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 811-02729
Short-Term Investments Trust
(Exact name of registrant as specified in charter)
11 Greenway Plaza, Suite 1000
Houston, Texas 77046
(Address of principal executive offices) (Zip code)
Sheri Morris
11 Greenway Plaza, Suite 1000
Houston, Texas 77046
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 626-1919
Date of fiscal year end: 8/31
Date of reporting period: 8/31/20
Item 1. Reports to Stockholders.
The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
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Annual Report to Shareholders
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August 31, 2020
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| Institutional Class | ||||
| Short-Term Investments Trust (STIT) | ||||
| Invesco Liquid Assets Portfolio | ||||
| Invesco STIC Prime Portfolio | ||||
| Invesco Treasury Portfolio | ||||
| Invesco Government & Agency Portfolio | ||||
| Invesco Treasury Obligations Portfolio | ||||
| Invesco Tax-Free Cash Reserve Portfolio | ||||
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank).
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) 659-1005 (option1) 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.
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.
Unless otherwise stated, information presented in this report is as of August 31, 2020, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
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2
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Dear Shareholders: This annual report covers the fiscal year ended August 31, 2020. As always, we thank you for investing with us. By investing in a combination of short-term securities and securities with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns during the fiscal year.
Market conditions affecting money market funds The fiscal year was a tale of two markets, bifurcated in terms of overall US economic growth and financial market returns. During the first half of the fiscal year, investors witnessed a resilient US economy, solid corporate earnings and a newly accommodative US Federal |
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| Reserve (the Fed), which helped propel risk assets higher, particularly equities. The second half of the fiscal year moved in the opposite direction with the onset of the coronavirus (COVID-19) disrupting travel and suppressing consumer activity. Investors became increasingly concerned about the global economy and the abrupt economic stoppage causing mass unemployment and negative GDP growth. | ||
Against this backdrop, the Fed acted swiftly to help buffer the negative economic impact of quarantine and shelter-in-place policies and to limit the potential for permanent damage to the US economy. The Fed cut interest rates twice in March 2020, first by 0.50% and then by 1.00% to a target range of 0.00% to 0.25%.1 The central bank cited dysfunctional short-term funding markets and the possibility of greater longer-term damage to capital markets and the broader economy. Similar to its role in the 2008-2009 financial crisis, the Fed created lending facilities within the commercial paper market, supported prime money market funds directly, and purchased US Treasury bonds and agency mortgage-backed securities across the maturity spectrum. It later engaged in corporate bond purchases of both investment grade and speculative grade quality corporate debt to solidify the proper functioning of markets.
Short-term yields decreased as a result of the Fed cutting rates and adopting a Zero Interest Rate Policy (ZIRP). The ICE BofA 0-3 months US Treasury Bill Index yielded 0.10% on August 31, 2020, down 180 basis points from a year earlier.2 (A basis point is one one-hundredth of a percentage point.) The three-month US dollar LIBOR also declined 190 basis points to 0.24% over the fiscal year.2 Ten-year US Treasury yields declined 80 basis points to 0.70%.2
During the Jackson Hole Economic Symposium on August 27, 2020, the Federal Open Markets Committee and Jay Powell announced a formal strategy shift to flexible average inflation targeting. As a result, it is likely the Fed will be more tolerant of inflation above the 2% threshold while maintaining its maximum employment objective as “a broad-based and inclusive goal” and that policy decisions will be dictated by “shortfalls” from maximum employment, not just deviations.1 Powell emphasized that the latter change “reflects our view that a robust job market can be sustained without causing an outbreak of inflation” and that “employment can run at or above real-time estimates of its maximum level without causing concern.”1
Invesco Global Liquidity
For more than 35 years, Invesco Global Liquidity has worked to gain and keep the trust of our investors through our deep industry knowledge and our investment expertise. Invesco Global Liquidity’s goal is to provide our investors with a full suite of liquidity management solutions to meet their investing needs through our disciplined investment process. For Invesco Global Liquidity, safety is of paramount importance in the investment process for all our money market funds. Our conservative investment philosophy has always focused on providing safety, liquidity, and yield – in that order – to our money market fund investors. Invesco Global Liquidity is dedicated to the future of this industry – and to yours.
Again, thank you for investing with us.
Sincerely,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.
1 Source: US Federal Reserve
2 Source: US Treasury Department
| 3 | Short-Term Investments Trust |
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Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. |
We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
| 4 | Short-Term Investments Trust |
| Institutional Class data as of 8/31/20 | ||||||||||||||||||||||
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FUND |
WEIGHTED AVERAGE MATURITY |
WEIGHTED AVERAGE LIFE |
TOTAL NET ASSETS |
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Range During Reporting Period |
At Reporting Period End |
At Reporting Period End |
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Invesco Liquid Assets1 |
19 -49 days | 39 days | 56 days | $2.6 | billion | |||||||||||||||||
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Invesco STIC Prime1 |
7 - 20 days | 9 days | 10 days | 320.8 | million | |||||||||||||||||
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Invesco Treasury2 |
14 -59 days | 38 days | 103 days | 19.2 | billion | |||||||||||||||||
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Invesco Government & Agency2 |
7 - 44 days | 22 days | 112 days | 30.3 | billion | |||||||||||||||||
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Invesco Treasury Obligations2 |
28 -59 days | 54 days | 109 days | 1.4 | billion | |||||||||||||||||
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Invesco Tax-Free Cash Reserve3 |
7 - 15 days | 8 days | 8 days | 151.0 | million | |||||||||||||||||
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Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes. Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. |
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| 1 |
You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. 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. |
| 2 |
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. |
| 3 |
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. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. 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. |
| 5 | Short-Term Investments Trust |
Fund Objectives and Strategies
Invesco Liquid Assets Portfolio
Invesco Liquid Assets Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests primarily in high-quality US dollar-denominated short-term debt obligations, including: (i) securities issued by the US government or its agencies; (ii) certificates of deposit and time deposits from US or foreign banks; (iii) repurchase agreements; (iv) commercial paper; and (v) municipal securities.
Invesco STIC Prime Portfolio
Invesco STIC Prime Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests in high-quality US dollar denominated obligations with maturities of 60 calendar days or less, including: (i) securities issued by the US government or its agencies; (ii) certificates of deposit and time deposits from US or foreign banks; (iii) repurchase agreements; (iv) commercial paper; and (v) municipal securities.
Invesco Treasury Portfolio
Invesco Treasury Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash, government securities, and repurchase agreements collateralized by cash or government securities. In addition, the Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in direct obligations of the US Treasury including bills, notes and bonds, and repurchase agreements secured by those obligations. In contrast to the Fund’s 99.5% policy, the Funds 80% policy does not include cash or repurchase agreements collateralized by cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government or certain of its agencies or instrumentalities; or any certificate of deposit for any of the foregoing. The Fund considers repurchase agreements with the Federal Reserve Bank of New York to be US government securities for purposes of the Fund’s investment policies.
Invesco Government & Agency Portfolio
Invesco Government & Agency Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash, government securities and repurchase agreements collateralized by cash or government securities. In addition, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested, under normal circumstances, in direct obligations of the US Treasury and other securities issued or guaranteed as to principal and interest by the US government or its agencies and instrumentalities, as well as repurchase agreements secured by those obligations. Direct obligations of the US Treasury generally include bills, notes and bonds. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash or repurchase agreements collateralized by cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government or certain of its agencies or instrumentalities, or any certificate of deposit for any
of the foregoing. The Fund considers repurchase agreements with the Federal Reserve Bank of New York to be US government securities for purposes of the Fund’s investment policies.
Invesco Treasury Obligations Portfolio
Invesco Treasury Obligations Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash and government securities. In addition, the Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in direct obligations of the US Treasury, which include Treasury bills, notes and bonds. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government. At the present time, the Fund has no current intention to invest in securities other than direct obligations of the US Treasury.
Invesco Tax-Free Cash Reserve Portfolio
Invesco Tax-Free Cash Reserve Portfolio’s investment objective is to provide tax-exempt income consistent with preservation of capital and liquidity.
The Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities that (i) pay interest that is excluded from gross income for federal income tax purposes, and (ii) do not produce income that will be considered to be an item of preference for purposes of the alternative minimum tax. While the Fund’s distributions are primarily exempt from federal income tax, a portion of the Fund’s distributions may be subject to the federal alternative minimum tax and state and local taxes.
| 6 | Short-Term Investments Trust |
| In days, as of 8/31/20 | ||||||||||||||||||||||||||||||
| Invesco | ||||||||||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco | Government | Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||||
| Assets | Prime | Treasury | & Agency | Obligations | Cash Reserve | |||||||||||||||||||||||||
| Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | |||||||||||||||||||||||||
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1 - 7 |
41.1 | % | 52.9 | % | 37.6 | % | 25.9 | % | 3.6 | % | 0.9 | % | ||||||||||||||||||
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8 - 30 |
13.2 | 30.4 | 12.4 | 16.6 | 26.0 | 95.6 | ||||||||||||||||||||||||
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31 - 60 |
10.4 | 16.7 | 9.9 | 13.6 | 21.1 | 3.3 | ||||||||||||||||||||||||
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61 - 90 |
9.6 | 0.0 | 5.1 | 9.9 | 15.6 | 0.2 | ||||||||||||||||||||||||
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91 - 180 |
17.9 | 0.0 | 18.4 | 9.9 | 20.4 | 0.0 | ||||||||||||||||||||||||
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181+ |
7.8 | 0.0 | 16.6 | 24.1 | 13.3 | 0.0 | ||||||||||||||||||||||||
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
| 7 | Short-Term Investments Trust |
August 31, 2020
Invesco Liquid Assets Portfolio
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Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
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Commercial Paper-41.89%(a) |
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Asset-Backed Securities - Fully Supported Bank-14.49% |
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Cancara Asset Securitisation LLC (CEP - Lloyds Bank LLC)(b) |
0.21% | 11/24/2020 | $ | 30,000 | $ 29,988,100 | |||||||||
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Concord Minutemen Capital Co. LLC (Multi - CEP’s)(b)(c) |
0.16% | 09/14/2020 | 50,000 | 49,999,028 | ||||||||||
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Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.40% | 12/01/2020 | 25,000 | 25,011,673 | ||||||||||
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Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.39% | 01/05/2021 | 16,500 | 16,508,425 | ||||||||||
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Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.35% | 01/22/2021 | 5,000 | 5,002,096 | ||||||||||
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Great Bridge Capital Co. LLC (CEP - Standard Chartered)(b)(c) |
0.24% | 11/09/2020 | 30,000 | 29,992,708 | ||||||||||
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Great Bridge Capital Co. LLC (CEP - Standard Chartered)(b)(c) |
0.22% | 11/20/2020 | 25,000 | 24,992,350 | ||||||||||
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LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.33% | 02/03/2021 | 40,000 | 39,950,600 | ||||||||||
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Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) |
0.25% | 09/14/2020 | 30,000 | 29,998,320 | ||||||||||
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Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) |
0.27% | 11/03/2020 | 25,759 | 25,750,345 | ||||||||||
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Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.31% | 09/02/2020 | 21,000 | 20,999,849 | ||||||||||
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Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.37%-0.40% | 11/05/2020 | 55,000 | 54,984,774 | ||||||||||
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Versailles Commercial Paper LLC (CEP - Natixis S.A.)(b)(c) |
0.22% | 01/05/2021 | 18,750 | 18,736,308 | ||||||||||
| 371,914,576 | ||||||||||||||
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Diversified Banks-10.72% |
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Commonwealth Bank of Australia (3 mo. USD LIBOR +
0.07%)
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0.37% | 10/06/2020 | 10,000 | 10,001,179 | ||||||||||
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Commonwealth Bank of Australia (3 mo. USD LIBOR +
0.12%)
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0.36% | 11/09/2020 | 20,000 | 20,006,229 | ||||||||||
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Dexia Credit Local S.A. (France)(b)(c) |
0.57% | 10/27/2020 | 25,000 | 24,995,487 | ||||||||||
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Dexia Credit Local S.A. (France)(b)(c) |
0.22% | 02/25/2021 | 30,000 | 29,978,492 | ||||||||||
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HSBC Bank PLC (3 mo. USD LIBOR + 0.20%) (United Kingdom)(b)(c)(d) |
0.76% | 11/02/2020 | 20,000 | 20,007,281 | ||||||||||
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Natixis S.A.(b) |
0.35% | 11/30/2020 | 5,000 | 4,997,915 | ||||||||||
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Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) |
0.21% | 02/16/2021 | 50,000 | 49,963,618 | ||||||||||
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NRW Bank (Germany)(b)(c) |
0.11% | 09/04/2020 | 50,000 | 49,999,472 | ||||||||||
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Royal Bank of Canada (SOFR + 0.40%) (Canada)(b)(c)(d) |
0.49% | 10/07/2020 | 35,000 | 35,012,225 | ||||||||||
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Royal Bank of Canada (3 mo. USD LIBOR + 0.11%)(b)(c)(d) |
0.43% | 06/11/2021 | 15,000 | 15,012,191 | ||||||||||
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Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.10%)
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0.41% | 09/15/2020 | 5,000 | 5,000,298 | ||||||||||
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Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.09%)
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0.36% | 07/20/2021 | 10,000 | 10,003,086 | ||||||||||
| 274,977,473 | ||||||||||||||
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Diversified Capital Markets-2.92% |
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Longship Funding LLC (CEP - Nordea Bank AB)(b)(c) |
0.17% | 10/19/2020 | 50,000 | 49,981,285 | ||||||||||
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UBS AG(b)(c) |
1.85% | 01/15/2021 | 25,000 | 24,973,742 | ||||||||||
| 74,955,027 | ||||||||||||||
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Other Diversified Financial Services-2.92% |
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Anglesea Funding LLC (1 mo. OBFR + 0.10%)(b)(c)(d) |
0.18% | 11/05/2020 | 25,000 | 25,000,000 | ||||||||||
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Erste Abwicklungsanstalt (Germany)(b)(c) |
0.00% | 03/01/2021 | 50,000 | 49,962,589 | ||||||||||
| 74,962,589 | ||||||||||||||
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Regional Banks-7.41% |
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Banque et Caisse d’Epargne de l’Etat (Luxembourg)(b) |
1.45% | 09/10/2020 | 25,000 | 24,999,549 | ||||||||||
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BNZ International Funding Ltd. (1 mo. USD LIBOR + 0.30%) (United Kingdom)(b)(c)(d) |
0.46% | 09/11/2020 | 25,000 | 25,002,485 | ||||||||||
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BNZ International Funding Ltd. (1 mo. USD LIBOR + 0.27%) (United Kingdom)(b)(c)(d) |
0.44% | 10/27/2020 | 40,000 | 40,016,979 | ||||||||||
|
Mitsubishi UFJ Trust & Banking Corp.(b)(c) |
0.15% | 09/03/2020 | 50,000 | 49,999,683 | ||||||||||
|
Svenska Handelsbanken AB (3 mo. USD LIBOR + 0.10%)
|
0.41% | 12/30/2020 | 50,000 | 50,022,297 | ||||||||||
| 190,040,993 | ||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
|
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
|
Specialized Finance-3.43% |
||||||||||||||
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FMS Wertmanagement (Germany)(b)(c) |
0.25% | 12/14/2020 | $ | 50,000 | $ 49,980,312 | |||||||||
|
FMS Wertmanagement (Germany)(b)(c) |
0.20% | 03/04/2021 | 25,000 | 24,976,618 | ||||||||||
|
Pacific Life Short Term Funding LLC(c) |
0.22% | 10/16/2020 | 13,000 | 12,997,409 | ||||||||||
| 87,954,339 | ||||||||||||||
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Total Commercial Paper (Cost $1,074,442,925) |
1,074,804,997 | |||||||||||||
|
Certificates of Deposit-16.96% |
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Bank of Nova Scotia (The) (Federal Funds Rate + 0.37%)(b)(d) |
0.46% | 09/09/2020 | 15,000 | 15,000,743 | ||||||||||
|
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(b)(d) |
0.38% | 11/13/2020 | 20,000 | 20,007,396 | ||||||||||
|
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(b)(d) |
0.45% | 09/18/2020 | 20,000 | 20,002,088 | ||||||||||
|
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.16%)(b)(d) |
0.34% | 01/22/2021 | 15,000 | 15,010,086 | ||||||||||
|
KBC Bank N.V.(b) |
0.10% | 09/03/2020 | 50,000 | 50,000,025 | ||||||||||
|
Natixis S.A. (3 mo. USD LIBOR + 0.11%)(b)(d) |
0.41% | 10/02/2020 | 35,000 | 35,005,684 | ||||||||||
|
Rabobank Nederland (Netherlands)(b) |
0.08% | 09/01/2020 | 120,000 | 120,000,000 | ||||||||||
|
Sumitomo Mitsui Trust Bank Ltd.(b) |
0.10% | 09/03/2020 | 50,000 | 50,000,004 | ||||||||||
|
Svenska Handelsbanken AB (3 mo. USD LIBOR + 0.10%)(b)(d) |
0.36% | 11/24/2020 | 20,000 | 20,007,144 | ||||||||||
|
Toronto-Dominion Bank (The) (SOFR + 0.42%)(b)(d) |
0.51% | 09/30/2020 | 25,000 | 25,007,497 | ||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.11%)(b)(d) |
0.43% | 06/10/2021 | 15,000 | 15,007,518 | ||||||||||
|
Westpac Banking Corp. (3 mo. USD LIBOR + 0.12%)(b)(d) |
0.40% | 07/08/2021 | 50,000 | 50,048,806 | ||||||||||
|
Total Certificates of Deposit (Cost $435,000,000) |
435,096,991 | |||||||||||||
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U.S. Dollar Denominated Bonds & Notes-6.08% |
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Diversified Banks-3.96% |
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Australia & New Zealand Banking Group Ltd. (3 mo. USD LIBOR + 0.99%) (Australia)(b)(c)(d) |
1.24% | 06/01/2021 | 33,400 | 33,637,550 | ||||||||||
|
Bank of Nova Scotia (The) (Canada)(b) |
2.50% | 01/08/2021 | 10,103 | 10,184,337 | ||||||||||
|
HSBC Bank PLC (United Kingdom)(b)(c) |
4.75% | 01/19/2021 | 47,285 | 48,085,599 | ||||||||||
|
U.S. Bank N.A. |
2.05% | 10/23/2020 | 9,550 | 9,561,469 | ||||||||||
| 101,468,955 | ||||||||||||||
|
Diversified Capital Markets-1.18% |
||||||||||||||
|
UBS AG (Switzerland)(b)(c) |
2.45% | 12/01/2020 | 30,260 | 30,372,098 | ||||||||||
|
Technology Hardware, Storage & Peripherals-0.94% |
||||||||||||||
|
Apple, Inc. |
2.25% | 02/23/2021 | 23,971 | 24,162,301 | ||||||||||
|
Total U.S. Dollar Denominated Bonds & Notes (Cost $155,802,618) |
156,003,354 | |||||||||||||
|
Variable Rate Demand Notes-2.68%(e) |
||||||||||||||
|
Credit Enhanced–2.68% |
||||||||||||||
|
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.28% | 04/01/2047 | 9,300 | 9,299,999 | ||||||||||
|
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) |
0.18% | 05/01/2037 | 2,600 | 2,600,000 | ||||||||||
|
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.05% | 11/01/2035 | 18,225 | 18,225,000 | ||||||||||
|
New York (State of) Housing Finance Agency (160 Madison); Series 2013 B, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.07% | 11/01/2046 | 3,400 | 3,400,000 | ||||||||||
|
New York (State of) Housing Finance Agency (455 West 37th Street
Housing); Series 2007 B, VRD RB (LOC - Landesbank Hessen-Thueringen
|
0.07% | 05/01/2041 | 2,400 | 2,400,000 | ||||||||||
|
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC) |
0.08% | 11/01/2035 | 2,900 | 2,900,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
|
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
|
Credit Enhanced-(continued) |
||||||||||||||
|
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB |
0.10% | 08/01/2045 | $ | 30,000 | $ 30,000,000 | |||||||||
|
Total Variable Rate Demand Notes (Cost $68,824,999) |
68,824,999 | |||||||||||||
|
U.S. Treasury Securities-1.95% |
||||||||||||||
|
U.S. Treasury Bills-1.95%(a) |
||||||||||||||
|
U.S. Treasury Bills (Cost $49,993,875) |
0.09% | 10/20/2020 | 50,000 | 49,993,705 | ||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-69.56%
|
1,784,724,046 | |||||||||||||
|
Repurchase
Amount |
||||||||||||||
|
Repurchase Agreements-32.38%(g) |
||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $100,000,556 (collateralized by U.S. government sponsored agency obligations, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic agency and non-agency asset-backed securities valued at $104,622,809; 0.00% - 7.75%; 10/14/2020 - 06/20/2070)(b) |
0.20% | 09/01/2020 | 30,000,167 | 30,000,000 | ||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $75,000,479 (collateralized by domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $78,964,787; 0.00% -6.69%; 10/22/2021 - 06/20/2070)(b) |
0.23% | 09/01/2020 | 15,000,096 | 15,000,000 | ||||||||||
|
BMO Capital Markets Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,458 (collateralized by domestic agency and non-agency asset-backed securities, domestic and foreign corporate obligations, domestic and foreign agency and non-agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $26,041,717; 0.00% - 6.30%; 07/20/2021 - 06/20/2070)(b)(h) |
0.30% | 09/03/2020 | 10,000,583 | 10,000,000 | ||||||||||
|
Credit Agricole Corporate & Investment Bank, joint agreement
dated 08/31/2020, aggregate maturing value of $200,001,111 (collateralized by foreign corporate obligations valued at $204,001,511; 0.38% - 7.69%;
|
0.20% | 09/01/2020 | 35,000,194 | 35,000,000 | ||||||||||
|
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/24/2020, aggregate maturing value of $155,031,000 (collateralized by foreign corporate obligations valued at $158,100,742; 0.63% - 7.69%; 01/29/2021 - 01/23/2050)(b)(h) |
0.24% | 09/23/2020 | 35,007,000 | 35,000,000 | ||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,069 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic and foreign non-agency mortgage-backed securities valued at $27,500,000; 0.00% - 12.00%; 10/01/2020 - 05/25/2065)(b)(h) |
0.22% | 09/03/2020 | 5,000,214 | 5,000,000 | ||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $60,002,333 (collateralized by domestic and foreign agency and non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $63,000,000; 0.60% - 7.00%; 01/25/2030 - 08/16/2060)(b)(h) |
0.20% | 09/03/2020 | 15,000,583 | 15,000,000 | ||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,139 (collateralized by domestic and foreign corporate obligations valued at $26,250,001; 1.38% - 4.49%; 09/15/2020 - 04/01/2050)(b) |
0.20% | 09/01/2020 | 15,000,083 | 15,000,000 | ||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,174 (collateralized by foreign corporate obligations and domestic agency mortgage-backed securities valued at $27,492,047; 3.00% -7.00%; 03/17/2024 - 06/03/2050)(b) |
0.25% | 09/01/2020 | 10,000,069 | 10,000,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
| Investment Abbreviations: | ||
| CEP | -Credit Enhancement Provider | |
| FHLMC | -Federal Home Loan Mortgage Corp. | |
| LIBOR | -London Interbank Offered Rate | |
| LOC | -Letter of Credit | |
| OBFR | -Overnight Bank Funding Rate | |
| RB | -Revenue Bonds | |
| Ref. | -Refunding | |
| SOFR | -Secured Overnight Financing Rate | |
| USD | -U.S. Dollar | |
| VRD | -Variable Rate Demand | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
Notes to Schedule of Investments:
| (a) |
Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: France: 12.7%; Netherlands: 10.8%; Canada: 10.5%; Germany: 7.8%; Japan: 7.6%; United Kingdom: 6.0%; other countries less than 5% each: 21.5%. |
| (c) |
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 August 31, 2020 was $1,136,214,679, which represented 44.29% of the Fund’s Net Assets. |
| (d) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (e) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (f) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (g) |
Principal amount equals value at period end. See Note 1I. |
| (h) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (i) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (j) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (k) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 | Short-Term Investments Trust |
Schedule of Investments
August 31, 2020
Invesco STIC Prime Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||
|
Commercial Paper-22.90%(a) |
||||||||||||||
|
Asset-Backed Securities - Fully Supported Bank-13.62% |
||||||||||||||
|
Concord Minutemen Capital Co. LLC (Multi - CEP’s)(b)(c) |
0.16% | 09/16/2020 | $ | 10,000 | $ 9,999,751 | |||||||||
|
LMA Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.20% | 09/14/2020 | 5,000 | 4,999,728 | ||||||||||
|
Nieuw Amsterdam Receivables Corp. (Multi - CEP’s)(b)(c) |
0.15% | 09/17/2020 | 10,000 | 9,999,310 | ||||||||||
|
Regency Markets No. 1 LLC (CEP - HSBC Bank PLC)(b)(c) |
0.15% | 09/08/2020 | 10,000 | 9,999,698 | ||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.20% | 09/04/2020 | 9,000 | 8,999,876 | ||||||||||
| 43,998,363 | ||||||||||||||
|
Diversified Banks-9.28% |
||||||||||||||
|
BNG Bank N.V. (Netherlands)(b)(c) |
0.15% | 09/14/2020 | 10,000 | 9,999,728 | ||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.15% | 10/20/2020 | 10,000 | 9,998,445 | ||||||||||
|
NRW Bank (Germany)(b)(c) |
0.17% | 10/13/2020 | 10,000 | 9,998,399 | ||||||||||
| 29,996,572 | ||||||||||||||
|
Total Commercial Paper (Cost $73,993,356) |
73,994,935 | |||||||||||||
|
Variable Rate Demand Notes-11.33%(d) |
||||||||||||||
|
Credit Enhanced-11.33% |
||||||||||||||
|
Capital Area Housing Finance Corp. (Cypress Creek at River Apartments); Series 2006, VRD RB (LOC - Citibank N.A.)(e)(f) |
0.12% | 10/01/2039 | 9,300 | 9,300,000 | ||||||||||
|
Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.28% | 04/01/2047 | 7,800 | 7,800,000 | ||||||||||
|
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) |
0.18% | 05/01/2037 | 3,160 | 3,160,000 | ||||||||||
|
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2016 B, VRD RB (LOC - Bank of China Ltd.)(c)(f) |
0.21% | 05/01/2050 | 2,100 | 2,100,000 | ||||||||||
|
San Francisco (City & County of), CA (Transbay Block); Series 2016 H, VRD RB (LOC - Bank of China Ltd.)(c)(f) |
0.20% | 11/01/2056 | 2,975 | 2,975,000 | ||||||||||
|
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB |
0.10% | 08/01/2045 | 6,000 | 6,000,000 | ||||||||||
|
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)(b)(f) |
0.16% | 01/01/2033 | 5,300 | 5,300,000 | ||||||||||
|
Total Variable Rate Demand Notes (Cost $36,635,000) |
36,635,000 | |||||||||||||
|
Certificates of Deposit-10.12% |
||||||||||||||
|
Industrial & Commercial Bank of China Ltd.(c) |
0.24% | 10/09/2020 | 12,000 | 12,000,429 | ||||||||||
|
Oversea Chinese Banking Corp. Ltd.(c) |
0.26% | 09/16/2020 | 3,700 | 3,700,220 | ||||||||||
|
Rabobank Nederland (Netherlands)(c) |
0.08% | 09/01/2020 | 5,000 | 5,000,000 | ||||||||||
|
Skandinaviska Enskilda Banken AB(c) |
0.24% | 10/01/2020 | 12,000 | 12,001,291 | ||||||||||
|
Total Certificates of Deposit (Cost $32,700,953) |
32,701,940 | |||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-44.35%
|
|
143,331,875 | ||||||||||||
|
Repurchase
Amount |
||||||||||||||
|
Repurchase Agreements-55.35%(g) |
||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $100,000,556 (collateralized by U.S. government sponsored agency obligations, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic agency and non-agency asset-backed securities valued at $104,622,809; 0.00% - 7.75%; 10/14/2020 - 06/20/2070)(c) |
0.20% | 09/01/2020 | 5,000,027 | 5,000,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco STIC Prime Portfolio
|
Interest
Rate |
Maturity
Date |
Repurchase
Amount |
Value | |||||||||||
|
BMO Capital Markets Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,458 (collateralized by domestic agency and non-agency asset-backed securities, domestic and foreign corporate obligations, domestic and foreign agency and non-agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $26,041,717; 0.00% - 6.30%; 07/20/2021 - 06/20/2070)(c)(h) |
0.30% | 09/03/2020 | $ | 5,000,292 | $ 5,000,000 | |||||||||
|
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/31/2020, aggregate maturing value of $200,001,111 (collateralized by foreign corporate obligations valued at $204,001,511; 0.38% - 7.69%; 01/29/2021 - 01/23/2050)(c) |
0.20% | 09/01/2020 | 5,000,028 | 5,000,000 | ||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $60,002,333 (collateralized by domestic and foreign agency and non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $63,000,000; 0.60% - 7.00%; 01/25/2030 - 08/16/2060)(c)(h) |
0.20% | 09/03/2020 | 5,000,194 | 5,000,000 | ||||||||||
|
Credit Suisse Securities (USA) LLC, term agreement dated 08/31/2020, maturing value of $10,000,000 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $10,498,122; 0.00% - 10.23%; 09/17/2020 - 09/15/2072)(c)(i) |
0.41% | 10/05/2020 | 10,000,000 | 10,000,000 | ||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,174 (collateralized by foreign corporate obligations and domestic agency mortgage-backed securities valued at $27,492,047; 3.00% - 7.00%; 03/17/2024 -06/03/2050)(c) |
0.25% | 09/01/2020 | 5,000,035 | 5,000,000 | ||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09% | 09/01/2020 | 28,878,759 | 28,878,687 | ||||||||||
|
J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,753,628; 0.00% - 8.38%; 11/01/2024 -07/30/2076)(j) |
0.28% | - | - | 15,000,000 | ||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 10/21/2019 (collateralized by foreign corporate obligations valued at $20,400,002; 2.38% - 2.88%; 10/17/2024 -10/17/2029)(c)(j) |
0.21% | - | - | 10,000,000 | ||||||||||
|
Mizuho Securities (USA) LLC, joint open agreement dated 06/22/2020 (collateralized by domestic and foreign equity securities valued at $82,750,005; 0.00% - 6.13%; 01/15/2022 - 12/01/2048)(c)(j) |
0.23% | - | - | 15,000,000 | ||||||||||
|
RBC Capital Markets LLC, joint agreement dated 08/31/2020, aggregate maturing value of $100,000,639 (collateralized by domestic and foreign corporate obligations valued at $105,000,777; 0.77% - 10.20%; 09/18/2020 - 02/15/2060)(c) |
0.23% | 09/01/2020 | 10,000,064 | 10,000,000 | ||||||||||
|
RBC Dominion Securities Inc., joint agreement dated 08/31/2020, aggregate maturing value of $1,000,002,500 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,020,000,000; 0.00% - 3.00%; 05/15/2045 -09/01/2050) |
0.09% | 09/01/2020 | 30,000,075 | 30,000,000 | ||||||||||
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, and domestic and foreign corporate obligations valued at $63,603,481; 0.28% -12.25%; 03/09/2021 - 12/15/2072)(c)(j) |
0.26% | - | - | 5,000,000 | ||||||||||
|
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 2.00% - 4.00%; 12/01/2046 - 06/01/2050) |
0.09% | 09/01/2020 | 30,000,075 | 30,000,000 | ||||||||||
|
Total Repurchase Agreements (Cost $178,878,687) |
178,878,687 | |||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(k)(l)-99.70% (Cost $322,207,996) |
322,210,562 | |||||||||||||
|
OTHER ASSETS LESS LIABILITIES-0.30% |
967,073 | |||||||||||||
|
NET ASSETS-100.00% |
$323,177,635 | |||||||||||||
| Investment Abbreviations: | ||
| CEP | -Credit Enhancement Provider | |
| LOC | -Letter of Credit | |
| RB | -Revenue Bonds | |
| VRD | -Variable Rate Demand | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco STIC Prime Portfolio
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
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 August 31, 2020 was $87,094,935, which represented 26.95% of the Fund’s Net Assets. |
| (c) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Japan: 10.2%; Netherlands: 9.3%; Switzerland: 7.7%; France: 7.4%; Canada: 6.2%; China: 5.3%; other countries less than 5% each: 14.1%. |
| (d) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (e) |
Security subject to the alternative minimum tax. |
| (f) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (g) |
Principal amount equals value at period end. See Note 1I. |
| (h) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (i) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (j) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (k) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (l) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 | Short-Term Investments Trust |
Schedule of Investments
August 31, 2020
Invesco Treasury Portfolio
|
Interest Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||
|
U.S. Treasury Securities-59.83% |
||||||||||||||
|
U.S. Treasury Bills-35.54%(a) |
||||||||||||||
|
U.S. Treasury Bills |
0.13%-1.02% | 09/03/2020 | $ | 650,000 | $ 649,985,306 | |||||||||
|
U.S. Treasury Bills |
0.14% | 09/08/2020 | 250,000 | 249,993,194 | ||||||||||
|
U.S. Treasury Bills |
0.15%-1.77% | 09/10/2020 | 450,000 | 449,923,875 | ||||||||||
|
U.S. Treasury Bills |
0.09%-0.14% | 09/17/2020 | 600,000 | 599,970,000 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 09/22/2020 | 250,000 | 249,975,208 | ||||||||||
|
U.S. Treasury Bills |
0.14% | 09/29/2020 | 250,000 | 249,973,750 | ||||||||||
|
U.S. Treasury Bills |
0.19% | 10/08/2020 | 250,000 | 249,952,465 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 10/13/2020 | 200,000 | 199,965,000 | ||||||||||
|
U.S. Treasury Bills |
0.18% | 10/15/2020 | 250,000 | 249,945,000 | ||||||||||
|
U.S. Treasury Bills |
0.09%-0.16% | 10/20/2020 | 550,000 | 549,910,507 | ||||||||||
|
U.S. Treasury Bills |
0.16% | 10/29/2020 | 250,000 | 249,937,570 | ||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 11/10/2020 | 350,000 | 349,889,167 | ||||||||||
|
U.S. Treasury Bills |
0.19% | 11/17/2020 | 250,000 | 249,898,403 | ||||||||||
|
U.S. Treasury Bills |
0.19% | 11/24/2020 | 250,000 | 249,892,083 | ||||||||||
|
U.S. Treasury Bills |
0.10%-0.11% | 11/27/2020 | 300,000 | 299,925,083 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 12/03/2020 | 200,000 | 199,912,167 | ||||||||||
|
U.S. Treasury Bills |
0.16% | 12/08/2020 | 250,000 | 249,894,514 | ||||||||||
|
U.S. Treasury Bills |
0.19% | 12/10/2020 | 250,000 | 249,871,528 | ||||||||||
|
U.S. Treasury Bills |
0.16% | 12/15/2020 | 350,000 | 349,873,854 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 12/22/2020 | 150,000 | 149,932,333 | ||||||||||
|
U.S. Treasury Bills |
0.11%-0.18% | 12/24/2020 | 400,000 | 399,819,500 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 12/31/2020 | 200,000 | 199,889,083 | ||||||||||
|
U.S. Treasury Bills |
0.00% | 02/02/2021 | 200,000 | 199,905,889 | ||||||||||
|
U.S. Treasury Bills |
0.12%-0.26% | 02/25/2021 | 400,000 | 399,631,250 | ||||||||||
|
U.S. Treasury Bills |
0.18%-0.26% | 03/25/2021 | 400,000 | 399,476,111 | ||||||||||
|
U.S. Treasury Bills |
0.14% | 08/12/2021 | 150,000 | 149,798,749 | ||||||||||
| 8,047,141,589 | ||||||||||||||
|
U.S. Treasury Notes-24.29% |
||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) |
0.22% | 01/31/2021 | 781,000 | 780,884,897 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) |
0.24% | 04/30/2021 | 638,500 | 638,393,038 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) |
0.33% | 07/31/2021 | 500,000 | 499,984,043 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b) |
0.41% | 10/31/2021 | 450,000 | 450,408,650 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b) |
0.26% | 01/31/2022 | 500,000 | 499,763,324 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b) |
0.22% | 04/30/2022 | 544,000 | 544,467,361 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b) |
0.16% | 07/31/2022 | 400,000 | 400,010,889 | ||||||||||
|
U.S. Treasury Notes |
1.38% | 09/30/2020 | 163,000 | 163,044,631 | ||||||||||
|
U.S. Treasury Notes |
2.75% | 09/30/2020 | 200,000 | 200,206,633 | ||||||||||
|
U.S. Treasury Notes |
1.63% | 10/15/2020 | 150,000 | 150,108,373 | ||||||||||
|
U.S. Treasury Notes |
1.88% | 12/15/2020 | 155,000 | 155,432,435 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Treasury Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||
|
U.S. Treasury Notes-(continued) |
||||||||||||||
|
U.S. Treasury Notes |
2.38% | 12/31/2020 | $ | 100,000 | $ 100,271,557 | |||||||||
|
U.S. Treasury Notes |
2.50% | 12/31/2020 | 15,000 | 15,103,869 | ||||||||||
|
U.S. Treasury Notes |
2.00% | 01/15/2021 | 185,000 | 185,712,060 | ||||||||||
|
U.S. Treasury Notes |
2.13% | 01/31/2021 | 254,000 | 255,858,954 | ||||||||||
|
U.S. Treasury Notes |
3.63% | 02/15/2021 | 255,000 | 258,796,530 | ||||||||||
|
U.S. Treasury Notes |
2.00% | 02/28/2021 | 25,000 | 25,202,199 | ||||||||||
|
U.S. Treasury Notes |
2.25% | 03/31/2021 | 175,000 | 176,878,541 | ||||||||||
| 5,500,527,984 | ||||||||||||||
|
Total U.S. Treasury Securities (Cost $13,547,669,573) |
13,547,669,573 | |||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-59.83%
|
|
13,547,669,573 | ||||||||||||
|
Repurchase
Amount |
||||||||||||||
|
Repurchase Agreements-41.92%(c) |
||||||||||||||
|
ABN AMRO Bank N.V., agreement dated 08/31/2020, maturing value of $400,000,778 (collateralized by U.S. Treasury obligations valued at $408,000,096; 0.13% - 5.50%; 12/31/2021 - 11/15/2044) |
0.07% | 09/01/2020 | 400,000,778 | 400,000,000 | ||||||||||
|
Bank of Nova Scotia, agreement dated 08/31/2020, maturing value of $500,000,972 (collateralized by U.S. Treasury obligations valued at $510,000,006; 0.00% - 8.00%; 09/01/2020 - 05/15/2048) |
0.07% | 09/01/2020 | 500,000,972 | 500,000,000 | ||||||||||
|
BNP Paribas Securities Corp., joint agreement dated 08/31/2020, aggregate maturing value of $1,350,002,625 (collateralized by U.S. Treasury obligations valued at $1,377,000,001; 0.13% - 6.75%; 10/31/2021 - 02/15/2050) |
0.07% | 09/01/2020 | 747,966,219 | 747,964,765 | ||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $1,000,091,667 (collateralized by U.S. Treasury obligations valued at $1,020,000,058; 0.00% - 3.88%; 09/08/2020 - 11/15/2048)(d) |
0.11% | 09/04/2020 | 300,027,500 | 300,000,000 | ||||||||||
|
Citigroup Global Markets, Inc., term agreement dated 08/25/2020, maturing value of $300,004,083 (collateralized by U.S. Treasury obligations valued at $306,000,000; 0.00%; 02/15/2032 - 02/15/2045)(d) |
0.07% | 09/01/2020 | 300,004,083 | 300,000,000 | ||||||||||
|
DNB Bank ASA, agreement dated 08/31/2020, maturing value of $750,001,458 (collateralized by U.S. Treasury obligations valued at $765,000,002; 0.13% - 2.88%; 01/15/2021 - 08/15/2028) |
0.07% | 09/01/2020 | 750,001,458 | 750,000,000 | ||||||||||
|
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2020, maturing value of $100,000,250 (collateralized by a U.S. Treasury obligation valued at $102,000,043; 2.13%; 05/15/2022) |
0.09% | 09/01/2020 | 100,000,250 | 100,000,000 | ||||||||||
|
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2020, aggregate maturing value of $250,000,625 (collateralized by U.S. Treasury obligations valued at $255,138,487; 2.88%; 11/30/2023) |
0.09% | 09/01/2020 | 100,000,250 | 100,000,000 | ||||||||||
|
Goldman Sachs & Co., agreement dated 08/31/2020, maturing value of $250,000,486 (collateralized by U.S. Treasury obligations valued at $255,000,021; 0.00% - 3.13%; 09/30/2020 - 08/15/2049) |
0.07% | 09/01/2020 | 250,000,486 | 250,000,000 | ||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,026,258 (collateralized by U.S. Treasury obligations valued at $516,550,660; 2.88% - 3.75%; 08/15/2043 - 05/15/2048) |
0.09% | 09/01/2020 | 100,012,839 | 100,012,589 | ||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,002,946 (collateralized by U.S. Treasury obligations valued at $509,939,386; 0.13% - 0.25%; 06/30/2022 - 07/15/2030) |
0.09% | 09/01/2020 | 250,001,591 | 250,000,966 | ||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,195; 0.13% - 2.75%; 04/30/2021 - 11/15/2023)(e) |
0.07% | - | - | 630,000,000 | ||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,230,000 (collateralized by U.S. Treasury obligations valued at $504,122,044; 2.00% - 2.63%; 12/31/2023 - 01/31/2026) |
0.18% | 10/23/2020 | 300,138,000 | 300,000,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Treasury Portfolio
|
Interest
Rate |
Maturity
Date |
Repurchase
Amount |
Value | |||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,245,000 (collateralized by U.S. Treasury obligations valued at $505,508,022; 1.63% - 2.88%; 11/15/2022 - 08/15/2028) |
0.18% | 10/30/2020 | $ | 300,147,000 | $ 300,000,000 | |||||||||
|
Metropolitan Life Insurance Co., joint term agreement dated 08/27/2020, aggregate maturing value of $350,014,288 (collateralized by U.S. Treasury obligations valued at $354,295,526; 0.00%; 11/15/2027 - 05/15/2046)(d) |
0.09% | 09/03/2020 | 100,002,156 | 100,000,406 | ||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., agreement dated 08/31/2020, maturing value of $850,001,653 (collateralized by U.S. Treasury obligations valued at $867,000,078; 0.13% - 4.63%; 09/30/2021 - 11/15/2049) |
0.07% | 09/01/2020 | 850,001,653 | 850,000,000 | ||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $1,051,268,397 (collateralized by U.S. Treasury obligations valued at $1,072,650,430; 2.00%; 04/30/2024)(d) |
0.09% | 09/03/2020 | 315,380,519 | 315,375,000 | ||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/27/2020, maturing value of $100,001,556 (collateralized by a U.S. Treasury obligation valued at $102,001,065; 2.63%; 02/15/2029)(d) |
0.08% | 09/03/2020 | 100,001,555 | 100,000,000 | ||||||||||
|
Prudential Insurance Co. of America, agreement dated 08/31/2020, maturing value of $282,688,285 (collateralized by U.S. Treasury obligations valued at $289,170,000; 0.00%; 11/15/2027 - 08/15/2037) |
0.10% | 09/01/2020 | 282,688,285 | 282,687,500 | ||||||||||
|
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2020, maturing value of $365,438,515 (collateralized by U.S. Treasury obligations valued at $376,135,000; 0.00%; 08/15/2033 - 02/15/2045) |
0.10% | 09/01/2020 | 365,438,515 | 365,437,500 | ||||||||||
|
RBC Dominion Securities Inc., agreement dated 08/31/2020, maturing value of $400,000,778 (collateralized by U.S. Treasury obligations valued at $408,000,002; 0.13% - 3.75%; 04/15/2022 - 08/15/2050) |
0.07% | 09/01/2020 | 400,000,778 | 400,000,000 | ||||||||||
|
Royal Bank of Canada, agreement dated 08/31/2020, maturing value of $250,000,486 (collateralized by U.S. Treasury obligations valued at $255,000,098; 1.75% - 3.88%; 04/30/2022 - 02/15/2046) |
0.07% | 09/01/2020 | 250,000,486 | 250,000,000 | ||||||||||
|
Societe Generale, joint open agreement dated 08/05/2020 (collateralized by U.S. Treasury obligations valued at $1,530,000,000; 0.00% - 8.13%; 09/10/2020 - 02/15/2050)(e) |
0.07% | - | - | 1,000,000,000 | ||||||||||
|
Sumitomo Mitsui Banking Corp., agreement dated 08/31/2020, maturing value of $300,000,583 (collateralized by U.S. Treasury obligations valued at $306,000,054; 0.00% - 2.63%; 10/08/2020 - 02/28/2023) |
0.07% | 09/01/2020 | 300,000,583 | 300,000,000 | ||||||||||
|
Wells Fargo Securities, LLC, agreement dated 08/31/2020, maturing value of $500,000,972 (collateralized by U.S. Treasury obligations valued at $510,000,022; 2.38% - 3.38%; 05/15/2028 - 11/15/2048) |
0.07% | 09/01/2020 | 500,000,972 | 500,000,000 | ||||||||||
|
Total Repurchase Agreements (Cost $9,491,478,726) |
9,491,478,726 | |||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(f)-101.75% (Cost $23,039,148,299) |
23,039,148,299 | |||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(1.75)% |
(395,658,894) | |||||||||||||
|
NET ASSETS-100.00% |
$22,643,489,405 | |||||||||||||
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Principal amount equals value at period end. See Note 1I. |
| (d) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (e) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (f) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 | Short-Term Investments Trust |
Schedule of Investments
August 31, 2020
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity Date |
Principal
(000) |
Value | |||||||||||
|
U.S. Government Sponsored Agency Securities-40.74% |
|
|||||||||||||
|
Federal Farm Credit Bank (FFCB)-4.07% |
||||||||||||||
|
Federal Farm Credit Bank |
0.25% | 09/01/2020 | $ | 68,000 | $ 68,000,000 | |||||||||
|
Federal Farm Credit Bank |
0.25% | 09/21/2020 | 200,000 | 199,972,222 | ||||||||||
|
Federal Farm Credit Bank |
0.50% | 10/20/2020 | 35,000 | 34,976,181 | ||||||||||
|
Federal Farm Credit Bank |
0.15% | 11/16/2020 | 25,000 | 24,992,083 | ||||||||||
|
Federal Farm Credit Bank |
0.17% | 11/27/2020 | 150,000 | 149,938,375 | ||||||||||
|
Federal Farm Credit Bank |
0.40% | 01/19/2021 | 15,000 | 14,976,667 | ||||||||||
|
Federal Farm Credit Bank |
0.44% | 03/24/2021 | 150,000 | 149,626,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.10%)(a) |
0.19% | 05/07/2021 | 23,000 | 23,000,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.16%)(a) |
0.25% | 05/07/2021 | 55,000 | 55,000,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.08%)(a) |
0.17% | 06/10/2021 | 14,000 | 14,000,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.28%)(a) |
0.37% | 10/01/2021 | 365,000 | 365,000,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.10%)(a) |
0.19% | 02/22/2022 | 16,555 | 16,555,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.19%)(a) |
0.28% | 07/14/2022 | 28,000 | 28,000,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.15%)(a) |
0.24% | 07/28/2022 | 45,000 | 45,000,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.07%)(a) |
0.16% | 08/11/2022 | 108,000 | 108,000,000 | ||||||||||
| 1,297,036,528 | ||||||||||||||
|
Federal Home Loan Bank (FHLB)-29.01% |
||||||||||||||
|
Federal Home Loan Bank |
0.20% | 09/09/2020 | 4,659 | 4,658,793 | ||||||||||
|
Federal Home Loan Bank |
0.16% | 09/18/2020 | 150,000 | 149,979,458 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.08%)(a) |
0.17% | 09/22/2020 | 100,000 | 100,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 09/28/2020 | 621,500 | 621,500,000 | ||||||||||
|
Federal Home Loan Bank |
2.63% | 10/01/2020 | 15,000 | 15,027,699 | ||||||||||
|
Federal Home Loan Bank |
0.32% | 10/02/2020 | 25,000 | 24,993,111 | ||||||||||
|
Federal Home Loan Bank |
0.30% | 10/05/2020 | 300,000 | 299,915,000 | ||||||||||
|
Federal Home Loan Bank |
0.29%-0.30% | 10/09/2020 | 350,000 | 349,891,278 | ||||||||||
|
Federal Home Loan Bank |
0.30% | 10/15/2020 | 39,000 | 38,985,700 | ||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) |
0.07% | 10/16/2020 | 20,000 | 20,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19% | 10/19/2020 | 10,000 | 10,000,000 | ||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) |
0.07% | 10/20/2020 | 150,000 | 150,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12% | 10/22/2020 | 115,000 | 115,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.02%)(a) |
0.11% | 10/23/2020 | 290,000 | 290,000,000 | ||||||||||
|
Federal Home Loan Bank |
0.30% | 10/26/2020 | 250,000 | 249,885,417 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.01%)(a) |
0.10% | 11/06/2020 | 240,000 | 240,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12% | 11/06/2020 | 90,000 | 89,999,180 | ||||||||||
|
Federal Home Loan Bank |
0.52% | 11/09/2020 | 100,000 | 99,900,333 | ||||||||||
|
Federal Home Loan Bank |
0.16% | 11/12/2020 | 100,000 | 99,968,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 11/13/2020 | 265,000 | 265,000,000 | ||||||||||
|
Federal Home Loan Bank |
0.26% | 11/13/2020 | 50,000 | 49,983,778 | ||||||||||
|
Federal Home Loan Bank |
0.30% | 11/16/2020 | 88,000 | 87,944,267 | ||||||||||
|
Federal Home Loan Bank |
0.30% | 11/17/2020 | 160,000 | 159,897,333 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.02%)(a) |
0.11% | 11/25/2020 | 645,000 | 645,000,000 | ||||||||||
|
Federal Home Loan Bank |
0.34% | 11/25/2020 | 304,329 | 304,084,691 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.01%)(a) |
0.10% | 12/04/2020 | 250,000 | 250,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 12/15/2020 | 185,000 | 185,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19% | 12/24/2020 | 85,000 | 85,000,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity Date |
Principal
(000) |
Value | |||||||||||
|
Federal Home Loan Bank (FHLB)-(continued) |
||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 01/22/2021 | $ | 109,000 | $ 109,000,000 | |||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 01/28/2021 | 173,000 | 173,000,000 | ||||||||||
|
Federal Home Loan Bank |
1.50% | 02/10/2021 | 5,600 | 5,598,775 | ||||||||||
|
Federal Home Loan Bank |
1.38% | 02/18/2021 | 10,410 | 10,452,989 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12% | 02/19/2021 | 145,000 | 145,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.04%)(a) |
0.13% | 02/25/2021 | 46,000 | 46,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16% | 02/26/2021 | 198,000 | 198,000,000 | ||||||||||
|
Federal Home Loan Bank |
0.45% | 03/08/2021 | 290,000 | 289,318,500 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.13%)(a) |
0.22% | 03/11/2021 | 150,000 | 150,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16% | 03/12/2021 | 345,000 | 345,000,000 | ||||||||||
|
Federal Home Loan Bank |
0.30% | 03/17/2021 | 100,000 | 99,835,833 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.11%)(a) |
0.20% | 03/25/2021 | 40,000 | 40,000,000 | ||||||||||
|
Federal Home Loan Bank |
0.18% | 03/26/2021 | 35,500 | 35,505,652 | ||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) |
0.16% | 04/09/2021 | 15,000 | 15,000,000 | ||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) |
0.16% | 04/13/2021 | 77,000 | 77,000,000 | ||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) |
0.13% | 04/14/2021 | 550,000 | 550,000,000 | ||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) |
0.13% | 04/19/2021 | 150,000 | 150,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16% | 04/21/2021 | 75,000 | 75,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 06/24/2021 | 240,000 | 240,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19% | 07/09/2021 | 190,000 | 190,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.08%)(a) |
0.17% | 07/23/2021 | 321,000 | 321,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.06%)(a) |
0.15% | 08/24/2021 | 100,000 | 100,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.17%)(a) |
0.26% | 11/12/2021 | 127,000 | 127,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.15%)(a) |
0.24% | 11/15/2021 | 355,000 | 355,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.13%)(a) |
0.22% | 08/05/2022 | 80,000 | 80,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.09%)(a) |
0.18% | 08/19/2022 | 315,000 | 315,000,000 | ||||||||||
| 9,243,325,787 | ||||||||||||||
|
Federal Home Loan Mortgage Corp. (FHLMC)-2.62% |
||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) |
0.12% | 09/08/2020 | 24,100 | 24,100,023 | ||||||||||
|
Federal Home Loan Mortgage Corp. |
1.88% | 11/17/2020 | 4,215 | 4,227,482 | ||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) |
0.13% | 12/14/2020 | 150,000 | 150,000,000 | ||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) |
0.12% | 02/19/2021 | 55,000 | 55,000,000 | ||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.30%)(a) |
0.39% | 06/30/2021 | 45,000 | 45,000,000 | ||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)(a) |
