFICERS Unaudited / Continued



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

54 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND



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

55 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

TRUSTEES AND OFFICERS Unaudited / Continued



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


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza,	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers
Suite 1000	1555 Peachtree Street, N.E.	11 Greenway Plaza,	LLP
Houston, TX 77046-1173	Atlanta, GA 30309	Suite 1000	1000 Louisiana Street,
		Houston, TX	Suite 5800
		77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens & Young,	Independent Trustees	Invesco Investment	JPMorgan Chase Bank
LLP	Goodwin Procter LLP	Services, Inc.	4 Chase Metro Tech
2005 Market Street,	901 New York Avenue, N.W.	11 Greenway Plaza,	Center
Suite 2600	Washington, D.C. 20001	Suite 1000	Brooklyn, NY 11245
Philadelphia, PA 19103-7018		Houston, TX
		77046-1173

56 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

INVESCO’S PRIVACY NOTICE

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

Information We Collect and Use

How We Use Personal Information

¹NTD

57 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

INVESCO’S PRIVACY NOTICE Continued

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

How We Share Personal Information

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

Cookies and Other Tools

58 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

Security

Transfer of Data to Other Countries

Children’s Privacy

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

You may also contact us to:

59 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

INVESCO’S PRIVACY NOTICE Continued

● 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

60 INVESCO OPPENHEIMER GOVERNMENT MONEY MARKET FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

Explore High-Conviction Investing with Invesco

LOGO

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.

LOGO


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


				Annual Report 7/31/2019

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

Important Update

Table of Contents



Fund Performance Discussion			4

Allocations			7

Fund Expenses			10

Schedule of Investments			12

Statement of Assets and Liabilities			17

Statement of Operations			18

Statements of Changes in Net Assets			19

Financial Highlights			20

Notes to Financial Statements			23

Report of Independent Registered Public Accounting Firm			35

Independent Registered Public Accounting Firm			36

Federal Income Tax Information			37

Approval of Investment Advisory and Sub-Advisory Contracts			38

Portfolio Proxy Voting Policies and Guidelines; Updates to Schedule of Investments			43

Shareholder Proxy			44

Trustees and Officers			45

Invesco’s Privacy Notice			59

Class Y Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/19


	Class Y Shares of the Fund	ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index

1-Year	2.61%	2.34%

5-Year	1.34	0.91

Since Inception (4/25/11)	1.03	0.58

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com for the most recent month-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. There is no sales charge for Class A, Class Y and Class R6. As the result of a reorganization after the close of business on May 24, 2019, the returns of the Fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from those of the predecessor fund as they have different expenses. Returns for periods of less than one year are not annualized. Returns do not consider capital gains or income taxes on an individual’s investment. See Fund prospectus and summary prospectus for more information on share classes and sales charges. Fund literature is available at invesco.com.

3 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

Fund Performance Discussion

The Fund’s Class Y shares produced a total return of 2.61% over the one-year reporting period ended July 31, 2019, outperforming the 2.34% total return of its benchmark, the ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Index”). Despite volatility among short term interest rates stemming from anticipated Federal Reserve (“Fed”) hikes for 2019 to an actual cut to the Fed Funds range at the July 31st meeting, the Fund continued to provide a higher level of current income versus alternatives. During the reporting period, the exposure to high grade corporate credit in both bonds and commercial paper allowed the Fund to outperform the Index.

MARKET OVERVIEW

The ultra-short maturity portion of the US bond market had a positive return as yields have fallen dramatically since the beginning of the year, specifically during the second quarter of 2019. Additionally, falling US interest rates have driven valuations as the 2-year Treasury yield fell to 1.75%. We have observed that the market has priced in

multiple rate cuts, which we believe could hamper valuations going forward. At quarter end, the yield curve was nearly completely inverted with short-term yields at the 2.50% upper target of the federal funds rate. This is a very different picture than what was expected 1 year ago, when the market was pricing in rate hikes, not cuts.

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

LOGO

4 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

For the second quarter of 2019, US credit had a strong return. Though decelerating global growth pushed interest rates lower, which boosted valuations, credit investors clamored for yield and showed less concern about rising risk factors. The yield spread between US investment grade credit and comparable duration US Treasuries narrowed, with the segment significantly outperforming for the quarter. Technical conditions in the corporate sector benefited from slightly less new issuance compared to the second quarter of last year. Nevertheless, bourgeoning demand for corporate credit caused yield spreads to tighten.

Structured credit performed well for the quarter. The asset-backed securities (ABS) sector maintained solid collateral quality, but slumping auto activity and subprime lending are still areas of potential concern.

Growth forecasts have been downgraded and are largely at market expectations. Trade uncertainty has waned but still looms. We expect that US growth will be about 2%, supported by consumers but slowing due to the industrial sector. In Europe, where growth is forecast at 1.2%, we do not anticipate global trade to return, but believe that the domestic economy is steady. We expect that China’s growth should be in the low to mid-6% range as its central bank is expected to combat growth concerns with fiscal spending. Current data and accommodative central bank policies suggest only modest growth deterioration, in our opinion.

FUND REVIEW

The Fund continues to invest most of its assets in securities with maturities of one year or less. This focus generally allows the Fund to have relatively low price volatility and increases its inherent liquidity. At the same time, we continue to maintain exposure to high credit quality issuers primarily in the industrial sector in addition to the financial sector. To further mitigate credit risk, we maintain diversity among issuers as well as industry.

STRATEGY & OUTLOOK

Our strategy continues to be one that seeks income with reduced volatility. We believe in our investment process and our strong fundamental credit analysis. We expect the Fed to lean toward easier monetary policy given lackluster inflation. The European Central Bank is expected to relaunch its

5 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

quantitative easing and cut interest rates in the third quarter, with fiscal policy off the table for the near term given Italy’s deficit. China’s central bank has been easing and is expected to focus more on fiscal policy into calendar year end. Overall, we believe near-term central bank moves appear to be already priced into bond markets.

6 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

Allocations

PORTFOLIO ALLOCATION


Short-Term Notes	75.3	%
Non-Convertible Corporate Bonds and Notes	19.8
Certificates of Deposit	4.9

Allocations are subject to change. Percentages are as of July 31, 2019, and are based on the total market value of investments.

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

7 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS AS OF 7/31/19


	Inception Date		1-Year			5-Year			Since Inception
Class A (OSDAX)		4/25/11		2.55	%		1.27	%		0.94	%
Class Y (OSDYX)		4/25/11		2.61			1.34			1.03
Class R6 (OSDIX)*		11/28/14		2.62			N/A			1.67

* Pursuant to the closing of the transaction described in the Notes to Financial Statements, after the close of business on May 24, 2019, Class I shares were reorganized as Class R6 shares.

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com for the most recent month-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. There is no sales charge for Class A, Class Y and Class R6. Effective after the close of business on May 24, 2019, Class A, Class Y, and Class I shares of the predecessor fund were reorganized into Class A, Class Y, Class R6 shares, respectively, of the Fund. 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 ICE Bank of America (BofA) Merrill Lynch 3-month U.S. Treasury Bill Index, an index of short-term U.S. Government securities with a remaining term to final maturity of less than three months. The Index is unmanaged and cannot be purchased directly by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the Index. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

8 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

should ask their advisors for a prospectus/summary prospectus or visit invesco. com/fundprospectus.