0.41% | 09/30/2021 | 412,000 | 412,000,000 | ||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.31%)(a) |
0.40% | 01/03/2022 | 145,000 | 145,000,000 | ||||||||||
| 835,327,505 | ||||||||||||||
|
Federal National Mortgage Association (FNMA)-3.84% |
||||||||||||||
|
Federal National Mortgage Association |
0.25% | 09/23/2020 | 120,000 | 119,981,740 | ||||||||||
|
Federal National Mortgage Association |
2.88% | 10/30/2020 | 12,500 | 12,548,550 | ||||||||||
|
Federal National Mortgage Association (SOFR + 0.04%)(a) |
0.13% | 01/29/2021 | 25,000 | 24,979,009 | ||||||||||
|
Federal National Mortgage Association (SOFR + 0.25%)(a) |
0.34% | 03/24/2021 | 185,000 | 185,000,000 | ||||||||||
|
Federal National Mortgage Association (SOFR + 0.21%)(a) |
0.30% | 07/01/2021 | 150,000 | 150,000,000 | ||||||||||
|
Federal National Mortgage Association (SOFR + 0.23%)(a) |
0.32% | 07/06/2021 | 156,000 | 156,000,000 | ||||||||||
|
Federal National Mortgage Association (SOFR + 0.28%)(a) |
0.37% | 07/06/2021 | 225,000 | 225,000,000 | ||||||||||
|
Federal National Mortgage Association (SOFR + 0.30%)(a) |
0.39% | 01/07/2022 | 350,000 | 350,000,000 | ||||||||||
| 1,223,509,299 | ||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity Date |
Principal
(000) |
Value | |||||||||||
|
U.S. International Development Finance Corp. (DFC)-1.20% |
||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2020 | $ | 116,000 | $ 116,000,000 | |||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 06/15/2025 | 24,000 | 24,000,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 07/15/2025 | 26,111 | 26,111,112 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2025 | 5,000 | 5,000,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2026 | 5,000 | 5,000,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2026 | 10,000 | 10,000,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 08/13/2027 | 8,000 | 8,000,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 08/13/2027 | 4,600 | 4,600,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 02/15/2028 | 16,667 | 16,666,667 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 11/15/2028 | 75,000 | 75,000,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 05/15/2030 | 8,541 | 8,541,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 10/15/2030 | 8,000 | 8,000,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) |
0.16% | 07/09/2026 | 30,600 | 30,600,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 03/15/2030 | 43,875 | 43,875,000 | ||||||||||
| 381,393,779 | ||||||||||||||
|
Total U.S. Government Sponsored Agency Securities
|
12,980,592,898 | |||||||||||||
|
U.S. Treasury Securities-24.86% |
||||||||||||||
|
U.S. Treasury Bills-17.19%(c) |
||||||||||||||
|
U.S. Treasury Bills |
0.12%-0.14% | 09/08/2020 | 700,000 | 699,981,722 | ||||||||||
|
U.S. Treasury Bills |
0.20% | 09/10/2020 | 200,000 | 199,989,900 | ||||||||||
|
U.S. Treasury Bills |
0.14% | 09/17/2020 | 100,000 | 99,993,778 | ||||||||||
|
U.S. Treasury Bills |
0.14% | 09/29/2020 | 150,000 | 149,984,250 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 10/01/2020 | 135,000 | 134,981,437 | ||||||||||
|
U.S. Treasury Bills |
0.14% | 10/06/2020 | 200,000 | 199,972,778 | ||||||||||
|
U.S. Treasury Bills |
0.16%-0.19% | 10/08/2020 | 250,000 | 249,955,035 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 10/13/2020 | 670,000 | 669,884,850 | ||||||||||
|
U.S. Treasury Bills |
0.18% | 10/15/2020 | 100,000 | 99,978,000 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 10/27/2020 | 300,000 | 299,930,000 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 10/29/2020 | 800,000 | 799,806,667 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 11/03/2020 | 100,000 | 99,970,250 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 11/05/2020 | 375,000 | 374,898,438 | ||||||||||
|
U.S. Treasury Bills |
0.18% | 11/10/2020 | 250,000 | 249,912,500 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 11/12/2020 | 100,000 | 99,971,000 | ||||||||||
|
U.S. Treasury Bills |
0.10% | 12/03/2020 | 150,000 | 149,961,249 | ||||||||||
|
U.S. Treasury Bills |
0.18%-0.19% | 12/10/2020 | 250,000 | 249,872,222 | ||||||||||
|
U.S. Treasury Bills |
1.47% | 12/31/2020 | 100,000 | 99,511,799 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity Date |
Principal
(000) |
Value | |||||||||||
|
U.S. Treasury Bills(c)-(continued) |
||||||||||||||
|
U.S. Treasury Bills |
0.17% | 01/07/2021 | $ | 300,000 | $ 299,823,999 | |||||||||
|
U.S. Treasury Bills |
0.18% | 02/25/2021 | 150,000 | 149,867,250 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 04/22/2021 | 100,000 | 99,893,208 | ||||||||||
| 5,478,140,332 | ||||||||||||||
|
U.S. Treasury Notes-7.67% |
||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(a) |
0.22% | 01/31/2021 | 445,000 | 444,928,230 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(a) |
0.24% | 04/30/2021 | 720,000 | 719,899,522 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(a) |
0.33% | 07/31/2021 | 170,000 | 170,109,131 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(a) |
0.41% | 10/31/2021 | 550,000 | 550,669,433 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(a) |
0.26% | 01/31/2022 | 25,000 | 24,994,371 | ||||||||||
|
U.S. Treasury Notes |
1.38% | 09/15/2020 | 100,000 | 99,995,609 | ||||||||||
|
U.S. Treasury Notes |
2.75% | 09/30/2020 | 190,000 | 190,170,394 | ||||||||||
|
U.S. Treasury Notes |
1.75% | 10/31/2020 | 95,000 | 95,019,624 | ||||||||||
|
U.S. Treasury Notes |
2.50% | 12/31/2020 | 25,000 | 25,173,115 | ||||||||||
|
U.S. Treasury Notes |
2.13% | 01/31/2021 | 25,000 | 25,182,968 | ||||||||||
|
U.S. Treasury Notes |
3.63% | 02/15/2021 | 25,000 | 25,371,676 | ||||||||||
|
U.S. Treasury Notes |
2.00% | 02/28/2021 | 34,000 | 34,274,991 | ||||||||||
|
U.S. Treasury Notes |
2.50% | 02/28/2021 | 37,000 | 37,389,483 | ||||||||||
| 2,443,178,547 | ||||||||||||||
|
Total U.S. Treasury Securities (Cost $7,921,318,879) |
7,921,318,879 | |||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-65.60%
|
20,901,911,777 | |||||||||||||
|
Repurchase
Amount |
||||||||||||||
|
Repurchase Agreements-34.50%(d) |
||||||||||||||
|
ABN AMRO Bank N.V., joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,010; 2.00% - 5.65%; 01/01/2021 - 08/20/2050) |
0.09% | 09/01/2020 | 142,806,355 | 142,805,998 | ||||||||||
|
BNP Paribas Securities Corp., agreement dated 08/31/2020, maturing value of $500,001,250 (collateralized by U.S. Treasury obligations, a U.S. government sponsored agency obligation and domestic agency mortgage-backed securities valued at $510,000,000; 0.00% - 7.00%; 09/08/2020 - 10/20/2067) |
0.09% | 09/01/2020 | 500,001,250 | 500,000,000 | ||||||||||
|
BNP Paribas Securities Corp., joint agreement dated 08/31/2020, aggregate maturing value of $1,350,002,625 (collateralized by U.S. Treasury obligations valued at $1,377,000,001; 0.13% - 6.75%; 10/31/2021 - 02/15/2050) |
0.07% | 09/01/2020 | 547,107,491 | 547,106,427 | ||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $1,000,091,667 (collateralized by U.S. Treasury obligations valued at $1,020,000,058; 0.00% - 3.88%; 09/08/2020 - 11/15/2048)(e) |
0.11% | 09/04/2020 | 450,041,250 | 450,000,000 | ||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $2,355,215,875 (collateralized by domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $2,402,100,000; 0.00% - 7.63%; 09/10/2020 - 10/20/2067)(e) |
0.11% | 09/04/2020 | 1,640,150,333 | 1,640,000,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||
|
Citigroup Global Markets, Inc., agreement dated 08/31/2020, maturing value of $650,001,264 (collateralized by U.S. Treasury obligations valued at $663,000,000; 0.00%; 11/15/2020 - 08/15/2050) |
0.07% | 09/01/2020 | $ | 650,001,264 | $ 650,000,000 | |||||||||
|
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2020, aggregate maturing value of $250,000,625 (collateralized by U.S. Treasury obligations valued at $255,138,487; 2.88%; 11/30/2023) |
0.09% | 09/01/2020 | 100,000,250 | 100,000,000 | ||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,026,258 (collateralized by U.S. Treasury obligations valued at $516,550,660; 2.88% - 3.75%; 08/15/2043 - 05/15/2048) |
0.09% | 09/01/2020 | 200,009,092 | 200,008,592 | ||||||||||
|
ING Financial Markets, LLC, joint term agreement dated 07/23/2020, aggregate maturing value of $150,041,875 (collateralized by domestic agency mortgage-backed securities valued at $153,000,002; 2.50% - 4.50%; 04/01/2038 - 01/01/2057) |
0.15% | 09/28/2020 | 87,024,288 | 87,000,000 | ||||||||||
|
ING Financial Markets, LLC, joint term agreement dated 08/20/2020, aggregate maturing value of $300,026,667 (collateralized by domestic agency mortgage-backed securities valued at $306,000,000; 3.00% - 5.00%; 09/01/2042 - 06/01/2056) |
0.10% | 09/21/2020 | 205,018,222 | 205,000,000 | ||||||||||
|
ING Financial Markets, LLC, term agreement dated 08/05/2020, maturing
value of $250,025,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 2.50% - 4.50%; 08/01/2040 -
|
0.12% | 09/04/2020 | 250,025,000 | 250,000,000 | ||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09% | 09/01/2020 | 228,564,957 | 228,564,386 | ||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,002,946 (collateralized by U.S. Treasury obligations valued at $509,939,386; 0.13% - 0.25%; 06/30/2022 - 07/15/2030) |
0.09% | 09/01/2020 | 250,001,355 | 250,000,730 | ||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,195; 0.13% - 2.75%; 04/30/2021 - 11/15/2023)(f) |
0.07% | - | - | 150,000,000 | ||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by domestic agency mortgage-backed securities and a U.S. treasury obligation valued at $510,000,087; 0.00% - 7.50%; 12/03/2020 - 09/01/2050)(f) |
0.08% | - | - | 350,000,000 | ||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by domestic agency mortgage-backed securities and a U.S. treasury obligation valued at $295,800,007; 0.00% - 8.13%; 08/15/2021 - 09/01/2057)(f) |
0.12% | - | - | 240,000,000 | ||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by domestic agency mortgage-backed securities and a U.S. treasury obligation valued at $408,000,043; 0.61% - 8.50%; 12/01/2020 - 02/16/2058)(f) |
0.09% | - | - | 275,000,000 | ||||||||||
|
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 0.00% - 6.00%; 09/01/2026 - 06/01/2050)(f) |
0.80% | - | - | 250,000,000 | ||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,230,000 (collateralized by U.S. Treasury obligations valued at $504,122,044; 2.00% - 2.63%; 12/31/2023 - 01/31/2026) |
0.18% | 10/23/2020 | 140,064,400 | 140,000,000 | ||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,245,000 (collateralized by U.S. Treasury obligations valued at $505,508,022; 1.63% - 2.88%; 11/15/2022 - 08/15/2028) |
0.18% | 10/30/2020 | 130,063,700 | 130,000,000 | ||||||||||
|
Metropolitan Life Insurance Co., joint term agreement dated 08/27/2020, aggregate maturing value of $350,014,288 (collateralized by U.S. Treasury obligations valued at $354,295,526; 0.00%; 11/15/2027 - 05/15/2046)(e) |
0.09% | 09/03/2020 | 170,006,094 | 170,003,119 | ||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 0.44% - 0.88%; 10/25/2035 - 04/20/2050) |
0.09% | 09/01/2020 | 500,001,250 | 500,000,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
Investment Abbreviations:
|
LIBOR |
-London Interbank Offered Rate | |
|
SOFR |
-Secured Overnight Financing Rate | |
|
USD |
-U.S. Dollar | |
|
VRD |
-Variable Rate Demand |
Notes to Schedule of Investments:
| (a) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (b) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (d) |
Principal amount equals value at period end. See Note 1I. |
| (e) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (f) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (g) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 | Short-Term Investments Trust |
Schedule of Investments
August 31, 2020
Invesco Treasury Obligations Portfolio
|
Interest Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||
|
U.S. Treasury Securities-103.09% |
||||||||||||||
|
U.S. Treasury Bills-88.36%(a) |
||||||||||||||
|
U.S. Treasury Bills |
0.09%-0.14% | 09/01/2020 | $ | 61,500 | $ 61,500,000 | |||||||||
|
U.S. Treasury Bills |
0.09%-1.02% | 09/03/2020 | 36,717 | 36,716,511 | ||||||||||
|
U.S. Treasury Bills |
0.08%-0.14% | 09/08/2020 | 80,100 | 80,098,539 | ||||||||||
|
U.S. Treasury Bills |
0.15%-1.78% | 09/10/2020 | 35,000 | 34,996,031 | ||||||||||
|
U.S. Treasury Bills |
0.09%-0.11% | 09/15/2020 | 60,000 | 59,997,822 | ||||||||||
|
U.S. Treasury Bills |
0.14%-0.18% | 09/17/2020 | 60,000 | 59,995,411 | ||||||||||
|
U.S. Treasury Bills |
0.08%-0.19% | 09/22/2020 | 67,200 | 67,195,449 | ||||||||||
|
U.S. Treasury Bills |
0.16% | 09/24/2020 | 20,000 | 19,998,019 | ||||||||||
|
U.S. Treasury Bills |
0.10%-0.14% | 09/29/2020 | 40,000 | 39,996,889 | ||||||||||
|
U.S. Treasury Bills |
0.10%-0.17% | 10/01/2020 | 53,980 | 53,973,710 | ||||||||||
|
U.S. Treasury Bills |
0.15%-1.63% | 10/08/2020 | 57,000 | 56,983,304 | ||||||||||
|
U.S. Treasury Bills |
0.10% | 10/13/2020 | 4,900 | 4,899,428 | ||||||||||
|
U.S. Treasury Bills |
0.14%-0.18% | 10/15/2020 | 45,000 | 44,991,713 | ||||||||||
|
U.S. Treasury Bills |
0.09% | 10/20/2020 | 35,000 | 34,995,713 | ||||||||||
|
U.S. Treasury Bills |
0.12%-0.15% | 10/22/2020 | 30,000 | 29,994,546 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 10/27/2020 | 20,000 | 19,995,333 | ||||||||||
|
U.S. Treasury Bills |
0.11%-0.16% | 10/29/2020 | 60,000 | 59,987,554 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 11/03/2020 | 5,000 | 4,998,513 | ||||||||||
|
U.S. Treasury Bills |
0.10%-0.15% | 11/05/2020 | 60,000 | 59,987,361 | ||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 11/10/2020 | 25,000 | 24,992,417 | ||||||||||
|
U.S. Treasury Bills |
0.11%-0.16% | 11/12/2020 | 46,000 | 45,988,940 | ||||||||||
|
U.S. Treasury Bills |
0.19% | 11/17/2020 | 5,000 | 4,997,968 | ||||||||||
|
U.S. Treasury Bills |
0.11% | 11/19/2020 | 30,000 | 29,993,088 | ||||||||||
|
U.S. Treasury Bills |
0.19% | 11/24/2020 | 10,000 | 9,995,683 | ||||||||||
|
U.S. Treasury Bills |
0.10%-0.16% | 11/27/2020 | 32,000 | 31,990,648 | ||||||||||
|
U.S. Treasury Bills |
0.11% | 12/01/2020 | 15,000 | 14,995,829 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 12/03/2020 | 40,000 | 39,986,777 | ||||||||||
|
U.S. Treasury Bills |
0.16% | 12/08/2020 | 15,000 | 14,993,671 | ||||||||||
|
U.S. Treasury Bills |
0.18%-0.19% | 12/10/2020 | 20,000 | 19,989,826 | ||||||||||
|
U.S. Treasury Bills |
0.16% | 12/15/2020 | 20,000 | 19,992,563 | ||||||||||
|
U.S. Treasury Bills |
0.19% | 12/17/2020 | 10,000 | 9,994,501 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 12/22/2020 | 7,000 | 6,996,842 | ||||||||||
|
U.S. Treasury Bills |
0.11%-0.18% | 12/24/2020 | 40,000 | 39,982,979 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 12/31/2020 | 10,000 | 9,994,454 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 01/07/2021 | 10,000 | 9,994,133 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 01/14/2021 | 13,000 | 12,992,931 | ||||||||||
|
U.S. Treasury Bills |
0.13% | 01/21/2021 | 5,000 | 4,997,436 | ||||||||||
|
U.S. Treasury Bills |
0.13%-1.44% | 01/28/2021 | 26,000 | 25,953,326 | ||||||||||
|
U.S. Treasury Bills |
0.12% | 02/11/2021 | 10,000 | 9,994,567 | ||||||||||
|
U.S. Treasury Bills |
0.12% | 02/18/2021 | 8,000 | 7,995,467 | ||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 02/25/2021 | 27,000 | 26,982,595 | ||||||||||
|
U.S. Treasury Bills |
0.00% | 03/04/2021 | 10,000 | 9,994,186 | ||||||||||
|
U.S. Treasury Bills |
0.14% | 04/22/2021 | 5,000 | 4,995,470 | ||||||||||
|
U.S. Treasury Bills |
0.18% | 05/20/2021 | 5,000 | 4,993,366 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Treasury Obligations Portfolio
|
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills(a)-(continued) |
||||||||||||||||
|
U.S. Treasury Bills |
0.16% | 07/15/2021 | $ 7,000 | $ | 6,990,446 | |||||||||||
|
|
||||||||||||||||
| 1,282,071,955 | ||||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes-14.73% |
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) |
0.22% | 01/31/2021 | 17,000 | 16,996,155 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) |
0.24% | 04/30/2021 | 7,000 | 6,999,931 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) |
0.33% | 07/31/2021 | 15,000 | 14,996,429 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b) |
0.41% | 10/31/2021 | 36,500 | 36,520,468 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b) |
0.26% | 01/31/2022 | 30,000 | 29,971,602 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b) |
0.22% | 04/30/2022 | 55,000 | 55,026,658 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b) |
0.16% | 07/31/2022 | 12,000 | 12,000,271 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.00% | 09/30/2020 | 15,000 | 15,004,363 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.75% | 10/31/2020 | 13,000 | 13,002,685 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.00% | 01/15/2021 | 3,000 | 3,018,863 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.25% | 03/31/2021 | 10,000 | 10,107,345 | ||||||||||||
|
|
||||||||||||||||
| 213,644,770 | ||||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES-103.09% (Cost $ 1,495,716,725) |
1,495,716,725 | |||||||||||||||
|
|
||||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(3.09)% |
(44,822,921 | ) | ||||||||||||||
|
|
||||||||||||||||
|
NET ASSETS-100.00% |
$ | 1,450,893,804 | ||||||||||||||
|
|
||||||||||||||||
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 | Short-Term Investments Trust |
Schedule of Investments
August 31, 2020
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal Amount (000) |
Value | |||||||||||
|
Municipal Obligations-99.85% |
||||||||||||||
|
Alabama-4.40% |
||||||||||||||
|
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(a)(b)(c) |
0.12% | 07/01/2040 | $8,805 | $ 8,805,000 | ||||||||||
|
Arizona-2.81% |
||||||||||||||
|
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)(b) |
0.08% | 06/15/2031 | 2,685 | 2,685,000 | ||||||||||
|
Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD RB (CEP - FNMA)(b) |
0.08% | 06/15/2031 | 2,945 | 2,945,000 | ||||||||||
| 5,630,000 | ||||||||||||||
|
California-1.30% |
||||||||||||||
|
California (State of) Educational Facilities Authority; Series 2020, Commercial Paper Notes |
0.11% | 10/01/2020 | 2,600 | 2,600,000 | ||||||||||
|
Colorado-0.60% |
||||||||||||||
|
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.19% | 02/01/2031 | 1,190 | 1,190,000 | ||||||||||
|
Delaware-2.03% |
||||||||||||||
|
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 09/01/2036 | 2,780 | 2,780,000 | ||||||||||
|
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.10% | 05/01/2036 | 1,280 | 1,280,000 | ||||||||||
| 4,060,000 | ||||||||||||||
|
District of Columbia-3.38% |
||||||||||||||
|
District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 08/15/2038 | 245 | 245,000 | ||||||||||
|
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.07% | 10/01/2039 | 6,525 | 6,525,000 | ||||||||||
| 6,770,000 | ||||||||||||||
|
Florida-5.16% |
||||||||||||||
|
Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.09% | 06/01/2048 | 910 | 910,000 | ||||||||||
|
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.16% | 11/01/2036 | 2,725 | 2,725,000 | ||||||||||
|
Palm Beach (County of), FL (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.09% | 07/01/2032 | 2,400 | 2,400,000 | ||||||||||
|
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.07% | 07/01/2037 | 4,280 | 4,280,000 | ||||||||||
| 10,315,000 | ||||||||||||||
|
Georgia-4.20% |
||||||||||||||
|
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)(a)(b)(c) |
0.08% | 11/01/2030 | 2,590 | 2,590,000 | ||||||||||
|
Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer); |
||||||||||||||
|
Series 2009 A, VRD PCR (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.08% | 01/01/2030 | 2,420 | 2,420,000 | ||||||||||
|
Series 2010 A, Ref. VRD PCR (LOC - Bank of Montreal)(b)(c) |
0.14% | 01/01/2036 | 3,000 | 3,000,000 | ||||||||||
|
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000,VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.19% | 09/01/2020 | 400 | 400,000 | ||||||||||
| 8,410,000 | ||||||||||||||
|
Illinois-4.49% |
||||||||||||||
|
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) |
0.07% | 12/01/2046 | 5,755 | 5,755,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal Amount (000) |
Value | |||||||||||
|
Illinois-(continued) |
||||||||||||||
|
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.08% | 01/01/2037 | $2,230 | $ 2,230,000 | ||||||||||
|
Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)(b)(c) |
0.08% | 10/01/2033 | 1,000 | 1,000,000 | ||||||||||
| 8,985,000 | ||||||||||||||
|
Indiana-8.69% |
||||||||||||||
|
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.14% | 08/01/2037 | 5,750 | 5,750,000 | ||||||||||
|
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)(a)(b)(c) |
0.18% | 06/01/2035 | 8,000 | 8,000,000 | ||||||||||
|
Purdue University; Series 2011 A, VRD COP(b) |
0.06% | 07/01/2035 | 3,635 | 3,635,000 | ||||||||||
| 17,385,000 | ||||||||||||||
|
Louisiana-1.75% |
||||||||||||||
|
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c) |
0.08% | 07/01/2047 | 3,505 | 3,505,000 | ||||||||||
|
Maryland-4.71% |
||||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority; Series 2020 B, Commercial Paper Notes |
0.22% | 09/09/2020 | 4,800 | 4,800,000 | ||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 04/01/2035 | 2,015 | 2,015,000 | ||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical); Series 2008E, VRD RB (LOC - Bank of Montreal)(a)(b)(c) |
0.03% | 07/01/2041 | 2,600 | 2,600,000 | ||||||||||
| 9,415,000 | ||||||||||||||
|
Massachusetts-2.17% |
||||||||||||||
|
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 10/01/2038 | 2,830 | 2,830,000 | ||||||||||
|
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank N.A.)(b)(c) |
0.07% | 01/01/2037 | 1,500 | 1,500,000 | ||||||||||
| 4,330,000 | ||||||||||||||
|
Michigan-4.51% |
||||||||||||||
|
Kent (County of), MI Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c) |
0.10% | 01/15/2026 | 2,005 | 2,005,000 | ||||||||||
|
Michigan State University Board of Trustees; |
||||||||||||||
|
Series 2000 A-1, VRD RB(b) |
0.10% | 08/15/2030 | 3,000 | 3,000,000 | ||||||||||
|
Series 2001 A-2, VRD RB(b) |
0.10% | 08/15/2030 | 1,010 | 1,010,000 | ||||||||||
|
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.08% | 03/01/2031 | 3,000 | 3,000,000 | ||||||||||
| 9,015,000 | ||||||||||||||
|
Minnesota-5.48% |
||||||||||||||
|
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)(b) |
0.16% | 10/15/2033 | 1,175 | 1,175,000 | ||||||||||
|
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(b) |
0.08% | 11/01/2035 | 6,505 | 6,505,000 | ||||||||||
|
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)(b) |
0.08% | 10/01/2033 | 3,285 | 3,285,000 | ||||||||||
| 10,965,000 | ||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal Amount (000) |
Value | |||||||||||
|
Mississippi-3.95% |
||||||||||||||
|
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); |
||||||||||||||
|
Series 2007 A, VRD IDR(b) |
0.03% | 12/01/2030 | $ 60 | $ 60,000 | ||||||||||
|
Series 2010 C, VRD IDR(b) |
0.08% | 12/01/2030 | 585 | 585,000 | ||||||||||
|
Series 2010 E, VRD IDR(b) |
0.08% | 12/01/2030 | 6,250 | 6,250,000 | ||||||||||
|
Series 2010 C, VRD IDR(b) |
0.08% | 12/01/2030 | 1,000 | 1,000,000 | ||||||||||
| 7,895,000 | ||||||||||||||
|
Missouri-0.59% |
||||||||||||||
|
Bridgeton (City of), MO IDA (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)(b)(c) |
0.08% | 11/01/2037 | 615 | 615,000 | ||||||||||
|
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)(b)(c) |
0.14% | 08/01/2038 | 565 | 565,000 | ||||||||||
| 1,180,000 | ||||||||||||||
|
Nevada-0.75% |
||||||||||||||
|
Reno (City of), NV (Renown Regional Medical Center); Series 2009 A, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.08% | 06/01/2039 | 1,500 | 1,500,000 | ||||||||||
|
New York-4.46% |
||||||||||||||
|
New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)(a)(b)(c) |
0.06% | 05/01/2039 | 2,500 | 2,500,000 | ||||||||||
|
New York (State of) Housing Finance Agency (222 East 44th Street Housing); |
||||||||||||||
|
Series 2015 A, VRD RB (LOC - Bank of China Ltd.)(a)(b)(c) |
0.10% | 05/01/2050 | 6,100 | 6,100,000 | ||||||||||
|
Series 2016 A, VRD RB (LOC - Bank of China Ltd.)(a)(b)(c) |
0.09% | 05/01/2050 | 330 | 330,000 | ||||||||||
| 8,930,000 | ||||||||||||||
|
North Carolina-4.39% |
||||||||||||||
|
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB(b) |
0.05% | 06/01/2027 | 1,285 | 1,285,000 | ||||||||||
|
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(b) |
0.07% | 12/01/2021 | 2,520 | 2,520,000 | ||||||||||
|
Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.04% | 05/01/2036 | 4,970 | 4,970,000 | ||||||||||
| 8,775,000 | ||||||||||||||
|
Ohio-1.46% |
||||||||||||||
|
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)(b)(c) |
0.09% | 08/02/2038 | 2,925 | 2,925,000 | ||||||||||
|
Pennsylvania-4.85% |
||||||||||||||
|
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 06/01/2037 | 4,305 | 4,305,000 | ||||||||||
|
Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)(a)(b)(c) |
0.07% | 03/01/2030 | 1,990 | 1,990,000 | ||||||||||
|
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 10/15/2025 | 385 | 385,000 | ||||||||||
|
Ridley School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 11/01/2029 | 305 | 305,000 | ||||||||||
|
Westmoreland (County of), PA Industrial Development Authority (Excela Health); Series 2005 A, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 07/01/2027 | 2,725 | 2,725,000 | ||||||||||
| 9,710,000 | ||||||||||||||
|
Rhode Island-2.10% |
||||||||||||||
|
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB(b) |
0.07% | 09/01/2043 | 4,200 | 4,200,000 | ||||||||||
|
Texas-10.73% |
||||||||||||||
|
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.12% | 02/15/2042 | 4,720 | 4,720,000 | ||||||||||
|
Houston (City of), TX; Series 2020 E-2, Commercial Paper Notes |
0.16% | 10/02/2020 | 4,000 | 4,000,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal Amount (000) |
Value | |||||||||||
|
Texas-(continued) |
||||||||||||||
|
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.08% | 05/15/2034 | $1,500 | $ 1,500,000 | ||||||||||
|
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.11% | 04/01/2026 | 2,320 | 2,320,000 | ||||||||||
|
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)(b) |
0.14% | 05/01/2042 | 2,860 | 2,860,000 | ||||||||||
|
Texas A&M University System Board of Regents; Series 2020 B, Commercial Paper Notes |
0.18% | 11/04/2020 | 400 | 400,000 | ||||||||||
|
University of Texas System Board of Regents; |
||||||||||||||
|
Series 2008 B, VRD RB(b) |
0.06% | 08/01/2025 | 4,665 | 4,665,000 | ||||||||||
|
Series 2020 A, Commercial Paper Notes |
0.22% | 09/03/2020 | 1,000 | 1,000,000 | ||||||||||
| 21,465,000 | ||||||||||||||
|
Virginia-1.90% |
||||||||||||||
|
Norfolk (City of), VA; Series 2007, VRD GO Bonds(b) |
0.09% | 08/01/2037 | 3,800 | 3,800,000 | ||||||||||
|
Washington-4.32% |
||||||||||||||
|
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)(b)(c) |
0.07% | 09/01/2049 | 4,550 | 4,550,000 | ||||||||||
|
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)(b)(c) |
0.07% | 11/01/2047 | 4,085 | 4,085,000 | ||||||||||
| 8,635,000 | ||||||||||||||
|
West Virginia-3.14% |
||||||||||||||
|
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)(b)(c) |
0.10% | 07/01/2039 | 845 | 845,000 | ||||||||||
|
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hosp, Inc.); Series 2008 B, Ref. VRD RB (LOC - Branch Banking & Trust Co.)(b)(c) |
0.14% | 01/01/2034 | 5,435 | 5,435,000 | ||||||||||
| 6,280,000 | ||||||||||||||
|
Wisconsin-1.53% |
||||||||||||||
|
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)(b)(c) |
0.09% | 10/01/2042 | 3,060 | 3,060,000 | ||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(d)(e) -99.85% (Cost $199,735,000) |
199,735,000 | |||||||||||||
|
OTHER ASSETS LESS LIABILITIES-0.15% |
308,127 | |||||||||||||
|
NET ASSETS-100.00% |
$200,043,127 | |||||||||||||
| Investment Abbreviations: | ||
| CEP | - Credit Enhancement Provider | |
| COP | - Certificates of Participation | |
| FHLB | - Federal Home Loan Bank | |
| FHLMC | - Federal Home Loan Mortgage Corp. | |
| FNMA | - Federal National Mortgage Association | |
| GO | - General Obligation | |
| IDR | - Industrial Development Revenue Bonds | |
| LOC | - Letter of Credit | |
| PCR | - Pollution Control Revenue Bonds | |
| RB | - Revenue Bonds | |
| Ref. | - Refunding | |
| VRD | - Variable Rate Demand | |
| YMCA | - Young Men’s Christian Association | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
| (a) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 8.8%; Japan: 5.3%; other countries less than 5% each: 11.6%. |
| (b) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (d) |
Also represents cost for federal income tax purposes. |
| (e) |
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
| Entities | Percentage | |||
|
JPMorgan Chase Bank N.A. |
6.7% | |||
|
Wells Fargo Bank N.A. |
6.6 | |||
|
Federal Home Loan Bank |
6.4 | |||
|
Federal Home Loan Mortgage Corp. |
6.3 | |||
|
TD Bank N.A. |
6.2 | |||
|
PNC Bank N.A. |
5.7 | |||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 | Short-Term Investments Trust |
Statements of Assets and Liabilities
August 31, 2020
| Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco Treasury | Invesco Government | Obligations | Cash Reserve | |||||||||||||||||||||||||
|
|
Assets Portfolio | Prime Portfolio | Portfolio | & Agency Portfolio | Portfolio |
Portfolio |
||||||||||||||||||||||||
|
Assets: |
||||||||||||||||||||||||||||||
|
Investments in securities, at value |
$ | 1,784,724,046 | $ | 143,331,875 | $ | 13,547,669,573 | $ | 20,901,911,777 | $ | 1,495,716,725 | $ | 199,735,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Repurchase agreements, at value and cost |
830,572,324 | 178,878,687 | 9,491,478,726 | 10,990,573,484 | - | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Cash |
33,603,197 | - | - | - | 37,054 | 61,208 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Receivable for: |
||||||||||||||||||||||||||||||
|
Investments sold |
- | 900,000 | - | - | - | 315,000 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Interest |
1,056,194 | 20,964 | 9,417,821 | 7,237,160 | 346,690 | 23,497 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Fund expenses absorbed |
- | 5,056 | - | 115,182 | 5,041 | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Investment for trustee deferred compensation and retirement plans |
3,644,669 | 1,008,721 | 2,164,080 | 987,082 | 118,706 | 356,729 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Other assets |
124,772 | 219,614 | 217,359 | 1,247,838 | 37,133 | 91,265 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Total assets |
2,653,725,202 | 324,364,917 | 23,050,947,559 | 31,902,072,523 | 1,496,261,349 | 200,582,699 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Liabilities: |
||||||||||||||||||||||||||||||
|
Payable for: |
||||||||||||||||||||||||||||||
|
Investments purchased |
83,707,955 | - | 399,847,556 | - | 44,984,634 | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Amount due custodian |
- | 12,463 | 1,795,459 | 35,860,836 | - | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Dividends |
254,769 | 4,367 | 843,269 | 1,321,007 | 48,847 | 1,671 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Accrued fees to affiliates |
131,522 | 32,780 | 2,066,942 | 1,515,523 | 140,517 | 101,988 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Accrued trustees’ and officers’ fees and benefits |
14,771 | 7,700 | 62,856 | 97,276 | 9,975 | 7,064 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Accrued operating expenses |
73,996 | 50,032 | 426,940 | 44,482 | 53,713 | 47,638 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Trustee deferred compensation and retirement plans |
3,930,281 | 1,079,940 | 2,415,132 | 1,156,211 | 129,859 | 381,211 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Total liabilities |
88,113,294 | 1,187,282 | 407,458,154 | 39,995,335 | 45,367,545 | 539,572 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net assets applicable to shares outstanding |
$ | 2,565,611,908 | $ | 323,177,635 | $ | 22,643,489,405 | $ | 31,862,077,188 | $ | 1,450,893,804 | $ | 200,043,127 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net assets consist of: |
||||||||||||||||||||||||||||||
|
Shares of beneficial interest |
$ | 2,564,796,446 | $ | 322,403,496 | $ | 22,642,905,919 | $ | 31,862,059,097 | $ | 1,450,989,544 | $ | 200,167,173 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Distributable earnings (loss) |
815,462 | 774,139 | 583,486 | 18,091 | (95,740 | ) | (124,046 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
| $ | 2,565,611,908 | $ | 323,177,635 | $ | 22,643,489,405 | $ | 31,862,077,188 | $ | 1,450,893,804 | $ | 200,043,127 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net Assets: |
||||||||||||||||||||||||||||||
|
Institutional Class |
$ | 2,558,430,270 | $ | 320,753,104 | $ | 19,215,805,324 | $ | 30,259,135,986 | $ | 1,370,210,399 | $ | 150,996,969 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Private Investment Class |
$ | 3,541,763 | $ | 1,276,217 | $ | 422,827,568 | $ | 582,081,907 | $ | 14,423,866 | $ | 10,134,533 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Personal Investment Class |
$ | 10,252 | $ | 395,347 | $ | 281,818,329 | $ | 13,529,921 | $ | 741,749 | $ | 3,583,850 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Cash Management Class |
$ | 2,947,071 | $ | 503,834 | $ | 371,957,560 | $ | 431,476,231 | $ | 340,627 | $ | 5,489,875 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Reserve Class |
$ | 278,241 | $ | 105,438 | $ | 581,684,073 | $ | 401,437,716 | $ | 54,584,982 | $ | 26,823,422 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Resource Class |
$ | 365,645 | $ | 122,593 | $ | 635,713,393 | $ | 143,147,544 | $ | 150,056 | $ | 3,004,200 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Corporate Class |
$ | 38,666 | $ | 21,102 | $ | 1,133,683,158 | $ | 31,267,883 | $ | 10,442,125 | $ | 10,278 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 | Short-Term Investments Trust |
Statements of Assets and Liabilities–(continued)
August 31, 2020
| Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco Treasury | Invesco Government | Obligations | Cash Reserve | |||||||||||||||||||||||||
|
|
Assets Portfolio | Prime Portfolio | Portfolio | & Agency Portfolio | Portfolio |
Portfolio |
||||||||||||||||||||||||
|
Shares outstanding, no par value,
|
|
|||||||||||||||||||||||||||||
|
Institutional Class |
2,556,995,297 | 320,747,228 | 19,214,641,352 | 30,259,011,208 | 1,370,246,974 | 150,977,656 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Private Investment Class |
3,539,795 | 1,276,199 | 422,801,949 | 582,079,509 | 14,424,267 | 10,133,237 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Personal Investment Class |
10,246 | 395,341 | 281,801,254 | 13,529,865 | 741,770 | 3,583,392 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Cash Management Class |
2,945,434 | 503,827 | 371,935,023 | 431,474,453 | 340,636 | 5,489,173 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Reserve Class |
278,086 | 105,437 | 581,648,828 | 401,436,062 | 54,586,495 | 26,819,991 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Resource Class |
365,442 | 122,590 | 635,674,875 | 143,146,954 | 150,060 | 3,003,816 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Corporate Class |
38,644 | 21,102 | 1,133,614,467 | 31,267,755 | 10,442,415 | 10,277 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net asset value, offering and redemption price per share for each class |
$ | 1.0006 | $ | 1.0000 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Cost of Investments |
$ | 2,614,636,741 | $ | 322,207,996 | $ | 23,039,148,299 | $ | 31,892,485,261 | $ | 1,495,716,725 | $ | 199,735,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 | Short-Term Investments Trust |
Statements of Operations
For the year ended August 31, 2020
| Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco Treasury | Invesco Government | Obligations | Cash Reserve | |||||||||||||||||||||||||
|
|
Assets Portfolio | Prime Portfolio | Portfolio | & Agency Portfolio | Portfolio |
Portfolio |
||||||||||||||||||||||||
|
Investment income: |
||||||||||||||||||||||||||||||
|
Interest |
$ | 34,284,787 | $ | 6,257,216 | $ | 203,953,802 | $ | 316,385,027 | $ | 12,665,627 | $ | 2,133,528 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Expenses: |
||||||||||||||||||||||||||||||
|
Advisory fees |
3,579,174 | 698,375 | 29,385,396 | 31,594,396 | 1,616,131 | 450,697 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Administrative services fees |
1,063,769 | 209,751 | 8,705,596 | 14,279,270 | 553,117 | 100,713 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Custodian fees |
39,456 | 10,394 | 684,345 | (696,813) | 6,675 | 4,469 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Distribution fees: |
||||||||||||||||||||||||||||||
|
Private Investment Class |
11,697 | 3,966 | 1,423,815 | 1,818,484 | 27,185 | 37,931 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Personal Investment Class |
56 | 2,327 | 1,943,548 | 114,195 | 1,812 | 12,104 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Cash Management Class |
5,877 | 418 | 298,824 | 265,250 | 4,655 | 16,154 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Reserve Class |
2,496 | 1,632 | 3,330,130 | 3,232,492 | 474,354 | 218,276 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Resource Class |
729 | 197 | 1,016,902 | 300,798 | 643 | 5,138 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Corporate Class |
68 | 6 | 92,017 | 19,425 | 1,901 | 3 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Transfer agent fees |
214,750 | 41,902 | 1,763,124 | 2,843,496 | 111,702 | 20,281 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Trustees’ and officers’ fees and benefits |
52,165 | 26,612 | 246,372 | 353,199 | 33,779 | 23,278 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Registration and filing fees |
85,059 | 89,032 | 158,643 | 223,526 | 82,407 | 98,838 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Reports to shareholders |
23,125 | 16,105 | 71,876 | (81,108) | 18,221 | 15,403 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Professional services fees |
44,905 | 37,263 | 110,574 | (141,868) | 39,486 | 36,199 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Other |
109,541 | 63,375 | 266,443 | (198,642) | 47,091 | 14,246 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Total expenses |
5,232,867 | 1,201,355 | 49,497,605 | 53,926,100 | 3,019,159 | 1,053,730 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Less: Fees waived |
(918,298 | ) | (358,636) | (9,124,214 | ) | (2,008,756) | (444,885) | (454,859) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net expenses |
4,314,569 | 842,719 | 40,373,391 | 51,917,344 | 2,574,274 | 598,871 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net investment income |
29,970,218 | 5,414,497 | 163,580,411 | 264,467,683 | 10,091,353 | 1,534,657 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Realized and unrealized gain (loss) from: |
||||||||||||||||||||||||||||||
|
Net realized gain (loss) from investment securities |
(15,623 | ) | 78 | 139,394 | (189,477) | (57,411) | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Change in net unrealized appreciation (depreciation) of investment securities |
45,074 | (41,714) | - | - | - | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net realized and unrealized gain (loss) |
29,451 | (41,636) | 139,394 | (189,477) | (57,411) | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net increase in net assets resulting from operations |
$ | 29,999,669 | $ | 5,372,861 | $ | 163,719,805 | $ | 264,278,206 | $ | 10,033,942 | $ | 1,534,657 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 | Short-Term Investments Trust |
Statements of Changes in Net Assets
For the years ended August 31, 2020 and 2019
| Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | |||||||||||||||
|
|
|
|
|
|||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
|
|
|
|
|
|
||||||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 29,970,218 | $ | 54,795,839 | $ | 5,414,497 | $ | 12,099,439 | ||||||||
|
|
|
|
|
|
||||||||||||
|
Net realized gain (loss) |
(15,623 | ) | 29,559 | 78 | 723 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Change in net unrealized appreciation (depreciation) |
45,074 | (26,913 | ) | (41,714 | ) | (10,820 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
29,999,669 | 54,798,485 | 5,372,861 | 12,089,342 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(29,817,713 | ) | (54,388,381 | ) | (5,392,900 | ) | (12,042,840 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(36,868 | ) | (107,595 | ) | (11,032 | ) | (26,438 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(74 | ) | (199 | ) | (2,832 | ) | (8,858 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(107,505 | ) | (248,909 | ) | (5,280 | ) | (14,390 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(1,504 | ) | (5,872 | ) | (1,098 | ) | (3,794 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
(3,570 | ) | (20,589 | ) | (1,140 | ) | (2,658 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(2,984 | ) | (24,294 | ) | (215 | ) | (461 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Total distributions from distributable earnings |
(29,970,218 | ) | (54,795,839 | ) | (5,414,497 | ) | (12,099,439 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
114,142,968 | 100,799,791 | (331,356,151 | ) | 127,368,867 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(1,176,345 | ) | (1,144,582 | ) | (71,436 | ) | (241,794 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
- | (984 | ) | (45,201 | ) | (175,590 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(6,335,509 | ) | 3,104,748 | (96,257 | ) | (178,908 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(24,329 | ) | (115,774 | ) | (167,883 | ) | 3,716 | |||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
2,906 | (632,819 | ) | (674 | ) | (62,642 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(287,979 | ) | (1,599,196 | ) | 251 | 457 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
106,321,712 | 100,411,184 | (331,737,351 | ) | 126,714,106 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets |
106,351,163 | 100,413,830 | (331,778,987 | ) | 126,704,009 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
2,459,260,745 | 2,358,846,915 | 654,956,622 | 528,252,613 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
End of year |
$ | 2,565,611,908 | $ | 2,459,260,745 | $ | 323,177,635 | $ | 654,956,622 | ||||||||
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 | Short-Term Investments Trust |
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
| Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | |||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operations: |
||||||||||||||||||||
|
Net investment income |
$ | 163,580,411 | $ | 484,811,474 | $ | 264,467,683 | $ | 518,471,634 | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Net realized gain (loss) |
139,394 | 204,798 | (189,477 | ) | 224,974 | |||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Net increase in net assets resulting from operations |
163,719,805 | 485,016,272 | 264,278,206 | 518,696,608 | ||||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||||||
|
Institutional Class |
(146,246,982 | ) | (438,858,990 | ) | (254,196,609 | ) | (491,630,206 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Private Investment Class |
(3,446,279 | ) | (9,738,598 | ) | (4,200,784 | ) | (8,737,051 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Personal Investment Class |
(2,137,800 | ) | (3,312,891 | ) | (89,620 | ) | (207,870 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Cash Management Class |
(3,199,903 | ) | (8,499,805 | ) | (2,683,953 | ) | (7,669,515 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Reserve Class |
(1,117,598 | ) | (3,008,307 | ) | (1,290,595 | ) | (3,929,202 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Resource Class |
(4,967,684 | ) | (13,201,572 | ) | (1,599,458 | ) | (4,570,537 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Corporate Class |
(2,664,191 | ) | (8,191,311 | ) | (439,777 | ) | (1,727,253 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Total distributions from distributable earnings |
(163,780,437 | ) | (484,811,474 | ) | (264,500,796 | ) | (518,471,634 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Share transactions-net: |
||||||||||||||||||||
|
Institutional Class |
498,579,949 | (1,514,751,400 | ) | 256,030,543 | 7,673,132,994 | |||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Private Investment Class |
(83,191,362 | ) | (11,707,755 | ) | 49,500,711 | 106,832,736 | ||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Personal Investment Class |
(78,430,874 | ) | 242,362,528 | (2,461,469 | ) | 7,670,768 | ||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Cash Management Class |
(24,723,778 | ) | (50,068,678 | ) | 66,475,768 | 31,650,960 | ||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Reserve Class |
292,043,533 | 61,097,539 | 103,651,946 | 88,155,960 | ||||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Resource Class |
3,118,922 | 107,165,894 | (37,467,649 | ) | (51,677,589 | ) | ||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Corporate Class |
704,514,058 | (38,240,138 | ) | (9,080,725 | ) | (105,927,589 | ) | |||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
1,311,910,448 | (1,204,142,010 | ) | 426,649,125 | 7,749,838,240 | |||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Net increase (decrease) in net assets |
1,311,849,816 | (1,203,937,212 | ) | 426,426,535 | 7,750,063,214 | |||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Net assets: |
||||||||||||||||||||
|
Beginning of year |
21,331,639,589 | 22,535,576,801 | 31,435,650,653 | 23,685,587,439 | ||||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
End of year |
$ | 22,643,489,405 | $ | 21,331,639,589 | $ | 31,862,077,188 | $ | 31,435,650,653 | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 | Short-Term Investments Trust |
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
| Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Operations: |
||||||||||||||||||||
|
Net investment income |
$ | 10,091,353 | $ | 25,841,669 | $ | 1,534,657 | $ | 2,660,015 | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Net realized gain (loss) |
(57,411 | ) | 17,726 | - | - | |||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Net increase in net assets resulting from operations |
10,033,942 | 25,859,395 | 1,534,657 | 2,660,015 | ||||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||||||
|
Institutional Class |
(9,782,969 | ) | (25,123,428 | ) | (1,172,112 | ) | (1,816,364 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Private Investment Class |
(65,930 | ) | (111,394 | ) | (106,524 | ) | (305,352 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Personal Investment Class |
(898 | ) | (3,844 | ) | (7,119 | ) | (2,466 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Cash Management Class |
(16,009 | ) | (41,719 | ) | (177,298 | ) | (395,402 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Reserve Class |
(212,244 | ) | (557,964 | ) | (50,307 | ) | (80,976 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Resource Class |
(1,150 | ) | (3,101 | ) | (21,222 | ) | (59,305 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Corporate Class |
(12,153 | ) | (219 | ) | (75 | ) | (150 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Total distributions from distributable earnings |
(10,091,353 | ) | (25,841,669 | ) | (1,534,657 | ) | (2,660,015 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Share transactions-net: |
||||||||||||||||||||
|
Institutional Class |
325,218,196 | (235,306,840 | ) | (10,043,247 | ) | 33,374,672 | ||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Private Investment Class |
4,941,082 | 3,398,983 | (10,353,451 | ) | (7,570,673 | ) | ||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Personal Investment Class |
630,111 | (283,153 | ) | 1,041,703 | 2,531,656 | |||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Cash Management Class |
(1,553,674 | ) | (1,270,980 | ) | (21,806,010 | ) | (4,585,853 | ) | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Reserve Class |
(123,709 | ) | 21,314,012 | 6,820,117 | 5,850,867 | |||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Resource Class |
16,515 | 38,286 | 1,886,657 | (1,381,960 | ) | |||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Corporate Class |
10,431,998 | 216 | 85 | 135 | ||||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
339,560,519 | (212,109,476 | ) | (32,454,146 | ) | 28,218,844 | ||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Net increase (decrease) in net assets |
339,503,108 | (212,091,750 | ) | (32,454,146 | ) | 28,218,844 | ||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Net assets: |
||||||||||||||||||||
|
Beginning of year |
1,111,390,696 | 1,323,482,446 | 232,497,273 | 204,278,429 | ||||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
End of year |
$ | 1,450,893,804 | $ | 1,111,390,696 | $ | 200,043,127 | $ | 232,497,273 | ||||||||||||
|
|
|
|
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 | Short-Term Investments Trust |
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
Institutional Class
| Ratio of | Ratio of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net gains | expenses | expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (losses) | to average | to average net | Ratio of net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset | on securities | Dividends | Distributions | net assets | assets without | investment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| value, | Net | (both | Total from | from net | from net | Net asset | Net assets, | with fee waivers | fee waivers | income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| beginning | investment | realized and | investment | investment | realized | Total | value, end | Total | end of period | and/or expense | and/or expense | to average | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| of period | income(a) | unrealized) | operations | income | gains | distributions | of period | return(b) | (000’s omitted) | absorbed | absorbed | net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
$ | 1.0004 | $ | 0.0126 | $ | (0.0006 | ) | $ | 0.0120 | $ | (0.0118 | ) | $ | - | $ | (0.0118 | ) | $ | 1.0006 | 1.20 | % | $ | 2,558,430 | 0.18 | %(c) | 0.22 | %(c) | 1.26 | %(c) | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.0004 | 0.0237 | 0.0000 | 0.0237 | (0.0237 | ) | - | (0.0237 | ) | 1.0004 | 2.39 | 2,444,253 | 0.18 | 0.22 | 2.37 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.0002 | 0.0173 | (0.0011 | ) | 0.0162 | (0.0160 | ) | - | (0.0160 | ) | 1.0004 | 1.63 | 2,343,453 | 0.18 | 0.23 | 1.73 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.0051 | 0.0036 | 0.0087 | (0.0080 | ) | (0.0005 | ) | (0.0085 | ) | 1.0002 | 0.84 | 296,174 | 0.18 | 0.26 | 0.51 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.33 | 10,421,616 | 0.15 | 0.18 | 0.34 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.0001 | 0.0116 | (0.0012 | ) | 0.0104 | (0.0105 | ) | - | (0.0105 | ) | 1.0000 | 1.05 | 320,753 | 0.18 | (c) | 0.26 | (c) | 1.16 | (c) | ||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.0001 | 0.0226 | 0.0001 | 0.0227 | (0.0227 | ) | - | (0.0227 | ) | 1.0001 | 2.29 | 652,151 | 0.18 | 0.25 | 2.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.0000 | 0.0155 | (0.0002 | ) | 0.0153 | (0.0152 | ) | - | (0.0152 | ) | 1.0001 | 1.54 | 524,792 | 0.18 | 0.27 | 1.55 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.0062 | 0.0007 | 0.0069 | (0.0069 | ) | - | (0.0069 | ) | 1.0000 | 0.70 | 423,931 | 0.18 | 0.27 | 0.62 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.26 | 1,607,867 | 0.14 | 0.20 | 0.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | (0.00 | ) | (0.01 | ) | 1.00 | 0.91 | 19,215,805 | 0.18 | (c) | 0.21 | (c) | 0.86 | (c) | ||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 2.20 | 18,717,318 | 0.18 | 0.21 | 2.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.37 | 20,231,906 | 0.18 | 0.20 | 1.37 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.52 | 22,803,973 | 0.18 | 0.20 | 0.52 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.16 | 19,868,465 | 0.14 | 0.18 | 0.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | (0.00 | ) | (0.01 | ) | 1.00 | 0.95 | 30,259,136 | 0.15 | (c) | 0.15 | (c) | 0.85 | (c) | |||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 2.22 | 30,003,319 | 0.16 | 0.16 | 2.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.38 | 22,329,969 | 0.15 | 0.15 | 1.35 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.56 | 27,691,416 | 0.15 | 0.15 | 0.58 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.19 | 10,716,760 | 0.14 | 0.15 | 0.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.94 | 1,370,210 | 0.18 | (c) | 0.20 | (c) | 0.84 | (c) | ||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 2.18 | 1,045,046 | 0.18 | 0.21 | 2.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.35 | 1,280,336 | 0.18 | 0.21 | 1.34 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.44 | 1,306,370 | 0.18 | 0.22 | 0.48 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.13 | 121,149 | 0.12 | 0.36 | 0.13 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | - | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.76 | 150,997 | 0.19 | (c) | 0.34 | (c) | 0.76 | (c) | |||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.01 | - | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.39 | 161,039 | 0.20 | 0.35 | 1.38 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.01 | 127,662 | 0.20 | 0.38 | 1.01 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.56 | 110,817 | 0.20 | 0.37 | 0.56 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.10 | 450,792 | 0.10 | 0.31 | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (a) |
Calculated using average shares outstanding. |
| (b) |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
| (c) |
Ratios are based on average daily net assets (000’s omitted) of $2,373,982, $462,984, $17,063,696, $30,011,610, $1,162,848 and $159,471 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 | Short-Term Investments Trust |
August 31, 2020
NOTE 1–Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.
Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.
Each 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.
Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio, both institutional money market funds, price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).
Invesco Liquid Assets Portfolio determines its NAV per share multiple times each day.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, seek 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. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
| A. |
Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments. |
Securities for which market quotations 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.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’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.
Each 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 of each Fund’s investments.
| B. |
Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements 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 gain
| 39 | Short-Term Investments Trust |
(loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements 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 Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.
| C. |
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. |
Distributions - It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
| E. |
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, Invesco Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt interest dividends”, as defined in the Internal Revenue Code.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. |
Expenses - Fees provided for under the 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. |
| G. |
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) 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, each 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. |
| H. |
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote. |
| I. |
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
| J. |
LIBOR Risk - Certain Funds may invest in instruments that use or may use a floating reference rate based on LIBOR. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As a result, any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. Industry initiatives are underway to identify alternative reference rates; however, there is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; and/or costs incurred in connection with closing out positions and entering into new agreements. These effects could occur prior to the end of 2021 as the utility of LIBOR as a reference rate could deteriorate during the transition period. |
| K. |
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 |
| 40 | Short-Term Investments Trust |
| instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Funds may not be able to recover its investment in such issuer from the U.S. Government. |
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund’s investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.
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, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:
|
First
$250 million |
Next
$250 million |
Over
$500 million |
||||
|
Invesco Liquid Assets Portfolio |
0.15% | 0.15% | 0.15% | |||
|
Invesco STIC Prime Portfolio |
0.15% | 0.15% | 0.15% | |||
|
Invesco Treasury Portfolio |
0.15% | 0.15% | 0.15% | |||
|
Invesco Government & Agency Portfolio |
0.10% | 0.10% | 0.10% | |||
|
Invesco Treasury Obligations Portfolio |
0.20% | 0.15% | 0.10% | |||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% | 0.20% | 0.20% |
For the year ended August 31, 2020, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:
|
Invesco Liquid Assets Portfolio |
0.15 | % | ||
|
Invesco STIC Prime Portfolio |
0.15 | % | ||
|
Invesco Treasury Portfolio |
0.15 | % | ||
|
Invesco Government & Agency Portfolio |
0.10 | % | ||
|
Invesco Treasury Obligations Portfolio |
0.13 | % | ||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20 | % |
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, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, 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 Funds, 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 each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least December 31, 2020, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Private | Personal | Cash | ||||||||||||
| Institutional | Investment | Investment | Management | Reserve | Resource | Corporate | ||||||||
| Class | Class | Class | Class | Class | Class | Class | ||||||||
|
Invesco Liquid Assets Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.38% | 0.21% | |||||||
|
Invesco STIC Prime Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
Invesco Treasury Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
Invesco Government & Agency Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
Invesco Treasury Obligations Portfolio |
0.18% | 0.43% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% | 0.45% | 0.75% | 0.28% | 1.07% | 0.36% | 0.23% |
The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.
| 41 | Short-Term Investments Trust |
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 the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2020. 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 August 31, 2020, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:
|
Expense
Limitation |
||||
|
Invesco Liquid Assets Portfolio |
$ | 916,953 | ||
|
Invesco STIC Prime Portfolio |
354,758 | |||
|
Invesco Treasury Portfolio |
6,130,127 | |||
|
Invesco Government & Agency Portfolio |
- | |||
|
Invesco Treasury Obligations Portfolio |
274,586 | |||
|
Invesco Tax-Free Cash Reserve Portfolio |
311,174 | |||
Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.
Voluntary fee waivers for the year ended August 31, 2020 are shown below:
| Private | Personal | Cash | |||||||||||||||||||||||||||||||||
| Investment | Investment | Management | Reserve | Resource | Corporate | ||||||||||||||||||||||||||||||
| Fund Level | Class | Class | Class | Class | Class | Class | |||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | - | $ | 733 | $ | 9 | $ | - | $ | 582 | $ | 21 | $ | - | |||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
2,018 | 887 | 573 | 71 | 287 | 41 | 1 | ||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
- | 417,235 | 624,782 | 18,501 | 1,713,928 | 216,249 | 3,392 | ||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
- | 456,411 | 41,926 | 18,079 | 1,450,150 | 42,117 | 73 | ||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
- | 7,598 | 1,200 | 217 | 161,180 | 41 | 63 | ||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
33,144 | 8,664 | 5,729 | 2,215 | 92,327 | 1,605 | 1 | ||||||||||||||||||||||||||||
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the year ended August 31, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the year ended August 31, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.
| Private | Personal | Cash | ||||||||||
| Investment | Investment | Management | Reserve | Resource | Corporate | |||||||
| Class | Class | Class | Class | Class | Class | |||||||
|
Invesco Liquid Assets Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.20% | 0.03% | ||||||
|
Invesco STIC Prime Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
Invesco Treasury Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
Invesco Government & Agency Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
Invesco Treasury Obligations Portfolio |
0.25% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.25% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% |
The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
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
| 42 | Short-Term Investments Trust |
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 each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of August 31, 2020, all of the securities in each 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–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the year ended August 31, 2020, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains | ||||||||
|
Invesco Liquid Assets Portfolio |
$ 93,743,593 | $149,731,882 | $- | |||||||
|
Invesco STIC Prime Portfolio |
49,203,977 | 45,363,263 | - | |||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
248,610,783 | 242,669,996 | - | |||||||
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
NOTE 6–Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.
NOTE 7–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2020 and 2019
| 2020 | 2019 | |||||||||||||||||||
| Ordinary | Ordinary | |||||||||||||||||||
| Ordinary | Income-Tax- | Long-Term | Ordinary | Income-Tax- | ||||||||||||||||
| Income* | Exempt | Capital Gains | Income* | Exempt | ||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 29,970,218 | $ | - | $ | - | $ | 54,795,839 | $ | - | ||||||||||
|
Invesco STIC Prime Portfolio |
5,414,497 | - | - | 12,099,439 | - | |||||||||||||||
|
Invesco Treasury Portfolio |
163,582,316 | - | 198,121 | 484,811,474 | - | |||||||||||||||
|
Invesco Government & Agency Portfolio |
264,469,100 | - | 31,696 | 518,471,634 | - | |||||||||||||||
|
Invesco Treasury Obligations Portfolio |
10,091,353 | - | - | 25,841,669 | - | |||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 1,534,657 | - | - | 2,660,015 | |||||||||||||||
* Includes short-term capital gain distributions, if any.
| 43 | Short-Term Investments Trust |
Tax Components of Net Assets at Period-End:
|
Undistributed
Ordinary Income |
Undistributed
Tax-Exempt
|
Temporary
Book/Tax Differences |
Net
Unrealized
|
Capital Loss
Carryforwards |
Shares of
Interest |
Total Net Assets |
|||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 3,354,188 | $ | - | $ | (3,182,732 | ) | $ | 659,629 | $ | (15,623 | ) | $ | 2,564,796,446 | $ | 2,565,611,908 | |||||||||||||||||||
|
Invesco STIC Prime Portfolio |
1,639,256 | - | (867,683 | ) | 2,566 | - | 322,403,496 | 323,177,635 | |||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
2,573,305 | - | (1,973,847 | ) | (15,972 | ) | - | 22,642,905,919 | 22,643,489,405 | ||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
1,162,580 | - | (955,013 | ) | - | (189,476 | ) | 31,862,059,097 | 31,862,077,188 | ||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
91,628 | - | (104,172 | ) | (23,691 | ) | (59,505 | ) | 1,450,989,544 | 1,450,893,804 | |||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 200,772 | (305,726 | ) | - | (19,092 | ) | 200,167,173 | 200,043,127 | ||||||||||||||||||||||||||
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds’ net unrealized appreciation (depreciation) differences are attributable primarily to wash sales.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Funds’ temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have a capital loss carryforward as of August 31, 2020, as follows:
| Not Subject to | ||||||||
| Fund | Expiration | Total* | ||||||
|
Invesco Liquid Assets Portfolio |
$ 15,623 | $ 15,623 | ||||||
|
|
||||||||
|
Invesco Government & Agency Portfolio |
189,476 | 189,476 | ||||||
|
|
||||||||
|
Invesco Treasury Obligations Portfolio |
59,505 | 59,505 | ||||||
|
|
||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
19,092 | 19,092 | ||||||
|
|
||||||||
| * |
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 8–Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:
| At August 31, 2020 | ||||||||||||||||
| Net | ||||||||||||||||
| Unrealized | ||||||||||||||||
| Federal | Unrealized | Unrealized | Appreciation | |||||||||||||
| Tax Cost* | Appreciation | (Depreciation) | (Depreciation) | |||||||||||||
|
Invesco Liquid Assets Portfolio |
$ 2,614,636,741 | $676,866 | $(17,237) | $659,629 | ||||||||||||
|
|
||||||||||||||||
|
Invesco STIC Prime Portfolio |
322,207,996 | 2,599 | (33) | 2,566 | ||||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Portfolio |
23,039,164,271 | - | (15,972) | (15,972) | ||||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
1,495,740,416 | - | (23,691) | (23,691) | ||||||||||||
|
|
||||||||||||||||
| * |
For Invesco Treasury Portfolio and Invesco Treasury Obligations Portfolio, cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end. For Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Government & Agency Portfolio and Invesco Tax-Free Cash Reserve Portfolio, cost of investments are the same for tax and financial reporting purposes. |
NOTE 9–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of distributions and taxable income, on August 31, 2020, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and shares of beneficial interest. These reclassifications had no effect on the net assets.
| Undistributed Net | Undistributed Net | Shares of | ||||||||
| Investment Income (Loss) | Realized Gain (Loss) | Beneficial Interest | ||||||||
|
Invesco Liquid Assets Portfolio |
$ 29,559 | $(29,559) | $ - | |||||||
|
Invesco STIC Prime Portfolio |
2,359 | (2,359) | - | |||||||
|
Invesco Treasury Portfolio |
114,461 | (153,462) | 39,001 | |||||||
|
Invesco Government & Agency Portfolio |
(1,417) | 1,417 | - | |||||||
|
Invesco Treasury Obligations Portfolio |
- | - | - | |||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | - | - | |||||||
| 44 | Short-Term Investments Trust |
NOTE 10–Share Information
Invesco Liquid Assets Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
15,429,264,962 | $ | 15,436,049,996 | 11,115,059,561 | $ | 11,118,203,826 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
556,769 | 556,939 | 286,881 | 286,945 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
57,447,877 | 57,471,129 | 183,906,129 | 183,953,776 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
64,898 | 64,918 | 8,652 | 8,654 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
601 | 601 | 5,100 | 5,102 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
172,360 | 172,517 | 396,987 | 397,046 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
6,416,422 | 6,418,790 | 10,250,841 | 10,253,316 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
32,532 | 32,543 | 86,006 | 86,026 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
- | - | 15 | 15 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
81,549 | 81,575 | 175,461 | 175,508 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,504 | 1,504 | 5,870 | 5,872 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
3,570 | 3,570 | 20,583 | 20,589 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
2,984 | 2,984 | 24,289 | 24,294 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(15,321,899,211 | ) | (15,328,325,818 | ) | (11,024,583,994 | ) | (11,027,657,351 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(1,765,341 | ) | (1,765,827 | ) | (1,517,171 | ) | (1,517,553 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
- | - | (999 | ) | (999 | ) | ||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(63,868,033 | ) | (63,888,213 | ) | (180,975,556 | ) | (181,024,536 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(90,719 | ) | (90,751 | ) | (130,254 | ) | (130,300 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,265 | ) | (1,265 | ) | (658,263 | ) | (658,510 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(463,261 | ) | (463,480 | ) | (2,019,990 | ) | (2,020,536 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase in share activity |
105,958,198 | $ | 106,321,712 | 100,340,148 | $ | 100,411,184 | ||||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% 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, 75% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
| 45 | Short-Term Investments Trust |
NOTE 10–Share Information–(continued)
Invesco STIC Prime Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
1,515,191,563 | $ | 1,515,273,645 | 1,752,564,099 | $ | 1,752,564,558 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
46,700 | 46,700 | 106,492 | 106,492 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
561 | 561 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
- | - | 32,538 | 32,538 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
281 | 281 | 342 | 342 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
182 | 182 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
36 | 36 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
4,489,681 | 4,489,681 | 7,389,194 | 7,389,194 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
11,032 | 11,032 | 25,796 | 25,796 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,832 | 2,832 | 199 | 199 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
3,278 | 3,278 | 9,022 | 9,022 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,098 | 1,098 | 3,751 | 3,751 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,140 | 1,140 | 2,606 | 2,606 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
215 | 215 | 457 | 457 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(1,851,039,089 | ) | (1,851,119,477 | ) | (1,632,583,978 | ) | (1,632,584,885 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(129,157 | ) | (129,168 | ) | (374,081 | ) | (374,082 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(48,590 | ) | (48,594 | ) | (175,789 | ) | (175,789 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(99,534 | ) | (99,535 | ) | (220,468 | ) | (220,468 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(169,247 | ) | (169,262 | ) | (377 | ) | (377 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,996 | ) | (1,996 | ) | (65,248 | ) | (65,248 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
(331,739,014 | ) | $ | (331,737,351 | ) | 126,714,555 | $ | 126,714,106 | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 97% 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. |
| 46 | Short-Term Investments Trust |
NOTE 10–Share Information–(continued)
Invesco Treasury Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
182,665,163,108 | $ | 182,665,163,108 | 187,978,433,067 | $ | 187,978,433,067 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
1,486,970,970 | 1,486,970,970 | 1,261,646,363 | 1,261,646,363 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,422,880,087 | 2,422,880,087 | 1,630,224,829 | 1,630,224,829 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
861,417,932 | 861,417,932 | 2,148,188,357 | 2,148,188,357 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,819,500,275 | 1,819,500,275 | 847,847,187 | 847,847,187 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
333,477,473 | 333,477,473 | 883,852,393 | 883,852,393 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
6,641,915,581 | 6,641,915,581 | 7,123,495,519 | 7,123,495,519 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
45,062,613 | 45,062,613 | 115,324,756 | 115,324,756 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
1,524,217 | 1,524,217 | 3,080,285 | 3,080,285 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,137,800 | 2,137,800 | 2,964,198 | 2,964,198 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
3,199,903 | 3,199,903 | 8,004,739 | 8,004,739 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,117,598 | 1,117,598 | 2,800,991 | 2,800,991 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
377,525 | 377,525 | 2,341,092 | 2,341,092 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
2,642,981 | 2,642,981 | 6,377,933 | 6,377,933 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(182,211,645,772 | ) | (182,211,645,772 | ) | (189,608,509,223 | ) | (189,608,509,223 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(1,571,686,549 | ) | (1,571,686,549 | ) | (1,276,434,403 | ) | (1,276,434,403 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(2,503,448,761 | ) | (2,503,448,761 | ) | (1,390,826,499 | ) | (1,390,826,499 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(889,341,613 | ) | (889,341,613 | ) | (2,206,261,774 | ) | (2,206,261,774 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(1,528,574,340 | ) | (1,528,574,340 | ) | (789,550,639 | ) | (789,550,639 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(330,736,076 | ) | (330,736,076 | ) | (779,027,591 | ) | (779,027,591 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(5,940,044,504 | ) | (5,940,044,504 | ) | (7,168,113,590 | ) | (7,168,113,590 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
1,311,910,448 | $ | 1,311,910,448 | (1,204,142,010 | ) | $ | (1,204,142,010 | ) | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% 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, 14% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
| 47 | Short-Term Investments Trust |
NOTE 10–Share Information–(continued)
Invesco Government & Agency Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
262,928,153,701 | $ | 262,928,153,701 | 201,304,629,047 | $ | 201,304,629,047 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
2,584,479,157 | 2,584,479,157 | 2,057,789,705 | 2,057,789,705 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
62,737,197 | 62,737,197 | 33,910,046 | 33,910,046 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
657,577,573 | 657,577,573 | 970,595,900 | 970,595,900 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,172,921,187 | 1,172,921,187 | 1,378,739,399 | 1,378,739,399 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,825,896,962 | 1,825,896,962 | 2,554,982,650 | 2,554,982,650 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
820,373,313 | 820,373,313 | 573,841,827 | 573,841,827 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
73,415,945 | 73,415,945 | 126,914,764 | 126,914,764 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
3,046,192 | 3,046,192 | 4,227,798 | 4,227,798 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
89,620 | 89,620 | 168,914 | 168,914 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
2,363,772 | 2,363,772 | 5,327,428 | 5,327,428 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,290,595 | 1,290,595 | 3,618,437 | 3,618,437 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,403,826 | 1,403,826 | 3,149,980 | 3,149,980 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
26,956 | 26,956 | 346,829 | 346,829 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(262,745,539,103 | ) | (262,745,539,103 | ) | (193,758,410,817 | ) | (193,758,410,817 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(2,538,024,638 | ) | (2,538,024,638 | ) | (1,955,184,767 | ) | (1,955,184,767 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(65,288,286 | ) | (65,288,286 | ) | (26,408,192 | ) | (26,408,192 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(593,465,577 | ) | (593,465,577 | ) | (944,272,368 | ) | (944,272,368 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(1,070,559,836 | ) | (1,070,559,836 | ) | (1,294,201,876 | ) | (1,294,201,876 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,864,768,437 | ) | (1,864,768,437 | ) | (2,609,810,219 | ) | (2,609,810,219 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(829,480,994 | ) | (829,480,994 | ) | (680,116,245 | ) | (680,116,245 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase in share activity |
426,649,125 | $ | 426,649,125 | 7,749,838,240 | $ | 7,749,838,240 | ||||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% 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, 10% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
| 48 | Short-Term Investments Trust |
NOTE 10–Share Information–(continued)
Invesco Treasury Obligations Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
2,007,630,177 | $ | 2,007,630,177 | 902,898,047 | $ | 902,898,047 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
17,752,712 | 17,752,712 | 17,567,905 | 17,567,905 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
12,396,845 | 12,396,845 | 1,755,557 | 1,755,557 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
38,202,008 | 38,202,008 | 1,001,917 | 1,001,917 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
108,199,892 | 108,199,892 | 120,013,835 | 120,013,835 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
2,952,538 | 2,952,538 | 2,115,950 | 2,115,950 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
16,000,000 | 16,000,000 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
1,687,442 | 1,687,442 | 2,012,405 | 2,012,405 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
65,930 | 65,930 | 107,684 | 107,684 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
282 | 282 | 2,574 | 2,574 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
16,009 | 16,009 | 41,719 | 41,719 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
212,244 | 212,244 | 513,925 | 513,925 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
424 | 424 | 1,002 | 1,002 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
11,998 | 11,998 | 216 | 216 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(1,684,099,423 | ) | (1,684,099,423 | ) | (1,140,217,292 | ) | (1,140,217,292 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(12,877,560 | ) | (12,877,560 | ) | (14,276,606 | ) | (14,276,606 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(11,767,016 | ) | (11,767,016 | ) | (2,041,284 | ) | (2,041,284 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(39,771,691 | ) | (39,771,691 | ) | (2,314,616 | ) | (2,314,616 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(108,535,845 | ) | (108,535,845 | ) | (99,213,748 | ) | (99,213,748 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(2,936,447 | ) | (2,936,447 | ) | (2,078,666 | ) | (2,078,666 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(5,580,000 | ) | (5,580,000 | ) | - | - | ||||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
339,560,519 | $ | 339,560,519 | (212,109,476 | ) | $ | (212,109,476 | ) | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% 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, 49% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
| 49 | Short-Term Investments Trust |
NOTE 10–Share Information–(continued)
Invesco Tax-Free Cash Reserve Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
310,891,005 | $ | 310,891,005 | 205,082,518 | $ | 205,082,518 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
11,295,911 | 11,295,911 | 57,208,640 | 57,208,640 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
11,189,176 | 11,189,176 | 5,818,771 | 5,818,771 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
7,389,500 | 7,389,500 | 49,844,196 | 49,844,196 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
58,297,928 | 58,297,928 | 52,342,069 | 52,342,069 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
4,102,971 | 4,102,971 | 31,003,313 | 31,003,313 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
10 | 10 | 110,000 | 110,000 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
770,263 | 770,263 | 919,230 | 919,230 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
106,524 | 106,524 | 281,127 | 281,127 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
7,119 | 7,119 | 385 | 385 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
164,121 | 164,121 | 309,533 | 309,533 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
50,307 | 50,307 | 79,513 | 79,513 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
21,121 | 21,121 | 51,611 | 51,611 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
75 | 75 | 135 | 135 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(321,704,515 | ) | (321,704,515 | ) | (172,627,076 | ) | (172,627,076 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(21,755,886 | ) | (21,755,886 | ) | (65,060,440 | ) | (65,060,440 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(10,154,592 | ) | (10,154,592 | ) | (3,287,500 | ) | (3,287,500 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(29,359,631 | ) | (29,359,631 | ) | (54,739,582 | ) | (54,739,582 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(51,528,118 | ) | (51,528,118 | ) | (46,570,715 | ) | (46,570,715 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(2,237,435 | ) | (2,237,435 | ) | (32,436,884 | ) | (32,436,884 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
- | - | (110,000 | ) | (110,000 | ) | ||||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
(32,454,146 | ) | $ | (32,454,146 | ) | 28,218,844 | $ | 28,218,844 | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% 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. |
NOTE 11–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
| 50 | Short-Term Investments Trust |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Short-Term Investments Trust and Institutional Class Shareholders of Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (six of the funds constituting Short-Term Investments Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. 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 Funds 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 audits 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 audits 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 audits 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 August 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Houston, Texas
October 29, 2020
We have served as the auditor of one or more of the 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.
| 51 | Short-Term Investments Trust |
Calculating your ongoing Fund expenses
Example
As a shareholder in the Institutional Class, you incur ongoing costs, such as management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each 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 Funds and other funds. To do so, compare this 5% hypothetical example 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. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Institutional Class |
Beginning Account Value (03/01/20) |
ACTUAL |
HYPOTHETICAL (5% annual return before expenses) |
Annualized Expense Ratio |
||||||||
|
Ending Account Value (08/31/20)1 |
Expenses Paid During Period2 |
Ending Account Value (08/31/20) |
Expenses Paid During Period2 |
|||||||||
|
Invesco Liquid Assets Portfolio |
$1,000.00 | $1,002.80 | $0.91 | $1,024.23 | $0.92 | 0.18% | ||||||
|
Invesco STIC Prime Portfolio |
1,000.00 | 1,002.00 | 0.91 | 1,024.23 | 0.92 | 0.18 | ||||||
|
Invesco Treasury Portfolio |
1,000.00 | 1,001.10 | 0.91 | 1,024.23 | 0.92 | 0.18 | ||||||
|
Invesco Government & Agency Portfolio |
1,000.00 | 1,001.30 | 0.75 | 1,024.38 | 0.76 | 0.15 | ||||||
|
Invesco Treasury Obligations Portfolio |
1,000.00 | 1,001.50 | 0.91 | 1,024.23 | 0.92 | 0.18 | ||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
1,000.00 | 1,002.60 | 0.86 | 1,024.28 | 0.87 | 0.17 | ||||||
| 1 |
The actual ending account value is based on the actual total return of the Funds for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
| 2 |
Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year. |
| 52 | Short-Term Investments Trust |
Approval of Investment Advisory and Sub-Advisory Contracts
(Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio)
At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of Short-Term Investments Trust as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of each series portfolio of Short-Term Investments Trust listed above (each, a Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and 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. and, with respect to Invesco Government & Agency Portfolio, Invesco Tax-Free Cash Reserve Portfolio and Invesco Treasury Obligations Portfolio only, separate Sub-Advisory Contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by each Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers 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 receives comparative investment performance
and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each 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 during the course of the year and in prior years 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 June 3, 2020.
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 provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and
its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board 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 also reviewed and considered information regarding the benefits to each Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to each 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 each Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit each Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing each 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 considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for each Fund, as no Affiliated Sub-Adviser currently manages assets of each Fund.
| 53 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the first quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco STIC Prime Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Treasury Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class
shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Government & Agency Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Treasury Obligations Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Tax-Free Cash Reserve Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of
funds in the Broadridge performance universe and against the iMoneyNet Tax-Free National Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the second quintile of its performance universe for the one and five year periods and the first quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was below the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
| C. |
Advisory and Sub-Advisory Fees and Fund Expenses |
Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio
The Board compared each Fund’s contractual management fee rate to the contractual management fee rates of funds in each Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Institutional Class shares of each Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding each Fund’s total expense ratio and its various components. The Board noted that each Fund’s total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of each Fund for the term disclosed in each Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of each Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it
| 54 | Short-Term Investments Trust |
provides to the Invesco Funds relative to certain other types of client accounts, including, among others: 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; 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.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio
The Board compared each Fund’s contractual management fee rate to the contractual management fee rates of funds in each Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Institutional Class shares of each Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding each 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 each Fund for the term disclosed in each Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of each Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. 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, among others: 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; 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.
| D. |
Economies of Scale and Breakpoints |
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Tax-Free Cash Reserve Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to each Fund. The Board noted that each Fund does not benefit from economies of scale through contractual breakpoints, but does 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 each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.
Invesco Treasury Obligations Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits 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 shares 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. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.
| E. |
Profitability and Financial Resources |
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to each Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net
profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services 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 received by Invesco Advisers and its affiliates from the relationship with each Fund, including the fees received for providing administrative, transfer agency and distribution services to each Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to each 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 each Fund.
| 55 | Short-Term Investments Trust |
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended August 31, 2020:
|
Federal and State Income Tax |
||||||||||||||||||||||||||||||
| Long Term Capital | Business Interest | Qualified Dividend | Corporate Dividends | U.S. Treasury | Tax-Exempt | |||||||||||||||||||||||||
| Gain Distributions | Income* | Income* | Received Deduction* | Obligations* | Interest Dividend* | |||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | - | 99.19 | % | 0.00 | % | 0.00 | % | 0.13 | % | 0.00 | % | ||||||||||||||||||
|
Invesco STIC Prime Portfolio |
- | 95.76 | % | 0.00 | % | 0.00 | % | 0.07 | % | 0.00 | % | |||||||||||||||||||
|
Invesco Treasury Portfolio |
198,121 | 99.91 | % | 0.00 | % | 0.00 | % | 62.25 | % | 0.00 | % | |||||||||||||||||||
| Invesco Government & Agency Portfolio | 31,696 | 100.00 | % | 0.00 | % | 0.00 | % | 24.37 | % | 0.00 | % | |||||||||||||||||||
| Invesco Treasury Obligations Portfolio | - | 100.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||||
| Invesco Tax-Free Cash Reserve Portfolio | - | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | |||||||||||||||||||
| * |
The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year. |
| Non-Resident Alien Shareholders | ||||||||||
| Qualified Short-Term Gains | Qualified Interest Income** | |||||||||
|
Invesco Liquid Assets Portfolio |
$ | 29,559 | 0.00 | % | ||||||
|
Invesco STIC Prime Portfolio |
- | 0.00 | % | |||||||
|
Invesco Treasury Portfolio |
- | 100.00 | % | |||||||
|
Invesco Government & Agency Portfolio |
- | 100.00 | % | |||||||
|
Invesco Treasury Obligations Portfolio |
- | 100.00 | % | |||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 0.00 | % | |||||||
| ** |
The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year. |
| 56 | Short-Term Investments Trust |
The address of each trustee and officer is Short-Term Investments Trust (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
| Number of | Other | |||||||||
| Trustee | Funds in | Directorship(s) | ||||||||
| Name, Year of Birth and | and/or | Fund Complex | Held by Trustee | |||||||
| Position(s) | Officer | Principal Occupation(s) | Overseen by | During Past 5 | ||||||
| Held with the Trust | Since | During Past 5 Years | Trustee | Years | ||||||
|
Interested Trustee |
||||||||||
| Martin L. Flanagan1 – 1960 Trustee and Vice Chair | 2007 |
Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business
Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) |
198 | 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. |
| T-1 | Short-Term Investments Trust |
Trustees and Officers–(continued)
| Number of | Other | |||||||||
| Trustee | Funds in | Directorship(s) | ||||||||
| Name, Year of Birth and | and/or | Fund Complex | Held by Trustee | |||||||
| Position(s) | Officer | Principal Occupation(s) | Overseen by | During Past 5 | ||||||
| Held with the Trust | Since | During Past 5 Years | Trustee | Years | ||||||
|
Independent Trustees |
||||||||||
| Bruce L. Crockett – 1944 Trustee and Chair | 1993 |
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 |
198 | 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 | 198 | Board member of the Illinois Manufacturers’ Association | ||||||
| Beth Ann Brown – 1968 Trustee | 2019 |
Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds |
198 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit) | ||||||
| Jack M. Fields – 1952 Trustee | 1997 |
Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit)
Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives |
198 | Member, Board of Directors of Baylor College of Medicine | ||||||
| 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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP |
198 | Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization) | ||||||
| T-2 | Short-Term Investments Trust |
Trustees and Officers–(continued)
| Number of | Other | |||||||
| Trustee | Funds in | Directorship(s) | ||||||
| Name, Year of Birth and | and/or | Fund Complex | Held by Trustee | |||||
| Position(s) | Officer | Principal Occupation(s) | Overseen by | During Past 5 | ||||
| Held with the Trust | Since | During Past 5 Years | Trustee | Years | ||||
|
Independent Trustees–(continued) |
||||||||
|
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 |
198 | Insperity, Inc. (formerly known as Administaff) (human resources provider) | ||||
| Elizabeth Krentzman – 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 198 | 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 | ||||
|
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 | 198 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
| Prema Mathai-Davis – 1950 Trustee | 1998 |
Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute |
198 | None | ||||
| Joel W. Motley – 1952 Trustee | 2019 |
Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of 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)); and Member of the Vestry of Trinity Church Wall Street |
198 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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: CEO UBS Securities LLC (investment banking); COO Americas UBS AG (investment banking; Sr. Management TeamOlayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury |
198 | Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing) | ||||
| T-3 | Short-Term Investments Trust |
Trustees and Officers–(continued)
| Number of | Other | |||||||
| Trustee | Funds in | Directorship(s) | ||||||
| Name, Year of Birth and | and/or | Fund Complex | Held by Trustee | |||||
| Position(s) | Officer | Principal Occupation(s) | Overseen by | During Past 5 | ||||
| Held with the Trust | Since | During Past 5 Years | Trustee | 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 and Federal Reserve Bank of Dallas |
198 | None | ||||
|
Robert C. Troccoli – 1949 Trustee |
2016 |
Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP |
198 | None | ||||
|
Daniel S. Vandivort – 1954 Trustee |
2019 |
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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |
198 | None | ||||
|
James D. Vaughn – 1945 Trustee |
2019 |
Retired
Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds |
198 | Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit) | ||||
|
Christopher L. Wilson – 1957 Trustee, Vice Chair and Chair Designate |
2017 |
Retired
Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments |
198 | EnAIble, Inc. (technology) Formerly: ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||
| Number of | Other | |||||||
| Trustee | Funds in | Directorship(s) | ||||||
| Name, Year of Birth and | and/or | Fund Complex | Held by Trustee | |||||
| Position(s) | Officer | Principal Occupation(s) | Overseen by | During Past 5 | ||||
| Held with the Trust | Since | During Past 5 Years | Trustee | Years | ||||
|
Officers |
||||||||
|
Sheri Morris – 1964 President, Principal Executive Officer and Treasurer |
1999 |
Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.
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; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, 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 | ||||
| T-4 | Short-Term Investments Trust |
Trustees and Officers–(continued)
| Number of | Other | |||||||
| Trustee | Funds in | Directorship(s) | ||||||
| Name, Year of Birth and | and/or | Fund Complex | Held by Trustee | |||||
| Position(s) | Officer | Principal Occupation(s) | Overseen by | During Past 5 | ||||
| Held with the Trust | Since | During Past 5 Years | Trustee | Years | ||||
|
Officers–(continued) |
||||||||
| 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 India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC
Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc. |
N/A | N/A | ||||
|
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.; 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 |
N/A | N/A | ||||
| T-5 | Short-Term Investments Trust |
Trustees and Officers–(continued)
| Number of | Other | |||||||
| Trustee | Funds in | Directorship(s) | ||||||
| Name, Year of Birth and | and/or | Fund Complex | Held by Trustee | |||||
| Position(s) | Officer | Principal Occupation(s) | Overseen by | During Past 5 | ||||
| Held with the Trust | Since | During Past 5 Years | Trustee | Years | ||||
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Officers–(continued) |
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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); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
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 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) |
N/A | N/A | ||||
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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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds |
N/A | N/A | ||||
|
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer |
2008 |
Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Vice President, Invesco Advisers, Inc.
Formerly: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds |
N/A | N/A | ||||
| T-6 | Short-Term Investments Trust |
Trustees and Officers–(continued)
| Number of | Other | |||||||
| Trustee | Funds in | Directorship(s) | ||||||
| Name, Year of Birth and | and/or | Fund Complex | Held by Trustee | |||||
| Position(s) | Officer | Principal Occupation(s) | Overseen by | During Past 5 | ||||
| Held with the Trust | Since | During Past 5 Years | Trustee | Years | ||||
|
Officers–(continued) |
||||||||
| Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||
|
Todd F. Kuehl – 1969 Chief Compliance Officer |
2020 |
Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) |
N/A | N/A | ||||
| Michael McMaster – 1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 |
Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, 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: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) |
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, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP | |||
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 | |||
| Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5678 | ||||
| Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
| Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | Bank of New York Mellon | |||
| 2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 2 Hanson Place | |||
| Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Brooklyn, NY 11217-1431 | |||
| T-7 | Short-Term Investments Trust |
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 in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
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 Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.
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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. This 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. |
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| SEC file numbers: 811-02729 and 002-58287 | Invesco Distributors, Inc. | CM-STIT-AR-1 |
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Annual Report to Shareholders
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August 31, 2020
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| Corporate Class | ||||
| Short-Term Investments Trust (STIT) | ||||
| Invesco Liquid Assets Portfolio | ||||
| Invesco STIC Prime Portfolio | ||||
| Invesco Treasury Portfolio | ||||
| Invesco Government & Agency Portfolio | ||||
| Invesco Treasury Obligations Portfolio | ||||
| Invesco Tax-Free Cash Reserve Portfolio | ||||
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank).
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) 659-1005 (option1) 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.
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.
Unless otherwise stated, information presented in this report is as of August 31, 2020, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
| 3 | ||||
| 5 | ||||
| 6 | ||||
| 7 | ||||
| 8 | ||||
| 32 | ||||
| 38 | ||||
| 39 | ||||
| 51 | ||||
| 52 | ||||
| 53 | ||||
| 56 | ||||
| T-1 | ||||
2
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Dear Shareholders: This annual report covers the fiscal year ended August 31, 2020. As always, we thank you for investing with us. By investing in a combination of short-term securities and securities with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns during the fiscal year.
Market conditions affecting money market funds The fiscal year was a tale of two markets, bifurcated in terms of overall US economic growth and financial market returns. During the first half of the fiscal year, investors witnessed a resilient US economy, solid corporate earnings and a newly accommodative US Federal Reserve (the Fed), which helped propel risk assets higher, particularly equities. The second |
|
| half of the fiscal year moved in the opposite direction with the onset of the coronavirus (COVID-19) disrupting travel and suppressing consumer activity. Investors became increasingly concerned about the global economy and the abrupt economic stoppage causing mass unemployment and negative GDP growth. | ||
Against this backdrop, the Fed acted swiftly to help buffer the negative economic impact of quarantine and shelter-in-place policies and to limit the potential for permanent damage to the US economy. The Fed cut interest rates twice in March 2020, first by 0.50% and then by 1.00% to a target range of 0.00% to 0.25%.1 The central bank cited dysfunctional short-term funding markets and the possibility of greater longer-term damage to capital markets and the broader economy. Similar to its role in the 2008-2009 financial crisis, the Fed created lending facilities within the commercial paper market, supported prime money market funds directly, and purchased US Treasury bonds and agency mortgage-backed securities across the maturity spectrum. It later engaged in corporate bond purchases of both investment grade and speculative grade quality corporate debt to solidify the proper functioning of markets.
Short-term yields decreased as a result of the Fed cutting rates and adopting a Zero Interest Rate Policy (ZIRP). The ICE BofA 0-3 months US Treasury Bill Index yielded 0.10% on August 31, 2020, down 180 basis points from a year earlier.2 (A basis point is one one-hundredth of a percentage point.) The three-month US dollar LIBOR also declined 190 basis points to 0.24% over the fiscal year.2 Ten-year US Treasury yields declined 80 basis points to 0.70%.2
During the Jackson Hole Economic Symposium on August 27, 2020, the Federal Open Markets Committee and Jay Powell announced a formal strategy shift to flexible average inflation targeting. As a result, it is likely the Fed will be more tolerant of inflation above the 2% threshold while maintaining its maximum employment objective as “a broad-based and inclusive goal” and that policy decisions will be dictated by “shortfalls” from maximum employment, not just deviations.1 Powell emphasized that the latter change “reflects our view that a robust job market can be sustained without causing an outbreak of inflation” and that “employment can run at or above real-time estimates of its maximum level without causing concern.”1
Invesco Global Liquidity
For more than 35 years, Invesco Global Liquidity has worked to gain and keep the trust of our investors through our deep industry knowledge and our investment expertise. Invesco Global Liquidity’s goal is to provide our investors with a full suite of liquidity management solutions to meet their investing needs through our disciplined investment process. For Invesco Global Liquidity, safety is of paramount importance in the investment process for all our money market funds. Our conservative investment philosophy has always focused on providing safety, liquidity, and yield – in that order – to our money market fund investors. Invesco Global Liquidity is dedicated to the future of this industry – and to yours.
Again, thank you for investing with us.
Sincerely,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.
1 Source: US Federal Reserve
2 Source: US Treasury Department
| 3 | Short-Term Investments Trust |
|
Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. |
We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
| 4 | Short-Term Investments Trust |
Fund Data
| Corporate Class data as of 8/31/20 | ||||||||||||||||||||||
| FUND |
WEIGHTED AVERAGE MATURITY |
WEIGHTED AVERAGE LIFE |
TOTAL NET ASSETS |
|||||||||||||||||||
| Range | At | At | ||||||||||||||||||||
| During | Reporting | Reporting | ||||||||||||||||||||
| Reporting | Period | Period | ||||||||||||||||||||
| Period | End | End | ||||||||||||||||||||
|
Invesco Liquid Assets1 |
19 - 49 days | 39 days | 56 days | $38.7 | thousand | |||||||||||||||||
|
Invesco STIC Prime1 |
7 - 20 days | 9 days | 10 days | 21.1 | thousand | |||||||||||||||||
|
Invesco Treasury2 |
14 - 59 days | 38 days | 103 days | 1.1 | billion | |||||||||||||||||
|
Invesco Government & Agency2 |
7 - 44 days | 22 days | 112 days | 31.3 | million | |||||||||||||||||
|
Invesco Treasury Obligations2 |
28 - 59 days | 54 days | 109 days | 10.4 | million | |||||||||||||||||
|
Invesco Tax-Free Cash Reserve3 |
7 - 15 days | 8 days | 8 days | 10.3 | thousand | |||||||||||||||||
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Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes. Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.
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| 1 |
You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. 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. |
| 2 |
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. |
| 3 |
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. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. 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. |
| 5 | Short-Term Investments Trust |
Fund Objectives and Strategies
Invesco Liquid Assets Portfolio
Invesco Liquid Assets Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests primarily in high-quality US dollar-denominated short-term debt obligations, including: (i) securities issued by the US government or its agencies; (ii) certificates of deposit and time deposits from US or foreign banks; (iii) repurchase agreements; (iv) commercial paper; and (v) municipal securities.
Invesco STIC Prime Portfolio
Invesco STIC Prime Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests in high-quality US dollar denominated obligations with maturities of 60 calendar days or less, including: (i) securities issued by the US government or its agencies; (ii) certificates of deposit and time deposits from US or foreign banks; (iii) repurchase agreements; (iv) commercial paper; and (v) municipal securities.
Invesco Treasury Portfolio
Invesco Treasury Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash, government securities, and repurchase agreements collateralized by cash or government securities. In addition, the Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in direct obligations of the US Treasury including bills, notes and bonds, and repurchase agreements secured by those obligations. In contrast to the Fund’s 99.5% policy, the Funds 80% policy does not include cash or repurchase agreements collateralized by cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government or certain of its agencies or instrumentalities; or any certificate of deposit for any of the foregoing. The Fund considers repurchase agreements with the Federal Reserve Bank of New York to be US government securities for purposes of the Fund’s investment policies.
Invesco Government & Agency Portfolio
Invesco Government & Agency Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash, government securities and repurchase agreements collateralized by cash or government securities. In addition, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested, under normal circumstances, in direct obligations of the US Treasury and other securities issued or guaranteed as to principal and interest by the US government or its agencies and instrumentalities, as well as repurchase agreements secured by those obligations. Direct obligations of the US Treasury generally include bills, notes and bonds. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash or repurchase agreements collateralized by cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government or certain of its agencies or instrumentalities, or any certificate of deposit for any
of the foregoing. The Fund considers repurchase agreements with the Federal Reserve Bank of New York to be US government securities for purposes of the Fund’s investment policies.
Invesco Treasury Obligations Portfolio
Invesco Treasury Obligations Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash and government securities. In addition, the Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in direct obligations of the US Treasury, which include Treasury bills, notes and bonds. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government. At the present time, the Fund has no current intention to invest in securities other than direct obligations of the US Treasury.
Invesco Tax-Free Cash Reserve Portfolio
Invesco Tax-Free Cash Reserve Portfolio’s investment objective is to provide tax-exempt income consistent with preservation of capital and liquidity.
The Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities that (i) pay interest that is excluded from gross income for federal income tax purposes, and (ii) do not produce income that will be considered to be an item of preference for purposes of the alternative minimum tax. While the Fund’s distributions are primarily exempt from federal income tax, a portion of the Fund’s distributions may be subject to the federal alternative minimum tax and state and local taxes.
| 6 | Short-Term Investments Trust |
Fund Composition by Maturity
| In days, as of 8/31/20 | ||||||||||||||||||||||||||||||
| Invesco | ||||||||||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco | Government | Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||||
| Assets | Prime | Treasury | & Agency | Obligations | Cash Reserve | |||||||||||||||||||||||||
| Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | Portfolio | |||||||||||||||||||||||||
|
1 - 7 |
41.1 | % | 52.9 | % | 37.6 | % | 25.9 | % | 3.6 | % | 0.9 | % | ||||||||||||||||||
|
8 - 30 |
13.2 | 30.4 | 12.4 | 16.6 | 26.0 | 95.6 | ||||||||||||||||||||||||
|
31 - 60 |
10.4 | 16.7 | 9.9 | 13.6 | 21.1 | 3.3 | ||||||||||||||||||||||||
|
61 - 90 |
9.6 | 0.0 | 5.1 | 9.9 | 15.6 | 0.2 | ||||||||||||||||||||||||
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91 - 180 |
17.9 | 0.0 | 18.4 | 9.9 | 20.4 | 0.0 | ||||||||||||||||||||||||
|
181+ |
7.8 | 0.0 | 16.6 | 24.1 | 13.3 | 0.0 | ||||||||||||||||||||||||
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
| 7 | Short-Term Investments Trust |
August 31, 2020
Invesco Liquid Assets Portfolio
|
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
|
Commercial Paper-41.89%(a) |
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Asset-Backed Securities - Fully Supported Bank-14.49% |
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Cancara Asset Securitisation LLC (CEP - Lloyds Bank LLC)(b) |
0.21% | 11/24/2020 | $ | 30,000 | $ 29,988,100 | |||||||||
|
Concord Minutemen Capital Co. LLC (Multi - CEP’s)(b)(c) |
0.16% | 09/14/2020 | 50,000 | 49,999,028 | ||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.40% | 12/01/2020 | 25,000 | 25,011,673 | ||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.39% | 01/05/2021 | 16,500 | 16,508,425 | ||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.35% | 01/22/2021 | 5,000 | 5,002,096 | ||||||||||
|
Great Bridge Capital Co. LLC (CEP - Standard Chartered)(b)(c) |
0.24% | 11/09/2020 | 30,000 | 29,992,708 | ||||||||||
|
Great Bridge Capital Co. LLC (CEP - Standard Chartered)(b)(c) |
0.22% | 11/20/2020 | 25,000 | 24,992,350 | ||||||||||
|
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.33% | 02/03/2021 | 40,000 | 39,950,600 | ||||||||||
|
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) |
0.25% | 09/14/2020 | 30,000 | 29,998,320 | ||||||||||
|
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) |
0.27% | 11/03/2020 | 25,759 | 25,750,345 | ||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.31% | 09/02/2020 | 21,000 | 20,999,849 | ||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.37%-0.40% | 11/05/2020 | 55,000 | 54,984,774 | ||||||||||
|
Versailles Commercial Paper LLC (CEP - Natixis S.A.)(b)(c) |
0.22% | 01/05/2021 | 18,750 | 18,736,308 | ||||||||||
| 371,914,576 | ||||||||||||||
|
Diversified Banks-10.72% |
||||||||||||||
|
Commonwealth Bank of Australia (3 mo. USD LIBOR +
0.07%)
|
0.37% | 10/06/2020 | 10,000 | 10,001,179 | ||||||||||
|
Commonwealth Bank of Australia (3 mo. USD LIBOR +
0.12%)
|
0.36% | 11/09/2020 | 20,000 | 20,006,229 | ||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.57% | 10/27/2020 | 25,000 | 24,995,487 | ||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.22% | 02/25/2021 | 30,000 | 29,978,492 | ||||||||||
|
HSBC Bank PLC (3 mo. USD LIBOR + 0.20%) (United Kingdom)(b)(c)(d) |
0.76% | 11/02/2020 | 20,000 | 20,007,281 | ||||||||||
|
Natixis S.A.(b) |
0.35% | 11/30/2020 | 5,000 | 4,997,915 | ||||||||||
|
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) |
0.21% | 02/16/2021 | 50,000 | 49,963,618 | ||||||||||
|
NRW Bank (Germany)(b)(c) |
0.11% | 09/04/2020 | 50,000 | 49,999,472 | ||||||||||
|
Royal Bank of Canada (SOFR + 0.40%) (Canada)(b)(c)(d) |
0.49% | 10/07/2020 | 35,000 | 35,012,225 | ||||||||||
|
Royal Bank of Canada (3 mo. USD LIBOR + 0.11%)(b)(c)(d) |
0.43% | 06/11/2021 | 15,000 | 15,012,191 | ||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.10%)
|
0.41% | 09/15/2020 | 5,000 | 5,000,298 | ||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.09%)
|
0.36% | 07/20/2021 | 10,000 | 10,003,086 | ||||||||||
| 274,977,473 | ||||||||||||||
|
Diversified Capital Markets-2.92% |
||||||||||||||
|
Longship Funding LLC (CEP - Nordea Bank AB)(b)(c) |
0.17% | 10/19/2020 | 50,000 | 49,981,285 | ||||||||||
|
UBS AG(b)(c) |
1.85% | 01/15/2021 | 25,000 | 24,973,742 | ||||||||||
| 74,955,027 | ||||||||||||||
|
Other Diversified Financial Services-2.92% |
||||||||||||||
|
Anglesea Funding LLC (1 mo. OBFR + 0.10%)(b)(c)(d) |
0.18% | 11/05/2020 | 25,000 | 25,000,000 | ||||||||||
|
Erste Abwicklungsanstalt (Germany)(b)(c) |
0.00% | 03/01/2021 | 50,000 | 49,962,589 | ||||||||||
| 74,962,589 | ||||||||||||||
|
Regional Banks-7.41% |
||||||||||||||
|
Banque et Caisse d’Epargne de l’Etat (Luxembourg)(b) |
1.45% | 09/10/2020 | 25,000 | 24,999,549 | ||||||||||
|
BNZ International Funding Ltd. (1 mo. USD LIBOR + 0.30%) (United Kingdom)(b)(c)(d) |
0.46% | 09/11/2020 | 25,000 | 25,002,485 | ||||||||||
|
BNZ International Funding Ltd. (1 mo. USD LIBOR + 0.27%) (United Kingdom)(b)(c)(d) |
0.44% | 10/27/2020 | 40,000 | 40,016,979 | ||||||||||
|
Mitsubishi UFJ Trust & Banking Corp.(b)(c) |
0.15% | 09/03/2020 | 50,000 | 49,999,683 | ||||||||||
|
Svenska Handelsbanken AB (3 mo. USD LIBOR + 0.10%)
|
0.41% | 12/30/2020 | 50,000 | 50,022,297 | ||||||||||
| 190,040,993 | ||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
|
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
|
Specialized Finance-3.43% |
||||||||||||||
|
FMS Wertmanagement (Germany)(b)(c) |
0.25% | 12/14/2020 | $ | 50,000 | $ 49,980,312 | |||||||||
|
FMS Wertmanagement (Germany)(b)(c) |
0.20% | 03/04/2021 | 25,000 | 24,976,618 | ||||||||||
|
Pacific Life Short Term Funding LLC(c) |
0.22% | 10/16/2020 | 13,000 | 12,997,409 | ||||||||||
| 87,954,339 | ||||||||||||||
|
Total Commercial Paper (Cost $1,074,442,925) |
1,074,804,997 | |||||||||||||
|
Certificates of Deposit-16.96% |
||||||||||||||
|
Bank of Nova Scotia (The) (Federal Funds Rate + 0.37%)(b)(d) |
0.46% | 09/09/2020 | 15,000 | 15,000,743 | ||||||||||
|
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(b)(d) |
0.38% | 11/13/2020 | 20,000 | 20,007,396 | ||||||||||
|
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(b)(d) |
0.45% | 09/18/2020 | 20,000 | 20,002,088 | ||||||||||
|
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.16%)(b)(d) |
0.34% | 01/22/2021 | 15,000 | 15,010,086 | ||||||||||
|
KBC Bank N.V.(b) |
0.10% | 09/03/2020 | 50,000 | 50,000,025 | ||||||||||
|
Natixis S.A. (3 mo. USD LIBOR + 0.11%)(b)(d) |
0.41% | 10/02/2020 | 35,000 | 35,005,684 | ||||||||||
|
Rabobank Nederland (Netherlands)(b) |
0.08% | 09/01/2020 | 120,000 | 120,000,000 | ||||||||||
|
Sumitomo Mitsui Trust Bank Ltd.(b) |
0.10% | 09/03/2020 | 50,000 | 50,000,004 | ||||||||||
|
Svenska Handelsbanken AB (3 mo. USD LIBOR + 0.10%)(b)(d) |
0.36% | 11/24/2020 | 20,000 | 20,007,144 | ||||||||||
|
Toronto-Dominion Bank (The) (SOFR + 0.42%)(b)(d) |
0.51% | 09/30/2020 | 25,000 | 25,007,497 | ||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.11%)(b)(d) |
0.43% | 06/10/2021 | 15,000 | 15,007,518 | ||||||||||
|
Westpac Banking Corp. (3 mo. USD LIBOR + 0.12%)(b)(d) |
0.40% | 07/08/2021 | 50,000 | 50,048,806 | ||||||||||
|
Total Certificates of Deposit (Cost $435,000,000) |
435,096,991 | |||||||||||||
|
U.S. Dollar Denominated Bonds & Notes-6.08% |
||||||||||||||
|
Diversified Banks-3.96% |
||||||||||||||
|
Australia & New Zealand Banking Group Ltd. (3 mo. USD LIBOR + 0.99%) (Australia)(b)(c)(d) |
1.24% | 06/01/2021 | 33,400 | 33,637,550 | ||||||||||
|
Bank of Nova Scotia (The) (Canada)(b) |
2.50% | 01/08/2021 | 10,103 | 10,184,337 | ||||||||||
|
HSBC Bank PLC (United Kingdom)(b)(c) |
4.75% | 01/19/2021 | 47,285 | 48,085,599 | ||||||||||
|
U.S. Bank N.A. |
2.05% | 10/23/2020 | 9,550 | 9,561,469 | ||||||||||
| 101,468,955 | ||||||||||||||
|
Diversified Capital Markets-1.18% |
||||||||||||||
|
UBS AG (Switzerland)(b)(c) |
2.45% | 12/01/2020 | 30,260 | 30,372,098 | ||||||||||
|
Technology Hardware, Storage & Peripherals-0.94% |
||||||||||||||
|
Apple, Inc. |
2.25% | 02/23/2021 | 23,971 | 24,162,301 | ||||||||||
|
Total U.S. Dollar Denominated Bonds & Notes (Cost $155,802,618) |
156,003,354 | |||||||||||||
|
Variable Rate Demand Notes-2.68%(e) |
||||||||||||||
|
Credit Enhanced–2.68% |
||||||||||||||
|
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.28% | 04/01/2047 | 9,300 | 9,299,999 | ||||||||||
|
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) |
0.18% | 05/01/2037 | 2,600 | 2,600,000 | ||||||||||
|
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.05% | 11/01/2035 | 18,225 | 18,225,000 | ||||||||||
|
New York (State of) Housing Finance Agency (160 Madison); Series 2013 B, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.07% | 11/01/2046 | 3,400 | 3,400,000 | ||||||||||
|
New York (State of) Housing Finance Agency (455 West 37th Street
Housing); Series 2007 B, VRD RB (LOC - Landesbank Hessen-Thueringen
|
0.07% | 05/01/2041 | 2,400 | 2,400,000 | ||||||||||
|
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC) |
0.08% | 11/01/2035 | 2,900 | 2,900,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
|
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
|
Credit Enhanced-(continued) |
||||||||||||||
|
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB |
0.10% | 08/01/2045 | $ | 30,000 | $ 30,000,000 | |||||||||
|
Total Variable Rate Demand Notes (Cost $68,824,999) |
68,824,999 | |||||||||||||
|
U.S. Treasury Securities-1.95% |
||||||||||||||
|
U.S. Treasury Bills-1.95%(a) |
||||||||||||||
|
U.S. Treasury Bills (Cost $49,993,875) |
0.09% | 10/20/2020 | 50,000 | 49,993,705 | ||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-69.56%
|
1,784,724,046 | |||||||||||||
|
Repurchase
Amount |
||||||||||||||
|
Repurchase Agreements-32.38%(g) |
||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $100,000,556 (collateralized by U.S. government sponsored agency obligations, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic agency and non-agency asset-backed securities valued at $104,622,809; 0.00% - 7.75%; 10/14/2020 - 06/20/2070)(b) |
0.20% | 09/01/2020 | 30,000,167 | 30,000,000 | ||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $75,000,479 (collateralized by domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $78,964,787; 0.00% -6.69%; 10/22/2021 - 06/20/2070)(b) |
0.23% | 09/01/2020 | 15,000,096 | 15,000,000 | ||||||||||
|
BMO Capital Markets Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,458 (collateralized by domestic agency and non-agency asset-backed securities, domestic and foreign corporate obligations, domestic and foreign agency and non-agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $26,041,717; 0.00% - 6.30%; 07/20/2021 - 06/20/2070)(b)(h) |
0.30% | 09/03/2020 | 10,000,583 | 10,000,000 | ||||||||||
|
Credit Agricole Corporate & Investment Bank, joint agreement
dated 08/31/2020, aggregate maturing value of $200,001,111 (collateralized by foreign corporate obligations valued at $204,001,511; 0.38% - 7.69%;
|
0.20% | 09/01/2020 | 35,000,194 | 35,000,000 | ||||||||||
|
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/24/2020, aggregate maturing value of $155,031,000 (collateralized by foreign corporate obligations valued at $158,100,742; 0.63% - 7.69%; 01/29/2021 - 01/23/2050)(b)(h) |
0.24% | 09/23/2020 | 35,007,000 | 35,000,000 | ||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,069 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic and foreign non-agency mortgage-backed securities valued at $27,500,000; 0.00% - 12.00%; 10/01/2020 - 05/25/2065)(b)(h) |
0.22% | 09/03/2020 | 5,000,214 | 5,000,000 | ||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $60,002,333 (collateralized by domestic and foreign agency and non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $63,000,000; 0.60% - 7.00%; 01/25/2030 - 08/16/2060)(b)(h) |
0.20% | 09/03/2020 | 15,000,583 | 15,000,000 | ||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,139 (collateralized by domestic and foreign corporate obligations valued at $26,250,001; 1.38% - 4.49%; 09/15/2020 - 04/01/2050)(b) |
0.20% | 09/01/2020 | 15,000,083 | 15,000,000 | ||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,174 (collateralized by foreign corporate obligations and domestic agency mortgage-backed securities valued at $27,492,047; 3.00% -7.00%; 03/17/2024 - 06/03/2050)(b) |
0.25% | 09/01/2020 | 10,000,069 | 10,000,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
|
Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09% | 09/01/2020 | $ | 195,572,813 | $ | 195,572,324 | ||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 04/06/2020 (collateralized by domestic non-agency mortgage-backed securities, domestic and foreign corporate obligations and a domestic non-agency asset-backed security valued at $32,145,475; 0.00% - 8.75%; 09/01/2021 - 05/26/2070)(i) |
0.58% | - | - | 15,000,000 | ||||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations and a domestic non-agency mortgage-backed security valued at $109,126,467; 0.90% - 10.88%; 09/01/2020 - 12/21/2065)(i) |
0.38% | - | - | 65,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Mizuho Securities (USA) LLC, joint open agreement dated 06/22/2020 (collateralized by domestic and foreign equity securities valued at $82,750,005; 0.00% -6.13%; 01/15/2022 - 12/01/2048)(b)(i) |
0.23% | - | - | 35,000,000 | ||||||||||||
|
|
||||||||||||||||
|
RBC Capital Markets LLC, joint agreement dated 08/31/2020, aggregate maturing value of $100,000,639 (collateralized by domestic and foreign corporate obligations valued at $105,000,777; 0.77% - 10.20%; 09/18/2020 - 02/15/2060)(b) |
0.23% | 09/01/2020 | 30,000,191 | 30,000,000 | ||||||||||||
|
|
||||||||||||||||
|
RBC Dominion Securities Inc., joint agreement dated 08/31/2020, aggregate maturing value of $1,000,002,500 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,020,000,000; 0.00% - 3.00%; 05/15/2045 - 09/01/2050) |
0.09% | 09/01/2020 | 240,000,600 | 240,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, and domestic and foreign corporate obligations valued at $63,603,481; 0.28% - 12.25%; 03/09/2021 - 12/15/2072)(b)(i) |
0.26% | - | - | 25,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by foreign corporate obligations valued at $91,800,001; 2.63% - 11.88%; 01/22/2021 -09/30/2049)(b)(i) |
0.19% | - | - | 55,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Total Repurchase Agreements (Cost $830,572,324) |
830,572,324 | |||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(j)(k) -101.94%
|
2,615,296,370 | |||||||||||||||
|
|
||||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(1.94)% |
(49,684,462 | ) | ||||||||||||||
|
|
||||||||||||||||
|
NET ASSETS-100.00% |
$ | 2,565,611,908 | ||||||||||||||
|
|
||||||||||||||||
| Investment Abbreviations: | ||
| CEP | -Credit Enhancement Provider | |
| FHLMC | -Federal Home Loan Mortgage Corp. | |
| LIBOR | -London Interbank Offered Rate | |
| LOC | -Letter of Credit | |
| OBFR | -Overnight Bank Funding Rate | |
| RB | -Revenue Bonds | |
| Ref. | -Refunding | |
| SOFR | -Secured Overnight Financing Rate | |
| USD | -U.S. Dollar | |
| VRD | -Variable Rate Demand | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
Notes to Schedule of Investments:
| (a) |
Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: France: 12.7%; Netherlands: 10.8%; Canada: 10.5%; Germany: 7.8%; Japan: 7.6%; United Kingdom: 6.0%; other countries less than 5% each: 21.5%. |
| (c) |
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 August 31, 2020 was $1,136,214,679, which represented 44.29% of the Fund’s Net Assets. |
| (d) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (e) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (f) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (g) |
Principal amount equals value at period end. See Note 1I. |
| (h) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (i) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (j) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (k) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 | Short-Term Investments Trust |
Schedule of Investments
August 31, 2020
Invesco STIC Prime Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||
|
Commercial Paper-22.90%(a) |
||||||||||||||
|
Asset-Backed Securities - Fully Supported Bank-13.62% |
||||||||||||||
|
Concord Minutemen Capital Co. LLC (Multi - CEP’s)(b)(c) |
0.16% | 09/16/2020 | $ | 10,000 | $ 9,999,751 | |||||||||
|
LMA Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.20% | 09/14/2020 | 5,000 | 4,999,728 | ||||||||||
|
Nieuw Amsterdam Receivables Corp. (Multi - CEP’s)(b)(c) |
0.15% | 09/17/2020 | 10,000 | 9,999,310 | ||||||||||
|
Regency Markets No. 1 LLC (CEP - HSBC Bank PLC)(b)(c) |
0.15% | 09/08/2020 | 10,000 | 9,999,698 | ||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.20% | 09/04/2020 | 9,000 | 8,999,876 | ||||||||||
| 43,998,363 | ||||||||||||||
|
Diversified Banks–9.28% |
||||||||||||||
|
BNG Bank N.V. (Netherlands)(b)(c) |
0.15% | 09/14/2020 | 10,000 | 9,999,728 | ||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.15% | 10/20/2020 | 10,000 | 9,998,445 | ||||||||||
|
NRW Bank (Germany)(b)(c) |
0.17% | 10/13/2020 | 10,000 | 9,998,399 | ||||||||||
| 29,996,572 | ||||||||||||||
|
Total Commercial Paper (Cost $73,993,356) |
73,994,935 | |||||||||||||
|
Variable Rate Demand Notes-11.33%(d) |
||||||||||||||
|
Credit Enhanced-11.33% |
||||||||||||||
|
Capital Area Housing Finance Corp. (Cypress Creek at River Apartments); Series 2006, VRD RB (LOC - Citibank N.A.)(e)(f) |
0.12% | 10/01/2039 | 9,300 | 9,300,000 | ||||||||||
|
Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.28% | 04/01/2047 | 7,800 | 7,800,000 | ||||||||||
|
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) |
0.18% | 05/01/2037 | 3,160 | 3,160,000 | ||||||||||
|
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2016 B, VRD RB (LOC - Bank of China Ltd.)(c)(f) |
0.21% | 05/01/2050 | 2,100 | 2,100,000 | ||||||||||
|
San Francisco (City & County of), CA (Transbay Block); Series 2016 H, VRD RB (LOC - Bank of China Ltd.)(c)(f) |
0.20% | 11/01/2056 | 2,975 | 2,975,000 | ||||||||||
|
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB |
0.10% | 08/01/2045 | 6,000 | 6,000,000 | ||||||||||
|
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)(b)(f) |
0.16% | 01/01/2033 | 5,300 | 5,300,000 | ||||||||||
|
Total Variable Rate Demand Notes (Cost $36,635,000) |
36,635,000 | |||||||||||||
|
Certificates of Deposit-10.12% |
||||||||||||||
|
Industrial & Commercial Bank of China Ltd.(c) |
0.24% | 10/09/2020 | 12,000 | 12,000,429 | ||||||||||
|
Oversea Chinese Banking Corp. Ltd.(c) |
0.26% | 09/16/2020 | 3,700 | 3,700,220 | ||||||||||
|
Rabobank Nederland (Netherlands)(c) |
0.08% | 09/01/2020 | 5,000 | 5,000,000 | ||||||||||
|
Skandinaviska Enskilda Banken AB(c) |
0.24% | 10/01/2020 | 12,000 | 12,001,291 | ||||||||||
|
Total Certificates of Deposit (Cost $32,700,953) |
32,701,940 | |||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-44.35%
|
|
143,331,875 | ||||||||||||
|
Repurchase
Amount |
||||||||||||||
|
Repurchase Agreements-55.35%(g) |
||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $100,000,556 (collateralized by U.S. government sponsored agency obligations, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic agency and non-agency asset-backed securities valued at $104,622,809; 0.00% - 7.75%; 10/14/2020 - 06/20/2070)(c) |
0.20% | 09/01/2020 | 5,000,027 | 5,000,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco STIC Prime Portfolio
|
Interest
Rate |
Maturity
Date |
Repurchase
Amount |
Value | |||||||||||
|
BMO Capital Markets Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,458 (collateralized by domestic agency and non-agency asset-backed securities, domestic and foreign corporate obligations, domestic and foreign agency and non-agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $26,041,717; 0.00% - 6.30%; 07/20/2021 - 06/20/2070)(c)(h) |
0.30% | 09/03/2020 | $ | 5,000,292 | $ 5,000,000 | |||||||||
|
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/31/2020, aggregate maturing value of $200,001,111 (collateralized by foreign corporate obligations valued at $204,001,511; 0.38% - 7.69%; 01/29/2021 - 01/23/2050)(c) |
0.20% | 09/01/2020 | 5,000,028 | 5,000,000 | ||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $60,002,333 (collateralized by domestic and foreign agency and non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $63,000,000; 0.60% - 7.00%; 01/25/2030 - 08/16/2060)(c)(h) |
0.20% | 09/03/2020 | 5,000,194 | 5,000,000 | ||||||||||
|
Credit Suisse Securities (USA) LLC, term agreement dated 08/31/2020, maturing value of $10,000,000 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $10,498,122; 0.00% - 10.23%; 09/17/2020 - 09/15/2072)(c)(i) |
0.41% | 10/05/2020 | 10,000,000 | 10,000,000 | ||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,174 (collateralized by foreign corporate obligations and domestic agency mortgage-backed securities valued at $27,492,047; 3.00% - 7.00%; 03/17/2024 -06/03/2050)(c) |
0.25% | 09/01/2020 | 5,000,035 | 5,000,000 | ||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09% | 09/01/2020 | 28,878,759 | 28,878,687 | ||||||||||
|
J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,753,628; 0.00% - 8.38%; 11/01/2024 -07/30/2076)(j) |
0.28% | - | - | 15,000,000 | ||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 10/21/2019 (collateralized by foreign corporate obligations valued at $20,400,002; 2.38% - 2.88%; 10/17/2024 -10/17/2029)(c)(j) |
0.21% | - | - | 10,000,000 | ||||||||||
|
Mizuho Securities (USA) LLC, joint open agreement dated 06/22/2020 (collateralized by domestic and foreign equity securities valued at $82,750,005; 0.00% - 6.13%; 01/15/2022 - 12/01/2048)(c)(j) |
0.23% | - | - | 15,000,000 | ||||||||||
|
RBC Capital Markets LLC, joint agreement dated 08/31/2020, aggregate maturing value of $100,000,639 (collateralized by domestic and foreign corporate obligations valued at $105,000,777; 0.77% - 10.20%; 09/18/2020 - 02/15/2060)(c) |
0.23% | 09/01/2020 | 10,000,064 | 10,000,000 | ||||||||||
|
RBC Dominion Securities Inc., joint agreement dated 08/31/2020, aggregate maturing value of $1,000,002,500 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,020,000,000; 0.00% - 3.00%; 05/15/2045 -09/01/2050) |
0.09% | 09/01/2020 | 30,000,075 | 30,000,000 | ||||||||||
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, and domestic and foreign corporate obligations valued at $63,603,481; 0.28% -12.25%; 03/09/2021 - 12/15/2072)(c)(j) |
0.26% | - | - | 5,000,000 | ||||||||||
|
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 2.00% - 4.00%; 12/01/2046 - 06/01/2050) |
0.09% | 09/01/2020 | 30,000,075 | 30,000,000 | ||||||||||
|
Total Repurchase Agreements (Cost $178,878,687) |
178,878,687 | |||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(k)(l) -99.70% (Cost $322,207,996) |
322,210,562 | |||||||||||||
|
OTHER ASSETS LESS LIABILITIES-0.30% |
967,073 | |||||||||||||
|
NET ASSETS-100.00% |
$323,177,635 | |||||||||||||
| Investment Abbreviations: | ||
| CEP | -Credit Enhancement Provider | |
| LOC | -Letter of Credit | |
| RB | -Revenue Bonds | |
| VRD | -Variable Rate Demand | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco STIC Prime Portfolio
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
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 August 31, 2020 was $87,094,935, which represented 26.95% of the Fund’s Net Assets. |
| (c) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Japan: 10.2%; Netherlands: 9.3%; Switzerland: 7.7%; France: 7.4%; Canada: 6.2%; China: 5.3%; other countries less than 5% each: 14.1%. |
| (d) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (e) |
Security subject to the alternative minimum tax. |
| (f) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (g) |
Principal amount equals value at period end. See Note 1I. |
| (h) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (i) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (j) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (k) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (l) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 | Short-Term Investments Trust |
Schedule of Investments
August 31, 2020
Invesco Treasury Portfolio
|
Interest Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||
|
U.S. Treasury Securities–59.83% |
||||||||||||||
|
U.S. Treasury Bills–35.54%(a) |
||||||||||||||
|
U.S. Treasury Bills |
0.13%-1.02% | 09/03/2020 | $ | 650,000 | $ 649,985,306 | |||||||||
|
U.S. Treasury Bills |
0.14% | 09/08/2020 | 250,000 | 249,993,194 | ||||||||||
|
U.S. Treasury Bills |
0.15%-1.77% | 09/10/2020 | 450,000 | 449,923,875 | ||||||||||
|
U.S. Treasury Bills |
0.09%-0.14% | 09/17/2020 | 600,000 | 599,970,000 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 09/22/2020 | 250,000 | 249,975,208 | ||||||||||
|
U.S. Treasury Bills |
0.14% | 09/29/2020 | 250,000 | 249,973,750 | ||||||||||
|
U.S. Treasury Bills |
0.19% | 10/08/2020 | 250,000 | 249,952,465 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 10/13/2020 | 200,000 | 199,965,000 | ||||||||||
|
U.S. Treasury Bills |
0.18% | 10/15/2020 | 250,000 | 249,945,000 | ||||||||||
|
U.S. Treasury Bills |
0.09%-0.16% | 10/20/2020 | 550,000 | 549,910,507 | ||||||||||
|
U.S. Treasury Bills |
0.16% | 10/29/2020 | 250,000 | 249,937,570 | ||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 11/10/2020 | 350,000 | 349,889,167 | ||||||||||
|
U.S. Treasury Bills |
0.19% | 11/17/2020 | 250,000 | 249,898,403 | ||||||||||
|
U.S. Treasury Bills |
0.19% | 11/24/2020 | 250,000 | 249,892,083 | ||||||||||
|
U.S. Treasury Bills |
0.10%-0.11% | 11/27/2020 | 300,000 | 299,925,083 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 12/03/2020 | 200,000 | 199,912,167 | ||||||||||
|
U.S. Treasury Bills |
0.16% | 12/08/2020 | 250,000 | 249,894,514 | ||||||||||
|
U.S. Treasury Bills |
0.19% | 12/10/2020 | 250,000 | 249,871,528 | ||||||||||
|
U.S. Treasury Bills |
0.16% | 12/15/2020 | 350,000 | 349,873,854 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 12/22/2020 | 150,000 | 149,932,333 | ||||||||||
|
U.S. Treasury Bills |
0.11%-0.18% | 12/24/2020 | 400,000 | 399,819,500 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 12/31/2020 | 200,000 | 199,889,083 | ||||||||||
|
U.S. Treasury Bills |
0.00% | 02/02/2021 | 200,000 | 199,905,889 | ||||||||||
|
U.S. Treasury Bills |
0.12%-0.26% | 02/25/2021 | 400,000 | 399,631,250 | ||||||||||
|
U.S. Treasury Bills |
0.18%-0.26% | 03/25/2021 | 400,000 | 399,476,111 | ||||||||||
|
U.S. Treasury Bills |
0.14% | 08/12/2021 | 150,000 | 149,798,749 | ||||||||||
| 8,047,141,589 | ||||||||||||||
|
U.S. Treasury Notes–24.29% |
||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) |
0.22% | 01/31/2021 | 781,000 | 780,884,897 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) |
0.24% | 04/30/2021 | 638,500 | 638,393,038 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) |
0.33% | 07/31/2021 | 500,000 | 499,984,043 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b) |
0.41% | 10/31/2021 | 450,000 | 450,408,650 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b) |
0.26% | 01/31/2022 | 500,000 | 499,763,324 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b) |
0.22% | 04/30/2022 | 544,000 | 544,467,361 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b) |
0.16% | 07/31/2022 | 400,000 | 400,010,889 | ||||||||||
|
U.S. Treasury Notes |
1.38% | 09/30/2020 | 163,000 | 163,044,631 | ||||||||||
|
U.S. Treasury Notes |
2.75% | 09/30/2020 | 200,000 | 200,206,633 | ||||||||||
|
U.S. Treasury Notes |
1.63% | 10/15/2020 | 150,000 | 150,108,373 | ||||||||||
|
U.S. Treasury Notes |
1.88% | 12/15/2020 | 155,000 | 155,432,435 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Treasury Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||
|
U.S. Treasury Notes–(continued) |
||||||||||||||
|
U.S. Treasury Notes |
2.38% | 12/31/2020 | $ | 100,000 | $ 100,271,557 | |||||||||
|
U.S. Treasury Notes |
2.50% | 12/31/2020 | 15,000 | 15,103,869 | ||||||||||
|
U.S. Treasury Notes |
2.00% | 01/15/2021 | 185,000 | 185,712,060 | ||||||||||
|
U.S. Treasury Notes |
2.13% | 01/31/2021 | 254,000 | 255,858,954 | ||||||||||
|
U.S. Treasury Notes |
3.63% | 02/15/2021 | 255,000 | 258,796,530 | ||||||||||
|
U.S. Treasury Notes |
2.00% | 02/28/2021 | 25,000 | 25,202,199 | ||||||||||
|
U.S. Treasury Notes |
2.25% | 03/31/2021 | 175,000 | 176,878,541 | ||||||||||
| 5,500,527,984 | ||||||||||||||
|
Total U.S. Treasury Securities (Cost $13,547,669,573) |
13,547,669,573 | |||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-59.83%
|
|
13,547,669,573 | ||||||||||||
|
Repurchase
Amount |
||||||||||||||
|
Repurchase Agreements–41.92%(c) |
||||||||||||||
|
ABN AMRO Bank N.V., agreement dated 08/31/2020, maturing value of $400,000,778 (collateralized by U.S. Treasury obligations valued at $408,000,096; 0.13% - 5.50%; 12/31/2021 - 11/15/2044) |
0.07% | 09/01/2020 | 400,000,778 | 400,000,000 | ||||||||||
|
Bank of Nova Scotia, agreement dated 08/31/2020, maturing value of $500,000,972 (collateralized by U.S. Treasury obligations valued at $510,000,006; 0.00% - 8.00%; 09/01/2020 - 05/15/2048) |
0.07% | 09/01/2020 | 500,000,972 | 500,000,000 | ||||||||||
|
BNP Paribas Securities Corp., joint agreement dated 08/31/2020, aggregate maturing value of $1,350,002,625 (collateralized by U.S. Treasury obligations valued at $1,377,000,001; 0.13% - 6.75%; 10/31/2021 - 02/15/2050) |
0.07% | 09/01/2020 | 747,966,219 | 747,964,765 | ||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $1,000,091,667 (collateralized by U.S. Treasury obligations valued at $1,020,000,058; 0.00% - 3.88%; 09/08/2020 - 11/15/2048)(d) |
0.11% | 09/04/2020 | 300,027,500 | 300,000,000 | ||||||||||
|
Citigroup Global Markets, Inc., term agreement dated 08/25/2020, maturing value of $300,004,083 (collateralized by U.S. Treasury obligations valued at $306,000,000; 0.00%; 02/15/2032 - 02/15/2045)(d) |
0.07% | 09/01/2020 | 300,004,083 | 300,000,000 | ||||||||||
|
DNB Bank ASA, agreement dated 08/31/2020, maturing value of $750,001,458 (collateralized by U.S. Treasury obligations valued at $765,000,002; 0.13% - 2.88%; 01/15/2021 - 08/15/2028) |
0.07% | 09/01/2020 | 750,001,458 | 750,000,000 | ||||||||||
|
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2020, maturing value of $100,000,250 (collateralized by a U.S. Treasury obligation valued at $102,000,043; 2.13%; 05/15/2022) |
0.09% | 09/01/2020 | 100,000,250 | 100,000,000 | ||||||||||
|
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2020, aggregate maturing value of $250,000,625 (collateralized by U.S. Treasury obligations valued at $255,138,487; 2.88%; 11/30/2023) |
0.09% | 09/01/2020 | 100,000,250 | 100,000,000 | ||||||||||
|
Goldman Sachs & Co., agreement dated 08/31/2020, maturing value of $250,000,486 (collateralized by U.S. Treasury obligations valued at $255,000,021; 0.00% - 3.13%; 09/30/2020 - 08/15/2049) |
0.07% | 09/01/2020 | 250,000,486 | 250,000,000 | ||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,026,258 (collateralized by U.S. Treasury obligations valued at $516,550,660; 2.88% - 3.75%; 08/15/2043 - 05/15/2048) |
0.09% | 09/01/2020 | 100,012,839 | 100,012,589 | ||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,002,946 (collateralized by U.S. Treasury obligations valued at $509,939,386; 0.13% - 0.25%; 06/30/2022 - 07/15/2030) |
0.09% | 09/01/2020 | 250,001,591 | 250,000,966 | ||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,195; 0.13% - 2.75%; 04/30/2021 - 11/15/2023)(e) |
0.07% | - | - | 630,000,000 | ||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,230,000 (collateralized by U.S. Treasury obligations valued at $504,122,044; 2.00% - 2.63%; 12/31/2023 - 01/31/2026) |
0.18% | 10/23/2020 | 300,138,000 | 300,000,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Treasury Portfolio
|
Interest
Rate |
Maturity
Date |
Repurchase
Amount |
Value | |||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,245,000 (collateralized by U.S. Treasury obligations valued at $505,508,022; 1.63% - 2.88%; 11/15/2022 - 08/15/2028) |
0.18% | 10/30/2020 | $ | 300,147,000 | $ 300,000,000 | |||||||||
|
Metropolitan Life Insurance Co., joint term agreement dated 08/27/2020, aggregate maturing value of $350,014,288 (collateralized by U.S. Treasury obligations valued at $354,295,526; 0.00%; 11/15/2027 - 05/15/2046)(d) |
0.09% | 09/03/2020 | 100,002,156 | 100,000,406 | ||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., agreement dated 08/31/2020, maturing value of $850,001,653 (collateralized by U.S. Treasury obligations valued at $867,000,078; 0.13% - 4.63%; 09/30/2021 - 11/15/2049) |
0.07% | 09/01/2020 | 850,001,653 | 850,000,000 | ||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $1,051,268,397 (collateralized by U.S. Treasury obligations valued at $1,072,650,430; 2.00%; 04/30/2024)(d) |
0.09% | 09/03/2020 | 315,380,519 | 315,375,000 | ||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/27/2020, maturing value of $100,001,556 (collateralized by a U.S. Treasury obligation valued at $102,001,065; 2.63%; 02/15/2029)(d) |
0.08% | 09/03/2020 | 100,001,555 | 100,000,000 | ||||||||||
|
Prudential Insurance Co. of America, agreement dated 08/31/2020, maturing value of $282,688,285 (collateralized by U.S. Treasury obligations valued at $289,170,000; 0.00%; 11/15/2027 - 08/15/2037) |
0.10% | 09/01/2020 | 282,688,285 | 282,687,500 | ||||||||||
|
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2020, maturing value of $365,438,515 (collateralized by U.S. Treasury obligations valued at $376,135,000; 0.00%; 08/15/2033 - 02/15/2045) |
0.10% | 09/01/2020 | 365,438,515 | 365,437,500 | ||||||||||
|
RBC Dominion Securities Inc., agreement dated 08/31/2020, maturing value of $400,000,778 (collateralized by U.S. Treasury obligations valued at $408,000,002; 0.13% - 3.75%; 04/15/2022 - 08/15/2050) |
0.07% | 09/01/2020 | 400,000,778 | 400,000,000 | ||||||||||
|
Royal Bank of Canada, agreement dated 08/31/2020, maturing value of $250,000,486 (collateralized by U.S. Treasury obligations valued at $255,000,098; 1.75% - 3.88%; 04/30/2022 - 02/15/2046) |
0.07% | 09/01/2020 | 250,000,486 | 250,000,000 | ||||||||||
|
Societe Generale, joint open agreement dated 08/05/2020 (collateralized by U.S. Treasury obligations valued at $1,530,000,000; 0.00% - 8.13%; 09/10/2020 - 02/15/2050)(e) |
0.07% | - | - | 1,000,000,000 | ||||||||||
|
Sumitomo Mitsui Banking Corp., agreement dated 08/31/2020, maturing value of $300,000,583 (collateralized by U.S. Treasury obligations valued at $306,000,054; 0.00% - 2.63%; 10/08/2020 - 02/28/2023) |
0.07% | 09/01/2020 | 300,000,583 | 300,000,000 | ||||||||||
|
Wells Fargo Securities, LLC, agreement dated 08/31/2020, maturing value of $500,000,972 (collateralized by U.S. Treasury obligations valued at $510,000,022; 2.38% - 3.38%; 05/15/2028 - 11/15/2048) |
0.07% | 09/01/2020 | 500,000,972 | 500,000,000 | ||||||||||
|
Total Repurchase Agreements (Cost $9,491,478,726) |
9,491,478,726 | |||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(f) -101.75% (Cost $23,039,148,299) |
23,039,148,299 | |||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(1.75)% |
(395,658,894) | |||||||||||||
|
NET ASSETS-100.00% |
$22,643,489,405 | |||||||||||||
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Principal amount equals value at period end. See Note 1I. |
| (d) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (e) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (f) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 | Short-Term Investments Trust |
Schedule of Investments
August 31, 2020
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity Date |
Principal
(000) |
Value | |||||||||||
|
U.S. Government Sponsored Agency Securities-40.74% |
|
|||||||||||||
|
Federal Farm Credit Bank (FFCB)-4.07% |
||||||||||||||
|
Federal Farm Credit Bank |
0.25% | 09/01/2020 | $ | 68,000 | $ 68,000,000 | |||||||||
|
Federal Farm Credit Bank |
0.25% | 09/21/2020 | 200,000 | 199,972,222 | ||||||||||
|
Federal Farm Credit Bank |
0.50% | 10/20/2020 | 35,000 | 34,976,181 | ||||||||||
|
Federal Farm Credit Bank |
0.15% | 11/16/2020 | 25,000 | 24,992,083 | ||||||||||
|
Federal Farm Credit Bank |
0.17% | 11/27/2020 | 150,000 | 149,938,375 | ||||||||||
|
Federal Farm Credit Bank |
0.40% | 01/19/2021 | 15,000 | 14,976,667 | ||||||||||
|
Federal Farm Credit Bank |
0.44% | 03/24/2021 | 150,000 | 149,626,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.10%)(a) |
0.19% | 05/07/2021 | 23,000 | 23,000,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.16%)(a) |
0.25% | 05/07/2021 | 55,000 | 55,000,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.08%)(a) |
0.17% | 06/10/2021 | 14,000 | 14,000,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.28%)(a) |
0.37% | 10/01/2021 | 365,000 | 365,000,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.10%)(a) |
0.19% | 02/22/2022 | 16,555 | 16,555,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.19%)(a) |
0.28% | 07/14/2022 | 28,000 | 28,000,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.15%)(a) |
0.24% | 07/28/2022 | 45,000 | 45,000,000 | ||||||||||
|
Federal Farm Credit Bank (SOFR + 0.07%)(a) |
0.16% | 08/11/2022 | 108,000 | 108,000,000 | ||||||||||
| 1,297,036,528 | ||||||||||||||
|
Federal Home Loan Bank (FHLB)-29.01% |
||||||||||||||
|
Federal Home Loan Bank |
0.20% | 09/09/2020 | 4,659 | 4,658,793 | ||||||||||
|
Federal Home Loan Bank |
0.16% | 09/18/2020 | 150,000 | 149,979,458 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.08%)(a) |
0.17% | 09/22/2020 | 100,000 | 100,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 09/28/2020 | 621,500 | 621,500,000 | ||||||||||
|
Federal Home Loan Bank |
2.63% | 10/01/2020 | 15,000 | 15,027,699 | ||||||||||
|
Federal Home Loan Bank |
0.32% | 10/02/2020 | 25,000 | 24,993,111 | ||||||||||
|
Federal Home Loan Bank |
0.30% | 10/05/2020 | 300,000 | 299,915,000 | ||||||||||
|
Federal Home Loan Bank |
0.29%-0.30% | 10/09/2020 | 350,000 | 349,891,278 | ||||||||||
|
Federal Home Loan Bank |
0.30% | 10/15/2020 | 39,000 | 38,985,700 | ||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) |
0.07% | 10/16/2020 | 20,000 | 20,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19% | 10/19/2020 | 10,000 | 10,000,000 | ||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) |
0.07% | 10/20/2020 | 150,000 | 150,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12% | 10/22/2020 | 115,000 | 115,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.02%)(a) |
0.11% | 10/23/2020 | 290,000 | 290,000,000 | ||||||||||
|
Federal Home Loan Bank |
0.30% | 10/26/2020 | 250,000 | 249,885,417 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.01%)(a) |
0.10% | 11/06/2020 | 240,000 | 240,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12% | 11/06/2020 | 90,000 | 89,999,180 | ||||||||||
|
Federal Home Loan Bank |
0.52% | 11/09/2020 | 100,000 | 99,900,333 | ||||||||||
|
Federal Home Loan Bank |
0.16% | 11/12/2020 | 100,000 | 99,968,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 11/13/2020 | 265,000 | 265,000,000 | ||||||||||
|
Federal Home Loan Bank |
0.26% | 11/13/2020 | 50,000 | 49,983,778 | ||||||||||
|
Federal Home Loan Bank |
0.30% | 11/16/2020 | 88,000 | 87,944,267 | ||||||||||
|
Federal Home Loan Bank |
0.30% | 11/17/2020 | 160,000 | 159,897,333 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.02%)(a) |
0.11% | 11/25/2020 | 645,000 | 645,000,000 | ||||||||||
|
Federal Home Loan Bank |
0.34% | 11/25/2020 | 304,329 | 304,084,691 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.01%)(a) |
0.10% | 12/04/2020 | 250,000 | 250,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 12/15/2020 | 185,000 | 185,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19% | 12/24/2020 | 85,000 | 85,000,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity Date |
Principal
(000) |
Value | |||||||||||
|
Federal Home Loan Bank (FHLB)-(continued) |
||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 01/22/2021 | $ | 109,000 | $ 109,000,000 | |||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 01/28/2021 | 173,000 | 173,000,000 | ||||||||||
|
Federal Home Loan Bank |
1.50% | 02/10/2021 | 5,600 | 5,598,775 | ||||||||||
|
Federal Home Loan Bank |
1.38% | 02/18/2021 | 10,410 | 10,452,989 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12% | 02/19/2021 | 145,000 | 145,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.04%)(a) |
0.13% | 02/25/2021 | 46,000 | 46,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16% | 02/26/2021 | 198,000 | 198,000,000 | ||||||||||
|
Federal Home Loan Bank |
0.45% | 03/08/2021 | 290,000 | 289,318,500 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.13%)(a) |
0.22% | 03/11/2021 | 150,000 | 150,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16% | 03/12/2021 | 345,000 | 345,000,000 | ||||||||||
|
Federal Home Loan Bank |
0.30% | 03/17/2021 | 100,000 | 99,835,833 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.11%)(a) |
0.20% | 03/25/2021 | 40,000 | 40,000,000 | ||||||||||
|
Federal Home Loan Bank |
0.18% | 03/26/2021 | 35,500 | 35,505,652 | ||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) |
0.16% | 04/09/2021 | 15,000 | 15,000,000 | ||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) |
0.16% | 04/13/2021 | 77,000 | 77,000,000 | ||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) |
0.13% | 04/14/2021 | 550,000 | 550,000,000 | ||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) |
0.13% | 04/19/2021 | 150,000 | 150,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16% | 04/21/2021 | 75,000 | 75,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 06/24/2021 | 240,000 | 240,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19% | 07/09/2021 | 190,000 | 190,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.08%)(a) |
0.17% | 07/23/2021 | 321,000 | 321,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.06%)(a) |
0.15% | 08/24/2021 | 100,000 | 100,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.17%)(a) |
0.26% | 11/12/2021 | 127,000 | 127,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.15%)(a) |
0.24% | 11/15/2021 | 355,000 | 355,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.13%)(a) |
0.22% | 08/05/2022 | 80,000 | 80,000,000 | ||||||||||
|
Federal Home Loan Bank (SOFR + 0.09%)(a) |
0.18% | 08/19/2022 | 315,000 | 315,000,000 | ||||||||||
| 9,243,325,787 | ||||||||||||||
|
Federal Home Loan Mortgage Corp. (FHLMC)-2.62% |
||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) |
0.12% | 09/08/2020 | 24,100 | 24,100,023 | ||||||||||
|
Federal Home Loan Mortgage Corp. |
1.88% | 11/17/2020 | 4,215 | 4,227,482 | ||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) |
0.13% | 12/14/2020 | 150,000 | 150,000,000 | ||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) |
0.12% | 02/19/2021 | 55,000 | 55,000,000 | ||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.30%)(a) |
0.39% | 06/30/2021 | 45,000 | 45,000,000 | ||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)(a) |
0.41% | 09/30/2021 | 412,000 | 412,000,000 | ||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.31%)(a) |
0.40% | 01/03/2022 | 145,000 | 145,000,000 | ||||||||||
| 835,327,505 | ||||||||||||||
|
Federal National Mortgage Association (FNMA)-3.84% |
||||||||||||||
|
Federal National Mortgage Association |
0.25% | 09/23/2020 | 120,000 | 119,981,740 | ||||||||||
|
Federal National Mortgage Association |
2.88% | 10/30/2020 | 12,500 | 12,548,550 | ||||||||||
|
Federal National Mortgage Association (SOFR + 0.04%)(a) |
0.13% | 01/29/2021 | 25,000 | 24,979,009 | ||||||||||
|
Federal National Mortgage Association (SOFR + 0.25%)(a) |
0.34% | 03/24/2021 | 185,000 | 185,000,000 | ||||||||||
|
Federal National Mortgage Association (SOFR + 0.21%)(a) |
0.30% | 07/01/2021 | 150,000 | 150,000,000 | ||||||||||
|
Federal National Mortgage Association (SOFR + 0.23%)(a) |
0.32% | 07/06/2021 | 156,000 | 156,000,000 | ||||||||||
|
Federal National Mortgage Association (SOFR + 0.28%)(a) |
0.37% | 07/06/2021 | 225,000 | 225,000,000 | ||||||||||
|
Federal National Mortgage Association (SOFR + 0.30%)(a) |
0.39% | 01/07/2022 | 350,000 | 350,000,000 | ||||||||||
| 1,223,509,299 | ||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity Date |
Principal
(000) |
Value | |||||||||||
|
U.S. International Development Finance Corp. (DFC)-1.20% |
||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2020 | $ | 116,000 | $ 116,000,000 | |||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 06/15/2025 | 24,000 | 24,000,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 07/15/2025 | 26,111 | 26,111,112 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2025 | 5,000 | 5,000,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2026 | 5,000 | 5,000,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2026 | 10,000 | 10,000,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 08/13/2027 | 8,000 | 8,000,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 08/13/2027 | 4,600 | 4,600,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 02/15/2028 | 16,667 | 16,666,667 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 11/15/2028 | 75,000 | 75,000,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 05/15/2030 | 8,541 | 8,541,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 10/15/2030 | 8,000 | 8,000,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) |
0.16% | 07/09/2026 | 30,600 | 30,600,000 | ||||||||||
|
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 03/15/2030 | 43,875 | 43,875,000 | ||||||||||
| 381,393,779 | ||||||||||||||
|
Total U.S. Government Sponsored Agency Securities
|
12,980,592,898 | |||||||||||||
|
U.S. Treasury Securities-24.86% |
||||||||||||||
|
U.S. Treasury Bills-17.19%(c) |
||||||||||||||
|
U.S. Treasury Bills |
0.12%-0.14% | 09/08/2020 | 700,000 | 699,981,722 | ||||||||||
|
U.S. Treasury Bills |
0.20% | 09/10/2020 | 200,000 | 199,989,900 | ||||||||||
|
U.S. Treasury Bills |
0.14% | 09/17/2020 | 100,000 | 99,993,778 | ||||||||||
|
U.S. Treasury Bills |
0.14% | 09/29/2020 | 150,000 | 149,984,250 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 10/01/2020 | 135,000 | 134,981,437 | ||||||||||
|
U.S. Treasury Bills |
0.14% | 10/06/2020 | 200,000 | 199,972,778 | ||||||||||
|
U.S. Treasury Bills |
0.16%-0.19% | 10/08/2020 | 250,000 | 249,955,035 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 10/13/2020 | 670,000 | 669,884,850 | ||||||||||
|
U.S. Treasury Bills |
0.18% | 10/15/2020 | 100,000 | 99,978,000 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 10/27/2020 | 300,000 | 299,930,000 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 10/29/2020 | 800,000 | 799,806,667 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 11/03/2020 | 100,000 | 99,970,250 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 11/05/2020 | 375,000 | 374,898,438 | ||||||||||
|
U.S. Treasury Bills |
0.18% | 11/10/2020 | 250,000 | 249,912,500 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 11/12/2020 | 100,000 | 99,971,000 | ||||||||||
|
U.S. Treasury Bills |
0.10% | 12/03/2020 | 150,000 | 149,961,249 | ||||||||||
|
U.S. Treasury Bills |
0.18%-0.19% | 12/10/2020 | 250,000 | 249,872,222 | ||||||||||
|
U.S. Treasury Bills |
1.47% | 12/31/2020 | 100,000 | 99,511,799 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity Date |
Principal
(000) |
Value | |||||||||||
|
U.S. Treasury Bills(c)-(continued) |
||||||||||||||
|
U.S. Treasury Bills |
0.17% | 01/07/2021 | $ | 300,000 | $ 299,823,999 | |||||||||
|
U.S. Treasury Bills |
0.18% | 02/25/2021 | 150,000 | 149,867,250 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 04/22/2021 | 100,000 | 99,893,208 | ||||||||||
| 5,478,140,332 | ||||||||||||||
|
U.S. Treasury Notes-7.67% |
||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(a) |
0.22% | 01/31/2021 | 445,000 | 444,928,230 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(a) |
0.24% | 04/30/2021 | 720,000 | 719,899,522 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(a) |
0.33% | 07/31/2021 | 170,000 | 170,109,131 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(a) |
0.41% | 10/31/2021 | 550,000 | 550,669,433 | ||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(a) |
0.26% | 01/31/2022 | 25,000 | 24,994,371 | ||||||||||
|
U.S. Treasury Notes |
1.38% | 09/15/2020 | 100,000 | 99,995,609 | ||||||||||
|
U.S. Treasury Notes |
2.75% | 09/30/2020 | 190,000 | 190,170,394 | ||||||||||
|
U.S. Treasury Notes |
1.75% | 10/31/2020 | 95,000 | 95,019,624 | ||||||||||
|
U.S. Treasury Notes |
2.50% | 12/31/2020 | 25,000 | 25,173,115 | ||||||||||
|
U.S. Treasury Notes |
2.13% | 01/31/2021 | 25,000 | 25,182,968 | ||||||||||
|
U.S. Treasury Notes |
3.63% | 02/15/2021 | 25,000 | 25,371,676 | ||||||||||
|
U.S. Treasury Notes |
2.00% | 02/28/2021 | 34,000 | 34,274,991 | ||||||||||
|
U.S. Treasury Notes |
2.50% | 02/28/2021 | 37,000 | 37,389,483 | ||||||||||
| 2,443,178,547 | ||||||||||||||
|
Total U.S. Treasury Securities (Cost $7,921,318,879) |
7,921,318,879 | |||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-65.60%
|
20,901,911,777 | |||||||||||||
|
Repurchase
Amount |
||||||||||||||
|
Repurchase Agreements-34.50%(d) |
||||||||||||||
|
ABN AMRO Bank N.V., joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,010; 2.00% - 5.65%; 01/01/2021 - 08/20/2050) |
0.09% | 09/01/2020 | 142,806,355 | 142,805,998 | ||||||||||
|
BNP Paribas Securities Corp., agreement dated 08/31/2020, maturing value of $500,001,250 (collateralized by U.S. Treasury obligations, a U.S. government sponsored agency obligation and domestic agency mortgage-backed securities valued at $510,000,000; 0.00% - 7.00%; 09/08/2020 - 10/20/2067) |
0.09% | 09/01/2020 | 500,001,250 | 500,000,000 | ||||||||||
|
BNP Paribas Securities Corp., joint agreement dated 08/31/2020, aggregate maturing value of $1,350,002,625 (collateralized by U.S. Treasury obligations valued at $1,377,000,001; 0.13% - 6.75%; 10/31/2021 - 02/15/2050) |
0.07% | 09/01/2020 | 547,107,491 | 547,106,427 | ||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $1,000,091,667 (collateralized by U.S. Treasury obligations valued at $1,020,000,058; 0.00% - 3.88%; 09/08/2020 - 11/15/2048)(e) |
0.11% | 09/04/2020 | 450,041,250 | 450,000,000 | ||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $2,355,215,875 (collateralized by domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $2,402,100,000; 0.00% - 7.63%; 09/10/2020 - 10/20/2067)(e) |
0.11% | 09/04/2020 | 1,640,150,333 | 1,640,000,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||
|
Citigroup Global Markets, Inc., agreement dated 08/31/2020, maturing value of $650,001,264 (collateralized by U.S. Treasury obligations valued at $663,000,000; 0.00%; 11/15/2020 - 08/15/2050) |
0.07% | 09/01/2020 | $ | 650,001,264 | $ 650,000,000 | |||||||||
|
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2020, aggregate maturing value of $250,000,625 (collateralized by U.S. Treasury obligations valued at $255,138,487; 2.88%; 11/30/2023) |
0.09% | 09/01/2020 | 100,000,250 | 100,000,000 | ||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,026,258 (collateralized by U.S. Treasury obligations valued at $516,550,660; 2.88% - 3.75%; 08/15/2043 - 05/15/2048) |
0.09% | 09/01/2020 | 200,009,092 | 200,008,592 | ||||||||||
|
ING Financial Markets, LLC, joint term agreement dated 07/23/2020, aggregate maturing value of $150,041,875 (collateralized by domestic agency mortgage-backed securities valued at $153,000,002; 2.50% - 4.50%; 04/01/2038 - 01/01/2057) |
0.15% | 09/28/2020 | 87,024,288 | 87,000,000 | ||||||||||
|
ING Financial Markets, LLC, joint term agreement dated 08/20/2020, aggregate maturing value of $300,026,667 (collateralized by domestic agency mortgage-backed securities valued at $306,000,000; 3.00% - 5.00%; 09/01/2042 - 06/01/2056) |
0.10% | 09/21/2020 | 205,018,222 | 205,000,000 | ||||||||||
|
ING Financial Markets, LLC, term agreement dated 08/05/2020, maturing
value of $250,025,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 2.50% - 4.50%; 08/01/2040 -
|