9 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

Fund Expenses

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 31, 2019.

10 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND


Actual	Beginning Account Value February 1, 2019		Ending Account Value July 31, 2019		Expenses Paid During 6 Months Ended July 31, 2019
Class A	$	1,000.00	$	1,013.10	$	1.50
Class Y		1,000.00		1,013.30		1.25
Class R6		1,000.00		1,013.30		1.25

Hypothetical (5% return before expenses)
Class A		1,000.00		1,023.31		1.51
Class Y		1,000.00		1,023.55		1.26
Class R6		1,000.00		1,023.55		1.26

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended July 31, 2019 are as follows:


Class	Expense Ratios
Class A		0.30%
Class Y		0.25
Class R6		0.25

11 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

SCHEDULE OF INVESTMENTS July 31, 2019


	Principal Amount		Value
Corporate Bonds and Notes—20.0%
Consumer Discretionary—2.1%
Automobiles—1.6%
American Honda Finance Corp., 2.685% [US0003M+15] Sr. Unsec. Nts., 11/13/19¹	$	1,000,000	$	1,000,517
Daimler Finance North America LLC:
2.20% Sr. Unsec. Nts., 5/5/20²		1,000,000		997,318
3.10% Sr. Unsec. Nts., 5/4/20²		1,000,000		1,004,291

				3,002,126
Media—0.5%
Omnicom Group, Inc./Omnicom Capital, Inc., 4.45% Sr. Unsec. Nts., 8/15/20		1,000,000		1,019,645
Consumer Staples—4.1%
Beverages—1.2%
Diageo Capital plc:
2.76% [US0003M+24] Sr. Unsec. Nts., 5/18/20¹		1,500,000		1,501,498
3.00% Sr. Unsec. Nts., 5/18/20		1,000,000		1,005,439

				2,506,937
Food Products—1.3%
Mondelez International, Inc., 3.00% Sr. Unsec. Nts., 5/7/20		2,500,000		2,509,801
Tobacco—1.6%
Altria Group, Inc., 9.25% Sr. Unsec. Nts., 8/6/19		3,130,000		3,132,294
Financials—11.0%
Capital Markets—1.0%
UBS AG (Stamford CT), 2.35% Sr. Unsec. Nts., 3/26/20		2,000,000		2,000,500
Commercial Banks—9.0%
Bank of Montreal, 3.036% [US0003M+60] Sr. Unsec. Nts., 12/12/19¹		1,200,000		1,202,646
Branch Banking & Trust Co., 2.753% [US0003M+45] Sr. Unsec. Nts., 1/15/20¹		1,250,000		1,251,724
ING Bank NV, 3.128% [US0003M+61] Sr. Unsec. Nts., 8/15/19^1,2		1,250,000		1,250,337
JPMorgan Chase & Co., 4.95% Sr. Unsec. Nts., 3/25/20		500,000		508,139
National Australia Bank Ltd., 2.928% [US0003M+59] Sr. Unsec. Nts., 1/10/20^1,2		1,500,000		1,503,585
National Bank of Canada, 2.903% [US0003M+60] Sr. Unsec. Nts., 1/17/20¹		2,000,000		2,004,566
Nordea Bank AB, 2.95% [US0003M+62] Sr. Unsec. Nts., 9/30/19^1,2		2,000,000		2,002,123
Skandinaviska Enskilda Banken AB, 3.02% [US0003M+57] Sr. Unsec. Nts., 9/13/19^1,2		1,000,000		1,000,850
Sumitomo Mitsui Banking Corp.:
2.45% Sr. Unsec. Nts., 1/16/20		1,300,000		1,300,536
2.514% Sr. Unsec. Nts., 1/17/20		1,263,000		1,263,647

12 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND


	Principal Amount		Value
Commercial Banks (Continued)
Sumitomo Mitsui Banking Corp.: (Continued) 2.61% [US0003M+31] Sr. Unsec. Nts., 10/18/19¹	$	1,000,000	$	1,000,630
Svenska Handelsbanken AB, 2.964% [US0003M+49] Sr. Unsec. Nts., 9/6/19¹		1,000,000		1,000,649
Westpac Banking Corp.:
2.798% [US0003M+28] Sr. Unsec. Nts., 5/15/20¹		1,500,000		1,503,043
3.05% Sr. Unsec. Nts., 5/15/20		1,000,000		1,005,964

				17,798,439
Consumer Finance—1.0%
Capital One NA, 2.35% Sr. Unsec. Nts., 1/31/20		2,000,000		1,998,710
Industrials—1.5%
Aerospace & Defense—1.0%
General Dynamics Corp., 2.875% Sr. Unsec. Nts., 5/11/20		2,000,000		2,010,481
Machinery—0.5%
Caterpillar Financial Services Corp., 2.95% Sr. Unsec. Nts., 5/15/20		1,000,000		1,005,622
Telecommunication Services—1.3%
Diversified Telecommunication Services—1.3%
Deutsche Telekom International Finance BV, 1.50% Sr. Unsec. Nts., 9/19/19²		2,500,000		2,496,457

Total Corporate Bonds and Notes (Cost $39,370,042)				39,481,012
Short-Term Notes—76.1%
Aerospace & Defense—1.4%
UnitedHealth Group, Inc., 2.485%, 8/30/19^2,3		2,900,000		2,893,970

Banks—19.5%
BNP Paribas SA, 2.367%, 9/9/19³		500,000		498,731
Credit Agricole SA, 2.204%, 8/29/19³		5,700,000		5,690,068
DNB Bank ASA:
2.315%, 8/15/19^2,3		2,700,000		2,697,425
2.351%, 8/1/19^2,3		3,000,000		2,999,800
HSBC USA, Inc., 2.414%, 8/8/19^2,3		800,000		799,600
Mizuho Bank Ltd., 2.306%, 9/10/19^2,3		1,000,000		997,318
MUFG Bank Ltd.:
2.303%, 8/8/19^2,3		3,900,000		3,898,053
2.334%, 8/12/19^2,3		1,800,000		1,798,651
Nordea Bank AB, 2.264%, 8/19/19^2,3		500,000		499,388
Royal Bank of Canada, 2.253%, 8/23/19^2,3		1,250,000		1,248,144
Skandinaviska Enskilda Banken AB, 2.252%, 10/17/19^2,3		4,000,000		3,981,115
Societe Generale SA, 2.336%, 8/1/19^2,3		5,700,000		5,699,627
Sumitomo Mitsui Banking Corp.:
2.272%, 8/13/19^2,3		1,400,000		1,398,865
2.274%, 8/26/19³		600,000		599,074

13 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

SCHEDULE OF INVESTMENTS Continued


	Principal Amount		Value
Banks (Continued)
Toronto-Dominion Bank:
2.224%, 8/30/19^2,3	$	1,000,000	$	998,146
2.315%, 8/15/19^2,3		4,700,000		4,695,476

				38,499,481
Chemicals—6.4%
Albemarle Corp.:
2.485%, 8/19/19^2,3		2,400,000		2,396,537
2.576%, 8/6/19^2,3		600,000		599,721
Eastman Chemical, 2.425%, 8/27/19^2,3		2,900,000		2,894,578
Ecolab, Inc., 2.451%, 8/6/19³		2,000,000		1,999,179
Nutrien Ltd., 2.546%, 8/15/19^2,3		4,700,000		4,695,036