0.12% | 09/04/2020 | 250,025,000 | 250,000,000 | ||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09% | 09/01/2020 | 228,564,957 | 228,564,386 | ||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,002,946 (collateralized by U.S. Treasury obligations valued at $509,939,386; 0.13% - 0.25%; 06/30/2022 - 07/15/2030) |
0.09% | 09/01/2020 | 250,001,355 | 250,000,730 | ||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,195; 0.13% - 2.75%; 04/30/2021 - 11/15/2023)(f) |
0.07% | - | - | 150,000,000 | ||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by domestic agency mortgage-backed securities and a U.S. treasury obligation valued at $510,000,087; 0.00% - 7.50%; 12/03/2020 - 09/01/2050)(f) |
0.08% | - | - | 350,000,000 | ||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by domestic agency mortgage-backed securities and a U.S. treasury obligation valued at $295,800,007; 0.00% - 8.13%; 08/15/2021 - 09/01/2057)(f) |
0.12% | - | - | 240,000,000 | ||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by domestic agency mortgage-backed securities and a U.S. treasury obligation valued at $408,000,043; 0.61% - 8.50%; 12/01/2020 - 02/16/2058)(f) |
0.09% | - | - | 275,000,000 | ||||||||||
|
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 0.00% - 6.00%; 09/01/2026 - 06/01/2050)(f) |
0.80% | - | - | 250,000,000 | ||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,230,000 (collateralized by U.S. Treasury obligations valued at $504,122,044; 2.00% - 2.63%; 12/31/2023 - 01/31/2026) |
0.18% | 10/23/2020 | 140,064,400 | 140,000,000 | ||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,245,000 (collateralized by U.S. Treasury obligations valued at $505,508,022; 1.63% - 2.88%; 11/15/2022 - 08/15/2028) |
0.18% | 10/30/2020 | 130,063,700 | 130,000,000 | ||||||||||
|
Metropolitan Life Insurance Co., joint term agreement dated 08/27/2020, aggregate maturing value of $350,014,288 (collateralized by U.S. Treasury obligations valued at $354,295,526; 0.00%; 11/15/2027 - 05/15/2046)(e) |
0.09% | 09/03/2020 | 170,006,094 | 170,003,119 | ||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 0.44% - 0.88%; 10/25/2035 - 04/20/2050) |
0.09% | 09/01/2020 | 500,001,250 | 500,000,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
|
|
||||||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $1,051,268,397 (collateralized by U.S. Treasury obligations valued at $1,072,650,430; 2.00%; 04/30/2024)(e) |
0.09% | 09/03/2020 | $ | 452,045,411 | $ | 452,037,500 | ||||||||||
|
|
||||||||||||||||
|
Prudential Insurance Co. of America, agreement dated 08/31/2020, maturing value of $592,485,396 (collateralized by U.S. Treasury obligations valued at $609,319,750; 0.00%; 02/15/2026 - 11/15/2043) |
0.10% | 09/01/2020 | 592,485,396 | 592,483,750 | ||||||||||||
|
|
||||||||||||||||
|
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2020, maturing value of $42,500,118 (collateralized by a U.S. Treasury obligation valued at $43,521,000; 0.00%; 08/15/2033) |
0.10% | 09/01/2020 | 42,500,118 | 42,500,000 | ||||||||||||
|
|
||||||||||||||||
|
RBC Capital Markets LLC, joint term agreement dated 08/31/2020, aggregate maturing value of $1,250,000,000 (collateralized by U.S. Treasury obligations, U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and a foreign corporate obligation valued at $1,275,000,249; 0.00% - 8.00%; 09/01/2020 - 08/20/2065)(a)(e) |
0.14% | 11/02/2020 | 920,000,000 | 920,000,000 | ||||||||||||
|
|
||||||||||||||||
|
RBC Dominion Securities Inc., joint agreement dated 08/31/2020, aggregate maturing value of $1,000,002,500 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,020,000,000; 0.00% - 3.00%; 05/15/2045 - 09/01/2050) |
0.09% | 09/01/2020 | 534,963,985 | 534,962,648 | ||||||||||||
|
|
||||||||||||||||
|
Societe Generale, joint open agreement dated 08/05/2020 (collateralized by U.S. Treasury obligations valued at $1,530,000,000; 0.00% - 8.13%; 09/10/2020 - 02/15/2050)(f) |
0.07% | - | - | 320,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 2.00% - 4.00%; 12/01/2046 - 06/01/2050) |
0.09% | 09/01/2020 | 173,100,767 | 173,100,334 | ||||||||||||
|
|
||||||||||||||||
|
Wells Fargo Securities, LLC, agreement dated 08/31/2020, maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50% - 3.00%; 12/20/2049 - 01/20/2050) |
0.09% | 09/01/2020 | 500,001,250 | 500,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Total Repurchase Agreements (Cost $10,990,573,484) |
10,990,573,484 | |||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(g) -100.10%
|
31,892,485,261 | |||||||||||||||
|
|
||||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(0.10)% |
(30,408,073 | ) | ||||||||||||||
|
|
||||||||||||||||
|
NET ASSETS-100.00% |
$ | 31,862,077,188 | ||||||||||||||
|
|
||||||||||||||||
Investment Abbreviations:
|
LIBOR |
-London Interbank Offered Rate | |
|
SOFR |
-Secured Overnight Financing Rate | |
|
USD |
-U.S. Dollar | |
|
VRD |
-Variable Rate Demand |
Notes to Schedule of Investments:
| (a) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (b) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (d) |
Principal amount equals value at period end. See Note 1I. |
| (e) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (f) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (g) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 | Short-Term Investments Trust |
Schedule of Investments
August 31, 2020
Invesco Treasury Obligations Portfolio
|
Interest Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||
|
U.S. Treasury Securities-103.09% |
||||||||||||||
|
U.S. Treasury Bills-88.36%(a) |
||||||||||||||
|
U.S. Treasury Bills |
0.09%-0.14% | 09/01/2020 | $ | 61,500 | $ 61,500,000 | |||||||||
|
U.S. Treasury Bills |
0.09%-1.02% | 09/03/2020 | 36,717 | 36,716,511 | ||||||||||
|
U.S. Treasury Bills |
0.08%-0.14% | 09/08/2020 | 80,100 | 80,098,539 | ||||||||||
|
U.S. Treasury Bills |
0.15%-1.78% | 09/10/2020 | 35,000 | 34,996,031 | ||||||||||
|
U.S. Treasury Bills |
0.09%-0.11% | 09/15/2020 | 60,000 | 59,997,822 | ||||||||||
|
U.S. Treasury Bills |
0.14%-0.18% | 09/17/2020 | 60,000 | 59,995,411 | ||||||||||
|
U.S. Treasury Bills |
0.08%-0.19% | 09/22/2020 | 67,200 | 67,195,449 | ||||||||||
|
U.S. Treasury Bills |
0.16% | 09/24/2020 | 20,000 | 19,998,019 | ||||||||||
|
U.S. Treasury Bills |
0.10%-0.14% | 09/29/2020 | 40,000 | 39,996,889 | ||||||||||
|
U.S. Treasury Bills |
0.10%-0.17% | 10/01/2020 | 53,980 | 53,973,710 | ||||||||||
|
U.S. Treasury Bills |
0.15%-1.63% | 10/08/2020 | 57,000 | 56,983,304 | ||||||||||
|
U.S. Treasury Bills |
0.10% | 10/13/2020 | 4,900 | 4,899,428 | ||||||||||
|
U.S. Treasury Bills |
0.14%-0.18% | 10/15/2020 | 45,000 | 44,991,713 | ||||||||||
|
U.S. Treasury Bills |
0.09% | 10/20/2020 | 35,000 | 34,995,713 | ||||||||||
|
U.S. Treasury Bills |
0.12%-0.15% | 10/22/2020 | 30,000 | 29,994,546 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 10/27/2020 | 20,000 | 19,995,333 | ||||||||||
|
U.S. Treasury Bills |
0.11%-0.16% | 10/29/2020 | 60,000 | 59,987,554 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 11/03/2020 | 5,000 | 4,998,513 | ||||||||||
|
U.S. Treasury Bills |
0.10%-0.15% | 11/05/2020 | 60,000 | 59,987,361 | ||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 11/10/2020 | 25,000 | 24,992,417 | ||||||||||
|
U.S. Treasury Bills |
0.11%-0.16% | 11/12/2020 | 46,000 | 45,988,940 | ||||||||||
|
U.S. Treasury Bills |
0.19% | 11/17/2020 | 5,000 | 4,997,968 | ||||||||||
|
U.S. Treasury Bills |
0.11% | 11/19/2020 | 30,000 | 29,993,088 | ||||||||||
|
U.S. Treasury Bills |
0.19% | 11/24/2020 | 10,000 | 9,995,683 | ||||||||||
|
U.S. Treasury Bills |
0.10%-0.16% | 11/27/2020 | 32,000 | 31,990,648 | ||||||||||
|
U.S. Treasury Bills |
0.11% | 12/01/2020 | 15,000 | 14,995,829 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 12/03/2020 | 40,000 | 39,986,777 | ||||||||||
|
U.S. Treasury Bills |
0.16% | 12/08/2020 | 15,000 | 14,993,671 | ||||||||||
|
U.S. Treasury Bills |
0.18%-0.19% | 12/10/2020 | 20,000 | 19,989,826 | ||||||||||
|
U.S. Treasury Bills |
0.16% | 12/15/2020 | 20,000 | 19,992,563 | ||||||||||
|
U.S. Treasury Bills |
0.19% | 12/17/2020 | 10,000 | 9,994,501 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 12/22/2020 | 7,000 | 6,996,842 | ||||||||||
|
U.S. Treasury Bills |
0.11%-0.18% | 12/24/2020 | 40,000 | 39,982,979 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 12/31/2020 | 10,000 | 9,994,454 | ||||||||||
|
U.S. Treasury Bills |
0.17% | 01/07/2021 | 10,000 | 9,994,133 | ||||||||||
|
U.S. Treasury Bills |
0.15% | 01/14/2021 | 13,000 | 12,992,931 | ||||||||||
|
U.S. Treasury Bills |
0.13% | 01/21/2021 | 5,000 | 4,997,436 | ||||||||||
|
U.S. Treasury Bills |
0.13%-1.44% | 01/28/2021 | 26,000 | 25,953,326 | ||||||||||
|
U.S. Treasury Bills |
0.12% | 02/11/2021 | 10,000 | 9,994,567 | ||||||||||
|
U.S. Treasury Bills |
0.12% | 02/18/2021 | 8,000 | 7,995,467 | ||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 02/25/2021 | 27,000 | 26,982,595 | ||||||||||
|
U.S. Treasury Bills |
0.00% | 03/04/2021 | 10,000 | 9,994,186 | ||||||||||
|
U.S. Treasury Bills |
0.14% | 04/22/2021 | 5,000 | 4,995,470 | ||||||||||
|
U.S. Treasury Bills |
0.18% | 05/20/2021 | 5,000 | 4,993,366 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Treasury Obligations Portfolio
|
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills(a)-(continued) |
||||||||||||||||
|
U.S. Treasury Bills |
0.16% | 07/15/2021 | $ | 7,000 | $ | 6,990,446 | ||||||||||
|
|
||||||||||||||||
| 1,282,071,955 | ||||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes-14.73% |
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) |
0.22% | 01/31/2021 | 17,000 | 16,996,155 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) |
0.24% | 04/30/2021 | 7,000 | 6,999,931 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) |
0.33% | 07/31/2021 | 15,000 | 14,996,429 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b) |
0.41% | 10/31/2021 | 36,500 | 36,520,468 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b) |
0.26% | 01/31/2022 | 30,000 | 29,971,602 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b) |
0.22% | 04/30/2022 | 55,000 | 55,026,658 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b) |
0.16% | 07/31/2022 | 12,000 | 12,000,271 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.00% | 09/30/2020 | 15,000 | 15,004,363 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.75% | 10/31/2020 | 13,000 | 13,002,685 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.00% | 01/15/2021 | 3,000 | 3,018,863 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.25% | 03/31/2021 | 10,000 | 10,107,345 | ||||||||||||
|
|
||||||||||||||||
| 213,644,770 | ||||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES-103.09% (Cost $ 1,495,716,725) |
1,495,716,725 | |||||||||||||||
|
|
||||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(3.09)% |
(44,822,921 | ) | ||||||||||||||
|
|
||||||||||||||||
|
NET ASSETS-100.00% |
$ | 1,450,893,804 | ||||||||||||||
|
|
||||||||||||||||
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 | Short-Term Investments Trust |
Schedule of Investments
August 31, 2020
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal Amount (000) |
Value | |||||||||||
|
Municipal Obligations-99.85% |
||||||||||||||
|
Alabama-4.40% |
||||||||||||||
|
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(a)(b)(c) |
0.12% | 07/01/2040 | $ | 8,805 | $ 8,805,000 | |||||||||
|
Arizona-2.81% |
||||||||||||||
|
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)(b) |
0.08% | 06/15/2031 | 2,685 | 2,685,000 | ||||||||||
|
Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD RB (CEP - FNMA)(b) |
0.08% | 06/15/2031 | 2,945 | 2,945,000 | ||||||||||
| 5,630,000 | ||||||||||||||
|
California-1.30% |
||||||||||||||
|
California (State of) Educational Facilities Authority; Series 2020, Commercial Paper Notes |
0.11% | 10/01/2020 | 2,600 | 2,600,000 | ||||||||||
|
Colorado-0.60% |
||||||||||||||
|
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.19% | 02/01/2031 | 1,190 | 1,190,000 | ||||||||||
|
Delaware-2.03% |
||||||||||||||
|
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 09/01/2036 | 2,780 | 2,780,000 | ||||||||||
|
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.10% | 05/01/2036 | 1,280 | 1,280,000 | ||||||||||
| 4,060,000 | ||||||||||||||
|
District of Columbia-3.38% |
||||||||||||||
|
District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 08/15/2038 | 245 | 245,000 | ||||||||||
|
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.07% | 10/01/2039 | 6,525 | 6,525,000 | ||||||||||
| 6,770,000 | ||||||||||||||
|
Florida-5.16% |
||||||||||||||
|
Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.09% | 06/01/2048 | 910 | 910,000 | ||||||||||
|
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.16% | 11/01/2036 | 2,725 | 2,725,000 | ||||||||||
|
Palm Beach (County of), FL (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.09% | 07/01/2032 | 2,400 | 2,400,000 | ||||||||||
|
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.07% | 07/01/2037 | 4,280 | 4,280,000 | ||||||||||
| 10,315,000 | ||||||||||||||
|
Georgia-4.20% |
||||||||||||||
|
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)(a)(b)(c) |
0.08% | 11/01/2030 | 2,590 | 2,590,000 | ||||||||||
|
Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer); |
||||||||||||||
|
Series 2009 A, VRD PCR (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.08% | 01/01/2030 | 2,420 | 2,420,000 | ||||||||||
|
Series 2010 A, Ref. VRD PCR (LOC - Bank of Montreal)(b)(c) |
0.14% | 01/01/2036 | 3,000 | 3,000,000 | ||||||||||
|
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000,VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.19% | 09/01/2020 | 400 | 400,000 | ||||||||||
| 8,410,000 | ||||||||||||||
|
Illinois-4.49% |
||||||||||||||
|
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) |
0.07% | 12/01/2046 | 5,755 | 5,755,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal Amount (000) |
Value | |||||||||||
|
Illinois-(continued) |
||||||||||||||
|
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.08% | 01/01/2037 | $ | 2,230 | $ 2,230,000 | |||||||||
|
Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)(b)(c) |
0.08% | 10/01/2033 | 1,000 | 1,000,000 | ||||||||||
| 8,985,000 | ||||||||||||||
|
Indiana-8.69% |
||||||||||||||
|
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.14% | 08/01/2037 | 5,750 | 5,750,000 | ||||||||||
|
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)(a)(b)(c) |
0.18% | 06/01/2035 | 8,000 | 8,000,000 | ||||||||||
|
Purdue University; Series 2011 A, VRD COP(b) |
0.06% | 07/01/2035 | 3,635 | 3,635,000 | ||||||||||
| 17,385,000 | ||||||||||||||
|
Louisiana-1.75% |
||||||||||||||
|
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c) |
0.08% | 07/01/2047 | 3,505 | 3,505,000 | ||||||||||
|
Maryland-4.71% |
||||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority; Series 2020 B, Commercial Paper Notes |
0.22% | 09/09/2020 | 4,800 | 4,800,000 | ||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 04/01/2035 | 2,015 | 2,015,000 | ||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical); Series 2008E, VRD RB (LOC - Bank of Montreal)(a)(b)(c) |
0.03% | 07/01/2041 | 2,600 | 2,600,000 | ||||||||||
| 9,415,000 | ||||||||||||||
|
Massachusetts-2.17% |
||||||||||||||
|
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 10/01/2038 | 2,830 | 2,830,000 | ||||||||||
|
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank N.A.)(b)(c) |
0.07% | 01/01/2037 | 1,500 | 1,500,000 | ||||||||||
| 4,330,000 | ||||||||||||||
|
Michigan-4.51% |
||||||||||||||
|
Kent (County of), MI Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c) |
0.10% | 01/15/2026 | 2,005 | 2,005,000 | ||||||||||
|
Michigan State University Board of Trustees; |
||||||||||||||
|
Series 2000 A-1, VRD RB(b) |
0.10% | 08/15/2030 | 3,000 | 3,000,000 | ||||||||||
|
Series 2001 A-2, VRD RB(b) |
0.10% | 08/15/2030 | 1,010 | 1,010,000 | ||||||||||
|
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.08% | 03/01/2031 | 3,000 | 3,000,000 | ||||||||||
| 9,015,000 | ||||||||||||||
|
Minnesota-5.48% |
||||||||||||||
|
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)(b) |
0.16% | 10/15/2033 | 1,175 | 1,175,000 | ||||||||||
|
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(b) |
0.08% | 11/01/2035 | 6,505 | 6,505,000 | ||||||||||
|
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)(b) |
0.08% | 10/01/2033 | 3,285 | 3,285,000 | ||||||||||
| 10,965,000 | ||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal Amount (000) |
Value | |||||||||||
|
Mississippi-3.95% |
||||||||||||||
|
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); |
||||||||||||||
|
Series 2007 A, VRD IDR(b) |
0.03% | 12/01/2030 | $ | 60 | $ 60,000 | |||||||||
|
Series 2010 C, VRD IDR(b) |
0.08% | 12/01/2030 | 585 | 585,000 | ||||||||||
|
Series 2010 E, VRD IDR(b) |
0.08% | 12/01/2030 | 6,250 | 6,250,000 | ||||||||||
|
Series 2010 C, VRD IDR(b) |
0.08% | 12/01/2030 | 1,000 | 1,000,000 | ||||||||||
| 7,895,000 | ||||||||||||||
|
Missouri-0.59% |
||||||||||||||
|
Bridgeton (City of), MO IDA (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)(b)(c) |
0.08% | 11/01/2037 | 615 | 615,000 | ||||||||||
|
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)(b)(c) |
0.14% | 08/01/2038 | 565 | 565,000 | ||||||||||
| 1,180,000 | ||||||||||||||
|
Nevada-0.75% |
||||||||||||||
|
Reno (City of), NV (Renown Regional Medical Center); Series 2009 A, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.08% | 06/01/2039 | 1,500 | 1,500,000 | ||||||||||
|
New York-4.46% |
||||||||||||||
|
New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)(a)(b)(c) |
0.06% | 05/01/2039 | 2,500 | 2,500,000 | ||||||||||
|
New York (State of) Housing Finance Agency (222 East 44th Street Housing); |
||||||||||||||
|
Series 2015 A, VRD RB (LOC - Bank of China Ltd.)(a)(b)(c) |
0.10% | 05/01/2050 | 6,100 | 6,100,000 | ||||||||||
|
Series 2016 A, VRD RB (LOC - Bank of China Ltd.)(a)(b)(c) |
0.09% | 05/01/2050 | 330 | 330,000 | ||||||||||
| 8,930,000 | ||||||||||||||
|
North Carolina-4.39% |
||||||||||||||
|
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB(b) |
0.05% | 06/01/2027 | 1,285 | 1,285,000 | ||||||||||
|
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(b) |
0.07% | 12/01/2021 | 2,520 | 2,520,000 | ||||||||||
|
Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.04% | 05/01/2036 | 4,970 | 4,970,000 | ||||||||||
| 8,775,000 | ||||||||||||||
|
Ohio-1.46% |
||||||||||||||
|
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)(b)(c) |
0.09% | 08/02/2038 | 2,925 | 2,925,000 | ||||||||||
|
Pennsylvania-4.85% |
||||||||||||||
|
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 06/01/2037 | 4,305 | 4,305,000 | ||||||||||
|
Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)(a)(b)(c) |
0.07% | 03/01/2030 | 1,990 | 1,990,000 | ||||||||||
|
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 10/15/2025 | 385 | 385,000 | ||||||||||
|
Ridley School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 11/01/2029 | 305 | 305,000 | ||||||||||
|
Westmoreland (County of), PA Industrial Development Authority (Excela Health); Series 2005 A, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 07/01/2027 | 2,725 | 2,725,000 | ||||||||||
| 9,710,000 | ||||||||||||||
|
Rhode Island-2.10% |
||||||||||||||
|
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB(b) |
0.07% | 09/01/2043 | 4,200 | 4,200,000 | ||||||||||
|
Texas-10.73% |
||||||||||||||
|
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.12% | 02/15/2042 | 4,720 | 4,720,000 | ||||||||||
|
Houston (City of), TX; Series 2020 E-2, Commercial Paper Notes |
0.16% | 10/02/2020 | 4,000 | 4,000,000 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal Amount (000) |
Value | |||||||||||
|
Texas-(continued) |
||||||||||||||
|
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.08% | 05/15/2034 | $ | 1,500 | $ 1,500,000 | |||||||||
|
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.11% | 04/01/2026 | 2,320 | 2,320,000 | ||||||||||
|
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)(b) |
0.14% | 05/01/2042 | 2,860 | 2,860,000 | ||||||||||
|
Texas A&M University System Board of Regents; Series 2020 B, Commercial Paper Notes |
0.18% | 11/04/2020 | 400 | 400,000 | ||||||||||
|
University of Texas System Board of Regents; |
||||||||||||||
|
Series 2008 B, VRD RB(b) |
0.06% | 08/01/2025 | 4,665 | 4,665,000 | ||||||||||
|
Series 2020 A, Commercial Paper Notes |
0.22% | 09/03/2020 | 1,000 | 1,000,000 | ||||||||||
| 21,465,000 | ||||||||||||||
|
Virginia-1.90% |
||||||||||||||
|
Norfolk (City of), VA; Series 2007, VRD GO Bonds(b) |
0.09% | 08/01/2037 | 3,800 | 3,800,000 | ||||||||||
|
Washington-4.32% |
||||||||||||||
|
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)(b)(c) |
0.07% | 09/01/2049 | 4,550 | 4,550,000 | ||||||||||
|
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)(b)(c) |
0.07% | 11/01/2047 | 4,085 | 4,085,000 | ||||||||||
| 8,635,000 | ||||||||||||||
|
West Virginia-3.14% |
||||||||||||||
|
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)(b)(c) |
0.10% | 07/01/2039 | 845 | 845,000 | ||||||||||
|
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hosp, Inc.); Series 2008 B, Ref. VRD RB (LOC - Branch Banking & Trust Co.)(b)(c) |
0.14% | 01/01/2034 | 5,435 | 5,435,000 | ||||||||||
| 6,280,000 | ||||||||||||||
|
Wisconsin-1.53% |
||||||||||||||
|
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)(b)(c) |
0.09% | 10/01/2042 | 3,060 | 3,060,000 | ||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(d)(e) -99.85% (Cost $199,735,000) |
199,735,000 | |||||||||||||
|
OTHER ASSETS LESS LIABILITIES-0.15% |
308,127 | |||||||||||||
|
NET ASSETS-100.00% |
$200,043,127 | |||||||||||||
| Investment Abbreviations: | ||
| CEP | - Credit Enhancement Provider | |
| COP | - Certificates of Participation | |
| FHLB | - Federal Home Loan Bank | |
| FHLMC | - Federal Home Loan Mortgage Corp. | |
| FNMA | - Federal National Mortgage Association | |
| GO | - General Obligation | |
| IDR | - Industrial Development Revenue Bonds | |
| LOC | - Letter of Credit | |
| PCR | - Pollution Control Revenue Bonds | |
| RB | - Revenue Bonds | |
| Ref. | - Refunding | |
| VRD | - Variable Rate Demand | |
| YMCA | - Young Men’s Christian Association | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
| (a) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 8.8%; Japan: 5.3%; other countries less than 5% each: 11.6%. |
| (b) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (d) |
Also represents cost for federal income tax purposes. |
| (e) |
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
| Entities | Percentage | |||
|
JPMorgan Chase Bank N.A. |
6.7% | |||
|
Wells Fargo Bank N.A. |
6.6 | |||
|
Federal Home Loan Bank |
6.4 | |||
|
Federal Home Loan Mortgage Corp. |
6.3 | |||
|
TD Bank N.A. |
6.2 | |||
|
PNC Bank N.A. |
5.7 | |||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 | Short-Term Investments Trust |
Statements of Assets and Liabilities
August 31, 2020
| Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco Treasury | Invesco Government | Obligations | Cash Reserve | |||||||||||||||||||||||||
| Assets Portfolio | Prime Portfolio | Portfolio | & Agency Portfolio | Portfolio | Portfolio | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Assets: |
||||||||||||||||||||||||||||||
|
Investments in securities, at value |
$ | 1,784,724,046 | $ | 143,331,875 | $ | 13,547,669,573 | $ | 20,901,911,777 | $ | 1,495,716,725 | $ | 199,735,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Repurchase agreements, at value and cost |
830,572,324 | 178,878,687 | 9,491,478,726 | 10,990,573,484 | - | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Cash |
33,603,197 | - | - | - | 37,054 | 61,208 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Receivable for: |
||||||||||||||||||||||||||||||
|
Investments sold |
- | 900,000 | - | - | - | 315,000 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Interest |
1,056,194 | 20,964 | 9,417,821 | 7,237,160 | 346,690 | 23,497 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Fund expenses absorbed |
- | 5,056 | - | 115,182 | 5,041 | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Investment for trustee deferred compensation and retirement plans |
3,644,669 | 1,008,721 | 2,164,080 | 987,082 | 118,706 | 356,729 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Other assets |
124,772 | 219,614 | 217,359 | 1,247,838 | 37,133 | 91,265 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Total assets |
2,653,725,202 | 324,364,917 | 23,050,947,559 | 31,902,072,523 | 1,496,261,349 | 200,582,699 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Liabilities: |
||||||||||||||||||||||||||||||
|
Payable for: |
||||||||||||||||||||||||||||||
|
Investments purchased |
83,707,955 | - | 399,847,556 | - | 44,984,634 | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Amount due custodian |
- | 12,463 | 1,795,459 | 35,860,836 | - | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Dividends |
254,769 | 4,367 | 843,269 | 1,321,007 | 48,847 | 1,671 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Accrued fees to affiliates |
131,522 | 32,780 | 2,066,942 | 1,515,523 | 140,517 | 101,988 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Accrued trustees’ and officers’ fees and benefits |
14,771 | 7,700 | 62,856 | 97,276 | 9,975 | 7,064 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Accrued operating expenses |
73,996 | 50,032 | 426,940 | 44,482 | 53,713 | 47,638 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Trustee deferred compensation and retirement plans |
3,930,281 | 1,079,940 | 2,415,132 | 1,156,211 | 129,859 | 381,211 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Total liabilities |
88,113,294 | 1,187,282 | 407,458,154 | 39,995,335 | 45,367,545 | 539,572 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net assets applicable to shares outstanding |
$ | 2,565,611,908 | $ | 323,177,635 | $ | 22,643,489,405 | $ | 31,862,077,188 | $ | 1,450,893,804 | $ | 200,043,127 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net assets consist of: |
||||||||||||||||||||||||||||||
|
Shares of beneficial interest |
$ | 2,564,796,446 | $ | 322,403,496 | $ | 22,642,905,919 | $ | 31,862,059,097 | $ | 1,450,989,544 | $ | 200,167,173 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Distributable earnings (loss) |
815,462 | 774,139 | 583,486 | 18,091 | (95,740 | ) | (124,046 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
| $ | 2,565,611,908 | $ | 323,177,635 | $ | 22,643,489,405 | $ | 31,862,077,188 | $ | 1,450,893,804 | $ | 200,043,127 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net Assets: |
||||||||||||||||||||||||||||||
|
Institutional Class |
$ | 2,558,430,270 | $ | 320,753,104 | $ | 19,215,805,324 | $ | 30,259,135,986 | $ | 1,370,210,399 | $ | 150,996,969 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Private Investment Class |
$ | 3,541,763 | $ | 1,276,217 | $ | 422,827,568 | $ | 582,081,907 | $ | 14,423,866 | $ | 10,134,533 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Personal Investment Class |
$ | 10,252 | $ | 395,347 | $ | 281,818,329 | $ | 13,529,921 | $ | 741,749 | $ | 3,583,850 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Cash Management Class |
$ | 2,947,071 | $ | 503,834 | $ | 371,957,560 | $ | 431,476,231 | $ | 340,627 | $ | 5,489,875 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Reserve Class |
$ | 278,241 | $ | 105,438 | $ | 581,684,073 | $ | 401,437,716 | $ | 54,584,982 | $ | 26,823,422 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Resource Class |
$ | 365,645 | $ | 122,593 | $ | 635,713,393 | $ | 143,147,544 | $ | 150,056 | $ | 3,004,200 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Corporate Class |
$ | 38,666 | $ | 21,102 | $ | 1,133,683,158 | $ | 31,267,883 | $ | 10,442,125 | $ | 10,278 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 | Short-Term Investments Trust |
Statements of Assets and Liabilities—(continued)
August 31, 2020
| Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco Treasury | Invesco Government | Obligations | Cash Reserve | |||||||||||||||||||||||||
| Assets Portfolio | Prime Portfolio | Portfolio | & Agency Portfolio | Portfolio | Portfolio | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Shares outstanding, no par value,
|
|
|||||||||||||||||||||||||||||
|
Institutional Class |
2,556,995,297 | 320,747,228 | 19,214,641,352 | 30,259,011,208 | 1,370,246,974 | 150,977,656 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Private Investment Class |
3,539,795 | 1,276,199 | 422,801,949 | 582,079,509 | 14,424,267 | 10,133,237 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Personal Investment Class |
10,246 | 395,341 | 281,801,254 | 13,529,865 | 741,770 | 3,583,392 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Cash Management Class |
2,945,434 | 503,827 | 371,935,023 | 431,474,453 | 340,636 | 5,489,173 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Reserve Class |
278,086 | 105,437 | 581,648,828 | 401,436,062 | 54,586,495 | 26,819,991 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Resource Class |
365,442 | 122,590 | 635,674,875 | 143,146,954 | 150,060 | 3,003,816 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Corporate Class |
38,644 | 21,102 | 1,133,614,467 | 31,267,755 | 10,442,415 | 10,277 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net asset value, offering and redemption price per share for each class |
$ | 1.0006 | $ | 1.0000 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Cost of Investments |
$ | 2,614,636,741 | $ | 322,207,996 | $ | 23,039,148,299 | $ | 31,892,485,261 | $ | 1,495,716,725 | $ | 199,735,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 | Short-Term Investments Trust |
Statements of Operations
For the year ended August 31, 2020
| Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco Treasury | Invesco Government | Obligations | Cash Reserve | |||||||||||||||||||
| Assets Portfolio | Prime Portfolio | Portfolio | & Agency Portfolio | Portfolio | Portfolio | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Investment income: |
||||||||||||||||||||||||
|
Interest |
$ | 34,284,787 | $ | 6,257,216 | $ | 203,953,802 | $ | 316,385,027 | $ | 12,665,627 | $ | 2,133,528 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Expenses: |
||||||||||||||||||||||||
|
Advisory fees |
3,579,174 | 698,375 | 29,385,396 | 31,594,396 | 1,616,131 | 450,697 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Administrative services fees |
1,063,769 | 209,751 | 8,705,596 | 14,279,270 | 553,117 | 100,713 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Custodian fees |
39,456 | 10,394 | 684,345 | (696,813 | ) | 6,675 | 4,469 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Distribution fees: |
||||||||||||||||||||||||
|
Private Investment Class |
11,697 | 3,966 | 1,423,815 | 1,818,484 | 27,185 | 37,931 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Personal Investment Class |
56 | 2,327 | 1,943,548 | 114,195 | 1,812 | 12,104 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Cash Management Class |
5,877 | 418 | 298,824 | 265,250 | 4,655 | 16,154 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Reserve Class |
2,496 | 1,632 | 3,330,130 | 3,232,492 | 474,354 | 218,276 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Resource Class |
729 | 197 | 1,016,902 | 300,798 | 643 | 5,138 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Corporate Class |
68 | 6 | 92,017 | 19,425 | 1,901 | 3 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Transfer agent fees |
214,750 | 41,902 | 1,763,124 | 2,843,496 | 111,702 | 20,281 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Trustees’ and officers’ fees and benefits |
52,165 | 26,612 | 246,372 | 353,199 | 33,779 | 23,278 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Registration and filing fees |
85,059 | 89,032 | 158,643 | 223,526 | 82,407 | 98,838 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Reports to shareholders |
23,125 | 16,105 | 71,876 | (81,108 | ) | 18,221 | 15,403 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Professional services fees |
44,905 | 37,263 | 110,574 | (141,868 | ) | 39,486 | 36,199 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Other |
109,541 | 63,375 | 266,443 | (198,642 | ) | 47,091 | 14,246 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Total expenses |
5,232,867 | 1,201,355 | 49,497,605 | 53,926,100 | 3,019,159 | 1,053,730 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Less: Fees waived |
(918,298 | ) | (358,636 | ) | (9,124,214 | ) | (2,008,756 | ) | (444,885 | ) | (454,859 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Net expenses |
4,314,569 | 842,719 | 40,373,391 | 51,917,344 | 2,574,274 | 598,871 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Net investment income |
29,970,218 | 5,414,497 | 163,580,411 | 264,467,683 | 10,091,353 | 1,534,657 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Realized and unrealized gain (loss) from: |
||||||||||||||||||||||||
|
Net realized gain (loss) from investment securities |
(15,623 | ) | 78 | 139,394 | (189,477 | ) | (57,411 | ) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Change in net unrealized appreciation (depreciation) of investment securities |
45,074 | (41,714 | ) | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Net realized and unrealized gain (loss) |
29,451 | (41,636 | ) | 139,394 | (189,477 | ) | (57,411 | ) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase in net assets resulting from operations |
$ | 29,999,669 | $ | 5,372,861 | $ | 163,719,805 | $ | 264,278,206 | $ | 10,033,942 | $ | 1,534,657 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 | Short-Term Investments Trust |
Statements of Changes in Net Assets
For the years ended August 31, 2020 and 2019
| Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | |||||||||||||||
|
|
|
|
|
|||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
|
|
|
|
|
|
||||||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 29,970,218 | $ | 54,795,839 | $ | 5,414,497 | $ | 12,099,439 | ||||||||
|
|
|
|
|
|
||||||||||||
|
Net realized gain (loss) |
(15,623 | ) | 29,559 | 78 | 723 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Change in net unrealized appreciation (depreciation) |
45,074 | (26,913 | ) | (41,714 | ) | (10,820 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
29,999,669 | 54,798,485 | 5,372,861 | 12,089,342 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(29,817,713 | ) | (54,388,381 | ) | (5,392,900 | ) | (12,042,840 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(36,868 | ) | (107,595 | ) | (11,032 | ) | (26,438 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(74 | ) | (199 | ) | (2,832 | ) | (8,858 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(107,505 | ) | (248,909 | ) | (5,280 | ) | (14,390 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(1,504 | ) | (5,872 | ) | (1,098 | ) | (3,794 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
(3,570 | ) | (20,589 | ) | (1,140 | ) | (2,658 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(2,984 | ) | (24,294 | ) | (215 | ) | (461 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Total distributions from distributable earnings |
(29,970,218 | ) | (54,795,839 | ) | (5,414,497 | ) | (12,099,439 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
114,142,968 | 100,799,791 | (331,356,151 | ) | 127,368,867 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(1,176,345 | ) | (1,144,582 | ) | (71,436 | ) | (241,794 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
- | (984 | ) | (45,201 | ) | (175,590 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(6,335,509 | ) | 3,104,748 | (96,257 | ) | (178,908 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(24,329 | ) | (115,774 | ) | (167,883 | ) | 3,716 | |||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
2,906 | (632,819 | ) | (674 | ) | (62,642 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(287,979 | ) | (1,599,196 | ) | 251 | 457 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
106,321,712 | 100,411,184 | (331,737,351 | ) | 126,714,106 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets |
106,351,163 | 100,413,830 | (331,778,987 | ) | 126,704,009 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
2,459,260,745 | 2,358,846,915 | 654,956,622 | 528,252,613 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
End of year |
$ | 2,565,611,908 | $ | 2,459,260,745 | $ | 323,177,635 | $ | 654,956,622 | ||||||||
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 | Short-Term Investments Trust |
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
| Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | |||||||||||||||
|
|
|
|
|
|||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
|
|
|
|
|
|
||||||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 163,580,411 | $ | 484,811,474 | $ | 264,467,683 | $ | 518,471,634 | ||||||||
|
|
|
|
|
|
||||||||||||
|
Net realized gain (loss) |
139,394 | 204,798 | (189,477 | ) | 224,974 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
163,719,805 | 485,016,272 | 264,278,206 | 518,696,608 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(146,246,982 | ) | (438,858,990 | ) | (254,196,609 | ) | (491,630,206 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(3,446,279 | ) | (9,738,598 | ) | (4,200,784 | ) | (8,737,051 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(2,137,800 | ) | (3,312,891 | ) | (89,620 | ) | (207,870 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(3,199,903 | ) | (8,499,805 | ) | (2,683,953 | ) | (7,669,515 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(1,117,598 | ) | (3,008,307 | ) | (1,290,595 | ) | (3,929,202 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
(4,967,684 | ) | (13,201,572 | ) | (1,599,458 | ) | (4,570,537 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(2,664,191 | ) | (8,191,311 | ) | (439,777 | ) | (1,727,253 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Total distributions from distributable earnings |
(163,780,437 | ) | (484,811,474 | ) | (264,500,796 | ) | (518,471,634 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
498,579,949 | (1,514,751,400 | ) | 256,030,543 | 7,673,132,994 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(83,191,362 | ) | (11,707,755 | ) | 49,500,711 | 106,832,736 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(78,430,874 | ) | 242,362,528 | (2,461,469 | ) | 7,670,768 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(24,723,778 | ) | (50,068,678 | ) | 66,475,768 | 31,650,960 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
292,043,533 | 61,097,539 | 103,651,946 | 88,155,960 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
3,118,922 | 107,165,894 | (37,467,649 | ) | (51,677,589 | ) | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
704,514,058 | (38,240,138 | ) | (9,080,725 | ) | (105,927,589 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
1,311,910,448 | (1,204,142,010 | ) | 426,649,125 | 7,749,838,240 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets |
1,311,849,816 | (1,203,937,212 | ) | 426,426,535 | 7,750,063,214 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
21,331,639,589 | 22,535,576,801 | 31,435,650,653 | 23,685,587,439 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
End of year |
$ | 22,643,489,405 | $ | 21,331,639,589 | $ | 31,862,077,188 | $ | 31,435,650,653 | ||||||||
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 | Short-Term Investments Trust |
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
| Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||||||||||
|
|
|
|
|
|||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
|
|
|
|
|
|
||||||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 10,091,353 | $ | 25,841,669 | $ | 1,534,657 | $ | 2,660,015 | ||||||||
|
|
|
|
|
|
||||||||||||
|
Net realized gain (loss) |
(57,411 | ) | 17,726 | - | - | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
10,033,942 | 25,859,395 | 1,534,657 | 2,660,015 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(9,782,969 | ) | (25,123,428 | ) | (1,172,112 | ) | (1,816,364 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(65,930 | ) | (111,394 | ) | (106,524 | ) | (305,352 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(898 | ) | (3,844 | ) | (7,119 | ) | (2,466 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(16,009 | ) | (41,719 | ) | (177,298 | ) | (395,402 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(212,244 | ) | (557,964 | ) | (50,307 | ) | (80,976 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
(1,150 | ) | (3,101 | ) | (21,222 | ) | (59,305 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(12,153 | ) | (219 | ) | (75 | ) | (150 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Total distributions from distributable earnings |
(10,091,353 | ) | (25,841,669 | ) | (1,534,657 | ) | (2,660,015 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
325,218,196 | (235,306,840 | ) | (10,043,247 | ) | 33,374,672 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
4,941,082 | 3,398,983 | (10,353,451 | ) | (7,570,673 | ) | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
630,111 | (283,153 | ) | 1,041,703 | 2,531,656 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(1,553,674 | ) | (1,270,980 | ) | (21,806,010 | ) | (4,585,853 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(123,709 | ) | 21,314,012 | 6,820,117 | 5,850,867 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
16,515 | 38,286 | 1,886,657 | (1,381,960 | ) | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
10,431,998 | 216 | 85 | 135 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
339,560,519 | (212,109,476 | ) | (32,454,146 | ) | 28,218,844 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets |
339,503,108 | (212,091,750 | ) | (32,454,146 | ) | 28,218,844 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
1,111,390,696 | 1,323,482,446 | 232,497,273 | 204,278,429 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
End of year |
$ | 1,450,893,804 | $ | 1,111,390,696 | $ | 200,043,127 | $ | 232,497,273 | ||||||||
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 | Short-Term Investments Trust |
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
| Corporate Class |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net asset
value, beginning of period |
Net investment income(a) |
Net gains
unrealized) |
Total from investment operations |
Dividends from net investment income |
Distributions
from net
|
Total
distributions |
Net asset
of period |
Total return(b) |
Net assets, end of period (000’s omitted) |
Ratio of
to average net assets with fee waivers and/or expense reimbursements |
Ratio of
to average net
fee waivers and/or expense reimbursements |
Ratio of net investment income to average net assets |
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
$ | 1.0004 | $ | 0.0123 | $ | (0.0006 | ) | $ | 0.0117 | $ | (0.0115 | ) | $ | - | $ | (0.0115 | ) | $ | 1.0006 | 1.17 | % | $ | 39 | 0.21 | %(c) | 0.25 | %(c) | 1.23 | %(c) | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.0004 | 0.0234 | (0.0000 | ) | 0.0234 | (0.0234 | ) | - | (0.0234 | ) | 1.0004 | 2.36 | 327 | 0.21 | 0.25 | 2.34 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.0002 | 0.0170 | (0.0011 | ) | 0.0159 | (0.0157 | ) | - | (0.0157 | ) | 1.0004 | 1.60 | 1,926 | 0.21 | 0.26 | 1.70 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.0048 | 0.0036 | 0.0084 | (0.0077 | ) | (0.0005 | ) | (0.0082 | ) | 1.0002 | 0.81 | 9,483 | 0.21 | 0.29 | 0.48 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.30 | 169,660 | 0.18 | 0.21 | 0.31 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.0001 | 0.0114 | (0.0013 | ) | 0.0101 | (0.0102 | ) | - | (0.0102 | ) | 1.0000 | 1.03 | 21 | 0.21 | (c) | 0.29 | (c) | 1.13 | (c) | ||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.0001 | 0.0224 | 0.0000 | 0.0224 | (0.0224 | ) | - | (0.0224 | ) | 1.0001 | 2.26 | 21 | 0.21 | 0.28 | 2.23 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.0000 | 0.0152 | (0.0002 | ) | 0.0150 | (0.0149 | ) | - | (0.0149 | ) | 1.0001 | 1.51 | 20 | 0.21 | 0.30 | 1.52 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.0059 | 0.0007 | 0.0066 | (0.0066 | ) | - | (0.0066 | ) | 1.0000 | 0.66 | 20 | 0.21 | 0.30 | 0.59 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.24 | 9 | 0.17 | 0.23 | 0.23 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | (0.00 | ) | (0.01 | ) | 1.00 | 0.88 | 1,133,683 | 0.21 | (c) | 0.24 | (c) | 0.83 | (c) | ||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 2.17 | 429,129 | 0.21 | 0.24 | 2.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.34 | 467,373 | 0.21 | 0.23 | 1.34 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.49 | 607,827 | 0.21 | 0.23 | 0.49 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.14 | 1,173,253 | 0.17 | 0.21 | 0.14 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | (0.00 | ) | (0.01 | ) | 1.00 | 0.92 | 31,268 | 0.18 | (c) | 0.18 | (c) | 0.82 | (c) | |||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 2.19 | 40,349 | 0.19 | 0.19 | 2.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.35 | 146,277 | 0.18 | 0.18 | 1.32 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.53 | 324,437 | 0.18 | 0.18 | 0.55 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.17 | 316,444 | 0.16 | 0.18 | 0.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.91 | 10,442 | 0.21 | (c) | 0.23 | (c) | 0.81 | (c) | ||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 2.14 | 10 | 0.21 | 0.24 | 2.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.31 | 10 | 0.21 | 0.24 | 1.31 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.41 | 10 | 0.21 | 0.25 | 0.45 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.11 | 2,948 | 0.14 | 0.39 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | - | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.74 | 10 | 0.20 | (c) | 0.37 | (c) | 0.75 | (c) | |||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.01 | - | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.35 | 10 | 0.23 | 0.38 | 1.35 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.97 | 10 | 0.23 | 0.41 | 0.98 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.54 | 0 | 0.23 | 0.40 | 0.53 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.08 | 32 | 0.10 | 0.34 | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (a) |
Calculated using average shares outstanding. |
| (b) |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
| (c) |
Ratios are based on average daily net assets (000’s omitted) of $227, $21, $306,723, $64,750, $6,336 and $10 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 | Short-Term Investments Trust |
August 31, 2020
NOTE 1–Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.
Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.
Each 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.
Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio, both institutional money market funds, price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).
Invesco Liquid Assets Portfolio determines its NAV per share multiple times each day.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, seek 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. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
| A. |
Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments. |
Securities for which market quotations 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.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’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.
Each 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 of each Fund’s investments.
| B. |
Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements 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 gain
| 39 | Short-Term Investments Trust |
(loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements 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 Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.
| C. |
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. |
Distributions - It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
| E. |
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, Invesco Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt interest dividends”, as defined in the Internal Revenue Code.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. |
Expenses - Fees provided for under the 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. |
| G. |
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) 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, each 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. |
| H. |
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote. |
| I. |
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
| J. |
LIBOR Risk - Certain Funds may invest in instruments that use or may use a floating reference rate based on LIBOR. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As a result, any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. Industry initiatives are underway to identify alternative reference rates; however, there is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; and/or costs incurred in connection with closing out positions and entering into new agreements. These effects could occur prior to the end of 2021 as the utility of LIBOR as a reference rate could deteriorate during the transition period. |
| K. |
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 |
| 40 | Short-Term Investments Trust |
| instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Funds may not be able to recover its investment in such issuer from the U.S. Government. |
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund’s investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.
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, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:
|
First
$250 million |
Next
$250 million |
Over
$500 million |
||||
|
Invesco Liquid Assets Portfolio |
0.15% | 0.15% | 0.15% | |||
|
Invesco STIC Prime Portfolio |
0.15% | 0.15% | 0.15% | |||
|
Invesco Treasury Portfolio |
0.15% | 0.15% | 0.15% | |||
|
Invesco Government & Agency Portfolio |
0.10% | 0.10% | 0.10% | |||
|
Invesco Treasury Obligations Portfolio |
0.20% | 0.15% | 0.10% | |||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% | 0.20% | 0.20% |
For the year ended August 31, 2020, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:
|
Invesco Liquid Assets Portfolio |
0.15 | % | ||
|
Invesco STIC Prime Portfolio |
0.15 | % | ||
|
Invesco Treasury Portfolio |
0.15 | % | ||
|
Invesco Government & Agency Portfolio |
0.10 | % | ||
|
Invesco Treasury Obligations Portfolio |
0.13 | % | ||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20 | % |
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, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, 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 Funds, 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 each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least December 31, 2020, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Private | Personal | Cash | ||||||||||||
| Institutional | Investment | Investment | Management | Reserve | Resource | Corporate | ||||||||
| Class | Class | Class | Class | Class | Class | Class | ||||||||
|
Invesco Liquid Assets Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.38% | 0.21% | |||||||
|
Invesco STIC Prime Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
Invesco Treasury Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
Invesco Government & Agency Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
Invesco Treasury Obligations Portfolio |
0.18% | 0.43% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% | 0.45% | 0.75% | 0.28% | 1.07% | 0.36% | 0.23% |
The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.
| 41 | Short-Term Investments Trust |
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 the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2020. 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 August 31, 2020, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:
|
Expense
Limitation |
||||
|
Invesco Liquid Assets Portfolio |
$ | 916,953 | ||
|
Invesco STIC Prime Portfolio |
354,758 | |||
|
Invesco Treasury Portfolio |
6,130,127 | |||
|
Invesco Government & Agency Portfolio |
- | |||
|
Invesco Treasury Obligations Portfolio |
274,586 | |||
|
Invesco Tax-Free Cash Reserve Portfolio |
311,174 | |||
Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.