				12,585,051
Commercial Services & Supplies—1.0%
Cintas Executive Service, 2.471%, 8/5/19^2,3		2,000,000		1,999,274

Containers & Packaging—1.5%
International Paper Co., 2.454%, 8/9/19^2,3		3,000,000		2,998,148
Diversified Telecommunication Services—2.6%
AT&T, Inc.:
2.749%, 12/10/19^2,3		2,300,000		2,278,655
2.82%, 12/2/19^2,3		3,000,000		2,973,816

				5,252,471
Electric Utilities—8.8%
Duke Energy Corp.:
2.432%, 8/12/19^2,3		1,000,000		999,174
2.859%, 8/16/19^2,3		2,000,000		1,997,790
Eversource Energy, 2.422%, 8/13/19^2,3		2,900,000		2,897,303
NextEra Energy Capital Holdings, Inc.:
2.559%, 8/28/19^2,3		2,000,000		1,996,120
2.568%, 8/20/19^2,3		975,000		973,652
2.591%, 8/23/19^2,3		600,000		599,046
Puget Sound Energy, Inc., 2.516%, 8/12/19³		3,500,000		3,497,109
Southern Co., 2.556%, 8/12/19^2,3		4,300,000		4,296,448

				17,256,642
Energy Equipment & Services—3.0%
Schlumberger Holdings Corp., 2.402%, 8/13/19^2,3		2,900,000		2,897,303
TransCanada PipeLines Ltd.:
2.789%, 8/19/19^2,3		1,000,000		998,687
2.851%, 8/1/19^2,3		1,900,000		1,899,871

				5,795,861
Food & Staples Retailing—1.5%
Walgreens Boots Alliance, Inc., 2.484%, 8/13/19³		3,000,000		2,997,313

14 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND


	Principal Amount		Value
Food Products—2.2%
McCormick & Co, Inc., 2.454%, 8/12/19^2,3	$	3,000,000	$	2,997,420
Mondelez International, Inc., 2.445%, 8/26/19^2,3		1,400,000		1,397,480

				4,394,900
Health Care Providers & Services—2.5%
McKesson Corp., 2.493%, 8/15/19^2,3		2,900,000		2,896,997
UnitedHealth Group, Inc., 2.472%, 8/2/19^2,3		1,980,000		1,979,726

				4,876,723
Hotels, Restaurants & Leisure—1.5%
Marriott International, Inc.:
2.515%, 8/16/19^2,3		750,000		749,171
2.578%, 8/30/19^2,3		2,250,000		2,245,322

				2,994,493
Household Durables—3.0%
Leggett & Platt, Inc., 2.536%, 8/12/19^2,3		3,000,000		2,997,522
Mohawk Industries, Inc., 2.516%, 8/26/19^2,3		3,000,000		2,994,601

				5,992,123
IT Services—1.5%
Western Union Co., 2.471%, 8/6/19^2,3		2,900,000		2,898,810
Machinery—1.5%
Parker-Hannifin Corp., 2.475%, 8/19/19^2,3		3,000,000		2,996,352
Metals & Mining—1.5%
Glencore Funding, 2.503%, 8/16/19^2,3		2,900,000		2,896,644
Multi-Utilities—6.0%
Ameren Corp., 2.525%, 8/7/19^2,3		3,900,000		3,898,131
Center Point Energy, Inc., 2.58%, 8/5/19^2,3		4,000,000		3,998,637
Virginia Electric & Power Co., 2.577%, 8/5/19^2,3		1,000,000		999,637
Xcel Energy Inc., 2.452%, 8/13/19^2,3		2,900,000		2,897,403

				11,793,808
Oil, Gas & Consumable Fuels—1.5%
ENI Finance USA, Inc.:
2.504%, 8/19/19^2,3		1,600,000		1,597,869
2.568%, 8/21/19^2,3		600,000		599,118
2.725%, 8/30/19^2,3		700,000		698,544

				2,895,531
Personal Products—0.8%
Reckitt Benckiser Treasury Services plc:
2.557%, 8/5/19^2,3		1,000,000		999,671
2.657%, 8/6/19^2,3		629,000		628,752

				1,628,423

15 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

SCHEDULE OF INVESTMENTS Continued


	Principal Amount		Value

Specialty Retail—1.5%
RELX Investments plc, 2.516%, 8/20/19^2,3	$	2,900,000	$	2,895,992

Telephone Utilities—2.3%
Bell Canada, Inc.:
2.526%, 8/14/19^2,3		700,000		699,300
2.898%, 8/8/19^2,3		4,000,000		3,997,689

				4,696,989

Tobacco—0.3%
BAT International Finance plc, 2.616%, 8/9/19^2,3		700,000		699,568

Transportation Infrastructure—2.8%
ERAC USA Finance LLC, 2.648%, 9/16/19^2,3		5,500,000		5,481,962

Water Utilities—1.5%
American Water Capital Corp., 2.462%, 8/5/19^2,3		3,000,000		2,998,910

Total Short-Term Notes (Cost $150,423,639)				150,419,439

Certificates of Deposit—4.9%

DBS Bank Ltd., 2.373%, 8/2/19		4,000,000		3,999,468

DZ Bank AG, 2.325%, 8/12/19		5,800,000		5,795,399

Total Certificates of Deposit (Cost $9,795,625)				9,794,867

Total Investments, at Value (Cost $199,589,306)		101.0%		199,695,318

Net Other Assets (Liabilities)		(1.0)		(1,972,983)

Net Assets		100.0%	$	197,722,335

Footnotes to Schedule of Investments

2. Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at July 31, 2019 was $145,392,926, which represented 73.53% of the Fund’s Net Assets.

3. Current yield as of period end.

Glossary:

Definitions


ICE LIBOR		Intercontinental Exchange London Interbank Offered Rate
US0003M		ICE LIBOR USD 3 Month

See accompanying Notes to Financial Statements.

16 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2019



Assets
Investments, at value (cost $199,589,306) —see accompanying schedule of investments	$	199,695,318

Cash		189,696

Receivables and other assets:
Interest		329,734
Shares of beneficial interest sold		114,222
Other		75,699

Total assets		200,404,669

Liabilities
Payables and other liabilities:
Investments purchased		2,396,385
Advisory fees		78,378
Shares of beneficial interest redeemed		56,608
Trustees’ compensation		45,104
Dividends		16,245
Transfer and shareholder servicing agent fees		9,745
Shareholder communications		6,250
Administration fees		5
Other		73,614

Total liabilities		2,682,334

Net Assets	$	197,722,335



Composition of Net Assets
Shares of beneficial interest	$	199,472,669

Total accumulated loss		(1,750,334)

Net Assets	$	197,722,335



Net Asset Value Per Share
Class A Shares:

Net asset value and redemption price per share (based on net assets of $739,360 and 147,910 shares of beneficial interest outstanding)		$5.00


Class Y Shares:

Net asset value, redemption price and offering price per share (based on net assets of $186,458,644 and 37,309,883 shares of beneficial interest outstanding)		$5.00


Class R6 Shares:

Net asset value, redemption price and offering price per share (based on net assets of $10,524,331 and 2,079,041 shares of beneficial interest outstanding)		$5.06

See accompanying Notes to Financial Statements.

17 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

STATEMENT OF

OPERATIONS For the Year Ended July 31, 2019


Investment Income
Interest	$	9,344,532
Expenses

Advisory fees		996,601

Administration fees		3,166
Transfer and shareholder servicing agent fees:

Class A		59

Class Y		149,549

Class R6		2,615
Shareholder communications:

Class A		10

Class Y		19,661

Class R6		349
Legal, auditing and other professional fees		62,682
Trustees’ compensation		21,666
Borrowing fees		9,477
Custodian fees and expenses		2,269

Other		8,549

Total expenses		1,276,653

Less waivers and reimbursements of expenses		(440,040	)

Net expenses		836,613

Net Investment Income		8,507,919
Realized and Unrealized Gain (Loss)

Net realized loss on:

Investment transactions		(562,133	)

Futures contracts		(814,367	)

Net realized loss		(1,376,500	)

Net change in unrealized appreciation/(depreciation) on:

Investment transactions		1,146,314

Futures contracts		(24,392	)

Net change in unrealized appreciation/(depreciation)		1,121,922
Net Increase in Net Assets Resulting from Operations	$	8,253,341

See accompanying Notes to Financial Statements.

18 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended July 31, 2019			Year Ended July 31, 2018
Operations
Net investment income	$	8,507,919		$	12,377,012
Net realized loss		(1,376,500	)		(460,264)
Net change in unrealized appreciation/(depreciation)		1,121,922			(1,711,744)

Net increase in net assets resulting from operations		8,253,341			10,205,004
Dividends and/or Distributions to Shareholders¹
Distributions to shareholders from distributable earnings:
Class A		(3,719	)		(1,697)
Class Y		(8,223,074	)		(12,193,178)
Class R6		(272,855	)		(195,487)

Total distributions from distributable earnings		(8,499,648	)		(12,390,362)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		639,551			—
Class Y		(194,682,304	)		(379,951,203)
Class R6		94,783			344,717

Total beneficial interest transactions		(193,947,970	)		(379,606,486)
Net Assets
Total decrease		(194,194,277	)		(381,791,844)
Beginning of period		391,916,612			773,708,456

End of period	$	197,722,335		$	391,916,612

See accompanying Notes to Financial Statements.

19 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

FINANCIAL HIGHLIGHTS


Class A	Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016¹		Year Ended July 31, 2015¹

Per Share Operating Data
Net asset value, beginning of period		$5.00		$5.01		$5.01		$5.00		$5.01

Income (loss) from investment operations:
Net investment income²		0.12		0.08		0.06		0.04		0.02
Net realized and unrealized gain (loss)		0.01		(0.01)		0.00³		0.01		(0.01)

Total from investment operations		0.13		0.07		0.06		0.05		0.01

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.13)		(0.08)		(0.06)		(0.04)		(0.02)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.00)³

Total dividends and/or distributions to shareholders		(0.13)		(0.08)		(0.06)		(0.04)		(0.02)

Net asset value, end of period		$5.00		$5.00		$5.01		$5.01		$5.00



Total Return, at Net Asset Value⁴		2.55%		1.51%		1.12%		0.96%		0.21%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$739		$100		$100		$100		$100

Average net assets (in thousands)		$147		$100		$100		$100		$100

Ratios to average net assets:⁵
Net investment income		2.52%		1.62%		1.11%		0.86%		0.29%
Expenses excluding specific expenses listed below		0.38%		0.38%		0.38%		0.38%		0.38%
Interest and fees from borrowings		0.00%⁶		0.00%⁶		0.00%⁶		0.00%⁶		0.00%⁶

Total expenses		0.38%		0.38%		0.38%⁷		0.38%⁷		0.38%⁷
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.30%		0.33%		0.32%		0.33%		0.33%

Portfolio turnover rate		51%		72%		52%		90%		106%

1. On August 7, 2015, the Fund effected a share split. 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. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended July 31, 2017	0.38	%
Year Ended July 31, 2016	0.38	%
Year Ended July 31, 2015	0.38	%

See accompanying Notes to Financial Statements.

20 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND


Class Y	Year Ended July 31, 2019		Year Ended July 31, 2018		Year Ended July 31, 2017		Year Ended July 31, 2016¹		Year Ended July 31, 2015¹

Per Share Operating Data
Net asset value, beginning of period		$5.00		$5.01		$5.01		$5.00		$5.01

Income (loss) from investment operations:
Net investment income²		0.13		0.08		0.06		0.05		0.02
Net realized and unrealized gain (loss)		(0.00)³		(0.00)³		0.00³		0.01		(0.01)

Total from investment operations		0.13		0.08		0.06		0.06		0.01

Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.13)		(0.09)		(0.06)		(0.05)		(0.02)
Distributions from net realized gain		0.00		0.00		0.00		0.00		(0.00) ³

Total dividends and/or distributions to shareholders		(0.13)		(0.09)		(0.06)		(0.05)		(0.02)

Net asset value, end of period		$5.00		$5.00		$5.01		$5.01		$5.00



Total Return, at Net Asset Value⁴		2.61%		1.58%		1.19%		1.05%		0.29%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$186,459		$381,391		$763,499		$396,930		$276,780

Average net assets (in thousands)		$322,191		$720,645		$501,550		$295,268		$431,806

Ratios to average net assets:⁵
Net investment income		2.56%		1.69%		1.20%		0.94%		0.35%
Expenses excluding specific expenses listed below		0.38%		0.38%		0.38%		0.39%		0.38%
Interest and fees from borrowings		0.00%⁶		0.00%⁶		0.00%⁶		0.00%⁶		0.00%⁶

Total expenses		0.38%		0.38%		0.38%⁷		0.39%⁷		0.38%⁷
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.25%		0.25%		0.25%		0.25%		0.25%

Portfolio turnover rate		51%		72%		52%		90%		106%

1. On August 7, 2015, the Fund effected a share split. 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. Less than $0.005 per share.

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

5. Annualized for periods less than one full year.

6. Less than 0.005%.

7. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


Year Ended July 31, 2017	0.38	%
Year Ended July 31, 2016	0.39	%
Year Ended July 31, 2015	0.38	%

See accompanying Notes to Financial Statements.