Voluntary fee waivers for the year ended August 31, 2020 are shown below:
| Private | Personal | Cash | ||||||||||||||||||||||||||
| Investment | Investment | Management | Reserve | Resource | Corporate | |||||||||||||||||||||||
| Fund Level | Class | Class | Class | Class | Class | Class | ||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | - | $ | 733 | $ | 9 | $ | - | $ | 582 | $ | 21 | $ | - | ||||||||||||||
|
Invesco STIC Prime Portfolio |
2,018 | 887 | 573 | 71 | 287 | 41 | 1 | |||||||||||||||||||||
|
Invesco Treasury Portfolio |
- | 417,235 | 624,782 | 18,501 | 1,713,928 | 216,249 | 3,392 | |||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
- | 456,411 | 41,926 | 18,079 | 1,450,150 | 42,117 | 73 | |||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
- | 7,598 | 1,200 | 217 | 161,180 | 41 | 63 | |||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
33,144 | 8,664 | 5,729 | 2,215 | 92,327 | 1,605 | 1 | |||||||||||||||||||||
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the year ended August 31, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the year ended August 31, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.
| Private | Personal | Cash | ||||||||||
| Investment | Investment | Management | Reserve | Resource | Corporate | |||||||
| Class | Class | Class | Class | Class | Class | |||||||
|
Invesco Liquid Assets Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.20% | 0.03% | ||||||
|
Invesco STIC Prime Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
Invesco Treasury Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
Invesco Government & Agency Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
Invesco Treasury Obligations Portfolio |
0.25% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.25% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% |
The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
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
| 42 | Short-Term Investments Trust |
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 each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of August 31, 2020, all of the securities in each 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–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the year ended August 31, 2020, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains | ||||||||
|
Invesco Liquid Assets Portfolio |
$ 93,743,593 | $149,731,882 | $- | |||||||
|
Invesco STIC Prime Portfolio |
49,203,977 | 45,363,263 | - | |||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
248,610,783 | 242,669,996 | - | |||||||
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
NOTE 6–Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.
NOTE 7–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2020 and 2019
| 2020 | 2019 | |||||||||||||||||||
| Ordinary | Ordinary | |||||||||||||||||||
| Ordinary | Income-Tax- | Long-Term | Ordinary | Income-Tax- | ||||||||||||||||
| Income* | Exempt | Capital Gains | Income* | Exempt | ||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 29,970,218 | $ | - | $ | - | $ | 54,795,839 | $ | - | ||||||||||
|
Invesco STIC Prime Portfolio |
5,414,497 | - | - | 12,099,439 | - | |||||||||||||||
|
Invesco Treasury Portfolio |
163,582,316 | - | 198,121 | 484,811,474 | - | |||||||||||||||
|
Invesco Government & Agency Portfolio |
264,469,100 | - | 31,696 | 518,471,634 | - | |||||||||||||||
|
Invesco Treasury Obligations Portfolio |
10,091,353 | - | - | 25,841,669 | - | |||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 1,534,657 | - | - | 2,660,015 | |||||||||||||||
* Includes short-term capital gain distributions, if any.
| 43 | Short-Term Investments Trust |
Tax Components of Net Assets at Period-End:
|
Undistributed
Ordinary Income |
Undistributed
Tax-Exempt
|
Temporary
Book/Tax Differences |
Net
Unrealized
|
Capital Loss
Carryforwards |
Shares of
Interest |
Total Net Assets |
||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 3,354,188 | $ | - | $ | (3,182,732 | ) | $ | 659,629 | $ | (15,623 | ) | $ | 2,564,796,446 | $ | 2,565,611,908 | ||||||||||||
|
Invesco STIC Prime Portfolio |
1,639,256 | - | (867,683 | ) | 2,566 | - | 322,403,496 | 323,177,635 | ||||||||||||||||||||
|
Invesco Treasury Portfolio |
2,573,305 | - | (1,973,847 | ) | (15,972 | ) | - | 22,642,905,919 | 22,643,489,405 | |||||||||||||||||||
|
Invesco Government & Agency Portfolio |
1,162,580 | - | (955,013 | ) | - | (189,476 | ) | 31,862,059,097 | 31,862,077,188 | |||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
91,628 | - | (104,172 | ) | (23,691 | ) | (59,505 | ) | 1,450,989,544 | 1,450,893,804 | ||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 200,772 | (305,726 | ) | - | (19,092 | ) | 200,167,173 | 200,043,127 | |||||||||||||||||||
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds’ net unrealized appreciation (depreciation) differences are attributable primarily to wash sales.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Funds’ temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have a capital loss carryforward as of August 31, 2020, as follows:
| Not Subject to | ||||||||
| Fund | Expiration | Total* | ||||||
|
Invesco Liquid Assets Portfolio |
$ 15,623 | $ 15,623 | ||||||
|
|
||||||||
|
Invesco Government & Agency Portfolio |
189,476 | 189,476 | ||||||
|
|
||||||||
|
Invesco Treasury Obligations Portfolio |
59,505 | 59,505 | ||||||
|
|
||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
19,092 | 19,092 | ||||||
|
|
||||||||
| * |
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 8–Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:
| At August 31, 2020 | ||||||||||||||||
| Net | ||||||||||||||||
| Unrealized | ||||||||||||||||
| Federal | Unrealized | Unrealized | Appreciation | |||||||||||||
| Tax Cost* | Appreciation | (Depreciation) | (Depreciation) | |||||||||||||
|
Invesco Liquid Assets Portfolio |
$ 2,614,636,741 | $676,866 | $(17,237) | $659,629 | ||||||||||||
|
|
||||||||||||||||
|
Invesco STIC Prime Portfolio |
322,207,996 | 2,599 | (33) | 2,566 | ||||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Portfolio |
23,039,164,271 | - | (15,972) | (15,972) | ||||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
1,495,740,416 | - | (23,691) | (23,691) | ||||||||||||
|
|
||||||||||||||||
| * |
For Invesco Treasury Portfolio and Invesco Treasury Obligations Portfolio, cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end. For Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Government & Agency Portfolio and Invesco Tax-Free Cash Reserve Portfolio, cost of investments are the same for tax and financial reporting purposes. |
NOTE 9–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of distributions and taxable income, on August 31, 2020, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and shares of beneficial interest. These reclassifications had no effect on the net assets.
| Undistributed Net | Undistributed Net | Shares of | ||||||||
| Investment Income (Loss) | Realized Gain (Loss) | Beneficial Interest | ||||||||
|
Invesco Liquid Assets Portfolio |
$ 29,559 | $(29,559) | $ - | |||||||
|
Invesco STIC Prime Portfolio |
2,359 | (2,359) | - | |||||||
|
Invesco Treasury Portfolio |
114,461 | (153,462) | 39,001 | |||||||
|
Invesco Government & Agency Portfolio |
(1,417) | 1,417 | - | |||||||
|
Invesco Treasury Obligations Portfolio |
- | - | - | |||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | - | - | |||||||
| 44 | Short-Term Investments Trust |
NOTE 10–Share Information
Invesco Liquid Assets Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
15,429,264,962 | $ | 15,436,049,996 | 11,115,059,561 | $ | 11,118,203,826 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
556,769 | 556,939 | 286,881 | 286,945 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
57,447,877 | 57,471,129 | 183,906,129 | 183,953,776 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
64,898 | 64,918 | 8,652 | 8,654 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
601 | 601 | 5,100 | 5,102 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
172,360 | 172,517 | 396,987 | 397,046 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
6,416,422 | 6,418,790 | 10,250,841 | 10,253,316 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
32,532 | 32,543 | 86,006 | 86,026 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
- | - | 15 | 15 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
81,549 | 81,575 | 175,461 | 175,508 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,504 | 1,504 | 5,870 | 5,872 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
3,570 | 3,570 | 20,583 | 20,589 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
2,984 | 2,984 | 24,289 | 24,294 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(15,321,899,211 | ) | (15,328,325,818 | ) | (11,024,583,994 | ) | (11,027,657,351 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(1,765,341 | ) | (1,765,827 | ) | (1,517,171 | ) | (1,517,553 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
- | - | (999 | ) | (999 | ) | ||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(63,868,033 | ) | (63,888,213 | ) | (180,975,556 | ) | (181,024,536 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(90,719 | ) | (90,751 | ) | (130,254 | ) | (130,300 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,265 | ) | (1,265 | ) | (658,263 | ) | (658,510 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(463,261 | ) | (463,480 | ) | (2,019,990 | ) | (2,020,536 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase in share activity |
105,958,198 | $ | 106,321,712 | 100,340,148 | $ | 100,411,184 | ||||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% 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, 75% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
| 45 | Short-Term Investments Trust |
NOTE 10–Share Information–(continued)
Invesco STIC Prime Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
1,515,191,563 | $ | 1,515,273,645 | 1,752,564,099 | $ | 1,752,564,558 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
46,700 | 46,700 | 106,492 | 106,492 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
561 | 561 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
- | - | 32,538 | 32,538 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
281 | 281 | 342 | 342 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
182 | 182 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
36 | 36 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
4,489,681 | 4,489,681 | 7,389,194 | 7,389,194 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
11,032 | 11,032 | 25,796 | 25,796 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,832 | 2,832 | 199 | 199 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
3,278 | 3,278 | 9,022 | 9,022 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,098 | 1,098 | 3,751 | 3,751 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,140 | 1,140 | 2,606 | 2,606 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
215 | 215 | 457 | 457 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(1,851,039,089 | ) | (1,851,119,477 | ) | (1,632,583,978 | ) | (1,632,584,885 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(129,157 | ) | (129,168 | ) | (374,081 | ) | (374,082 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(48,590 | ) | (48,594 | ) | (175,789 | ) | (175,789 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(99,534 | ) | (99,535 | ) | (220,468 | ) | (220,468 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(169,247 | ) | (169,262 | ) | (377 | ) | (377 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,996 | ) | (1,996 | ) | (65,248 | ) | (65,248 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
(331,739,014 | ) | $ | (331,737,351 | ) | 126,714,555 | $ | 126,714,106 | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 97% 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. |
| 46 | Short-Term Investments Trust |
NOTE 10–Share Information–(continued)
Invesco Treasury Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
182,665,163,108 | $ | 182,665,163,108 | 187,978,433,067 | $ | 187,978,433,067 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
1,486,970,970 | 1,486,970,970 | 1,261,646,363 | 1,261,646,363 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,422,880,087 | 2,422,880,087 | 1,630,224,829 | 1,630,224,829 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
861,417,932 | 861,417,932 | 2,148,188,357 | 2,148,188,357 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,819,500,275 | 1,819,500,275 | 847,847,187 | 847,847,187 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
333,477,473 | 333,477,473 | 883,852,393 | 883,852,393 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
6,641,915,581 | 6,641,915,581 | 7,123,495,519 | 7,123,495,519 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
45,062,613 | 45,062,613 | 115,324,756 | 115,324,756 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
1,524,217 | 1,524,217 | 3,080,285 | 3,080,285 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,137,800 | 2,137,800 | 2,964,198 | 2,964,198 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
3,199,903 | 3,199,903 | 8,004,739 | 8,004,739 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,117,598 | 1,117,598 | 2,800,991 | 2,800,991 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
377,525 | 377,525 | 2,341,092 | 2,341,092 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
2,642,981 | 2,642,981 | 6,377,933 | 6,377,933 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(182,211,645,772 | ) | (182,211,645,772 | ) | (189,608,509,223 | ) | (189,608,509,223 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(1,571,686,549 | ) | (1,571,686,549 | ) | (1,276,434,403 | ) | (1,276,434,403 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(2,503,448,761 | ) | (2,503,448,761 | ) | (1,390,826,499 | ) | (1,390,826,499 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(889,341,613 | ) | (889,341,613 | ) | (2,206,261,774 | ) | (2,206,261,774 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(1,528,574,340 | ) | (1,528,574,340 | ) | (789,550,639 | ) | (789,550,639 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(330,736,076 | ) | (330,736,076 | ) | (779,027,591 | ) | (779,027,591 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(5,940,044,504 | ) | (5,940,044,504 | ) | (7,168,113,590 | ) | (7,168,113,590 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
1,311,910,448 | $ | 1,311,910,448 | (1,204,142,010 | ) | $ | (1,204,142,010 | ) | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% 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, 14% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
| 47 | Short-Term Investments Trust |
NOTE 10–Share Information–(continued)
Invesco Government & Agency Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
262,928,153,701 | $ | 262,928,153,701 | 201,304,629,047 | $ | 201,304,629,047 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
2,584,479,157 | 2,584,479,157 | 2,057,789,705 | 2,057,789,705 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
62,737,197 | 62,737,197 | 33,910,046 | 33,910,046 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
657,577,573 | 657,577,573 | 970,595,900 | 970,595,900 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,172,921,187 | 1,172,921,187 | 1,378,739,399 | 1,378,739,399 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,825,896,962 | 1,825,896,962 | 2,554,982,650 | 2,554,982,650 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
820,373,313 | 820,373,313 | 573,841,827 | 573,841,827 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
73,415,945 | 73,415,945 | 126,914,764 | 126,914,764 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
3,046,192 | 3,046,192 | 4,227,798 | 4,227,798 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
89,620 | 89,620 | 168,914 | 168,914 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
2,363,772 | 2,363,772 | 5,327,428 | 5,327,428 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,290,595 | 1,290,595 | 3,618,437 | 3,618,437 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,403,826 | 1,403,826 | 3,149,980 | 3,149,980 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
26,956 | 26,956 | 346,829 | 346,829 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(262,745,539,103 | ) | (262,745,539,103 | ) | (193,758,410,817 | ) | (193,758,410,817 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(2,538,024,638 | ) | (2,538,024,638 | ) | (1,955,184,767 | ) | (1,955,184,767 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(65,288,286 | ) | (65,288,286 | ) | (26,408,192 | ) | (26,408,192 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(593,465,577 | ) | (593,465,577 | ) | (944,272,368 | ) | (944,272,368 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(1,070,559,836 | ) | (1,070,559,836 | ) | (1,294,201,876 | ) | (1,294,201,876 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,864,768,437 | ) | (1,864,768,437 | ) | (2,609,810,219 | ) | (2,609,810,219 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(829,480,994 | ) | (829,480,994 | ) | (680,116,245 | ) | (680,116,245 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase in share activity |
426,649,125 | $ | 426,649,125 | 7,749,838,240 | $ | 7,749,838,240 | ||||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% 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, 10% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
| 48 | Short-Term Investments Trust |
NOTE 10–Share Information–(continued)
Invesco Treasury Obligations Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
2,007,630,177 | $ | 2,007,630,177 | 902,898,047 | $ | 902,898,047 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
17,752,712 | 17,752,712 | 17,567,905 | 17,567,905 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
12,396,845 | 12,396,845 | 1,755,557 | 1,755,557 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
38,202,008 | 38,202,008 | 1,001,917 | 1,001,917 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
108,199,892 | 108,199,892 | 120,013,835 | 120,013,835 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
2,952,538 | 2,952,538 | 2,115,950 | 2,115,950 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
16,000,000 | 16,000,000 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
1,687,442 | 1,687,442 | 2,012,405 | 2,012,405 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
65,930 | 65,930 | 107,684 | 107,684 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
282 | 282 | 2,574 | 2,574 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
16,009 | 16,009 | 41,719 | 41,719 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
212,244 | 212,244 | 513,925 | 513,925 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
424 | 424 | 1,002 | 1,002 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
11,998 | 11,998 | 216 | 216 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(1,684,099,423 | ) | (1,684,099,423 | ) | (1,140,217,292 | ) | (1,140,217,292 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(12,877,560 | ) | (12,877,560 | ) | (14,276,606 | ) | (14,276,606 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(11,767,016 | ) | (11,767,016 | ) | (2,041,284 | ) | (2,041,284 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(39,771,691 | ) | (39,771,691 | ) | (2,314,616 | ) | (2,314,616 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(108,535,845 | ) | (108,535,845 | ) | (99,213,748 | ) | (99,213,748 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(2,936,447 | ) | (2,936,447 | ) | (2,078,666 | ) | (2,078,666 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(5,580,000 | ) | (5,580,000 | ) | - | - | ||||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
339,560,519 | $ | 339,560,519 | (212,109,476 | ) | $ | (212,109,476 | ) | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% 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, 49% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
| 49 | Short-Term Investments Trust |
NOTE 10–Share Information–(continued)
Invesco Tax-Free Cash Reserve Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
310,891,005 | $ | 310,891,005 | 205,082,518 | $ | 205,082,518 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
11,295,911 | 11,295,911 | 57,208,640 | 57,208,640 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
11,189,176 | 11,189,176 | 5,818,771 | 5,818,771 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
7,389,500 | 7,389,500 | 49,844,196 | 49,844,196 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
58,297,928 | 58,297,928 | 52,342,069 | 52,342,069 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
4,102,971 | 4,102,971 | 31,003,313 | 31,003,313 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
10 | 10 | 110,000 | 110,000 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
770,263 | 770,263 | 919,230 | 919,230 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
106,524 | 106,524 | 281,127 | 281,127 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
7,119 | 7,119 | 385 | 385 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
164,121 | 164,121 | 309,533 | 309,533 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
50,307 | 50,307 | 79,513 | 79,513 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
21,121 | 21,121 | 51,611 | 51,611 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
75 | 75 | 135 | 135 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(321,704,515 | ) | (321,704,515 | ) | (172,627,076 | ) | (172,627,076 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(21,755,886 | ) | (21,755,886 | ) | (65,060,440 | ) | (65,060,440 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(10,154,592 | ) | (10,154,592 | ) | (3,287,500 | ) | (3,287,500 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(29,359,631 | ) | (29,359,631 | ) | (54,739,582 | ) | (54,739,582 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(51,528,118 | ) | (51,528,118 | ) | (46,570,715 | ) | (46,570,715 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(2,237,435 | ) | (2,237,435 | ) | (32,436,884 | ) | (32,436,884 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
- | - | (110,000 | ) | (110,000 | ) | ||||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
(32,454,146 | ) | $ | (32,454,146 | ) | 28,218,844 | $ | 28,218,844 | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% 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. |
NOTE 11–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
| 50 | Short-Term Investments Trust |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Short-Term Investments Trust and Corporate Class Shareholders of Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (six of the funds constituting Short-Term Investments Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. 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 Funds 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 audits 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 audits 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 audits 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 August 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Houston, Texas
October 29, 2020
We have served as the auditor of one or more of the 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.
| 51 | Short-Term Investments Trust |
Calculating your ongoing Fund expenses
Example
As a shareholder in the Corporate Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each 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 Funds and other funds. To do so, compare this 5% hypothetical example 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. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| HYPOTHETICAL | ||||||||||||
| (5% annual return before | ||||||||||||
| ACTUAL | expenses) | |||||||||||
| Beginning | Ending | Expenses | Ending | Expenses | Annualized | |||||||
| Account Value | Account Value | Paid During | Account Value | Paid During | Expense | |||||||
| Corporate Class | (03/01/20) | (08/31/20)1 | Period2 | (08/31/20) | Period2 | Ratio | ||||||
|
Invesco Liquid Assets Portfolio |
$1,000.00 | $1,002.70 | $1.06 | $1,024.08 | $1.07 | 0.21% | ||||||
|
Invesco STIC Prime Portfolio |
1,000.00 | 1,001.90 | 1.01 | 1,024.13 | 1.02 | 0.20 | ||||||
|
Invesco Treasury Portfolio |
1,000.00 | 1,000.90 | 1.06 | 1,024.08 | 1.07 | 0.21 | ||||||
|
Invesco Government & Agency Portfolio |
1,000.00 | 1,001.10 | 0.91 | 1,024.23 | 0.92 | 0.18 | ||||||
|
Invesco Treasury Obligations Portfolio |
1,000.00 | 1,001.30 | 1.06 | 1,024.08 | 1.07 | 0.21 | ||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
1,000.00 | 1,002.50 | 0.91 | 1,024.23 | 0.92 | 0.18 | ||||||
| 1 |
The actual ending account value is based on the actual total return of the Funds for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
| 2 |
Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year. |
| 52 | Short-Term Investments Trust |
Approval of Investment Advisory and Sub-Advisory Contracts
(Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio)
At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of Short-Term Investments Trust as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of each series portfolio of Short-Term Investments Trust listed above (each, a Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and 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. and, with respect to Invesco Government & Agency Portfolio, Invesco Tax-Free Cash Reserve Portfolio and Invesco Treasury Obligations Portfolio only, separate Sub-Advisory Contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by each Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers 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 receives comparative investment performance
and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each 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 during the course of the year and in prior years 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 June 3, 2020.
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 provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and
its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board 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 also reviewed and considered information regarding the benefits to each Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to each 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 each Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit each Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing each 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 considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for each Fund, as no Affiliated Sub-Adviser currently manages assets of each Fund.
| 53 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the first quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco STIC Prime Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Treasury Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class
shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Government & Agency Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Treasury Obligations Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Tax-Free Cash Reserve Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of
funds in the Broadridge performance universe and against the iMoneyNet Tax-Free National Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the second quintile of its performance universe for the one and five year periods and the first quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was below the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
| C. |
Advisory and Sub-Advisory Fees and Fund Expenses |
Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio
The Board compared each Fund’s contractual management fee rate to the contractual management fee rates of funds in each Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Institutional Class shares of each Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding each Fund’s total expense ratio and its various components. The Board noted that each Fund’s total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of each Fund for the term disclosed in each Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of each Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it
| 54 | Short-Term Investments Trust |
provides to the Invesco Funds relative to certain other types of client accounts, including, among others: 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; 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.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio
The Board compared each Fund’s contractual management fee rate to the contractual management fee rates of funds in each Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Institutional Class shares of each Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding each 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 each Fund for the term disclosed in each Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of each Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. 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, among others: 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; 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.
| D. |
Economies of Scale and Breakpoints |
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Tax-Free Cash Reserve Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to each Fund. The Board noted that each Fund does not benefit from economies of scale through contractual breakpoints, but does 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 each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.
Invesco Treasury Obligations Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits 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 shares 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. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.
| E. |
Profitability and Financial Resources |
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to each Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net
profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services 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 received by Invesco Advisers and its affiliates from the relationship with each Fund, including the fees received for providing administrative, transfer agency and distribution services to each Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to each 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 each Fund.
| 55 | Short-Term Investments Trust |
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended August 31, 2020:
|
Federal and State Income Tax |
||||||||||||||||||||||||||||||
| Long Term Capital | Business Interest | Qualified Dividend | Corporate Dividends | U.S. Treasury | Tax-Exempt | |||||||||||||||||||||||||
| Gain Distributions | Income* | Income* | Received Deduction* | Obligations* | Interest Dividend* | |||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | - | 99.19 | % | 0.00 | % | 0.00 | % | 0.13 | % | 0.00 | % | ||||||||||||||||||
|
Invesco STIC Prime Portfolio |
- | 95.76 | % | 0.00 | % | 0.00 | % | 0.07 | % | 0.00 | % | |||||||||||||||||||
|
Invesco Treasury Portfolio |
198,121 | 99.91 | % | 0.00 | % | 0.00 | % | 62.25 | % | 0.00 | % | |||||||||||||||||||
| Invesco Government & Agency Portfolio | 31,696 | 100.00 | % | 0.00 | % | 0.00 | % | 24.37 | % | 0.00 | % | |||||||||||||||||||
| Invesco Treasury Obligations Portfolio | - | 100.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 0.00 | % | |||||||||||||||||||
| Invesco Tax-Free Cash Reserve Portfolio | - | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | |||||||||||||||||||
| * |
The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year. |
| Non-Resident Alien Shareholders | ||||||||||
| Qualified Short-Term Gains | Qualified Interest Income** | |||||||||
|
Invesco Liquid Assets Portfolio |
$ | 29,559 | 0.00 | % | ||||||
|
Invesco STIC Prime Portfolio |
- | 0.00 | % | |||||||
|
Invesco Treasury Portfolio |
- | 100.00 | % | |||||||
|
Invesco Government & Agency Portfolio |
- | 100.00 | % | |||||||
|
Invesco Treasury Obligations Portfolio |
- | 100.00 | % | |||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 0.00 | % | |||||||
| ** |
The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year. |
| 56 | Short-Term Investments Trust |
The address of each trustee and officer is Short-Term Investments Trust (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
|
Name, Year of Birth and Position(s) Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee |
Other Directorship(s) Held by Trustee During Past 5 Years |
||||
| Interested Trustee | ||||||||
| Martin L. Flanagan1 – 1960 Trustee and Vice Chair | 2007 |
Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business
Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) |
198 | 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. |
| T-1 | Short-Term Investments Trust |
Trustees and Officers–(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 |
1993 |
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 |
198 | 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 | 198 | Board member of the Illinois Manufacturers’ Association | ||||
|
Beth Ann Brown – 1968 Trustee |
2019 |
Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds |
198 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit) | ||||
|
Jack M. Fields – 1952 Trustee |
1997 |
Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit)
Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives |
198 | Member, Board of Directors of Baylor College of Medicine | ||||
|
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP |
198 | Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization) | ||||
| T-2 | Short-Term Investments Trust |
Trustees and Officers–(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) | ||||||||
|
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 | 198 | Insperity, Inc. (formerly known as Administaff) (human resources provider) | ||||
|
Elizabeth Krentzman – 1959 Trustee |
2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management – Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 198 | 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 | ||||
|
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 | 198 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
|
Prema Mathai-Davis – 1950 Trustee |
1998 |
Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute |
198 | None | ||||
|
Joel W. Motley – 1952 Trustee |
2019 |
Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of 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)); and Member of the Vestry of Trinity Church Wall Street |
198 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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: CEO UBS Securities LLC (investment banking); COO Americas UBS AG (investment banking; Sr. Management TeamOlayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury |
198 | Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing) | ||||
| T-3 | Short-Term Investments Trust |
Trustees and Officers–(continued)
|
Name, Year of Birth and Position(s) Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee |
Other Directorship(s) Held by Trustee During Past 5 Years |
||||
| Independent Trustees–(continued) | ||||||||
|
Ann Barnett Stern – 1957 Trustee |
2017 |
President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution)
Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP and Federal Reserve Bank of Dallas |
198 | None | ||||
|
Robert C. Troccoli – 1949 Trustee |
2016 |
Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP |
198 | None | ||||
|
Daniel S. Vandivort –1954 Trustee |
2019 |
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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |
198 | None | ||||
|
James D. Vaughn – 1945 Trustee |
2019 |
Retired
Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds |
198 | Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit) | ||||
|
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate |
2017 |
Retired
Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments |
198 | EnAIble, Inc. (technology) Formerly: ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||
| T-4 | Short-Term Investments Trust |
Trustees and Officers–(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 |
||||
| Officers | ||||||||
|
Sheri Morris – 1964 President, Principal Executive Officer and Treasurer |
1999 |
Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.
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; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, 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 India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC
Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc. |
N/A | N/A | ||||
|
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.; 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 |
N/A | N/A | ||||
| T-5 | Short-Term Investments Trust |
Trustees and Officers–(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 |
||||
| Officers–(continued) | ||||||||
|
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); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
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 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) |
N/A | N/A | ||||
|
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds |
N/A | N/A | ||||
|
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer |
2008 |
Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Vice President, Invesco Advisers, Inc.
Formerly: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds |
N/A | N/A | ||||
| T-6 | Short-Term Investments Trust |
Trustees and Officers–(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 |
||||
| Officers–(continued) | ||||||||
|
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer |
2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||
|
Todd F. Kuehl – 1969 Chief Compliance Officer |
2020 |
Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) |
N/A | N/A | ||||
|
Michael McMaster — 1962 Chief Tax Officer, Vice President and Assistant Treasurer |
2020 |
Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, 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: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) |
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, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP | |||
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 | |||
| Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5678 | ||||
| Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
| Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | Bank of New York Mellon | |||
| 2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 2 Hanson Place | |||
| Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Brooklyn, NY 11217-1431 | |||
| T-7 | Short-Term Investments Trust |
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 in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
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 Cash Management Alliance Services department at 800 659 1005, option 1, 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. This 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. |
|
| SEC file numbers: 811-02729 and 002-58287 | Invesco Distributors, Inc. | CM-STIT-AR-2 |
|
|
||||
|
Annual Report to Shareholders
|
August 31, 2020 | ||
|
|
||||
| Cash Management Class | ||||
| Short-Term Investments Trust (STIT) | ||||
| Invesco Liquid Assets Portfolio | ||||
| Invesco STIC Prime Portfolio | ||||
| Invesco Treasury Portfolio | ||||
| Invesco Government & Agency Portfolio | ||||
| Invesco Treasury Obligations Portfolio | ||||
| Invesco Tax-Free Cash Reserve Portfolio | ||||
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank).
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) 659-1005 (option1) 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.
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.
Unless otherwise stated, information presented in this report is as of August 31, 2020, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
| 3 | ||||
| 5 | ||||
| 6 | ||||
| 7 | ||||
| 8 | ||||
| 32 | ||||
| 38 | ||||
| 39 | ||||
| 51 | ||||
| 52 | ||||
| 53 | ||||
| 56 | ||||
| T-1 | ||||
2
|
Dear Shareholders: This annual report covers the fiscal year ended August 31, 2020. As always, we thank you for investing with us. By investing in a combination of short-term securities and securities with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns during the fiscal year.
Market conditions affecting money market funds The fiscal year was a tale of two markets, bifurcated in terms of overall US economic growth and financial market returns. During the first half of the fiscal year, investors witnessed a resilient US economy, solid corporate earnings and a newly accommodative US Federal Reserve (the Fed), which helped propel risk assets higher, particularly equities. |
The second half of the fiscal year moved in the opposite direction with the onset of the coronavirus (COVID-19) disrupting travel and suppressing consumer activity. Investors became increasingly concerned about the global economy and the abrupt economic stoppage causing mass unemployment and negative GDP growth.
Against this backdrop, the Fed acted swiftly to help buffer the negative economic impact of quarantine and shelter-in-place policies and to limit the potential for permanent damage to the US economy. The Fed cut interest rates twice in March 2020, first by 0.50% and then by 1.00% to a target range of 0.00% to 0.25%.1 The central bank cited dysfunctional short-term funding markets and the possibility of greater longer-term damage to capital markets and the broader economy. Similar to its role in the 2008-2009 financial crisis, the Fed created lending facilities within the commercial paper market, supported prime money market funds directly, and purchased US Treasury bonds and agency mortgage-backed securities across the maturity spectrum. It later engaged in corporate bond purchases of both investment grade and speculative grade quality corporate debt to solidify the proper functioning of markets.
Short-term yields decreased as a result of the Fed cutting rates and adopting a Zero Interest Rate Policy (ZIRP). The ICE BofA 0-3 months US Treasury Bill Index yielded 0.10% on August 31, 2020, down 180 basis points from a year earlier.2 (A basis point is one one-hundredth of a percentage point.) The three-month US dollar LIBOR also declined 190 basis points to 0.24% over the fiscal year.2 Ten-year US Treasury yields declined 80 basis points to 0.70%.2
During the Jackson Hole Economic Symposium on August 27, 2020, the Federal Open Markets Committee and Jay Powell announced a formal strategy shift to flexible average inflation targeting. As a result, it is likely the Fed will be more tolerant of inflation above the 2% threshold while maintaining its maximum employment objective as “a broad-based and inclusive goal“ and that policy decisions will be dictated by “shortfalls” from maximum employment, not just deviations.1 Powell emphasized that the latter change “reflects our view that a robust job market can be sustained without causing an outbreak of inflation“ and that “employment can run at or above real-time estimates of its maximum level without causing concern.”1
Invesco Global Liquidity
For more than 35 years, Invesco Global Liquidity has worked to gain and keep the trust of our investors through our deep industry knowledge and our investment expertise. Invesco Global Liquidity’s goal is to provide our investors with a full suite of liquidity management solutions to meet their investing needs through our disciplined investment process. For Invesco Global Liquidity, safety is of paramount importance in the investment process for all our money market funds. Our conservative investment philosophy has always focused on providing safety, liquidity, and yield – in that order – to our money market fund investors. Invesco Global Liquidity is dedicated to the future of this industry – and to yours.
Again, thank you for investing with us.
Sincerely,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.
1 Source: US Federal Reserve
2 Source: US Treasury Department
3 Short-Term Investments Trust
|
Dear Fellow Shareholders:
As independent chair of the Invesco
Funds Board, I can assure you that the members of the
|
|
|
We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee. |
||
|
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
|
||
|
Sincerely, |
||
|
|
||
|
Bruce L. Crockett Independent Chair Invesco Funds Board of Trustees |
||
4 Short-Term Investments Trust
|
Cash Management Class data as of 8/31/20 |
||||||||||
|
|
||||||||||
| FUND | WEIGHTED | WEIGHTED | TOTAL | |||||||
| AVERAGE | AVERAGE | NET | ||||||||
| MATURITY | LIFE | ASSETS | ||||||||
| Range | At | At | ||||||||
| During | Reporting | Reporting | ||||||||
| Reporting | Period | Period | ||||||||
| Period | End | End | ||||||||
|
Invesco Liquid Assets1 |
19 - 49 days | 39 days | 56 days | $2.9 million | ||||||
|
Invesco STIC Prime1 |
7 - 20 days | 9 days | 10 days | 503.8 thousand | ||||||
|
Invesco Treasury2 |
14 - 59 days | 38 days | 103 days | 372.0 million | ||||||
|
Invesco Government & Agency2 |
7 - 44 days | 22 days | 112 days | 431.5 million | ||||||
|
Invesco Treasury Obligations2 |
28 - 59 days | 54 days | 109 days | 340.6 thousand | ||||||
|
Invesco Tax-Free Cash Reserve3 |
7 - 15 days | 8 days | 8 days | 5.5 million | ||||||
|
Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes. Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. |
||||||||||
| 1 |
You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. 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. |
| 2 |
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. |
| 3 |
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. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. 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. |
5 Short-Term Investments Trust
Fund Objectives and Strategies
Invesco Liquid Assets Portfolio
Invesco Liquid Assets Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests primarily in high-quality US dollar-denominated short-term debt obligations, including: (i) securities issued by the US government or its agencies; (ii) certificates of deposit and time deposits from US or foreign banks; (iii) repurchase agreements; (iv) commercial paper; and (v) municipal securities.
Invesco STIC Prime Portfolio
Invesco STIC Prime Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests in high-quality US dollar denominated obligations with maturities of 60 calendar days or less, including: (i) securities issued by the US government or its agencies; (ii) certificates of deposit and time deposits from US or foreign banks; (iii) repurchase agreements; (iv) commercial paper; and (v) municipal securities.
Invesco Treasury Portfolio
Invesco Treasury Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash, government securities, and repurchase agreements collateralized by cash or government securities. In addition, the Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in direct obligations of the US Treasury including bills, notes and bonds, and repurchase agreements secured by those obligations. In contrast to the Fund’s 99.5% policy, the Funds 80% policy does not include cash or repurchase agreements collateralized by cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government or certain of its agencies or instrumentalities; or any certificate of deposit for any of the foregoing. The Fund considers repurchase agreements with the Federal Reserve Bank of New York to be US government securities for purposes of the Fund’s investment policies.
Invesco Government & Agency Portfolio
Invesco Government & Agency Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash, government securities and repurchase agreements collateralized by cash or government securities. In addition, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested, under normal circumstances, in direct obligations of the US Treasury and other securities issued or guaranteed as to principal and interest by the US government or its agencies and instrumentalities, as well as repurchase agreements secured by those obligations. Direct obligations of the US Treasury generally include bills, notes and bonds. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash or repurchase agreements collateralized by cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government or certain of its agencies or instrumentalities, or any certificate of deposit for any
of the foregoing. The Fund considers repurchase agreements with the Federal Reserve Bank of New York to be US government securities for purposes of the Fund’s investment policies.
Invesco Treasury Obligations Portfolio
Invesco Treasury Obligations Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash and government securities. In addition, the Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in direct obligations of the US Treasury, which include Treasury bills, notes and bonds. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government. At the present time, the Fund has no current intention to invest in securities other than direct obligations of the US Treasury.
Invesco Tax-Free Cash Reserve Portfolio
Invesco Tax-Free Cash Reserve Portfolio’s investment objective is to provide tax-exempt income consistent with preservation of capital and liquidity.
The Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities that (i) pay interest that is excluded from gross income for federal income tax purposes, and (ii) do not produce income that will be considered to be an item of preference for purposes of the alternative minimum tax. While the Fund’s distributions are primarily exempt from federal income tax, a portion of the Fund’s distributions may be subject to the federal alternative minimum tax and state and local taxes.
6 Short-Term Investments Trust
|
In days, as of 8/31/20 |
||||||||||||||||||||
|
Invesco Liquid
Assets Portfolio |
Invesco STIC
Prime Portfolio |
Invesco
Treasury Portfolio |
Invesco
Government & Agency Portfolio |
Invesco Treasury
Obligations Portfolio |
Invesco Tax-Free
Cash Reserve Portfolio |
|||||||||||||||
|
1 - 7 |
41.1% | 52.9% | 37.6% | 25.9% | 3.6% | 0.9% | ||||||||||||||
|
8 - 30 |
13.2 | 30.4 | 12.4 | 16.6 | 26.0 | 95.6 | ||||||||||||||
|
31 - 60 |
10.4 | 16.7 | 9.9 | 13.6 | 21.1 | 3.3 | ||||||||||||||
|
61 - 90 |
9.6 | 0.0 | 5.1 | 9.9 | 15.6 | 0.2 | ||||||||||||||
|
91 - 180 |
17.9 | 0.0 | 18.4 | 9.9 | 20.4 | 0.0 | ||||||||||||||
|
181+ |
7.8 | 0.0 | 16.6 | 24.1 | 13.3 | 0.0 | ||||||||||||||
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
7 Short-Term Investments Trust
August 31, 2020
Invesco Liquid Assets Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Commercial Paper-41.89%(a) |
||||||||||||||||
|
Asset-Backed Securities - Fully Supported Bank-14.49% |
||||||||||||||||
|
Cancara Asset Securitisation LLC (CEP - Lloyds Bank LLC)(b) |
0.21 | % | 11/24/2020 | $ | 30,000 | $ | 29,988,100 | |||||||||
|
|
||||||||||||||||
|
Concord Minutemen Capital Co. LLC (Multi - CEP’s)(b)(c) |
0.16 | % | 09/14/2020 | 50,000 | 49,999,028 | |||||||||||
|
|
||||||||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.40 | % | 12/01/2020 | 25,000 | 25,011,673 | |||||||||||
|
|
||||||||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.39 | % | 01/05/2021 | 16,500 | 16,508,425 | |||||||||||
|
|
||||||||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.35 | % | 01/22/2021 | 5,000 | 5,002,096 | |||||||||||
|
|
||||||||||||||||
|
Great Bridge Capital Co. LLC (CEP - Standard Chartered)(b)(c) |
0.24 | % | 11/09/2020 | 30,000 | 29,992,708 | |||||||||||
|
|
||||||||||||||||
|
Great Bridge Capital Co. LLC (CEP - Standard Chartered)(b)(c) |
0.22 | % | 11/20/2020 | 25,000 | 24,992,350 | |||||||||||
|
|
||||||||||||||||
|
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.33 | % | 02/03/2021 | 40,000 | 39,950,600 | |||||||||||
|
|
||||||||||||||||
|
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) |
0.25 | % | 09/14/2020 | 30,000 | 29,998,320 | |||||||||||
|
|
||||||||||||||||
|
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) |
0.27 | % | 11/03/2020 | 25,759 | 25,750,345 | |||||||||||
|
|
||||||||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.31 | % | 09/02/2020 | 21,000 | 20,999,849 | |||||||||||
|
|
||||||||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.37%-0.40 | % | 11/05/2020 | 55,000 | 54,984,774 | |||||||||||
|
|
||||||||||||||||
|
Versailles Commercial Paper LLC (CEP - Natixis S.A.)(b)(c) |
0.22 | % | 01/05/2021 | 18,750 | 18,736,308 | |||||||||||
|
|
||||||||||||||||
| 371,914,576 | ||||||||||||||||
|
|
||||||||||||||||
|
Diversified Banks-10.72% |
||||||||||||||||
|
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.07%)
|
0.37 | % | 10/06/2020 | 10,000 | 10,001,179 | |||||||||||
|
|
||||||||||||||||
|
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.12%)
|
0.36 | % | 11/09/2020 | 20,000 | 20,006,229 | |||||||||||
|
|
||||||||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.57 | % | 10/27/2020 | 25,000 | 24,995,487 | |||||||||||
|
|
||||||||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.22 | % | 02/25/2021 | 30,000 | 29,978,492 | |||||||||||
|
|
||||||||||||||||
|
HSBC Bank PLC (3 mo. USD LIBOR + 0.20%) (United Kingdom)(b)(c)(d) |
0.76 | % | 11/02/2020 | 20,000 | 20,007,281 | |||||||||||
|
|
||||||||||||||||
|
Natixis S.A.(b) |
0.35 | % | 11/30/2020 | 5,000 | 4,997,915 | |||||||||||
|
|
||||||||||||||||
|
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) |
0.21 | % | 02/16/2021 | 50,000 | 49,963,618 | |||||||||||
|
|
||||||||||||||||
|
NRW Bank (Germany)(b)(c) |
0.11 | % | 09/04/2020 | 50,000 | 49,999,472 | |||||||||||
|
|
||||||||||||||||
|
Royal Bank of Canada (SOFR + 0.40%) (Canada)(b)(c)(d) |
0.49 | % | 10/07/2020 | 35,000 | 35,012,225 | |||||||||||
|
|
||||||||||||||||
|
Royal Bank of Canada (3 mo. USD LIBOR + 0.11%)(b)(c)(d) |
0.43 | % | 06/11/2021 | 15,000 | 15,012,191 | |||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.10%)
|
0.41 | % | 09/15/2020 | 5,000 | 5,000,298 | |||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.09%)
|
0.36 | % | 07/20/2021 | 10,000 | 10,003,086 | |||||||||||
|
|
||||||||||||||||
| 274,977,473 | ||||||||||||||||
|
|
||||||||||||||||
|
Diversified Capital Markets-2.92% |
||||||||||||||||
|
Longship Funding LLC (CEP - Nordea Bank AB)(b)(c) |
0.17 | % | 10/19/2020 | 50,000 | 49,981,285 | |||||||||||
|
|
||||||||||||||||
|
UBS AG(b)(c) |
1.85 | % | 01/15/2021 | 25,000 | 24,973,742 | |||||||||||
|
|
||||||||||||||||
| 74,955,027 | ||||||||||||||||
|
|
||||||||||||||||
|
Other Diversified Financial Services-2.92% |
||||||||||||||||
|
Anglesea Funding LLC (1 mo. OBFR + 0.10%)(b)(c)(d) |
0.18 | % | 11/05/2020 | 25,000 | 25,000,000 | |||||||||||
|
|
||||||||||||||||
|
Erste Abwicklungsanstalt (Germany)(b)(c) |
0.00 | % | 03/01/2021 | 50,000 | 49,962,589 | |||||||||||
|
|
||||||||||||||||
| 74,962,589 | ||||||||||||||||
|
|
||||||||||||||||
|
Regional Banks-7.41% |
||||||||||||||||
|
Banque et Caisse d’Epargne de l’Etat (Luxembourg)(b) |
1.45 | % | 09/10/2020 | 25,000 | 24,999,549 | |||||||||||
|
|
||||||||||||||||
|
BNZ International Funding Ltd. (1 mo. USD LIBOR + 0.30%) (United Kingdom)(b)(c)(d) |
0.46 | % | 09/11/2020 | 25,000 | 25,002,485 | |||||||||||
|
|
||||||||||||||||
|
BNZ International Funding Ltd. (1 mo. USD LIBOR + 0.27%) (United Kingdom)(b)(c)(d) |
0.44 | % | 10/27/2020 | 40,000 | 40,016,979 | |||||||||||
|
|
||||||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp.(b)(c) |
0.15 | % | 09/03/2020 | 50,000 | 49,999,683 | |||||||||||
|
|
||||||||||||||||
|
Svenska Handelsbanken AB (3 mo. USD LIBOR +
0.10%)
|
0.41 | % | 12/30/2020 | 50,000 | 50,022,297 | |||||||||||
|
|
||||||||||||||||
| 190,040,993 | ||||||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Specialized Finance-3.43% |
||||||||||||||||
|
FMS Wertmanagement (Germany)(b)(c) |
0.25% | 12/14/2020 | $ | 50,000 | $ | 49,980,312 | ||||||||||
|
|
||||||||||||||||
|
FMS Wertmanagement (Germany)(b)(c) |
0.20% | 03/04/2021 | 25,000 | 24,976,618 | ||||||||||||
|
|
||||||||||||||||
|
Pacific Life Short Term Funding LLC(c) |
0.22% | 10/16/2020 | 13,000 | 12,997,409 | ||||||||||||
|
|
||||||||||||||||
| 87,954,339 | ||||||||||||||||
|
|
||||||||||||||||
|
Total Commercial Paper (Cost $1,074,442,925) |
1,074,804,997 | |||||||||||||||
|
|
||||||||||||||||
|
Certificates of Deposit-16.96% |
||||||||||||||||
|
Bank of Nova Scotia (The) (Federal Funds Rate + 0.37%)(b)(d) |
0.46% | 09/09/2020 | 15,000 | 15,000,743 | ||||||||||||
|
|
||||||||||||||||
|
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(b)(d) |
0.38% | 11/13/2020 | 20,000 | 20,007,396 | ||||||||||||
|
|
||||||||||||||||
|
Canadian Imperial Bank of Commerce (Federal Funds Rate +
|
0.45% | 09/18/2020 | 20,000 | 20,002,088 | ||||||||||||
|
|
||||||||||||||||
|
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR
+
|
0.34% | 01/22/2021 | 15,000 | 15,010,086 | ||||||||||||
|
|
||||||||||||||||
|
KBC Bank N.V.(b) |
0.10% | 09/03/2020 | 50,000 | 50,000,025 | ||||||||||||
|
|
||||||||||||||||
|
Natixis S.A. (3 mo. USD LIBOR + 0.11%)(b)(d) |
0.41% | 10/02/2020 | 35,000 | 35,005,684 | ||||||||||||
|
|
||||||||||||||||
|
Rabobank Nederland (Netherlands)(b) |
0.08% | 09/01/2020 | 120,000 | 120,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Sumitomo Mitsui Trust Bank Ltd.(b) |
0.10% | 09/03/2020 | 50,000 | 50,000,004 | ||||||||||||
|
|
||||||||||||||||
|
Svenska Handelsbanken AB (3 mo. USD LIBOR + 0.10%)(b)(d) |
0.36% | 11/24/2020 | 20,000 | 20,007,144 | ||||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (SOFR + 0.42%)(b)(d) |
0.51% | 09/30/2020 | 25,000 | 25,007,497 | ||||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.11%)(b)(d) |
0.43% | 06/10/2021 | 15,000 | 15,007,518 | ||||||||||||
|
|
||||||||||||||||
|
Westpac Banking Corp. (3 mo. USD LIBOR + 0.12%)(b)(d) |
0.40% | 07/08/2021 | 50,000 | 50,048,806 | ||||||||||||
|
|
||||||||||||||||
|
Total Certificates of Deposit (Cost $435,000,000) |
435,096,991 | |||||||||||||||
|
|
||||||||||||||||
|
U.S. Dollar Denominated Bonds & Notes-6.08% |
||||||||||||||||
|
Diversified Banks-3.96% |
||||||||||||||||
|
Australia & New Zealand Banking Group Ltd. (3 mo. USD LIBOR + 0.99%) (Australia)(b)(c)(d) |
1.24% | 06/01/2021 | 33,400 | 33,637,550 | ||||||||||||
|
|
||||||||||||||||
|
Bank of Nova Scotia (The) (Canada)(b) |
2.50% | 01/08/2021 | 10,103 | 10,184,337 | ||||||||||||
|
|
||||||||||||||||
|
HSBC Bank PLC (United Kingdom)(b)(c) |
4.75% | 01/19/2021 | 47,285 | 48,085,599 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Bank N.A. |
2.05% | 10/23/2020 | 9,550 | 9,561,469 | ||||||||||||
|
|
||||||||||||||||
| 101,468,955 | ||||||||||||||||
|
|
||||||||||||||||
|
Diversified Capital Markets-1.18% |
||||||||||||||||
|
UBS AG (Switzerland)(b)(c) |
2.45% | 12/01/2020 | 30,260 | 30,372,098 | ||||||||||||
|
|
||||||||||||||||
|
Technology Hardware, Storage & Peripherals-0.94% |
||||||||||||||||
|
Apple, Inc. |
2.25% | 02/23/2021 | 23,971 | 24,162,301 | ||||||||||||
|
|
||||||||||||||||
|
Total U.S. Dollar Denominated Bonds & Notes (Cost $155,802,618) |
156,003,354 | |||||||||||||||
|
|
||||||||||||||||
|
Variable Rate Demand Notes-2.68%(e) |
||||||||||||||||
|
Credit Enhanced-2.68% |
||||||||||||||||
|
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.28% | 04/01/2047 | 9,300 | 9,299,999 | ||||||||||||
|
|
||||||||||||||||
|
Keep Memory Alive; Series 2013, VRD Bonds (LOC -
|
0.18% | 05/01/2037 | 2,600 | 2,600,000 | ||||||||||||
|
|
||||||||||||||||
|
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.05% | 11/01/2035 | 18,225 | 18,225,000 | ||||||||||||
|
|
||||||||||||||||
|
New York (State of) Housing Finance Agency (160 Madison); Series 2013 B, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.07% | 11/01/2046 | 3,400 | 3,400,000 | ||||||||||||
|
|
||||||||||||||||
|
New York (State of) Housing Finance Agency (455 West 37th Street Housing);
|
0.07% | 05/01/2041 | 2,400 | 2,400,000 | ||||||||||||
|
|
||||||||||||||||
|
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC) |
0.08% | 11/01/2035 | 2,900 | 2,900,000 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Credit Enhanced-(continued) |
||||||||||||||||
|
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB |
0.10% | 08/01/2045 | $ | 30,000 | $ | 30,000,000 | ||||||||||
|
|
||||||||||||||||
|
Total Variable Rate Demand Notes (Cost $68,824,999) |
68,824,999 | |||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Securities-1.95% |
||||||||||||||||
|
U.S. Treasury Bills-1.95%(a) |
||||||||||||||||
|
U.S. Treasury Bills (Cost $49,993,875) |
0.09% | 10/20/2020 | 50,000 | 49,993,705 | ||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-69.56%
|
1,784,724,046 | |||||||||||||||
|
|
||||||||||||||||
| Repurchase | ||||||||||||||||
| Amount | ||||||||||||||||
|
Repurchase Agreements-32.38%(g) |
||||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $100,000,556 (collateralized by U.S. government sponsored agency obligations, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic agency and non-agency asset-backed securities valued at $104,622,809; 0.00% - 7.75%; 10/14/2020 - 06/20/2070)(b) |
0.20% | 09/01/2020 | 30,000,167 | 30,000,000 | ||||||||||||
|
|
||||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $75,000,479 (collateralized by domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $78,964,787; 0.00% - 6.69%; 10/22/2021 - 06/20/2070)(b) |
0.23% | 09/01/2020 | 15,000,096 | 15,000,000 | ||||||||||||
|
|
||||||||||||||||
|
BMO Capital Markets Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,458 (collateralized by domestic agency and non-agency asset-backed securities, domestic and foreign corporate obligations, domestic and foreign agency and non-agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $26,041,717; 0.00% - 6.30%; 07/20/2021 - 06/20/2070)(b)(h) |
0.30% | 09/03/2020 | 10,000,583 | 10,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/31/2020, aggregate maturing value of $200,001,111 (collateralized by foreign corporate obligations valued at $204,001,511; 0.38% - 7.69%; 01/29/2021 - 01/23/2050)(b) |
0.20% | 09/01/2020 | 35,000,194 | 35,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/24/2020, aggregate maturing value of $155,031,000 (collateralized by foreign corporate obligations valued at $158,100,742; 0.63% - 7.69%; 01/29/2021 - 01/23/2050)(b)(h) |
0.24% | 09/23/2020 | 35,007,000 | 35,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,069 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic and foreign non-agency mortgage-backed securities valued at $27,500,000; 0.00% - 12.00%; 10/01/2020 - 05/25/2065)(b)(h) |
0.22% | 09/03/2020 | 5,000,214 | 5,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of
$60,002,333 (collateralized by domestic and foreign agency and non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $63,000,000; 0.60% - 7.00%; 01/25/2030 -
|
0.20% | 09/03/2020 | 15,000,583 | 15,000,000 | ||||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,139 (collateralized by domestic and foreign corporate obligations valued at $26,250,001; 1.38% - 4.49%; 09/15/2020 - 04/01/2050)(b) |
0.20% | 09/01/2020 | 15,000,083 | 15,000,000 | ||||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,174 (collateralized by foreign corporate obligations and domestic agency mortgage-backed securities valued at $27,492,047; 3.00% - 7.00%; 03/17/2024 - 06/03/2050)(b) |
0.25% | 09/01/2020 | 10,000,069 | 10,000,000 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
Investment Abbreviations:
| CEP | -Credit Enhancement Provider | |
| FHLMC | -Federal Home Loan Mortgage Corp. | |
| LIBOR | -London Interbank Offered Rate | |
| LOC | -Letter of Credit | |
| OBFR | -Overnight Bank Funding Rate | |
| RB | -Revenue Bonds | |
| Ref. | -Refunding | |
| SOFR | -Secured Overnight Financing Rate | |
| USD | -U.S. Dollar | |
| VRD | -Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
Notes to Schedule of Investments:
| (a) |
Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: France: 12.7%; Netherlands: 10.8%; Canada: 10.5%; Germany: 7.8%; Japan: 7.6%; United Kingdom: 6.0%; other countries less than 5% each: 21.5%. |
| (c) |
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 August 31, 2020 was $1,136,214,679, which represented 44.29% of the Fund’s Net Assets. |
| (d) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (e) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (f) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (g) |
Principal amount equals value at period end. See Note 1I. |
| (h) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (i) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (j) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (k) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco STIC Prime Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Commercial Paper-22.90%(a) |
||||||||||||||||
|
Asset-Backed Securities - Fully Supported Bank-13.62% |
||||||||||||||||
|
Concord Minutemen Capital Co. LLC (Multi - CEP’s)(b)(c) |
0.16 | % | 09/16/2020 | $ | 10,000 | $ | 9,999,751 | |||||||||
|
|
||||||||||||||||
|
LMA Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.20 | % | 09/14/2020 | 5,000 | 4,999,728 | |||||||||||
|
|
||||||||||||||||
|
Nieuw Amsterdam Receivables Corp. (Multi - CEP’s)(b)(c) |
0.15 | % | 09/17/2020 | 10,000 | 9,999,310 | |||||||||||
|
|
||||||||||||||||
|
Regency Markets No. 1 LLC (CEP - HSBC Bank PLC)(b)(c) |
0.15 | % | 09/08/2020 | 10,000 | 9,999,698 | |||||||||||
|
|
||||||||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.20 | % | 09/04/2020 | 9,000 | 8,999,876 | |||||||||||
|
|
||||||||||||||||
| 43,998,363 | ||||||||||||||||
|
|
||||||||||||||||
|
Diversified Banks-9.28% |
||||||||||||||||
|
BNG Bank N.V. (Netherlands)(b)(c) |
0.15 | % | 09/14/2020 | 10,000 | 9,999,728 | |||||||||||
|
|
||||||||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.15 | % | 10/20/2020 | 10,000 | 9,998,445 | |||||||||||
|
|
||||||||||||||||
|
NRW Bank (Germany)(b)(c) |
0.17 | % | 10/13/2020 | 10,000 | 9,998,399 | |||||||||||
|
|
||||||||||||||||
| 29,996,572 | ||||||||||||||||
|
|
||||||||||||||||
|
Total Commercial Paper (Cost $73,993,356) |
73,994,935 | |||||||||||||||
|
|
||||||||||||||||
|
Variable Rate Demand Notes-11.33%(d) |
||||||||||||||||
|
Credit Enhanced-11.33% |
||||||||||||||||
|
Capital Area Housing Finance Corp. (Cypress Creek at River Apartments); Series 2006, VRD RB (LOC - Citibank N.A.)(e)(f) |
0.12 | % | 10/01/2039 | 9,300 | 9,300,000 | |||||||||||
|
|
||||||||||||||||
|
Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.28 | % | 04/01/2047 | 7,800 | 7,800,000 | |||||||||||
|
|
||||||||||||||||
|
Keep Memory Alive; Series 2013, VRD Bonds (LOC -
|
0.18 | % | 05/01/2037 | 3,160 | 3,160,000 | |||||||||||
|
|
||||||||||||||||
|
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2016 B, VRD RB (LOC - Bank of China Ltd.)(c)(f) |
0.21 | % | 05/01/2050 | 2,100 | 2,100,000 | |||||||||||
|
|
||||||||||||||||
|
San Francisco (City & County of), CA (Transbay Block); Series 2016 H, VRD RB (LOC - Bank of China Ltd.)(c)(f) |
0.20 | % | 11/01/2056 | 2,975 | 2,975,000 | |||||||||||
|
|
||||||||||||||||
|
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB |
0.10 | % | 08/01/2045 | 6,000 | 6,000,000 | |||||||||||
|
|
||||||||||||||||
|
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)(b)(f) |
0.16 | % | 01/01/2033 | 5,300 | 5,300,000 | |||||||||||
|
|
||||||||||||||||
|
Total Variable Rate Demand Notes (Cost $36,635,000) |
36,635,000 | |||||||||||||||
|
|
||||||||||||||||
|
Certificates of Deposit-10.12% |
||||||||||||||||
|
Industrial & Commercial Bank of China Ltd.(c) |
0.24 | % | 10/09/2020 | 12,000 | 12,000,429 | |||||||||||
|
|
||||||||||||||||
|
Oversea Chinese Banking Corp. Ltd.(c) |
0.26 | % | 09/16/2020 | 3,700 | 3,700,220 | |||||||||||
|
|
||||||||||||||||
|
Rabobank Nederland (Netherlands)(c) |
0.08 | % | 09/01/2020 | 5,000 | 5,000,000 | |||||||||||
|
|
||||||||||||||||
|
Skandinaviska Enskilda Banken AB(c) |
0.24 | % | 10/01/2020 | 12,000 | 12,001,291 | |||||||||||
|
|
||||||||||||||||
|
Total Certificates of Deposit (Cost $32,700,953) |
32,701,940 | |||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-44.35%
|
143,331,875 | |||||||||||||||
|
|
||||||||||||||||
| Repurchase | ||||||||||||||||
| Amount | ||||||||||||||||
|
Repurchase Agreements-55.35%(g) |
||||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $100,000,556 (collateralized by U.S. government sponsored agency obligations, domesticand foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic agency and non-agency asset-backed securities valued at $104,622,809; 0.00% - 7.75%; 10/14/2020 - 06/20/2070)(c) |
0.20 | % | 09/01/2020 | 5,000,027 | 5,000,000 | |||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco STIC Prime Portfolio
| Interest | Maturity | Repurchase | ||||||||||||||
| Rate | Date | Amount | Value | |||||||||||||
|
|
||||||||||||||||
|
BMO Capital Markets Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,458 (collateralized by domestic agency and non-agency asset-backed securities, domestic and foreign corporate obligations, domestic and foreign agency and non-agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $26,041,717; 0.00% - 6.30%; 07/20/2021 - 06/20/2070)(c)(h) |
0.30 | % | 09/03/2020 | $ | 5,000,292 | $ | 5,000,000 | |||||||||
|
|
||||||||||||||||
|
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/31/2020, aggregate maturing value of $200,001,111 (collateralized by foreign corporate obligations valued at $204,001,511; 0.38% - 7.69%; 01/29/2021 - 01/23/2050)(c) |
0.20 | % | 09/01/2020 | 5,000,028 | 5,000,000 | |||||||||||
|
|
||||||||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $60,002,333 (collateralized by domestic and foreign agency and non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $63,000,000; 0.60% - 7.00%; 01/25/2030 - 08/16/2060)(c)(h) |
0.20 | % | 09/03/2020 | 5,000,194 | 5,000,000 | |||||||||||
|
|
||||||||||||||||
|
Credit Suisse Securities (USA) LLC, term agreement dated 08/31/2020, maturing value of $10,000,000 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $10,498,122; 0.00% - 10.23%; 09/17/2020 - 09/15/2072)(c)(i) |
0.41 | % | 10/05/2020 | 10,000,000 | 10,000,000 | |||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,174 (collateralized by foreign corporate obligations and domestic agency mortgage-backed securities valued at $27,492,047; 3.00% - 7.00%; 03/17/2024 - 06/03/2050)(c) |
0.25 | % | 09/01/2020 | 5,000,035 | 5,000,000 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09 | % | 09/01/2020 | 28,878,759 | 28,878,687 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,753,628; 0.00% - 8.38%; 11/01/2024 - 07/30/2076)(j) |
0.28 | % | - | - | 15,000,000 | |||||||||||
|
|
||||||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 10/21/2019 (collateralized by foreign corporate obligations valued at $20,400,002; 2.38% - 2.88%; 10/17/2024 - 10/17/2029)(c)(j) |
0.21 | % | - | - | 10,000,000 | |||||||||||
|
|
||||||||||||||||
|
Mizuho Securities (USA) LLC, joint open agreement dated 06/22/2020 (collateralized by domestic and foreign equity securities valued at $82,750,005; 0.00% - 6.13%; 01/15/2022 - 12/01/2048)(c)(j) |
0.23 | % | - | - | 15,000,000 | |||||||||||
|
|
||||||||||||||||
|
RBC Capital Markets LLC, joint agreement dated 08/31/2020, aggregate maturing value of $100,000,639 (collateralized by domestic and foreign corporate obligations valued at $105,000,777; 0.77% - 10.20%; 09/18/2020 - 02/15/2060)(c) |
0.23 | % | 09/01/2020 | 10,000,064 | 10,000,000 | |||||||||||
|
|
||||||||||||||||
|
RBC Dominion Securities Inc., joint agreement dated 08/31/2020, aggregate maturing value of $1,000,002,500 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,020,000,000; 0.00% - 3.00%; 05/15/2045 - 09/01/2050) |
0.09 | % | 09/01/2020 | 30,000,075 | 30,000,000 | |||||||||||
|
|
||||||||||||||||
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, and domestic and foreign corporate obligations valued at $63,603,481; 0.28% - 12.25%; 03/09/2021 - 12/15/2072)(c)(j) |
0.26 | % | - | - | 5,000,000 | |||||||||||
|
|
||||||||||||||||
|
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 2.00% - 4.00%; 12/01/2046 - 06/01/2050) |
0.09 | % | 09/01/2020 | 30,000,075 | 30,000,000 | |||||||||||
|
|
||||||||||||||||
|
Total Repurchase Agreements (Cost $178,878,687) |
178,878,687 | |||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(k)(l)-99.70% (Cost $322,207,996) |
322,210,562 | |||||||||||||||
|
|
||||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-0.30% |
967,073 | |||||||||||||||
|
|
||||||||||||||||
|
NET ASSETS-100.00% |
$ | 323,177,635 | ||||||||||||||
|
|
||||||||||||||||
Investment Abbreviations:
| CEP | -Credit Enhancement Provider | |
| LOC | -Letter of Credit | |
| RB | -Revenue Bonds | |
| VRD | -Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco STIC Prime Portfolio
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
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 August 31, 2020 was $87,094,935, which represented 26.95% of the Fund’s Net Assets. |
| (c) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Japan: 10.2%; Netherlands: 9.3%; Switzerland: 7.7%; France: 7.4%; Canada: 6.2%; China: 5.3%; other countries less than 5% each: 14.1%. |
| (d) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (e) |
Security subject to the alternative minimum tax. |
| (f) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (g) |
Principal amount equals value at period end. See Note 1I. |
| (h) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (i) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (j) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (k) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (l) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Treasury Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Securities-59.83% |
|
|||||||||||||||
|
U.S. Treasury Bills-35.54%(a) |
||||||||||||||||
|
U.S. Treasury Bills |
0.13%-1.02% | 09/03/2020 | $ | 650,000 | $ | 649,985,306 | ||||||||||
|
U.S. Treasury Bills |
0.14% | 09/08/2020 | 250,000 | 249,993,194 | ||||||||||||
|
U.S. Treasury Bills |
0.15%-1.77% | 09/10/2020 | 450,000 | 449,923,875 | ||||||||||||
|
U.S. Treasury Bills |
0.09%-0.14% | 09/17/2020 | 600,000 | 599,970,000 | ||||||||||||
|
U.S. Treasury Bills |
0.17% | 09/22/2020 | 250,000 | 249,975,208 | ||||||||||||
|
U.S. Treasury Bills |
0.14% | 09/29/2020 | 250,000 | 249,973,750 | ||||||||||||
|
U.S. Treasury Bills |
0.19% | 10/08/2020 | 250,000 | 249,952,465 | ||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/13/2020 | 200,000 | 199,965,000 | ||||||||||||
|
U.S. Treasury Bills |
0.18% | 10/15/2020 | 250,000 | 249,945,000 | ||||||||||||
|
U.S. Treasury Bills |
0.09%-0.16% | 10/20/2020 | 550,000 | 549,910,507 | ||||||||||||
|
U.S. Treasury Bills |
0.16% | 10/29/2020 | 250,000 | 249,937,570 | ||||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 11/10/2020 | 350,000 | 349,889,167 | ||||||||||||
|
U.S. Treasury Bills |
0.19% | 11/17/2020 | 250,000 | 249,898,403 | ||||||||||||
|
U.S. Treasury Bills |
0.19% | 11/24/2020 | 250,000 | 249,892,083 | ||||||||||||
|
U.S. Treasury Bills |
0.10%-0.11% | 11/27/2020 | 300,000 | 299,925,083 | ||||||||||||
|
U.S. Treasury Bills |
0.17% | 12/03/2020 | 200,000 | 199,912,167 | ||||||||||||
|
U.S. Treasury Bills |
0.16% | 12/08/2020 | 250,000 | 249,894,514 | ||||||||||||
|
U.S. Treasury Bills |
0.19% | 12/10/2020 | 250,000 | 249,871,528 | ||||||||||||
|
U.S. Treasury Bills |
0.16% | 12/15/2020 | 350,000 | 349,873,854 | ||||||||||||
|
U.S. Treasury Bills |
0.15% | 12/22/2020 | 150,000 | 149,932,333 | ||||||||||||
|
U.S. Treasury Bills |
0.11%-0.18% | 12/24/2020 | 400,000 | 399,819,500 | ||||||||||||
|
U.S. Treasury Bills |
0.17% | 12/31/2020 | 200,000 | 199,889,083 | ||||||||||||
|
U.S. Treasury Bills |
0.00% | 02/02/2021 | 200,000 | 199,905,889 | ||||||||||||
|
U.S. Treasury Bills |
0.12%-0.26% | 02/25/2021 | 400,000 | 399,631,250 | ||||||||||||
|
U.S. Treasury Bills |
0.18%-0.26% | 03/25/2021 | 400,000 | 399,476,111 | ||||||||||||
|
U.S. Treasury Bills |
0.14% | 08/12/2021 | 150,000 | 149,798,749 | ||||||||||||
| 8,047,141,589 | ||||||||||||||||
|
U.S. Treasury Notes-24.29% |
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) |
0.22% | 01/31/2021 | 781,000 | 780,884,897 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) |
0.24% | 04/30/2021 | 638,500 | 638,393,038 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) |
0.33% | 07/31/2021 | 500,000 | 499,984,043 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b) |
0.41% | 10/31/2021 | 450,000 | 450,408,650 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b) |
0.26% | 01/31/2022 | 500,000 | 499,763,324 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b) |
0.22% | 04/30/2022 | 544,000 | 544,467,361 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b) |
0.16% | 07/31/2022 | 400,000 | 400,010,889 | ||||||||||||
|
U.S. Treasury Notes |
1.38% | 09/30/2020 | 163,000 | 163,044,631 | ||||||||||||
|
U.S. Treasury Notes |
2.75% | 09/30/2020 | 200,000 | 200,206,633 | ||||||||||||
|
U.S. Treasury Notes |
1.63% | 10/15/2020 | 150,000 | 150,108,373 | ||||||||||||
|
U.S. Treasury Notes |
1.88% | 12/15/2020 | 155,000 | 155,432,435 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Treasury Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
U.S. Treasury Notes-(continued) |
||||||||||||||||
|
U.S. Treasury Notes |
2.38% | 12/31/2020 | $ | 100,000 | $ | 100,271,557 | ||||||||||
|
U.S. Treasury Notes |
2.50% | 12/31/2020 | 15,000 | 15,103,869 | ||||||||||||
|
U.S. Treasury Notes |
2.00% | 01/15/2021 | 185,000 | 185,712,060 | ||||||||||||
|
U.S. Treasury Notes |
2.13% | 01/31/2021 | 254,000 | 255,858,954 | ||||||||||||
|
U.S. Treasury Notes |
3.63% | 02/15/2021 | 255,000 | 258,796,530 | ||||||||||||
|
U.S. Treasury Notes |
2.00% | 02/28/2021 | 25,000 | 25,202,199 | ||||||||||||
|
U.S. Treasury Notes |
2.25% | 03/31/2021 | 175,000 | 176,878,541 | ||||||||||||
| 5,500,527,984 | ||||||||||||||||
|
Total U.S. Treasury Securities (Cost $13,547,669,573) |
13,547,669,573 | |||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase
Agreements)-59.83%
|
13,547,669,573 | |||||||||||||||
| Repurchase | ||||||||||||||||
| Amount | ||||||||||||||||
|
Repurchase Agreements-41.92%(c) |
||||||||||||||||
|
ABN AMRO Bank N.V., agreement dated 08/31/2020, maturing value of $400,000,778 (collateralized by U.S. Treasury obligations valued at $408,000,096; 0.13% - 5.50%; 12/31/2021 - 11/15/2044) |
0.07% | 09/01/2020 | 400,000,778 | 400,000,000 | ||||||||||||
|
Bank of Nova Scotia, agreement dated 08/31/2020, maturing value of $500,000,972 (collateralized by U.S. Treasury obligations valued at $510,000,006; 0.00% - 8.00%; 09/01/2020 - 05/15/2048) |
0.07% | 09/01/2020 | 500,000,972 | 500,000,000 | ||||||||||||
|
BNP Paribas Securities Corp., joint agreement dated 08/31/2020, aggregate maturing value of $1,350,002,625 (collateralized by U.S. Treasury obligations valued at $1,377,000,001; 0.13% - 6.75%; 10/31/2021 - 02/15/2050) |
0.07% | 09/01/2020 | 747,966,219 | 747,964,765 | ||||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $1,000,091,667 (collateralized by U.S. Treasury obligations valued at $1,020,000,058; 0.00% - 3.88%; 09/08/2020 - 11/15/2048)(d) |
0.11% | 09/04/2020 | 300,027,500 | 300,000,000 | ||||||||||||
|
Citigroup Global Markets, Inc., term agreement dated 08/25/2020, maturing value of $300,004,083 (collateralized by U.S. Treasury obligations valued at $306,000,000; 0.00%; 02/15/2032 - 02/15/2045)(d) |
0.07% | 09/01/2020 | 300,004,083 | 300,000,000 | ||||||||||||
|
DNB Bank ASA, agreement dated 08/31/2020, maturing value of $750,001,458 (collateralized by U.S. Treasury obligations valued at $765,000,002; 0.13% - 2.88%; 01/15/2021 - 08/15/2028) |
0.07% | 09/01/2020 | 750,001,458 | 750,000,000 | ||||||||||||
|
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2020, maturing value of $100,000,250 (collateralized by a U.S. Treasury obligation valued at $102,000,043; 2.13%; 05/15/2022) |
0.09% | 09/01/2020 | 100,000,250 | 100,000,000 | ||||||||||||
|
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2020, aggregate maturing value of $250,000,625 (collateralized by U.S. Treasury obligations valued at $255,138,487; 2.88%; 11/30/2023) |
0.09% | 09/01/2020 | 100,000,250 | 100,000,000 | ||||||||||||
|
Goldman Sachs & Co., agreement dated 08/31/2020, maturing value of $250,000,486 (collateralized by U.S. Treasury obligations valued at $255,000,021; 0.00% - 3.13%; 09/30/2020 - 08/15/2049) |
0.07% | 09/01/2020 | 250,000,486 | 250,000,000 | ||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,026,258 (collateralized by U.S. Treasury obligations valued at $516,550,660; 2.88% - 3.75%; 08/15/2043 - 05/15/2048) |
0.09% | 09/01/2020 | 100,012,839 | 100,012,589 | ||||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,002,946 (collateralized by U.S. Treasury obligations valued at $509,939,386; 0.13% - 0.25%; 06/30/2022 - 07/15/2030) |
0.09% | 09/01/2020 | 250,001,591 | 250,000,966 | ||||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,195; 0.13% - 2.75%; 04/30/2021 - 11/15/2023)(e) |
0.07% | - | - | 630,000,000 | ||||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,230,000 (collateralized by U.S. Treasury obligations valued at $504,122,044; 2.00% - 2.63%; 12/31/2023 - 01/31/2026) |
0.18% | 10/23/2020 | 300,138,000 | 300,000,000 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Treasury Portfolio
| Interest | Maturity | Repurchase | ||||||||||||||
| Rate | Date | Amount | Value | |||||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,245,000 (collateralized by U.S. Treasury obligations valued at $505,508,022; 1.63% - 2.88%; 11/15/2022 - 08/15/2028) |
0.18% | 10/30/2020 | $ | 300,147,000 | $ | 300,000,000 | ||||||||||
|
Metropolitan Life Insurance Co., joint term agreement dated 08/27/2020, aggregate maturing value of $350,014,288 (collateralized by U.S. Treasury obligations valued at $354,295,526; 0.00%; 11/15/2027 - 05/15/2046)(d) |
0.09% | 09/03/2020 | 100,002,156 | 100,000,406 | ||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., agreement dated 08/31/2020, maturing value of $850,001,653 (collateralized by U.S. Treasury obligations valued at $867,000,078; 0.13% - 4.63%; 09/30/2021 - 11/15/2049) |
0.07% | 09/01/2020 | 850,001,653 | 850,000,000 | ||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $1,051,268,397 (collateralized by U.S. Treasury obligations valued at $1,072,650,430; 2.00%; 04/30/2024)(d) |
0.09% | 09/03/2020 | 315,380,519 | 315,375,000 | ||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/27/2020, maturing value of $100,001,556 (collateralized by a U.S. Treasury obligation valued at $102,001,065; 2.63%; 02/15/2029)(d) |
0.08% | 09/03/2020 | 100,001,555 | 100,000,000 | ||||||||||||
|
Prudential Insurance Co. of America, agreement dated 08/31/2020, maturing value of $282,688,285 (collateralized by U.S. Treasury obligations valued at $289,170,000; 0.00%; 11/15/2027 - 08/15/2037) |
0.10% | 09/01/2020 | 282,688,285 | 282,687,500 | ||||||||||||
|
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2020, maturing value of $365,438,515 (collateralized by U.S. Treasury obligations valued at $376,135,000; 0.00%; 08/15/2033 - 02/15/2045) |
0.10% | 09/01/2020 | 365,438,515 | 365,437,500 | ||||||||||||
|
RBC Dominion Securities Inc., agreement dated 08/31/2020, maturing value of $400,000,778 (collateralized by U.S. Treasury obligations valued at $408,000,002; 0.13% - 3.75%; 04/15/2022 - 08/15/2050) |
0.07% | 09/01/2020 | 400,000,778 | 400,000,000 | ||||||||||||
|
Royal Bank of Canada, agreement dated 08/31/2020, maturing value of $250,000,486 (collateralized by U.S. Treasury obligations valued at $255,000,098; 1.75% - 3.88%; 04/30/2022 - 02/15/2046) |
0.07% | 09/01/2020 | 250,000,486 | 250,000,000 | ||||||||||||
|
Societe Generale, joint open agreement dated 08/05/2020 (collateralized by U.S. Treasury obligations valued at $1,530,000,000; 0.00% - 8.13%; 09/10/2020 - 02/15/2050)(e) |
0.07% | - | - | 1,000,000,000 | ||||||||||||
|
Sumitomo Mitsui Banking Corp., agreement dated 08/31/2020, maturing value of $300,000,583 (collateralized by U.S. Treasury obligations valued at $306,000,054; 0.00% - 2.63%; 10/08/2020 - 02/28/2023) |
0.07% | 09/01/2020 | 300,000,583 | 300,000,000 | ||||||||||||
|
Wells Fargo Securities, LLC, agreement dated 08/31/2020, maturing value of $500,000,972 (collateralized by U.S. Treasury obligations valued at $510,000,022; 2.38% - 3.38%; 05/15/2028 - 11/15/2048) |
0.07% | 09/01/2020 | 500,000,972 | 500,000,000 | ||||||||||||
|
Total Repurchase Agreements (Cost $9,491,478,726) |
9,491,478,726 | |||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(f) -101.75% (Cost $23,039,148,299) |
23,039,148,299 | |||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(1.75)% |
(395,658,894 | ) | ||||||||||||||
|
NET ASSETS-100.00% |
$ | 22,643,489,405 | ||||||||||||||
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Principal amount equals value at period end. See Note 1I. |
| (d) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (e) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (f) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Government Sponsored Agency Securities-40.74% |
|
|||||||||||||||
|
Federal Farm Credit Bank (FFCB)-4.07% |
||||||||||||||||
|
Federal Farm Credit Bank |
0.25% | 09/01/2020 | $ | 68,000 | $ | 68,000,000 | ||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.25% | 09/21/2020 | 200,000 | 199,972,222 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.50% | 10/20/2020 | 35,000 | 34,976,181 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.15% | 11/16/2020 | 25,000 | 24,992,083 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.17% | 11/27/2020 | 150,000 | 149,938,375 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.40% | 01/19/2021 | 15,000 | 14,976,667 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.44% | 03/24/2021 | 150,000 | 149,626,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.10%)(a) |
0.19% | 05/07/2021 | 23,000 | 23,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.16%)(a) |
0.25% | 05/07/2021 | 55,000 | 55,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.08%)(a) |
0.17% | 06/10/2021 | 14,000 | 14,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.28%)(a) |
0.37% | 10/01/2021 | 365,000 | 365,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.10%)(a) |
0.19% | 02/22/2022 | 16,555 | 16,555,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.19%)(a) |
0.28% | 07/14/2022 | 28,000 | 28,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.15%)(a) |
0.24% | 07/28/2022 | 45,000 | 45,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.07%)(a) |
0.16% | 08/11/2022 | 108,000 | 108,000,000 | ||||||||||||
|
|
||||||||||||||||
| 1,297,036,528 | ||||||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (FHLB)-29.01% |
||||||||||||||||
|
Federal Home Loan Bank |
0.20% | 09/09/2020 | 4,659 | 4,658,793 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.16% | 09/18/2020 | 150,000 | 149,979,458 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.08%)(a) |
0.17% | 09/22/2020 | 100,000 | 100,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 09/28/2020 | 621,500 | 621,500,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
2.63% | 10/01/2020 | 15,000 | 15,027,699 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.32% | 10/02/2020 | 25,000 | 24,993,111 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 10/05/2020 | 300,000 | 299,915,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.29%-0.30% | 10/09/2020 | 350,000 | 349,891,278 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 10/15/2020 | 39,000 | 38,985,700 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) |
0.07% | 10/16/2020 | 20,000 | 20,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19% | 10/19/2020 | 10,000 | 10,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) |
0.07% | 10/20/2020 | 150,000 | 150,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12% | 10/22/2020 | 115,000 | 115,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.02%)(a) |
0.11% | 10/23/2020 | 290,000 | 290,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 10/26/2020 | 250,000 | 249,885,417 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.01%)(a) |
0.10% | 11/06/2020 | 240,000 | 240,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12% | 11/06/2020 | 90,000 | 89,999,180 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.52% | 11/09/2020 | 100,000 | 99,900,333 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.16% | 11/12/2020 | 100,000 | 99,968,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 11/13/2020 | 265,000 | 265,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.26% | 11/13/2020 | 50,000 | 49,983,778 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 11/16/2020 | 88,000 | 87,944,267 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 11/17/2020 | 160,000 | 159,897,333 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.02%)(a) |
0.11% | 11/25/2020 | 645,000 | 645,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.34% | 11/25/2020 | 304,329 | 304,084,691 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.01%)(a) |
0.10% | 12/04/2020 | 250,000 | 250,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 12/15/2020 | 185,000 | 185,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19% | 12/24/2020 | 85,000 | 85,000,000 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (FHLB)-(continued) |
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14 | % | 01/22/2021 | $ | 109,000 | $ | 109,000,000 | |||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14 | % | 01/28/2021 | 173,000 | 173,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
1.50 | % | 02/10/2021 | 5,600 | 5,598,775 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
1.38 | % | 02/18/2021 | 10,410 | 10,452,989 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12 | % | 02/19/2021 | 145,000 | 145,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.04%)(a) |
0.13 | % | 02/25/2021 | 46,000 | 46,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16 | % | 02/26/2021 | 198,000 | 198,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.45 | % | 03/08/2021 | 290,000 | 289,318,500 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.13%)(a) |
0.22 | % | 03/11/2021 | 150,000 | 150,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16 | % | 03/12/2021 | 345,000 | 345,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30 | % | 03/17/2021 | 100,000 | 99,835,833 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.11%)(a) |
0.20 | % | 03/25/2021 | 40,000 | 40,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.18 | % | 03/26/2021 | 35,500 | 35,505,652 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) |
0.16 | % | 04/09/2021 | 15,000 | 15,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) |
0.16 | % | 04/13/2021 | 77,000 | 77,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) |
0.13 | % | 04/14/2021 | 550,000 | 550,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) |
0.13 | % | 04/19/2021 | 150,000 | 150,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16 | % | 04/21/2021 | 75,000 | 75,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14 | % | 06/24/2021 | 240,000 | 240,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19 | % | 07/09/2021 | 190,000 | 190,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.08%)(a) |
0.17 | % | 07/23/2021 | 321,000 | 321,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.06%)(a) |
0.15 | % | 08/24/2021 | 100,000 | 100,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.17%)(a) |
0.26 | % | 11/12/2021 | 127,000 | 127,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.15%)(a) |
0.24 | % | 11/15/2021 | 355,000 | 355,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.13%)(a) |
0.22 | % | 08/05/2022 | 80,000 | 80,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.09%)(a) |
0.18 | % | 08/19/2022 | 315,000 | 315,000,000 | |||||||||||
|
|
||||||||||||||||
| 9,243,325,787 | ||||||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (FHLMC)-2.62% |
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) |
0.12 | % | 09/08/2020 | 24,100 | 24,100,023 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. |
1.88 | % | 11/17/2020 | 4,215 | 4,227,482 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) |
0.13 | % | 12/14/2020 | 150,000 | 150,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) |
0.12 | % | 02/19/2021 | 55,000 | 55,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.30%)(a) |
0.39 | % | 06/30/2021 | 45,000 | 45,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)(a) |
0.41 | % | 09/30/2021 | 412,000 | 412,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.31%)(a) |
0.40 | % | 01/03/2022 | 145,000 | 145,000,000 | |||||||||||
|
|
||||||||||||||||
| 835,327,505 | ||||||||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (FNMA)-3.84% |
||||||||||||||||
|
Federal National Mortgage Association |
0.25 | % | 09/23/2020 | 120,000 | 119,981,740 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association |
2.88 | % | 10/30/2020 | 12,500 | 12,548,550 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.04%)(a) |
0.13 | % | 01/29/2021 | 25,000 | 24,979,009 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.25%)(a) |
0.34 | % | 03/24/2021 | 185,000 | 185,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.21%)(a) |
0.30 | % | 07/01/2021 | 150,000 | 150,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.23%)(a) |
0.32 | % | 07/06/2021 | 156,000 | 156,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.28%)(a) |
0.37 | % | 07/06/2021 | 225,000 | 225,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.30%)(a) |
0.39 | % | 01/07/2022 | 350,000 | 350,000,000 | |||||||||||
|
|
||||||||||||||||
| 1,223,509,299 | ||||||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
|
Rate
|
Date
|
(000)
|
Value
|
|||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills(c)-(continued) |
||||||||||||||||
|
U.S. Treasury Bills |
0.17 | % | 01/07/2021 | $ | 300,000 | $ | 299,823,999 | |||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18 | % | 02/25/2021 | 150,000 | 149,867,250 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17 | % | 04/22/2021 | 100,000 | 99,893,208 | |||||||||||
|
|
||||||||||||||||
| 5,478,140,332 | ||||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes-7.67% |
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(a) |
0.22 | % | 01/31/2021 | 445,000 | 444,928,230 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(a) |
0.24 | % | 04/30/2021 | 720,000 | 719,899,522 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(a) |
0.33 | % | 07/31/2021 | 170,000 | 170,109,131 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(a) |
0.41 | % | 10/31/2021 | 550,000 | 550,669,433 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(a) |
0.26 | % | 01/31/2022 | 25,000 | 24,994,371 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.38 | % | 09/15/2020 | 100,000 | 99,995,609 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.75 | % | 09/30/2020 | 190,000 | 190,170,394 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.75 | % | 10/31/2020 | 95,000 | 95,019,624 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.50 | % | 12/31/2020 | 25,000 | 25,173,115 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.13 | % | 01/31/2021 | 25,000 | 25,182,968 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
3.63 | % | 02/15/2021 | 25,000 | 25,371,676 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.00 | % | 02/28/2021 | 34,000 | 34,274,991 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.50 | % | 02/28/2021 | 37,000 | 37,389,483 | |||||||||||
|
|
||||||||||||||||
| 2,443,178,547 | ||||||||||||||||
|
|
||||||||||||||||
|
Total U.S. Treasury Securities (Cost $7,921,318,879) |
7,921,318,879 | |||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-65.60%
|
|
20,901,911,777 | ||||||||||||||
|
|
||||||||||||||||
| Repurchase | ||||||||||||||||
| Amount | ||||||||||||||||
|
Repurchase Agreements-34.50%(d) |
||||||||||||||||
|
ABN AMRO Bank N.V., joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities and and U.S. Treasury obligations valued at $510,000,010; 2.00% - 5.65%; 01/01/2021 - 08/20/2050) |
0.09 | % | 09/01/2020 | 142,806,355 | 142,805,998 | |||||||||||
|
|
||||||||||||||||
|
BNP Paribas Securities Corp., agreement dated 08/31/2020, maturing value of $500,001,250 (collateralized by U.S. Treasury obligations, a U.S. government sponsored agency obligation and domestic agency mortgage-backed securities valued at $510,000,000; 0.00% - 7.00%; 09/08/2020 - 10/20/2067) |
0.09 | % | 09/01/2020 | 500,001,250 | 500,000,000 | |||||||||||
|
|
||||||||||||||||
|
BNP Paribas Securities Corp., joint agreement dated 08/31/2020, aggregate maturing value of $1,350,002,625 (collateralized by U.S. Treasury obligations valued at $1,377,000,001; 0.13% - 6.75%; 10/31/2021 - 02/15/2050) |
0.07 | % | 09/01/2020 | 547,107,491 | 547,106,427 | |||||||||||
|
|
||||||||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $1,000,091,667 (collateralized by U.S. Treasury obligations valued at $1,020,000,058; 0.00% - 3.88%; 09/08/2020 - 11/15/2048)(e) |
0.11 | % | 09/04/2020 | 450,041,250 | 450,000,000 | |||||||||||
|
|
||||||||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $2,355,215,875 (collateralized by domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $2,402,100,000; 0.00% - 7.63%; 09/10/2020 - 10/20/2067)(e) |
0.11 | % | 09/04/2020 | 1,640,150,333 | 1,640,000,000 | |||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
| Interest | Maturity | Repurchase | ||||||||||||||
| Rate | Date | Amount | Value | |||||||||||||
|
|
||||||||||||||||
|
Citigroup Global Markets, Inc., agreement dated 08/31/2020, maturing value of $650,001,264 (collateralized by U.S. Treasury obligations valued at $663,000,000; 0.00%; 11/15/2020 - 08/15/2050) |
0.07 | % | 09/01/2020 | $ | 650,001,264 | $ | 650,000,000 | |||||||||
|
|
||||||||||||||||
|
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2020, aggregate maturing value of $250,000,625 (collateralized by U.S. Treasury obligations valued at $255,138,487; 2.88%; 11/30/2023) |
0.09 | % | 09/01/2020 | 100,000,250 | 100,000,000 | |||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,026,258 (collateralized by U.S. Treasury obligations valued at $516,550,660; 2.88% - 3.75%; 08/15/2043 - 05/15/2048) |
0.09 | % | 09/01/2020 | 200,009,092 | 200,008,592 | |||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint term agreement dated 07/23/2020, aggregate maturing value of $150,041,875 (collateralized by domestic agency mortgage-backed securities valued at $153,000,002; 2.50% - 4.50%; 04/01/2038 - 01/01/2057) |
0.15 | % | 09/28/2020 | 87,024,288 | 87,000,000 | |||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint term agreement dated 08/20/2020, aggregate maturing value of $300,026,667 (collateralized by domestic agency mortgage-backed securities valued at $306,000,000; 3.00% - 5.00%; 09/01/2042 - 06/01/2056) |
0.10 | % | 09/21/2020 | 205,018,222 | 205,000,000 | |||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, term agreement dated 08/05/2020, maturing value of $250,025,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 2.50% - 4.50%; 08/01/2040 - 01/01/2057)(e) |
0.12 | % | 09/04/2020 | 250,025,000 | 250,000,000 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09 | % | 09/01/2020 | 228,564,957 | 228,564,386 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,002,946 (collateralized by U.S. Treasury obligations valued at $509,939,386; 0.13% - 0.25%; 06/30/2022 - 07/15/2030) |
0.09 | % | 09/01/2020 | 250,001,355 | 250,000,730 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,195; 0.13% - 2.75%; 04/30/2021 - 11/15/2023)(f) |
0.07 | % | - | - | 150,000,000 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by domestic agency mortgage-backed securities and a U.S. treasury obligation valued at $510,000,087; 0.00% - 7.50%; 12/03/2020 - 09/01/2050)(f) |
0.08 | % | - | - | 350,000,000 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by domestic agency mortgage-backed securities and a U.S. treasury obligation valued at $295,800,007; 0.00% - 8.13%; 08/15/2021 - 09/01/2057)(f) |
0.12 | % | - | - | 240,000,000 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by domestic agency mortgage-backed securities and a U.S. treasury obligation valued at $408,000,043; 0.61% - 8.50%; 12/01/2020 - 02/16/2058)(f) |
0.09 | % | - | - | 275,000,000 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 0.00% - 6.00%; 09/01/2026 - 06/01/2050)(f) |
0.80 | % | - | - | 250,000,000 | |||||||||||
|
|
||||||||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,230,000 (collateralized by U.S. Treasury obligations valued at $504,122,044; 2.00% - 2.63%; 12/31/2023 - 01/31/2026) |
0.18 | % | 10/23/2020 | 140,064,400 | 140,000,000 | |||||||||||
|
|
||||||||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,245,000 (collateralized by U.S. Treasury obligations valued at $505,508,022; 1.63% - 2.88%; 11/15/2022 - 08/15/2028) |
0.18 | % | 10/30/2020 | 130,063,700 | 130,000,000 | |||||||||||
|
|
||||||||||||||||
|
Metropolitan Life Insurance Co., joint term agreement dated 08/27/2020, aggregate maturing value of $350,014,288 (collateralized by U.S. Treasury obligations valued at $354,295,526; 0.00%; 11/15/2027 - 05/15/2046)(e) |
0.09 | % | 09/03/2020 | 170,006,094 | 170,003,119 | |||||||||||
|
|
||||||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 0.44% - 0.88%; 10/25/2035 - 04/20/2050) |
0.09 | % | 09/01/2020 | 500,001,250 | 500,000,000 | |||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
| Interest | Maturity | Repurchase | ||||||||||||||
| Rate | Date | Amount | Value | |||||||||||||
|
|
||||||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $1,051,268,397 (collateralized by U.S. Treasury obligations valued at $1,072,650,430; 2.00%; 04/30/2024)(e) |
0.09 | % | 09/03/2020 | $ | 452,045,411 | $ | 452,037,500 | |||||||||
|
|
||||||||||||||||
|
Prudential Insurance Co. of America, agreement dated 08/31/2020, maturing value of $592,485,396 (collateralized by U.S. Treasury obligations valued at $609,319,750; 0.00%; 02/15/2026 - 11/15/2043) |
0.10 | % | 09/01/2020 | 592,485,396 | 592,483,750 | |||||||||||
|
|
||||||||||||||||
|
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2020, maturing value of $42,500,118 (collateralized by a U.S. Treasury obligation valued at $43,521,000; 0.00%; 08/15/2033) |
0.10 | % | 09/01/2020 | 42,500,118 | 42,500,000 | |||||||||||
|
|
||||||||||||||||
|
RBC Capital Markets LLC, joint term agreement dated 08/31/2020, aggregate maturing value of $1,250,000,000 (collateralized by U.S. Treasury obligations, U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and a foreign corporate obligation valued at $1,275,000,249; 0.00% - 8.00%; 09/01/2020 - 08/20/2065)(a)(e) |
0.14 | % | 11/02/2020 | 920,000,000 | 920,000,000 | |||||||||||
|
|
||||||||||||||||
|
RBC Dominion Securities Inc., joint agreement dated 08/31/2020, aggregate maturing value of $1,000,002,500 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,020,000,000; 0.00% - 3.00%; 05/15/2045 - 09/01/2050) |
0.09 | % | 09/01/2020 | 534,963,985 | 534,962,648 | |||||||||||
|
|
||||||||||||||||
|
Societe Generale, joint open agreement dated 08/05/2020 (collateralized by U.S. Treasury obligations valued at $1,530,000,000; 0.00% - 8.13%; 09/10/2020 - 02/15/2050)(f) |
0.07 | % | - | - | 320,000,000 | |||||||||||
|
|
||||||||||||||||
|
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 2.00% - 4.00%; 12/01/2046 - 06/01/2050) |
0.09 | % | 09/01/2020 | 173,100,767 | 173,100,334 | |||||||||||
|
|
||||||||||||||||
|
Wells Fargo Securities, LLC, agreement dated 08/31/2020, maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50% - 3.00%; 12/20/2049 - 01/20/2050) |
0.09 | % | 09/01/2020 | 500,001,250 | 500,000,000 | |||||||||||
|
|
||||||||||||||||
|
Total Repurchase Agreements (Cost $10,990,573,484) |
10,990,573,484 | |||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(g) -100.10% (Cost $31,892,485,261) |
|
31,892,485,261 | ||||||||||||||
|
|
||||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(0.10)% |
(30,408,073 | ) | ||||||||||||||
|
|
||||||||||||||||
|
NET ASSETS-100.00% |
$ | 31,862,077,188 | ||||||||||||||
|
|
||||||||||||||||
Investment Abbreviations:
|
LIBOR |
-London Interbank Offered Rate | |
| SOFR | -Secured Overnight Financing Rate | |
| USD | -U.S. Dollar | |
| VRD | -Variable Rate Demand |
Notes to Schedule of Investments:
| (a) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (b) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (d) |
Principal amount equals value at period end. See Note 1I. |
| (e) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (f) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (g) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Treasury Obligations Portfolio
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Treasury Obligations Portfolio
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Tax-Free Cash Reserve Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Municipal Obligations-99.85% |
|
|||||||||||||||
|
Alabama-4.40% |
|
|||||||||||||||
|
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(a)(b)(c) |
0.12 | % | 07/01/2040 | $ | 8,805 | $ | 8,805,000 | |||||||||
|
|
||||||||||||||||
|
Arizona-2.81% |
|
|||||||||||||||
|
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)(b) |
0.08 | % | 06/15/2031 | 2,685 | 2,685,000 | |||||||||||
|
|
||||||||||||||||
|
Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD RB (CEP - FNMA)(b) |
0.08 | % | 06/15/2031 | 2,945 | 2,945,000 | |||||||||||
|
|
||||||||||||||||
| 5,630,000 | ||||||||||||||||
|
|
||||||||||||||||
|
California-1.30% |
|
|||||||||||||||
|
California (State of) Educational Facilities Authority; Series 2020, Commercial Paper Notes |
0.11 | % | 10/01/2020 | 2,600 | 2,600,000 | |||||||||||
|
|
||||||||||||||||
|
Colorado-0.60% |
|
|||||||||||||||
|
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.19 | % | 02/01/2031 | 1,190 | 1,190,000 | |||||||||||
|
|
||||||||||||||||
|
Delaware-2.03% |
|
|||||||||||||||
|
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware
County); Series 2006, VRD RB (LOC -
|
0.09 | % | 09/01/2036 | 2,780 | 2,780,000 | |||||||||||
|
|
||||||||||||||||
|
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.10 | % | 05/01/2036 | 1,280 | 1,280,000 | |||||||||||
|
|
||||||||||||||||
| 4,060,000 | ||||||||||||||||
|
|
||||||||||||||||
|
District of Columbia-3.38% |
|
|||||||||||||||
|
District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08 | % | 08/15/2038 | 245 | 245,000 | |||||||||||
|
|
||||||||||||||||
|
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.07 | % | 10/01/2039 | 6,525 | 6,525,000 | |||||||||||
|
|
||||||||||||||||
| 6,770,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Florida-5.16% |
|
|||||||||||||||
|
Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.09 | % | 06/01/2048 | 910 | 910,000 | |||||||||||
|
|
||||||||||||||||
|
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.16 | % | 11/01/2036 | 2,725 | 2,725,000 | |||||||||||
|
|
||||||||||||||||
|
Palm Beach (County of), FL (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.09 | % | 07/01/2032 | 2,400 | 2,400,000 | |||||||||||
|
|
||||||||||||||||
|
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.07 | % | 07/01/2037 | 4,280 | 4,280,000 | |||||||||||
|
|
||||||||||||||||
| 10,315,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Georgia-4.20% |
|
|||||||||||||||
|
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)(a)(b)(c) |
0.08 | % | 11/01/2030 | 2,590 | 2,590,000 | |||||||||||
|
|
||||||||||||||||
|
Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer); Series 2009 A, VRD PCR (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.08 | % | 01/01/2030 | 2,420 | 2,420,000 | |||||||||||
|
|
||||||||||||||||
|
Series 2010 A, Ref. VRD PCR (LOC - Bank of Montreal)(b)(c) |
0.14 | % | 01/01/2036 | 3,000 | 3,000,000 | |||||||||||
|
|
||||||||||||||||
|
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000,VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.19 | % | 09/01/2020 | 400 | 400,000 | |||||||||||
|
|
||||||||||||||||
| 8,410,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Illinois-4.49% |
|
|||||||||||||||
|
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) |
0.07 | % | 12/01/2046 | 5,755 | 5,755,000 | |||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
Illinois-(continued) |
||||||||||||||||
|
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.08% | 01/01/2037 | $ | 2,230 | $ | 2,230,000 | ||||||||||
|
|
||||||||||||||||
|
Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)(b)(c) |
0.08% | 10/01/2033 | 1,000 | 1,000,000 | ||||||||||||
|
|
||||||||||||||||
| 8,985,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Indiana-8.69% |
||||||||||||||||
|
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.14% | 08/01/2037 | 5,750 | 5,750,000 | ||||||||||||
|
|
||||||||||||||||
|
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)(a)(b)(c) |
0.18% | 06/01/2035 | 8,000 | 8,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Purdue University; Series 2011 A, VRD COP(b) |
0.06% | 07/01/2035 | 3,635 | 3,635,000 | ||||||||||||
|
|
||||||||||||||||
| 17,385,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Louisiana-1.75% |
||||||||||||||||
|
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c) |
0.08% | 07/01/2047 | 3,505 | 3,505,000 | ||||||||||||
|
|
||||||||||||||||
|
Maryland-4.71% |
||||||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority; Series 2020 B, Commercial Paper Notes |
0.22% | 09/09/2020 | 4,800 | 4,800,000 | ||||||||||||
|
|
||||||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 04/01/2035 | 2,015 | 2,015,000 | ||||||||||||
|
|
||||||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical); Series 2008E, VRD RB (LOC - Bank of Montreal)(a)(b)(c) |
0.03% | 07/01/2041 | 2,600 | 2,600,000 | ||||||||||||
|
|
||||||||||||||||
| 9,415,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Massachusetts-2.17% |
||||||||||||||||
|
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 10/01/2038 | 2,830 | 2,830,000 | ||||||||||||
|
|
||||||||||||||||
|
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank N.A.)(b)(c) |
0.07% | 01/01/2037 | 1,500 | 1,500,000 | ||||||||||||
|
|
||||||||||||||||
| 4,330,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Michigan-4.51% |
||||||||||||||||
|
Kent (County of), MI Hospital Finance Authority (Spectrum Health System);
|
0.10% | 01/15/2026 | 2,005 | 2,005,000 | ||||||||||||
|
|
||||||||||||||||
|
Michigan State University Board of Trustees; |
||||||||||||||||
|
Series 2000 A-1, VRD RB(b) |
0.10 | % | 08/15/2030 | 3,000 | 3,000,000 | |||||||||||
|
|