21 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

FINANCIAL HIGHLIGHTS Continued


Class R6	Year Ended July 31, 2019			Year Ended July 31, 2018			Year Ended July 31, 2017			Year Ended July 31, 2016¹			Period Ended July 31, 2015^1,2

Per Share Operating Data
Net asset value, beginning of period		$5.06			$5.07			$5.01			$5.00		$5.01


Income (loss) from investment operations:
Net investment income³		0.13			0.08			0.06			0.05		0.02
Net realized and unrealized gain (loss)		(0.00	)⁴		(0.00	)⁴		0.06			0.01		(0.01)

Total from investment operations		0.13			0.08			0.12			0.06		0.01


Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.13	)		(0.09	)		(0.06	)		(0.05	)	(0.02)
Distributions from net realized gain		0.00			0.00			0.00			0.00		(0.00)⁴

Total dividends and/or distributions to shareholders		(0.13	)		(0.09	)		(0.06	)		(0.05	)	(0.02)


Net asset value, end of period		$5.06			$5.06			$5.07			$5.01		$5.00



Total Return, at Net Asset Value⁵		2.62%			1.58%			2.38%			1.04%		0.19%


Ratios/Supplemental Data
Net assets, end of period (in thousands)		$10,524			$10,426			$10,109			$13,789		$10


Average net assets (in thousands)		$10,557			$10,216			$8,238			$5,453		$10


Ratios to average net assets:⁶
Net investment income		2.56%			1.67%			1.21%			1.02%		0.42%
Expenses excluding specific expenses listed below		0.36%			0.40%			0.36%			0.37%		0.35%
Interest and fees from borrowings		0.00%	⁷		0.00%	⁷		0.00%	⁷		0.00%	⁷	0.00%⁷

Total expenses		0.36%			0.40%			0.36%	⁸		0.37%	⁸	0.35%⁸
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.25%			0.28%			0.25%			0.25%		0.25%


Portfolio turnover rate		51%			72%			52%			90%		106%

1. On August 7, 2015, the Fund effected a share split. Per share data prior to this date has been restated to give effect to the share split.

2. For the period from November 28, 2014 (inception of offering) to July 31, 2015.

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

4. Less than $0.005 per share.

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

6. Annualized for periods less than one full year.

7. Less than 0.005%.

8. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:


		Year Ended July 31, 2017		0.36%
		Year Ended July 31, 2016		0.37%
		Period Ended July 31, 2015		0.35%

See accompanying Notes to Financial Statements.

22 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

NOTES TO FINANCIAL STATEMENTS July 31, 2019

Note 1- Significant Accounting Policies

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

Prior to the close of business on May 24, 2019, the Fund operated as Oppenheimer Ultra-Short Duration 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 and Class Y received the corresponding class of shares of the Fund and holders of the Acquired Fund’s Class I received Class R6 shares of the Fund. Information for the Acquired Fund’s Class I Shares prior to the Reorganization is included with Class R6 Shares throughout this report.

The Fund’s investment objective is to seek income.

The Fund currently consists of three different classes of shares: Class A, Class Y, and Class R6. Class Y shares are available only to certain investors. Class A, Class Y and Class R6 shares are sold at net asset value.

The 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.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official

23 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 1- Significant Accounting Policies (Continued)

closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies

24 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

Note 1- Significant Accounting Policies (Continued)

and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations 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. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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.

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 and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

25 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 1- Significant Accounting Policies (Continued)

gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

26 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

Note 1- Significant Accounting Policies (Continued)

Undistributed

Net Investment

Income

Undistributed
Long-Term
Gain

Accumulated
Loss
Carryforward^1,2,3

Net Unrealized
Appreciation
Based on cost of
Securities and
Other Investments
for Federal Income
Tax Purposes

$89,552

$—

$1,902,409

$106,014

1. At period end, the Fund had $1,902,409 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

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.

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

The tax character of distributions paid during the reporting periods:


	Year Ended July 31, 2019		Year Ended July 31, 2018
Distributions paid from:
Ordinary income	$	8,499,648	$	12,384,111
Long-term capital gain		—		6,251

Total	$	8,499,648	$	12,390,362


Total federal tax cost	$	199,589,304


Gross unrealized appreciation	$	116,121

Gross unrealized depreciation		(10,107)

Net unrealized appreciation	$	106,014

27 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 1- Significant Accounting Policies (Continued)

Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are allocated to each share class based on relative net assets. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

Futures - The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into

28 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

Note 1- Significant Accounting Policies (Continued)

an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

J.	Collateral - To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

Other Risks - The Fund will concentrate its investments in obligations issued by banks and in instruments of the group of industries in the financial sector. Banks and companies in the financial securities industries may be more susceptible to particular economic and regulatory events such as fluctuations in interest rates, changes in monetary policy of the Board of Governors of the Federal Reserve System, governmental regulations concerning those industries and affecting capital raising activities and fluctuations in financial markets.

Note 2- Advisory Fees and Other Fees Paid to Affiliates

From the beginning of the fiscal period until the date of the Reorganization, the Acquired Fund paid $834,037 in advisory fees to OFI Global Asset Management, Inc. based on the annual rates above of the Acquired Fund’s average daily net assets.

29 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 2- Advisory Fees and Other Fees Paid to Affiliates (Continued)

shares to 0.30%, 0.25%, and 0.25%, 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 or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate May 28, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended July 31, 2019, the Adviser reimbursed fund expenses of $133, $428,243, and $11,664 for Class A, Class Y, and Class R6, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended July 31, 2019, expenses incurred under the agreement are shown in the Statement of Operations as Administration fees. Additionally, Invesco has entered into service agreements whereby JPMorgan Chase Bank serves as custodian to the Fund. Prior to the Reorganization, the Acquired Fund paid administrative fees to OFI Global Asset Management, Inc.

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

Note 3- Additional Valuation Information

30 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

Note 3- Additional Valuation Information (Continued)

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.

As of July 31, 2019, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Note 4- Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors. For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the Year Ended July 31, 2019

The tables below summarize the gains (losses) on derivative investments, detailed by primary

31 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 4- Derivative Investments (Continued)

risk exposure, recognized in earnings during the period:


Amount of Realized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Futures contracts
Interest rate contracts	$	(814,367)

Amount of Change in Unrealized Gain or (Loss) Recognized on Derivatives
Derivatives Not Accounted for as Hedging Instruments	Futures contracts
Interest rate contracts	$	(24,392)

The table below summarizes the average notional value of futures held during the period.

	Futures contracts
Average notional value	$	61,647,608

Note 5- Trustee and Officer Fees and Benefits

Note 6- Cash Balances

32 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

Note 6- Cash Balances (Continued)

agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Note 7- Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the year ended July 31, 2019 was $94,895,976 and $310,914,187, respectively.

Note 8- Share Information

Transactions in shares of beneficial interest were as follows:


	Year Ended July 31, 2019¹						Year Ended July 31, 2018
	Shares			Amount			Shares			Amount

Class A
Sold		128,126		$	640,629			—		$	—
Dividends and/or distributions reinvested		234			1,172			—			—
Redeemed		(450	)		(2,250	)		—			—

Net increase		127,910		$	639,551			—		$	—



Class Y
Sold		166,572,900		$	832,632,202			271,666,629		$	1,359,868,315
Dividends and/or distributions reinvested		1,605,703			8,025,442			2,430,597			12,162,533
Redeemed		(207,162,585	)		(1,035,339,948	)		(350,120,932	)		(1,751,982,051)

Net decrease		(38,983,982	)	$	(194,682,304	)		(76,023,706	)	$	(379,951,203)



Class R6
Sold		11,245		$	56,884			36,323		$	183,800
Dividends and/or distributions reinvested		53,822			272,249			35,634			180,425
Redeemed		(46,315	)		(234,350	)		(3,855	)		(19,508)

Net increase		18,752		$	94,783			68,102		$	344,717

1. There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own 46% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates, including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 50% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

Note 9- Borrowings

Joint Credit Facility. A number of mutual funds managed by the Adviser participate in a

33 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

NOTES TO FINANCIAL STATEMENTS Continued

Note 9- Borrowings (Continued)

$1.95 billion revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with atypical redemption activity. Expenses and fees related to the Facility are paid by the participating funds and are disclosed separately or as other expenses on the Statement of Operations. The Fund did not utilize the Facility during the reporting period. The Facility terminated May 24, 2019.

34 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of AIM Investment Securities Funds (Invesco Investment Securities Funds) and Shareholders of Invesco Oppenheimer Ultra-Short Duration Fund

Opinion on the Financial Statements

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

The financial statements of Invesco Oppenheimer Ultra-Short Duration Fund (formerly known as Oppenheimer Ultra-Short Duration Fund) as of and for the year ended July 31, 2018 and the financial highlights for each of the periods ended on or prior to July 31, 2018 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 26, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Houston, TX

September 27, 2019

35 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

36 OPPENHEIMER ULTRA-SHORT DURATION FUND

FEDERAL INCOME TAX INFORMATION Unaudited

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.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the reporting period, the maximum amount allowable but not less than $5,800,658 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend.

37 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY

CONTRACTS Unaudited

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

The Board’s Evaluation Process

38 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

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

39 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY

CONTRACTS Unaudited / Continued

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

B. Fund Investment Performance

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

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

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

D. Economies of Scale and Breakpoints

40 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.

E. Profitability and Financial Resources

F. Collateral Benefits to Invesco Advisers and its Affiliates

Invesco Funds and the organizational structure employed to provide these services. The Board also considered that these services will be provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered that Invesco Advisers will receive advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers will receive from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees to be

41 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY

CONTRACTS Unaudited / Continued

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

42 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO SCHEDULE OF INVESTMENTS Unaudited

Go paperless with eDelivery

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

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

● Fund reports and prospectuses

● Quarterly statements

● Daily confirmations

● Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

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

43 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

SHAREHOLDER PROXY Unaudited

A Special Meeting (“Meeting”) of Shareholders of Invesco Oppenheimer Ultra-Short Duration Fund was held on April 12, 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 Ultra-Short Duration Fund into Invesco Oppenheimer Ultra-Short Duration 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

51,213,167

67,673

11,240

44 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

TRUSTEES AND OFFICERS Unaudited



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. Flanagan ¹— 1960 Trustee and Vice Chair	2007	Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	240	None

Philip A. Taylor ²— 1954 Trustee	2006	Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser);	240	None

1 Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser.

2 Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser.

45 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

INTERESTED PERSONS (CONTINUED)

Philip A. Taylor (Continued)		Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./ Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company); Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./ Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding

46 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

INTERESTED PERSONS (CONTINUED)

Philip A. Taylor (Continued)		company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.

47 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

INDEPENDENT TRUSTEES

Bruce L. Crockett – 1944 Trustee and Chair	2003	Chairman, Crockett Technologies Associates (technology consulting company) Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	240	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)

David C. Arch – 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	240	Board member of the Illinois Manufacturers’ Association

Beth Ann Brown ³– 1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	240	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection (non-profit)

Jack M. Fields – 1952 Trustee	2003	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry	240	None

3 Mss. Brown and Krentzman and Messrs. Motley, Vandivort and Vaughn were appointed as Trustees of the Trust effective June 10, 2019.

48 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

INDEPENDENT TRUSTEES (CONTINUED)

Jack M. Fields (Continued)		company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives

Cynthia Hostetler —1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	240	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization)

Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	240	Insperity, Inc. (formerly known as Administaff) (human resources provider)

Elizabeth Krentzman ³– 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the	240	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member

49 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

TRUSTEES AND OFFICERS Unaudited / Continued



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

INDEPENDENT TRUSTEES (CONTINUED)

Elizabeth Krentzman (Continued)		Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	240	Blue Hills Bank; Chairman of Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	2003	Retired Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)	240	None
Joel W. Motley ³– 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)	240	Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	240	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)

50 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND



Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
INDEPENDENT TRUSTEES (CONTINUED)
Ann Barnett Stern – 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	240	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. – 1944 Trustee	2005	Retired Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	240	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business, Senior Partner, KPMG LLP	240	None
Daniel S. Vandivort ³–1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management). Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds	240	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn ³– 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds	240	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)
Christopher L. Wilson – 1957 Trustee and Vice Chair	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios);	240	ISO New England, Inc. (non-profit organization managing regional electricity market)

51 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

TRUSTEES AND OFFICERS Unaudited / Continued



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

52 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
OTHER OFFICERS

Sheri Morris — 1964 President, Principal Executive Officer and Treasurer	2003	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust	N/A	N/A

Russell C. Burk — 1958 Senior Vice President and Senior Officer	2005	Senior Vice President and Senior Officer, The Invesco Funds	N/A	N/A

Jeffrey H. Kupor – 1968 Senior Vice President, Chief Legal Officer and Secretary	2018	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco	N/A	N/A

53 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

OTHER OFFICERS (CONTINUED)

Jeffrey H. Kupor (Continued)		India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC; Secretary, Jemstep, Inc. Formerly: Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc.

Andrew R. Schlossberg – 1974 Senior Vice President	2019	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc. Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.;	N/A	N/A

54 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

OTHER OFFICERS (CONTINUED)

Andrew R. Schlossberg (Continued)		Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC

John M. Zerr — 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent) Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and	N/A	N/A

55 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

OTHER OFFICERS (CONTINUED)

John M. Zerr (Continued)		General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)

Gregory G. McGreevey - 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A

56 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

OTHER OFFICERS (CONTINUED)

Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Assistant Treasurer, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer –Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self- Indexed Fund Trust Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds	N/A	N/A

Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc.	N/A	N/A

57 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

TRUSTEES AND OFFICERS Unaudited / Continued


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years

OTHER OFFICERS (CONTINUED)

Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza,	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers
Suite 1000	1555 Peachtree Street, N.E.	11 Greenway Plaza,	LLP
Houston, TX 77046-1173	Atlanta, GA 30309	Suite 1000	1000 Louisiana Street,
		Houston, TX	Suite 5800
		77046-1173	Houston, TX 77002-5021
Counsel to the Fund	Counsel to the	Transfer Agent	Custodian
Stradley Ronon Stevens & Young,	Independent Trustees	Invesco Investment	JPMorgan Chase Bank
LLP	Goodwin Procter LLP	Services, Inc.	4 Chase Metro Tech
2005 Market Street,	901 New York Avenue, N.W.	11 Greenway Plaza,	Center
Suite 2600	Washington, D.C. 20001	Suite 1000	Brooklyn, NY 11245
Philadelphia, PA 19103-7018		Houston, TX
		77046-1173

58 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

INVESCO’S PRIVACY NOTICE

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

Information We Collect and Use

How We Use Personal Information

¹NTD

59 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

INVESCO’S PRIVACY NOTICE Continued

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

How We Share Personal Information

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

Cookies and Other Tools

60 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

Security

Transfer of Data to Other Countries

Children’s Privacy

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

You may also contact us to:

61 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

INVESCO’S PRIVACY NOTICE Continued

● 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

62 INVESCO OPPENHEIMER ULTRA-SHORT DURATION FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

Explore High-Conviction Investing with Invesco

LOGO

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.

LOGO


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

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

PricewaterhouseCoopers LLP (“PwC”) informed the Audit Committee that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.

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

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

If in the future the independence of PwC is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Funds will need to take other action in order for the Funds’ filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. The SEC no-action relief was initially set to expire 18 months from issuance but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of the Amendments.

During the reporting period, PwC advised the Audit Committee of the following matters for consideration under the SEC’s auditor independence rules. PwC advised the Audit Committee that a PwC Senior Associate, two PwC Managers, a PwC Senior Manager and a PwC Director each held financial interests in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-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 responsibility for matters that materially affected the audit and were reviewed by team members at least two levels higher than the PwC Senior Associate), and the investments were not material to the net worth of each individual or their respective immediate family members which they considered in reaching their conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant.

On May 24, 2019, certain investment advisor subsidiaries of Invesco Ltd. assumed management responsibility from Oppenheimer Funds, Inc. (“OFI”) for 83 open-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 have pre-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 Rule 2-01 of Regulation S-X (“Rule 2-01”) 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 certain non-audit services including, expert legal services to one Oppenheimer Fund, custody of client assets in connection with payroll services, a non-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 of non-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 the Pre-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 the Pre-Reorganization Relationship and Services, would conclude that the Pre-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 the Pre-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;

the Pre-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 the Pre-Reorganization Services affected the operations or financial reporting of the New Invesco Funds;

the Pre-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 the Pre-Reorganization Services were not material to MassMutual, Invesco or PwC.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC billed the series of the Registrant with a fiscal year end of July 31, 2019 (each a “Fund”) aggregate fees for services rendered to these Funds as shown in the following table. Each Fund is newly organized and was created, respectively, for the purpose of acquiring the assets and liabilities of a corresponding predecessor fund (each, a “Reorganization”). Each Reorganization was consummated after the close of business on May 24, 2019, prior to which each Fund had not yet commenced operations. Accordingly, the information shown in the following table has been provided for the period since each Fund’s commencement of operations. The Audit Committee pre-approved all audit and non-audit services provided to the Funds.

Fees Billed for Services Rendered to

the Registrant for fiscal year end 2019


Audit Fees	$	71,750
Audit-Related Fees	$	0
Tax Fees⁽¹⁾	$	7,500
All Other Fees	$	0

Total Fees	$	79,250

(g)

PwC billed the Registrant aggregate non-audit fees of $7,500 for the fiscal year ended 2019

(1)

Tax Fees for the fiscal year end July 31, 2019 includes fees billed for reviewing tax returns and/or services related to tax compliance.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), each Fund’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to each Fund (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the period since each Fund’s commencement of operations as shown in the following table. The Audit Committee pre-approved all non-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 be Pre-Approved by the Registrant’s Audit Committee

		Audit-Related Fees⁽¹⁾		$ 690,000
		Tax Fees		$ 0
		All Other Fees		$ 0
		Total Fees		$ 690,000

(1)

Audit-Related Fees for the year end 2019 include fees billed related to reviewing controls at a service organization.

(e)(2)

There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f)	Not applicable.

(g) Including the fees for services not required to be pre-approved by the registrant’s audit committee, PwC billed Invesco and Invesco Affiliates aggregate non-audit fees of $3,901,000 for the fiscal year ended July 31, 2019 for non-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 of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

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 the pre-approval of audit and non-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 and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-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 may pre-approve audit and non-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 general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

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

II.

Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-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 specifically pre-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 Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-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 General Pre-Approved Non-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 General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-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 specific pre-approval of audit-related, tax or other services, each as described in more detail below.

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.

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 specific pre-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 or fee-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.

Other Services

The Audit Committee may pre-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.

Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-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 specific pre-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 General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-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 the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-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 requires pre-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 for non-audit services, whether or not subject to pre-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 and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-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, to pre-approve audit and non-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 and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-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 to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-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 be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-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 following non-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 following non-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, or contribution-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 FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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

None

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of September 19, 2019, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of September 19, 2019, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-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 Rule 30a-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 FOR CLOSED-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 Rule 30a-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 Rule 30a-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 Investment Securities Funds (Invesco Investment Securities Funds)


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		October 4, 2019

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


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		October 4, 2019

By:		/s/ Kelli Gallegos
		Kelli Gallegos
		Principal Financial Officer

Date:		October 4, 2019

THE INVESCO FUNDS CODE OF ETHICS FOR COVERED OFFICERS

Introduction

The Boards of Trustees (“Board”) of the Invesco Funds (the “Funds”) have adopted this code of ethics (this “Code”) applicable to their Principal Executive Officer and Principal Financial Officer (or persons performing similar functions) (collectively, the “Covered Officers”) to promote:

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

full, fair, accurate, timely and understandable disclosure in reports and documents filed with, or submitted to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Funds;

compliance with applicable governmental laws, rules and regulations;

the prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

accountability for adherence to the Code.

II.

Covered Officers Should Act Honestly and Candidly

Each Covered Officer named in Exhibit A to this Code owes a duty to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds’ policies;

observe both the form and spirit of laws and governmental rules and regulations, accounting standards and policies of the Funds;

adhere to a high standard of business ethics; and

place the interests of the Funds and their shareholders before the Covered Officer’s own personal interests.

Business practices Covered Officers should be guided by and adhere to these fiduciary standards.

III.

Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Guiding Principles. A “conflict of interest” occurs when an individual’s personal interest actually or potentially interferes with the interests of the Funds or their shareholders. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his or her duties as a Fund officer objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position as a Fund officer. In addition, investment companies should be sensitive to situations that create apparent, but not actual, conflicts of interest. Service to the Funds should never be subordinated to personal gain an advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Funds that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended and the Investment Advisers Act of 1940, as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. Therefore, as to the existing statutory and regulatory prohibitions on individual behavior, they will be deemed to be incorporated in this Code and therefore any material violation will also be deemed a violation of this Code. Covered Officers must in all cases comply with applicable statutes and regulations. In addition, the Funds

and their investment adviser have adopted Codes of Ethics designed to prevent, identify and/or correct violations of these statutes and regulations. This Code does not, and is not intended to, repeat or replace such Codes of Ethics.

As to conflicts arising from, or as a result of the contractual relationship between, the Funds and the investment adviser of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to the adviser’s fiduciary duties to the Funds, the Covered Officers will in the normal course of their duties (whether formally for the Funds or for the adviser, or for both) be involved in establishing policies and implementing decisions which will have different effects on the adviser and the Funds. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the adviser and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Funds. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of other investment companies advised or serviced by the same adviser and the codes which apply to senior officers of those investment companies will apply to the Covered Officers acting in those distinct capacities.

Each Covered Officer must:

avoid conflicts of interest wherever possible;

handle any actual or apparent conflict of interest ethically;

not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by an investment company whereby the Covered Officer would benefit personally to the detriment of any of the Funds;

not cause an investment company to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of such company;

not use knowledge of portfolio transactions made or contemplated for an investment company to profit or cause others to profit, by the market effect of such transactions; and

as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Chief Compliance Officer of the Funds (the “CCO”).

Some conflict of interest situations that should always be discussed with the CCO, if material, include the following:

any outside business activity that detracts from an individual’s ability to devote appropriate time and attention to his or her responsibilities with the Funds;

being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member;

any direct ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than its investment adviser, distributor or other Invesco Ltd. affiliated entities and other than a de minimis ownership interest (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest); and

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer’s employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership, and other than an interest arising from a de minimis ownership interest in a company with which the Funds execute portfolios transactions or a company that receives commissions or other fees related to its sales and redemptions of shares of the Funds (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest).

IV.

Disclosure

Each Covered Officer is required to be familiar, and comply, with the Funds’ disclosure controls and procedures so that the Funds’ subject reports and documents filed with the SEC comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding these SEC filings or the Funds’ other public communications should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Covered Officer must:

familiarize himself/herself with the disclosure requirements applicable to the Funds as well as the business and financial operations of the Funds; and

not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including representations to the Funds’ internal auditors, independent Directors/Trustees, independent auditors, and to governmental regulators and self-regulatory organizations.

Compliance

It is the Funds’ policy to comply in all material respects with all applicable governmental laws, rules and regulations. It is the personal responsibility of each Covered Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

VI.

Reporting and Accountability

Each Covered Officer must:

upon becoming a Covered Officer and receipt of this Code, sign and submit to the CCO of the Funds (or the CCO’s designee) an acknowledgement stating that he or she has received, read, and understands this Code.

annually thereafter submit a form to the CCO of the Funds (or the CCO’s designee) confirming that he or she has received, read and understands this Code and has complied with the requirements of this Code.

not retaliate against any employee or other Covered Officer for reports of potential violations that are made in good faith.

notify the CCO promptly if he becomes aware of any existing or potential violation of this Code. Failure to do so is itself a violation of this Code.

Except as described otherwise below, the CCO is responsible for applying this Code to specific situations in which questions are presented to him or her and has the authority to interpret this Code in any particular situation. The CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her.

The CCO is authorized to consult, as appropriate, with the Chairman of the Audit Committees of the Board, counsel to the Funds and counsel to the Board members who are not “interested persons” of the Funds as defined in the 1940 Act (“Independent Trustees”), and is encouraged to do so.

The CCO is responsible for granting waivers and determining sanctions, as appropriate. In addition, approvals, interpretations, or waivers sought by the Covered Officers may also be considered by the Chairman of the Audit Committees of the Board.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

the CCO will take all appropriate action to investigate any potential violations reported to him or her;

any matter that the CCO believes is a violation or potential violation will be reported to the Chairman of the Audit Committees of the Board after such investigation;

if the Chairman of the Audit Committees concurs that a violation has occurred, he or she will inform the Board, which will take all appropriate disciplinary or preventive action;

appropriate disciplinary or preventive action may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer; a letter of censure, suspension, dismissal; or, in the event of criminal or other serious violations of law, notification to the SEC or other appropriate law enforcement authorities;

the CCO will be responsible for granting waivers of this Code, as appropriate; and

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VII.

Other Policies and Procedures

The Funds’ and the Advisers’ and Principal Underwriters’ codes of ethics under Rule 17j-1 under the Investment Company Act and the Advisers’ more detailed policies and procedures set forth in its Compliance and Supervisory Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

VIII.

Amendments

Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Funds’ Board, including a majority of Independent Trustees.

IX.

Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the members of the Funds’ Board, counsel to the Funds, counsel to the Independent Trustees.

Exhibit A

Persons Covered by this Code of Ethics:

Sheri Morris – Principal Executive Officers

Kelli Gallegos – Principal Financial Officer

INVESCO FUNDS

CODE OF ETHICS FOR COVERED OFFICERS--ACKNOWLEDGEMENT

I hereby acknowledge that I am a Principal Officer of the Funds and I am aware of and subject to the Funds’ Code of Ethics for Covered Officers. Accordingly, I have read and understood the requirements of the Code of Ethics for Covered Officers and I am committed to fully comply with the Code of Ethics for Covered Officers

I also recognize my obligation to promote:

1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. Full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submit to, the Commission and in other public communications made by the Funds; and

3. Compliance with applicable governmental laws, rules, and regulations.

4. The prompt internal reporting of violations to the Code to an appropriate person or persons identified in the Code; and

5. Accountability for adherence to the Code.



Date				Name:
				Title:

I, Sheri Morris, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Investment Securities Funds (Invesco Investment Securities Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: October 4, 2019				/s/ Sheri Morris
				Sheri Morris, Principal Executive Officer

I, Kelli Gallegos, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Investment Securities Funds (Invesco Investment Securities Funds);

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: October 4, 2019						/s/ Kelli Gallegos
						Kelli Gallegos, Principal Financial Officer

Exhibit 99.ACCT

EXHIBIT(a)(4)

Registrant’s Independent Public Accountant

AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)


Funds		Predecessor Funds
Invesco Oppenheimer Government Money Market Fund		Oppenheimer Government Money Market Fund
Invesco Oppenheimer Government Cash Reserves Fund		Oppenheimer Government Cash Reserves
Invesco Oppenheimer Ultra-Short Duration Fund		Oppenheimer Ultra-Short Duration Fund

The Board of Trustees appointed, upon recommendation of the Audit Committee, PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm of the Funds for the Funds’ current fiscal year. PwC serves as the independent registered public accounting firm for other Invesco Funds.

Prior to the close of business on May 24, 2019, each Predecessor Fund was an unaffiliated investment company that was 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 Predecessor Funds. The Prior Auditor’s report on the financial statements of the Predecessor Funds for the past two years did not contain an adverse opinion or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. During the Predecessor Funds’ two most recent fiscal years and through 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 Regulation S-K under the Securities Exchange Act of 1934.

The Trust has requested that the Prior Auditor furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter, dated October 4, 2019 is attached as Attachment A to this exhibit.

October 4, 2019

Securities and Exchange Commission

Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for Oppenheimer Government Money Market Fund, Oppenheimer Government Cash Reserves, and Oppenheimer Ultra-Short Duration Fund, and under the date of September 26, 2018, we reported on the financial statements of Oppenheimer Government Money Market Fund, Oppenheimer Government Cash Reserves, and Oppenheimer Ultra-Short Duration Fund as of and for the years ended July 31, 2018 and 2017. On May 24, 2019, we resigned as independent public accountant.

We have read the statements made by AIM Investment Securities Funds (Invesco Investment Securities Funds) included under Item 13(a)(4) of Form N-CSR dated October 4, 2019, and we agree with such statements except that we are not in a position to agree or disagree with the statement that the Board of Trustees appointed, upon recommendation of the Audit Committee, PricewaterhouseCoopers LLP as the independent registered public accounting firm of Invesco Oppenheimer Government Money Market Fund, Invesco Oppenheimer Government Cash Reserves Fund, and Invesco Oppenheimer Ultra-Short Duration Fund.

Very truly yours,

KPMG LLP

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Company”) on Form N-CSR for the period ended July 31, 2019, as filed with the Securities and Exchange Commission (the “Report”), I, Sheri Morris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: October 4, 2019						/s/ Sheri Morris
						Sheri Morris, Principal Executive Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Investment Securities Funds (Invesco Investment Securities Funds) (the “Company”) on Form N-CSR for the period ended July 31, 2019, as filed with the Securities and Exchange Commission (the “Report”), I, Kelli Gallegos, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: October 4, 2019						/s/ Kelli Gallegos
						Kelli Gallegos, Principal Financial Officer