||||||||||||||||
|
Series 2001 A-2, VRD RB(b) |
0.10 | % | 08/15/2030 | 1,010 | 1,010,000 | |||||||||||
|
|
||||||||||||||||
|
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.08% | 03/01/2031 | 3,000 | 3,000,000 | ||||||||||||
|
|
||||||||||||||||
| 9,015,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Minnesota-5.48% |
||||||||||||||||
|
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)(b) |
0.16% | 10/15/2033 | 1,175 | 1,175,000 | ||||||||||||
|
|
||||||||||||||||
|
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(b) |
0.08% | 11/01/2035 | 6,505 | 6,505,000 | ||||||||||||
|
|
||||||||||||||||
|
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)(b) |
0.08% | 10/01/2033 | 3,285 | 3,285,000 | ||||||||||||
|
|
||||||||||||||||
| 10,965,000 | ||||||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
Mississippi-3.95% |
||||||||||||||||
|
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); |
||||||||||||||||
|
Series 2007 A, VRD IDR(b) |
0.03 | % | 12/01/2030 | $ | 60 | $ | 60,000 | |||||||||
|
|
||||||||||||||||
|
Series 2010 C, VRD IDR(b) |
0.08 | % | 12/01/2030 | 585 | 585,000 | |||||||||||
|
|
||||||||||||||||
|
Series 2010 E, VRD IDR(b) |
0.08 | % | 12/01/2030 | 6,250 | 6,250,000 | |||||||||||
|
|
||||||||||||||||
|
Series 2010 C, VRD IDR(b) |
0.08 | % | 12/01/2030 | 1,000 | 1,000,000 | |||||||||||
|
|
||||||||||||||||
| 7,895,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Missouri-0.59% |
||||||||||||||||
|
Bridgeton (City of), MO IDA (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)(b)(c) |
0.08% | 11/01/2037 | 615 | 615,000 | ||||||||||||
|
|
||||||||||||||||
|
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)(b)(c) |
0.14% | 08/01/2038 | 565 | 565,000 | ||||||||||||
|
|
||||||||||||||||
| 1,180,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Nevada-0.75% |
||||||||||||||||
|
Reno (City of), NV (Renown Regional Medical Center); Series 2009 A, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.08% | 06/01/2039 | 1,500 | 1,500,000 | ||||||||||||
|
|
||||||||||||||||
|
New York-4.46% |
||||||||||||||||
|
New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)(a)(b)(c) |
0.06% | 05/01/2039 | 2,500 | 2,500,000 | ||||||||||||
|
|
||||||||||||||||
|
New York (State of) Housing Finance Agency (222 East 44th Street Housing); |
||||||||||||||||
|
Series 2015 A, VRD RB (LOC - Bank of China Ltd.)(a)(b)(c) |
0.10 | % | 05/01/2050 | 6,100 | 6,100,000 | |||||||||||
|
|
||||||||||||||||
|
Series 2016 A, VRD RB (LOC - Bank of China Ltd.)(a)(b)(c) |
0.09 | % | 05/01/2050 | 330 | 330,000 | |||||||||||
|
|
||||||||||||||||
| 8,930,000 | ||||||||||||||||
|
|
||||||||||||||||
|
North Carolina-4.39% |
||||||||||||||||
|
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB(b) |
0.05% | 06/01/2027 | 1,285 | 1,285,000 | ||||||||||||
|
|
||||||||||||||||
|
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(b) |
0.07% | 12/01/2021 | 2,520 | 2,520,000 | ||||||||||||
|
|
||||||||||||||||
|
Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.04% | 05/01/2036 | 4,970 | 4,970,000 | ||||||||||||
|
|
||||||||||||||||
| 8,775,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Ohio-1.46% |
||||||||||||||||
|
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)(b)(c) |
0.09% | 08/02/2038 | 2,925 | 2,925,000 | ||||||||||||
|
|
||||||||||||||||
|
Pennsylvania-4.85% |
||||||||||||||||
|
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 06/01/2037 | 4,305 | 4,305,000 | ||||||||||||
|
|
||||||||||||||||
|
Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)(a)(b)(c) |
0.07% | 03/01/2030 | 1,990 | 1,990,000 | ||||||||||||
|
|
||||||||||||||||
|
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 10/15/2025 | 385 | 385,000 | ||||||||||||
|
|
||||||||||||||||
|
Ridley School District; Series 2009, VRD GO Bonds (LOC -
|
0.08% | 11/01/2029 | 305 | 305,000 | ||||||||||||
|
|
||||||||||||||||
|
Westmoreland (County of), PA Industrial Development Authority (Excela Health); Series 2005 A, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 07/01/2027 | 2,725 | 2,725,000 | ||||||||||||
|
|
||||||||||||||||
| 9,710,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Rhode Island-2.10% |
||||||||||||||||
|
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB(b) |
0.07% | 09/01/2043 | 4,200 | 4,200,000 | ||||||||||||
|
|
||||||||||||||||
|
Texas-10.73% |
||||||||||||||||
|
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.12% | 02/15/2042 | 4,720 | 4,720,000 | ||||||||||||
|
|
||||||||||||||||
|
Houston (City of), TX; Series 2020 E-2, Commercial Paper Notes |
0.16% | 10/02/2020 | 4,000 | 4,000,000 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
Texas-(continued) |
||||||||||||||||
|
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.08% | 05/15/2034 | $ | 1,500 | $ | 1,500,000 | ||||||||||
|
|
||||||||||||||||
|
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.11% | 04/01/2026 | 2,320 | 2,320,000 | ||||||||||||
|
|
||||||||||||||||
|
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)(b) |
0.14% | 05/01/2042 | 2,860 | 2,860,000 | ||||||||||||
|
|
||||||||||||||||
|
Texas A&M University System Board of Regents; Series 2020 B, Commercial Paper Notes |
0.18% | 11/04/2020 | 400 | 400,000 | ||||||||||||
|
|
||||||||||||||||
|
University of Texas System Board of Regents;
|
0.06% | 08/01/2025 | 4,665 | 4,665,000 | ||||||||||||
|
|
||||||||||||||||
|
Series 2020 A, Commercial Paper Notes |
0.22 | % | 09/03/2020 | 1,000 | 1,000,000 | |||||||||||
|
|
||||||||||||||||
| 21,465,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Virginia-1.90% |
||||||||||||||||
|
Norfolk (City of), VA; Series 2007, VRD GO Bonds(b) |
0.09% | 08/01/2037 | 3,800 | 3,800,000 | ||||||||||||
|
|
||||||||||||||||
|
Washington-4.32% |
||||||||||||||||
|
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)(b)(c) |
0.07% | 09/01/2049 | 4,550 | 4,550,000 | ||||||||||||
|
|
||||||||||||||||
|
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)(b)(c) |
0.07 | % | 11/01/2047 | 4,085 | 4,085,000 | |||||||||||
|
|
||||||||||||||||
| 8,635,000 | ||||||||||||||||
|
|
||||||||||||||||
|
West Virginia-3.14% |
||||||||||||||||
|
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)(b)(c) |
0.10% | 07/01/2039 | 845 | 845,000 | ||||||||||||
|
|
||||||||||||||||
|
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hosp, Inc.); Series 2008 B, Ref. VRD RB (LOC - Branch Banking & Trust Co.)(b)(c) |
0.14 | % | 01/01/2034 | 5,435 | 5,435,000 | |||||||||||
|
|
||||||||||||||||
| 6,280,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Wisconsin-1.53% |
||||||||||||||||
|
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)(b)(c) |
0.09% | 10/01/2042 | 3,060 | 3,060,000 | ||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(d)(e)-99.85% (Cost $199,735,000) |
199,735,000 | |||||||||||||||
|
|
||||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-0.15% |
308,127 | |||||||||||||||
|
|
||||||||||||||||
|
NET ASSETS-100.00% |
$ | 200,043,127 | ||||||||||||||
|
|
||||||||||||||||
Investment Abbreviations:
|
CEP |
- Credit Enhancement Provider | |
|
COP |
- Certificates of Participation | |
|
FHLB |
- Federal Home Loan Bank | |
|
FHLMC |
- Federal Home Loan Mortgage Corp. | |
|
FNMA |
- Federal National Mortgage Association | |
|
GO |
- General Obligation | |
|
IDR |
- Industrial Development Revenue Bonds | |
|
LOC |
- Letter of Credit | |
|
PCR |
- Pollution Control Revenue Bonds | |
|
RB |
- Revenue Bonds | |
|
Ref. |
- Refunding | |
|
VRD |
- Variable Rate Demand | |
|
YMCA |
- Young Men’s Christian Association | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
| (a) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 8.8%; Japan: 5.3%; other countries less than 5% each: 11.6%. |
| (b) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (d) |
Also represents cost for federal income tax purposes. |
| (e) |
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
| Entities | Percentage | |
|
JPMorgan Chase Bank N.A. |
6.7% | |
|
Wells Fargo Bank N.A. |
6.6 | |
|
Federal Home Loan Bank |
6.4 | |
|
Federal Home Loan Mortgage Corp. |
6.3 | |
|
TD Bank N.A. |
6.2 | |
|
PNC Bank N.A. |
5.7 | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 Short-Term Investments Trust
Statements of Assets and Liabilities
August 31, 2020
| Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco Treasury | Invesco Government | Obligations | Cash Reserve | |||||||||||||||||||
| Assets Portfolio | Prime Portfolio | Portfolio | & Agency Portfolio | Portfolio | Portfolio | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Assets: |
||||||||||||||||||||||||
|
Investments in securities, at value |
$ | 1,784,724,046 | $ | 143,331,875 | $ | 13,547,669,573 | $ | 20,901,911,777 | $ | 1,495,716,725 | $ | 199,735,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Repurchase agreements, at value and cost |
830,572,324 | 178,878,687 | 9,491,478,726 | 10,990,573,484 | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash |
33,603,197 | - | - | - | 37,054 | 61,208 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Receivable for: |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Investments sold |
- | 900,000 | - | - | - | 315,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest |
1,056,194 | 20,964 | 9,417,821 | 7,237,160 | 346,690 | 23,497 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Fund expenses absorbed |
- | 5,056 | - | 115,182 | 5,041 | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Investment for trustee deferred compensation and retirement plans |
3,644,669 | 1,008,721 | 2,164,080 | 987,082 | 118,706 | 356,729 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Other assets |
124,772 | 219,614 | 217,359 | 1,247,838 | 37,133 | 91,265 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total assets |
2,653,725,202 | 324,364,917 | 23,050,947,559 | 31,902,072,523 | 1,496,261,349 | 200,582,699 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Liabilities: |
||||||||||||||||||||||||
|
Payable for: |
||||||||||||||||||||||||
|
Investments purchased |
83,707,955 | - | 399,847,556 | - | 44,984,634 | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Amount due custodian |
- | 12,463 | 1,795,459 | 35,860,836 | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Dividends |
254,769 | 4,367 | 843,269 | 1,321,007 | 48,847 | 1,671 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Accrued fees to affiliates |
131,522 | 32,780 | 2,066,942 | 1,515,523 | 140,517 | 101,988 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Accrued trustees’ and officers’ fees and benefits |
14,771 | 7,700 | 62,856 | 97,276 | 9,975 | 7,064 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Accrued operating expenses |
73,996 | 50,032 | 426,940 | 44,482 | 53,713 | 47,638 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Trustee deferred compensation and retirement plans |
3,930,281 | 1,079,940 | 2,415,132 | 1,156,211 | 129,859 | 381,211 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total liabilities |
88,113,294 | 1,187,282 | 407,458,154 | 39,995,335 | 45,367,545 | 539,572 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net assets applicable to shares outstanding |
$ | 2,565,611,908 | $ | 323,177,635 | $ | 22,643,489,405 | $ | 31,862,077,188 | $ | 1,450,893,804 | $ | 200,043,127 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net assets consist of: |
||||||||||||||||||||||||
|
Shares of beneficial interest |
$ | 2,564,796,446 | $ | 322,403,496 | $ | 22,642,905,919 | $ | 31,862,059,097 | $ | 1,450,989,544 | $ | 200,167,173 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Distributable earnings (loss) |
815,462 | 774,139 | 583,486 | 18,091 | (95,740 | ) | (124,046 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
| $ | 2,565,611,908 | $ | 323,177,635 | $ | 22,643,489,405 | $ | 31,862,077,188 | $ | 1,450,893,804 | $ | 200,043,127 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net Assets: |
||||||||||||||||||||||||
|
Institutional Class |
$ | 2,558,430,270 | $ | 320,753,104 | $ | 19,215,805,324 | $ | 30,259,135,986 | $ | 1,370,210,399 | $ | 150,996,969 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
$ | 3,541,763 | $ | 1,276,217 | $ | 422,827,568 | $ | 582,081,907 | $ | 14,423,866 | $ | 10,134,533 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
$ | 10,252 | $ | 395,347 | $ | 281,818,329 | $ | 13,529,921 | $ | 741,749 | $ | 3,583,850 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
$ | 2,947,071 | $ | 503,834 | $ | 371,957,560 | $ | 431,476,231 | $ | 340,627 | $ | 5,489,875 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
$ | 278,241 | $ | 105,438 | $ | 581,684,073 | $ | 401,437,716 | $ | 54,584,982 | $ | 26,823,422 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Resource Class |
$ | 365,645 | $ | 122,593 | $ | 635,713,393 | $ | 143,147,544 | $ | 150,056 | $ | 3,004,200 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
$ | 38,666 | $ | 21,102 | $ | 1,133,683,158 | $ | 31,267,883 | $ | 10,442,125 | $ | 10,278 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 Short-Term Investments Trust
Statements of Assets and Liabilities–(continued)
August 31, 2020
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 Short-Term Investments Trust
Statements of Operations
For the year ended August 31, 2020
| Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco Treasury | Invesco Government | Obligations | Cash Reserve | |||||||||||||||||||
| Assets Portfolio | Prime Portfolio | Portfolio | & Agency Portfolio | Portfolio | Portfolio | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Investment income: |
||||||||||||||||||||||||
|
Interest |
$34,284,787 | $6,257,216 | $203,953,802 | $316,385,027 | $12,665,627 | $2,133,528 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Expenses: |
||||||||||||||||||||||||
|
Advisory fees |
3,579,174 | 698,375 | 29,385,396 | 31,594,396 | 1,616,131 | 450,697 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Administrative services fees |
1,063,769 | 209,751 | 8,705,596 | 14,279,270 | 553,117 | 100,713 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Custodian fees |
39,456 | 10,394 | 684,345 | (696,813 | ) | 6,675 | 4,469 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Distribution fees: |
||||||||||||||||||||||||
|
Private Investment Class |
11,697 | 3,966 | 1,423,815 | 1,818,484 | 27,185 | 37,931 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
56 | 2,327 | 1,943,548 | 114,195 | 1,812 | 12,104 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
5,877 | 418 | 298,824 | 265,250 | 4,655 | 16,154 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
2,496 | 1,632 | 3,330,130 | 3,232,492 | 474,354 | 218,276 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Resource Class |
729 | 197 | 1,016,902 | 300,798 | 643 | 5,138 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
68 | 6 | 92,017 | 19,425 | 1,901 | 3 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Transfer agent fees |
214,750 | 41,902 | 1,763,124 | 2,843,496 | 111,702 | 20,281 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Trustees’ and officers’ fees and benefits |
52,165 | 26,612 | 246,372 | 353,199 | 33,779 | 23,278 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Registration and filing fees |
85,059 | 89,032 | 158,643 | 223,526 | 82,407 | 98,838 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reports to shareholders |
23,125 | 16,105 | 71,876 | (81,108 | ) | 18,221 | 15,403 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Professional services fees |
44,905 | 37,263 | 110,574 | (141,868 | ) | 39,486 | 36,199 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Other |
109,541 | 63,375 | 266,443 | (198,642 | ) | 47,091 | 14,246 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total expenses |
5,232,867 | 1,201,355 | 49,497,605 | 53,926,100 | 3,019,159 | 1,053,730 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Less: Fees waived |
(918,298 | ) | (358,636 | ) | (9,124,214 | ) | (2,008,756 | ) | (444,885 | ) | (454,859 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net expenses |
4,314,569 | 842,719 | 40,373,391 | 51,917,344 | 2,574,274 | 598,871 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net investment income |
29,970,218 | 5,414,497 | 163,580,411 | 264,467,683 | 10,091,353 | 1,534,657 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Realized and unrealized gain (loss) from: |
||||||||||||||||||||||||
|
Net realized gain (loss) from investment securities |
(15,623 | ) | 78 | 139,394 | (189,477 | ) | (57,411 | ) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Change in net unrealized appreciation (depreciation) of investment securities |
45,074 | (41,714 | ) | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net realized and unrealized gain (loss) |
29,451 | (41,636 | ) | 139,394 | (189,477 | ) | (57,411 | ) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
$29,999,669 | $5,372,861 | $163,719,805 | $264,278,206 | $10,033,942 | $1,534,657 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 Short-Term Investments Trust
Statements of Changes in Net Assets
For the years ended August 31, 2020 and 2019
| Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | |||||||||||||||
|
|
|
|
|
|||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 29,970,218 | $ | 54,795,839 | $ | 5,414,497 | $ | 12,099,439 | ||||||||
|
|
|
|
|
|
||||||||||||
|
Net realized gain (loss) |
(15,623 | ) | 29,559 | 78 | 723 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Change in net unrealized appreciation (depreciation) |
45,074 | (26,913 | ) | (41,714 | ) | (10,820 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
29,999,669 | 54,798,485 | 5,372,861 | 12,089,342 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(29,817,713 | ) | (54,388,381 | ) | (5,392,900 | ) | (12,042,840 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(36,868 | ) | (107,595 | ) | (11,032 | ) | (26,438 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(74 | ) | (199 | ) | (2,832 | ) | (8,858 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(107,505 | ) | (248,909 | ) | (5,280 | ) | (14,390 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(1,504 | ) | (5,872 | ) | (1,098 | ) | (3,794 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
(3,570 | ) | (20,589 | ) | (1,140 | ) | (2,658 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(2,984 | ) | (24,294 | ) | (215 | ) | (461 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Total distributions from distributable earnings |
(29,970,218 | ) | (54,795,839 | ) | (5,414,497 | ) | (12,099,439 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
114,142,968 | 100,799,791 | (331,356,151 | ) | 127,368,867 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(1,176,345 | ) | (1,144,582 | ) | (71,436 | ) | (241,794 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
- | (984 | ) | (45,201 | ) | (175,590 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(6,335,509 | ) | 3,104,748 | (96,257 | ) | (178,908 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(24,329 | ) | (115,774 | ) | (167,883 | ) | 3,716 | |||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
2,906 | (632,819 | ) | (674 | ) | (62,642 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(287,979 | ) | (1,599,196 | ) | 251 | 457 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
106,321,712 | 100,411,184 | (331,737,351 | ) | 126,714,106 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets |
106,351,163 | 100,413,830 | (331,778,987 | ) | 126,704,009 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
2,459,260,745 | 2,358,846,915 | 654,956,622 | 528,252,613 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
End of year |
$ | 2,565,611,908 | $ | 2,459,260,745 | $ | 323,177,635 | $ | 654,956,622 | ||||||||
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 Short-Term Investments Trust
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
| Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | |||||||||||||||
|
|
|
|
|
|||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 163,580,411 | $ | 484,811,474 | $ | 264,467,683 | $ | 518,471,634 | ||||||||
|
|
|
|
|
|
||||||||||||
|
Net realized gain (loss) |
139,394 | 204,798 | (189,477 | ) | 224,974 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
163,719,805 | 485,016,272 | 264,278,206 | 518,696,608 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(146,246,982 | ) | (438,858,990 | ) | (254,196,609 | ) | (491,630,206 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(3,446,279 | ) | (9,738,598 | ) | (4,200,784 | ) | (8,737,051 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(2,137,800 | ) | (3,312,891 | ) | (89,620 | ) | (207,870 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(3,199,903 | ) | (8,499,805 | ) | (2,683,953 | ) | (7,669,515 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(1,117,598 | ) | (3,008,307 | ) | (1,290,595 | ) | (3,929,202 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
(4,967,684 | ) | (13,201,572 | ) | (1,599,458 | ) | (4,570,537 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(2,664,191 | ) | (8,191,311 | ) | (439,777 | ) | (1,727,253 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Total distributions from distributable earnings |
(163,780,437 | ) | (484,811,474 | ) | (264,500,796 | ) | (518,471,634 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
498,579,949 | (1,514,751,400 | ) | 256,030,543 | 7,673,132,994 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(83,191,362 | ) | (11,707,755 | ) | 49,500,711 | 106,832,736 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(78,430,874 | ) | 242,362,528 | (2,461,469 | ) | 7,670,768 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(24,723,778 | ) | (50,068,678 | ) | 66,475,768 | 31,650,960 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
292,043,533 | 61,097,539 | 103,651,946 | 88,155,960 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
3,118,922 | 107,165,894 | (37,467,649 | ) | (51,677,589 | ) | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
704,514,058 | (38,240,138 | ) | (9,080,725 | ) | (105,927,589 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
1,311,910,448 | (1,204,142,010 | ) | 426,649,125 | 7,749,838,240 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets |
1,311,849,816 | (1,203,937,212 | ) | 426,426,535 | 7,750,063,214 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
21,331,639,589 | 22,535,576,801 | 31,435,650,653 | 23,685,587,439 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
End of year |
$ | 22,643,489,405 | $ | 21,331,639,589 | $ | 31,862,077,188 | $ | 31,435,650,653 | ||||||||
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 Short-Term Investments Trust
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
| Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||||||||||
|
|
|
|
|
|||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ 10,091,353 | $ 25,841,669 | $ 1,534,657 | $ 2,660,015 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Net realized gain (loss) |
(57,411 | ) | 17,726 | - | - | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
10,033,942 | 25,859,395 | 1,534,657 | 2,660,015 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(9,782,969 | ) | (25,123,428 | ) | (1,172,112 | ) | (1,816,364 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(65,930 | ) | (111,394 | ) | (106,524 | ) | (305,352 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(898 | ) | (3,844 | ) | (7,119 | ) | (2,466 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(16,009 | ) | (41,719 | ) | (177,298 | ) | (395,402 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(212,244 | ) | (557,964 | ) | (50,307 | ) | (80,976 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
(1,150 | ) | (3,101 | ) | (21,222 | ) | (59,305 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(12,153 | ) | (219 | ) | (75 | ) | (150 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Total distributions from distributable earnings |
(10,091,353 | ) | (25,841,669 | ) | (1,534,657 | ) | (2,660,015 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
325,218,196 | (235,306,840 | ) | (10,043,247 | ) | 33,374,672 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
4,941,082 | 3,398,983 | (10,353,451 | ) | (7,570,673 | ) | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
630,111 | (283,153 | ) | 1,041,703 | 2,531,656 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(1,553,674 | ) | (1,270,980 | ) | (21,806,010 | ) | (4,585,853 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(123,709 | ) | 21,314,012 | 6,820,117 | 5,850,867 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
16,515 | 38,286 | 1,886,657 | (1,381,960 | ) | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
10,431,998 | 216 | 85 | 135 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
339,560,519 | (212,109,476 | ) | (32,454,146 | ) | 28,218,844 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets |
339,503,108 | (212,091,750 | ) | (32,454,146 | ) | 28,218,844 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
1,111,390,696 | 1,323,482,446 | 232,497,273 | 204,278,429 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
End of year |
$1,450,893,804 | $1,111,390,696 | $200,043,127 | $232,497,273 | ||||||||||||
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37 Short-Term Investments Trust
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
Cash Management Class
| Ratio of | Ratio of | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net gains | expenses | expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (losses) | to average | to average net | Ratio of net | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset | on securities | Dividends | Distributions | net assets | assets without | investment | ||||||||||||||||||||||||||||||||||||||||||||||
| value, | Net | (both | Total from | from net | from net | Net asset | Net assets, | with fee waivers | fee waivers | income | ||||||||||||||||||||||||||||||||||||||||||
| beginning | investment | realized and | investment | investment | realized | Total | value, end | Total | end of period | and/or expense | and/or expense | to average | ||||||||||||||||||||||||||||||||||||||||
| of period | income(a) | unrealized) | operations | income | gains | distributions | of period | return(b) | (000’s omitted) | reimbursements | reimbursements | net assets | ||||||||||||||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
$1.0004 | $0.0118 | $(0.0006 | ) | $0.0112 | $(0.0110 | ) | $ | - | $ | (0.0110 | ) | $ | 1.0006 | 1.12 | % | $ | 2,947 | 0.26%(c) | 0.30%(c) | 1.18%(c) | |||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.0004 | 0.0229 | (0.0000 | ) | 0.0229 | (0.0229 | ) | - | (0.0229 | ) | 1.0004 | 2.31 | 9,288 | 0.26 | 0.30 | 2.29 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.0002 | 0.0165 | (0.0011 | ) | 0.0154 | (0.0152 | ) | - | (0.0152 | ) | 1.0004 | 1.55 | 6,181 | 0.26 | 0.31 | 1.65 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.0043 | 0.0036 | 0.0079 | (0.0072 | ) | (0.0005 | ) | (0.0077 | ) | 1.0002 | 0.76 | 7,738 | 0.26 | 0.34 | 0.43 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.25 | 250,643 | 0.23 | 0.28 | 0.26 | |||||||||||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.0001 | 0.0110 | (0.0013 | ) | 0.0097 | (0.0098 | ) | - | (0.0098 | ) | 1.0000 | 0.99 | 504 | 0.25(c) | 0.34(c) | 1.09(c) | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.0001 | 0.0218 | 0.0001 | 0.0219 | (0.0219 | ) | - | (0.0219 | ) | 1.0001 | 2.21 | 600 | 0.26 | 0.33 | 2.18 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.0000 | 0.0147 | (0.0002 | ) | 0.0145 | (0.0144 | ) | - | (0.0144 | ) | 1.0001 | 1.46 | 779 | 0.26 | 0.35 | 1.47 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.0054 | 0.0007 | 0.0061 | (0.0061 | ) | - | (0.0061 | ) | 1.0000 | 0.62 | 1,148 | 0.26 | 0.35 | 0.54 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.20 | 167,872 | 0.19 | 0.30 | 0.21 | |||||||||||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | (0.00 | ) | (0.01 | ) | 1.00 | 0.84 | 371,958 | 0.26(c) | 0.29(c) | 0.78(c) | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 2.12 | 396,685 | 0.26 | 0.29 | 2.10 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.29 | 446,756 | 0.26 | 0.28 | 1.29 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.44 | 479,400 | 0.26 | 0.28 | 0.44 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.10 | 403,424 | 0.19 | 0.28 | 0.12 | |||||||||||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | (0.00 | ) | (0.01 | ) | 1.00 | 0.87 | 431,476 | 0.23(c) | 0.23(c) | 0.77(c) | |||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 2.14 | 365,003 | 0.24 | 0.24 | 2.12 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.30 | 333,349 | 0.23 | 0.23 | 1.27 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.48 | 169,027 | 0.23 | 0.23 | 0.50 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.13 | 150,104 | 0.18 | 0.24 | 0.15 | |||||||||||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.87 | 341 | 0.26(c) | 0.28(c) | 0.76(c) | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 2.10 | 1,894 | 0.26 | 0.29 | 2.07 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.27 | 3,165 | 0.26 | 0.29 | 1.26 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.38 | 1,618 | 0.24 | 0.30 | 0.42 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.09 | 31,390 | 0.16 | 0.46 | 0.09 | |||||||||||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | - | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.70 | 5,490 | 0.26(c) | 0.42(c) | 0.69(c) | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.01 | - | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.31 | 27,298 | 0.28 | 0.43 | 1.30 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.93 | 31,885 | 0.28 | 0.46 | 0.93 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.49 | 27,616 | 0.28 | 0.45 | 0.48 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.07 | 30,671 | 0.13 | 0.41 | 0.09 | |||||||||||||||||||||||||||||||||||||
| (a) |
Calculated using average shares outstanding. |
| (b) |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
| (c) |
Ratios are based on average daily net assets (000’s omitted) of $7,347, $522, $373,530, $331,562, $5,818 and $20,193 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 Short-Term Investments Trust
August 31, 2020
NOTE 1–Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.
Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.
Each 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.
Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio, both institutional money market funds, price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).
Invesco Liquid Assets Portfolio determines its NAV per share multiple times each day.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, seek 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. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
| A. |
Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments. |
Securities for which market quotations 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.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’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.
Each 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 of each Fund’s investments.
| B. |
Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements 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 gain
39 Short-Term Investments Trust
(loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements 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 Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.
| C. |
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. |
Distributions - It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
| E. |
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, Invesco Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt interest dividends”, as defined in the Internal Revenue Code.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. |
Expenses - Fees provided for under the 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. |
| G. |
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) 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, each 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. |
| H. |
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote. |
| I. |
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
| J. |
LIBOR Risk - Certain Funds may invest in instruments that use or may use a floating reference rate based on LIBOR. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As a result, any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. Industry initiatives are underway to identify alternative reference rates; however, there is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; and/or costs incurred in connection with closing out positions and entering into new agreements. These effects could occur prior to the end of 2021 as the utility of LIBOR as a reference rate could deteriorate during the transition period. |
| K. |
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 |
40 Short-Term Investments Trust
instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Funds may not be able to recover its investment in such issuer from the U.S. Government.
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund’s investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.
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, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:
| First | Next | Over | ||||
| $250 million | $250 million | $500 million | ||||
|
|
||||||
|
Invesco Liquid Assets Portfolio |
0.15% | 0.15% | 0.15% | |||
|
|
||||||
|
Invesco STIC Prime Portfolio |
0.15% | 0.15% | 0.15% | |||
|
|
||||||
|
Invesco Treasury Portfolio |
0.15% | 0.15% | 0.15% | |||
|
|
||||||
|
Invesco Government & Agency Portfolio |
0.10% | 0.10% | 0.10% | |||
|
|
||||||
|
Invesco Treasury Obligations Portfolio |
0.20% | 0.15% | 0.10% | |||
|
|
||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% | 0.20% | 0.20% | |||
|
|
||||||
For the year ended August 31, 2020, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:
|
Invesco Liquid Assets Portfolio |
0.15% | |||
|
|
||||
|
Invesco STIC Prime Portfolio |
0.15% | |||
|
|
||||
|
Invesco Treasury Portfolio |
0.15% | |||
|
|
||||
|
Invesco Government & Agency Portfolio |
0.10% | |||
|
|
||||
|
Invesco Treasury Obligations Portfolio |
0.13% | |||
|
|
||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% | |||
|
|
||||
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, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, 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 Funds, 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 each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least December 31, 2020, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Private | Personal | Cash | ||||||||||||
| Institutional | Investment | Investment | Management | Reserve | Resource | Corporate | ||||||||
| Class | Class | Class | Class | Class | Class | Class | ||||||||
|
|
||||||||||||||
|
Invesco Liquid Assets Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.38% | 0.21% | |||||||
|
|
||||||||||||||
|
Invesco STIC Prime Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
|
||||||||||||||
|
Invesco Treasury Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
|
||||||||||||||
|
Invesco Government & Agency Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
|
||||||||||||||
|
Invesco Treasury Obligations Portfolio |
0.18% | 0.43% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
|
||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% | 0.45% | 0.75% | 0.28% | 1.07% | 0.36% | 0.23% | |||||||
|
|
||||||||||||||
The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.
41 Short-Term Investments Trust
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 the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2020. 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 August 31, 2020, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:
| Expense | ||||
| Limitation | ||||
|
|
||||
|
Invesco Liquid Assets Portfolio |
$ 916,953 | |||
|
|
||||
|
Invesco STIC Prime Portfolio |
354,758 | |||
|
|
||||
|
Invesco Treasury Portfolio |
6,130,127 | |||
|
|
||||
|
Invesco Government & Agency Portfolio |
- | |||
|
|
||||
|
Invesco Treasury Obligations Portfolio |
274,586 | |||
|
|
||||
|
Invesco Tax-Free Cash Reserve Portfolio |
311,174 | |||
|
|
||||
Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.
Voluntary fee waivers for the year ended August 31, 2020 are shown below:
| Private | Personal | Cash | ||||||||||||||||||||||||||
| Investment | Investment | Management | Reserve | Resource | Corporate | |||||||||||||||||||||||
| Fund Level | Class | Class | Class | Class | Class | Class | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | - | $ | 733 | $ | 9 | $ | - | $ | 582 | $ | 21 | $ | - | ||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
2,018 | 887 | 573 | 71 | 287 | 41 | 1 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
- | 417,235 | 624,782 | 18,501 | 1,713,928 | 216,249 | 3,392 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
- | 456,411 | 41,926 | 18,079 | 1,450,150 | 42,117 | 73 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
- | 7,598 | 1,200 | 217 | 161,180 | 41 | 63 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
33,144 | 8,664 | 5,729 | 2,215 | 92,327 | 1,605 | 1 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the year ended August 31, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the year ended August 31, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.
| Private | Personal | Cash | ||||||||||
| Investment | Investment | Management | Reserve | Resource | Corporate | |||||||
| Class | Class | Class | Class | Class | Class | |||||||
|
|
||||||||||||
|
Invesco Liquid Assets Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.20% | 0.03% | ||||||
|
|
||||||||||||
|
Invesco STIC Prime Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
|
||||||||||||
|
Invesco Treasury Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
|
||||||||||||
|
Invesco Government & Agency Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
|
||||||||||||
|
Invesco Treasury Obligations Portfolio |
0.25% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
|
||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.25% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
|
||||||||||||
The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
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
42 Short-Term Investments Trust
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 each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of August 31, 2020, all of the securities in each 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–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the year ended August 31, 2020, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains | ||||||||
|
|
||||||||||
|
Invesco Liquid Assets Portfolio |
$ 93,743,593 | $149,731,882 | $- | |||||||
|
|
||||||||||
|
Invesco STIC Prime Portfolio |
49,203,977 | 45,363,263 | - | |||||||
|
|
||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
248,610,783 | 242,669,996 | - | |||||||
|
|
||||||||||
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
NOTE 6–Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.
NOTE 7–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2020 and 2019
| 2020 | 2019 | |||||||||||||||||||
|
Ordinary
Income* |
Ordinary
Income-Tax- Exempt |
Long-Term
Capital Gains |
Ordinary
Income* |
Ordinary
Income-Tax- Exempt |
||||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 29,970,218 | $ | - | $ | - | $ | 54,795,839 | $ | - | ||||||||||
|
|
||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
5,414,497 | - | - | 12,099,439 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Treasury Portfolio |
163,582,316 | - | 198,121 | 484,811,474 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
264,469,100 | - | 31,696 | 518,471,634 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
10,091,353 | - | - | 25,841,669 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 1,534,657 | - | - | 2,660,015 | |||||||||||||||
|
|
||||||||||||||||||||
| * |
Includes short-term capital gain distributions, if any. |
43 Short-Term Investments Trust
Tax Components of Net Assets at Period-End:
|
Undistributed
Ordinary Income |
Undistributed
Tax-Exempt Income |
Temporary
Book/Tax Differences |
Net
Unrealized
|
Capital Loss
Carryforwards |
Shares of
Interest |
Total Net Assets |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 3,354,188 | $ | - | $ | (3,182,732 | ) | $ | 659,629 | $ | (15,623 | ) | $ | 2,564,796,446 | $ | 2,565,611,908 | ||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
1,639,256 | - | (867,683 | ) | 2,566 | - | 322,403,496 | 323,177,635 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
2,573,305 | - | (1,973,847 | ) | (15,972 | ) | - | 22,642,905,919 | 22,643,489,405 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
1,162,580 | - | (955,013 | ) | - | (189,476 | ) | 31,862,059,097 | 31,862,077,188 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
91,628 | - | (104,172 | ) | (23,691 | ) | (59,505 | ) | 1,450,989,544 | 1,450,893,804 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 200,772 | (305,726 | ) | - | (19,092 | ) | 200,167,173 | 200,043,127 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds’ net unrealized appreciation (depreciation) differences are attributable primarily to wash sales.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Funds’ temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have a capital loss carryforward as of August 31, 2020, as follows:
| Fund |
Not Subject to
Expiration |
Total* | ||||||
|
|
||||||||
|
Invesco Liquid Assets Portfolio |
$ | 15,623 | $ | 15,623 | ||||
|
|
||||||||
|
Invesco Government & Agency Portfolio |
189,476 | 189,476 | ||||||
|
|
||||||||
|
Invesco Treasury Obligations Portfolio |
59,505 | 59,505 | ||||||
|
|
||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
19,092 | 19,092 | ||||||
|
|
||||||||
| * |
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 8–Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:
| At August 31, 2020 | ||||||||||||||||
|
Federal Tax Cost* |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
Net
(Depreciation) |
|||||||||||||
|
|
||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 2,614,636,741 | $ | 676,866 | $ | (17,237 | ) | $ | 659,629 | |||||||
|
|
||||||||||||||||
|
Invesco STIC Prime Portfolio |
322,207,996 | 2,599 | (33 | ) | 2,566 | |||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Portfolio |
23,039,164,271 | - | (15,972 | ) | (15,972 | ) | ||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
1,495,740,416 | - | (23,691 | ) | (23,691 | ) | ||||||||||
|
|
||||||||||||||||
| * |
For Invesco Treasury Portfolio and Invesco Treasury Obligations Portfolio, cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end. For Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Government & Agency Portfolio and Invesco Tax-Free Cash Reserve Portfolio, cost of investments are the same for tax and financial reporting purposes. |
NOTE 9–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of distributions and taxable income, on August 31, 2020, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and shares of beneficial interest. These reclassifications had no effect on the net assets.
| Undistributed Net | Undistributed Net | Shares of | ||||||||||
| Investment Income (Loss) | Realized Gain (Loss) | Beneficial Interest | ||||||||||
|
|
||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 29,559 | $ | (29,559) | $ | - | ||||||
|
|
||||||||||||
|
Invesco STIC Prime Portfolio |
2,359 | (2,359) | - | |||||||||
|
|
||||||||||||
|
Invesco Treasury Portfolio |
114,461 | (153,462) | 39,001 | |||||||||
|
|
||||||||||||
|
Invesco Government & Agency Portfolio |
(1,417) | 1,417 | - | |||||||||
|
|
||||||||||||
|
Invesco Treasury Obligations Portfolio |
- | - | - | |||||||||
|
|
||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | - | - | |||||||||
|
|
||||||||||||
44 Short-Term Investments Trust
NOTE 10–Share Information
Invesco Liquid Assets Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
|
|
|
|||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
15,429,264,962 | $ | 15,436,049,996 | 11,115,059,561 | $ | 11,118,203,826 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
556,769 | 556,939 | 286,881 | 286,945 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
57,447,877 | 57,471,129 | 183,906,129 | 183,953,776 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
64,898 | 64,918 | 8,652 | 8,654 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
601 | 601 | 5,100 | 5,102 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
172,360 | 172,517 | 396,987 | 397,046 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
6,416,422 | 6,418,790 | 10,250,841 | 10,253,316 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
32,532 | 32,543 | 86,006 | 86,026 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
- | - | 15 | 15 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
81,549 | 81,575 | 175,461 | 175,508 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,504 | 1,504 | 5,870 | 5,872 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
3,570 | 3,570 | 20,583 | 20,589 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
2,984 | 2,984 | 24,289 | 24,294 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(15,321,899,211 | ) | (15,328,325,818 | ) | (11,024,583,994 | ) | (11,027,657,351 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(1,765,341 | ) | (1,765,827 | ) | (1,517,171 | ) | (1,517,553 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
- | - | (999 | ) | (999 | ) | ||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(63,868,033 | ) | (63,888,213 | ) | (180,975,556 | ) | (181,024,536 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(90,719 | ) | (90,751 | ) | (130,254 | ) | (130,300 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,265 | ) | (1,265 | ) | (658,263 | ) | (658,510 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(463,261 | ) | (463,480 | ) | (2,019,990 | ) | (2,020,536 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase in share activity |
105,958,198 | $ | 106,321,712 | 100,340,148 | $ | 100,411,184 | ||||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% 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, 75% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
45 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco STIC Prime Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
1,515,191,563 | $ | 1,515,273,645 | 1,752,564,099 | $ | 1,752,564,558 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
46,700 | 46,700 | 106,492 | 106,492 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
561 | 561 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
- | - | 32,538 | 32,538 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
281 | 281 | 342 | 342 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
182 | 182 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
36 | 36 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
4,489,681 | 4,489,681 | 7,389,194 | 7,389,194 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
11,032 | 11,032 | 25,796 | 25,796 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,832 | 2,832 | 199 | 199 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
3,278 | 3,278 | 9,022 | 9,022 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,098 | 1,098 | 3,751 | 3,751 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,140 | 1,140 | 2,606 | 2,606 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
215 | 215 | 457 | 457 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(1,851,039,089 | ) | (1,851,119,477 | ) | (1,632,583,978 | ) | (1,632,584,885 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(129,157 | ) | (129,168 | ) | (374,081 | ) | (374,082 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(48,590 | ) | (48,594 | ) | (175,789 | ) | (175,789 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(99,534 | ) | (99,535 | ) | (220,468 | ) | (220,468 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(169,247 | ) | (169,262 | ) | (377 | ) | (377 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,996 | ) | (1,996 | ) | (65,248 | ) | (65,248 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
(331,739,014 | ) | $ | (331,737,351 | ) | 126,714,555 | $ | 126,714,106 | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 97% 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. |
46 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco Treasury Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
182,665,163,108 | $ | 182,665,163,108 | 187,978,433,067 | $ | 187,978,433,067 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
1,486,970,970 | 1,486,970,970 | 1,261,646,363 | 1,261,646,363 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,422,880,087 | 2,422,880,087 | 1,630,224,829 | 1,630,224,829 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
861,417,932 | 861,417,932 | 2,148,188,357 | 2,148,188,357 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,819,500,275 | 1,819,500,275 | 847,847,187 | 847,847,187 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
333,477,473 | 333,477,473 | 883,852,393 | 883,852,393 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
6,641,915,581 | 6,641,915,581 | 7,123,495,519 | 7,123,495,519 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
45,062,613 | 45,062,613 | 115,324,756 | 115,324,756 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
1,524,217 | 1,524,217 | 3,080,285 | 3,080,285 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,137,800 | 2,137,800 | 2,964,198 | 2,964,198 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
3,199,903 | 3,199,903 | 8,004,739 | 8,004,739 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,117,598 | 1,117,598 | 2,800,991 | 2,800,991 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
377,525 | 377,525 | 2,341,092 | 2,341,092 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
2,642,981 | 2,642,981 | 6,377,933 | 6,377,933 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(182,211,645,772 | ) | (182,211,645,772 | ) | (189,608,509,223 | ) | (189,608,509,223 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(1,571,686,549 | ) | (1,571,686,549 | ) | (1,276,434,403 | ) | (1,276,434,403 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(2,503,448,761 | ) | (2,503,448,761 | ) | (1,390,826,499 | ) | (1,390,826,499 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(889,341,613 | ) | (889,341,613 | ) | (2,206,261,774 | ) | (2,206,261,774 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(1,528,574,340 | ) | (1,528,574,340 | ) | (789,550,639 | ) | (789,550,639 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(330,736,076 | ) | (330,736,076 | ) | (779,027,591 | ) | (779,027,591 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(5,940,044,504 | ) | (5,940,044,504 | ) | (7,168,113,590 | ) | (7,168,113,590 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
1,311,910,448 | $ | 1,311,910,448 | (1,204,142,010 | ) | $ | (1,204,142,010 | ) | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% 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, 14% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
47 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco Government & Agency Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
262,928,153,701 | $ | 262,928,153,701 | 201,304,629,047 | $ | 201,304,629,047 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
2,584,479,157 | 2,584,479,157 | 2,057,789,705 | 2,057,789,705 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
62,737,197 | 62,737,197 | 33,910,046 | 33,910,046 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
657,577,573 | 657,577,573 | 970,595,900 | 970,595,900 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,172,921,187 | 1,172,921,187 | 1,378,739,399 | 1,378,739,399 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,825,896,962 | 1,825,896,962 | 2,554,982,650 | 2,554,982,650 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
820,373,313 | 820,373,313 | 573,841,827 | 573,841,827 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
73,415,945 | 73,415,945 | 126,914,764 | 126,914,764 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
3,046,192 | 3,046,192 | 4,227,798 | 4,227,798 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
89,620 | 89,620 | 168,914 | 168,914 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
2,363,772 | 2,363,772 | 5,327,428 | 5,327,428 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,290,595 | 1,290,595 | 3,618,437 | 3,618,437 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,403,826 | 1,403,826 | 3,149,980 | 3,149,980 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
26,956 | 26,956 | 346,829 | 346,829 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(262,745,539,103 | ) | (262,745,539,103 | ) | (193,758,410,817 | ) | (193,758,410,817 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(2,538,024,638 | ) | (2,538,024,638 | ) | (1,955,184,767 | ) | (1,955,184,767 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(65,288,286 | ) | (65,288,286 | ) | (26,408,192 | ) | (26,408,192 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(593,465,577 | ) | (593,465,577 | ) | (944,272,368 | ) | (944,272,368 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(1,070,559,836 | ) | (1,070,559,836 | ) | (1,294,201,876 | ) | (1,294,201,876 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,864,768,437 | ) | (1,864,768,437 | ) | (2,609,810,219 | ) | (2,609,810,219 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(829,480,994 | ) | (829,480,994 | ) | (680,116,245 | ) | (680,116,245 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase in share activity |
426,649,125 | $ | 426,649,125 | 7,749,838,240 | $ | 7,749,838,240 | ||||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% 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, 10% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
48 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco Treasury Obligations Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
2,007,630,177 | $ | 2,007,630,177 | 902,898,047 | $ | 902,898,047 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
17,752,712 | 17,752,712 | 17,567,905 | 17,567,905 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
12,396,845 | 12,396,845 | 1,755,557 | 1,755,557 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
38,202,008 | 38,202,008 | 1,001,917 | 1,001,917 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
108,199,892 | 108,199,892 | 120,013,835 | 120,013,835 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
2,952,538 | 2,952,538 | 2,115,950 | 2,115,950 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
16,000,000 | 16,000,000 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
1,687,442 | 1,687,442 | 2,012,405 | 2,012,405 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
65,930 | 65,930 | 107,684 | 107,684 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
282 | 282 | 2,574 | 2,574 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
16,009 | 16,009 | 41,719 | 41,719 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
212,244 | 212,244 | 513,925 | 513,925 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
424 | 424 | 1,002 | 1,002 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
11,998 | 11,998 | 216 | 216 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(1,684,099,423 | ) | (1,684,099,423 | ) | (1,140,217,292 | ) | (1,140,217,292 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(12,877,560 | ) | (12,877,560 | ) | (14,276,606 | ) | (14,276,606 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(11,767,016 | ) | (11,767,016 | ) | (2,041,284 | ) | (2,041,284 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(39,771,691 | ) | (39,771,691 | ) | (2,314,616 | ) | (2,314,616 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(108,535,845 | ) | (108,535,845 | ) | (99,213,748 | ) | (99,213,748 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(2,936,447 | ) | (2,936,447 | ) | (2,078,666 | ) | (2,078,666 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(5,580,000 | ) | (5,580,000 | ) | - | - | ||||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
339,560,519 | $ | 339,560,519 | (212,109,476 | ) | $ | (212,109,476 | ) | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% 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, 49% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
49 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco Tax-Free Cash Reserve Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
310,891,005 | $ | 310,891,005 | 205,082,518 | $ | 205,082,518 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
11,295,911 | 11,295,911 | 57,208,640 | 57,208,640 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
11,189,176 | 11,189,176 | 5,818,771 | 5,818,771 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
7,389,500 | 7,389,500 | 49,844,196 | 49,844,196 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
58,297,928 | 58,297,928 | 52,342,069 | 52,342,069 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
4,102,971 | 4,102,971 | 31,003,313 | 31,003,313 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
10 | 10 | 110,000 | 110,000 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
770,263 | 770,263 | 919,230 | 919,230 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
106,524 | 106,524 | 281,127 | 281,127 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
7,119 | 7,119 | 385 | 385 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
164,121 | 164,121 | 309,533 | 309,533 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
50,307 | 50,307 | 79,513 | 79,513 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
21,121 | 21,121 | 51,611 | 51,611 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
75 | 75 | 135 | 135 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(321,704,515 | ) | (321,704,515 | ) | (172,627,076 | ) | (172,627,076 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(21,755,886 | ) | (21,755,886 | ) | (65,060,440 | ) | (65,060,440 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(10,154,592 | ) | (10,154,592 | ) | (3,287,500 | ) | (3,287,500 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(29,359,631 | ) | (29,359,631 | ) | (54,739,582 | ) | (54,739,582 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(51,528,118 | ) | (51,528,118 | ) | (46,570,715 | ) | (46,570,715 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(2,237,435 | ) | (2,237,435 | ) | (32,436,884 | ) | (32,436,884 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
- | - | (110,000 | ) | (110,000 | ) | ||||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
(32,454,146 | ) | $ | (32,454,146 | ) | 28,218,844 | $ | 28,218,844 | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% 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. |
NOTE 11–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
50 Short-Term Investments Trust
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Short-Term Investments Trust and Cash Management Class Shareholders of Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (six of the funds constituting Short-Term Investments Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. 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 Funds 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 audits 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 audits 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 audits 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 August 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Houston, Texas
October 29, 2020
We have served as the auditor of one or more of the 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.
51 Short-Term Investments Trust
Calculating your ongoing Fund expenses
Example
As a shareholder in the Cash Management Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each 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 Funds and other funds. To do so, compare this 5% hypothetical example 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. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| HYPOTHETICAL | ||||||||||||||||||||||||||||||
| ACTUAL | (5% annual return before expenses) | |||||||||||||||||||||||||||||
|
Cash Management Class |
Beginning | Ending | Expenses | Ending | Expenses | Annualized | ||||||||||||||||||||||||
| Account Value | Account Value | Paid During | Account Value | Paid During | Expense | |||||||||||||||||||||||||
| (03/01/20) | (08/31/20)1 | Period2 | (08/31/20) | Period2 | Ratio | |||||||||||||||||||||||||
|
Invesco Liquid Assets
|
$ | 1,000.00 | $ | 1,002.40 | $ | 1.31 | $ | 1,023.83 | $ | 1.32 | 0.26 | % | ||||||||||||||||||
|
Invesco STIC Prime
|
1,000.00 | 1,001.70 | 1.16 | 1,023.98 | 1.17 | 0.23 | ||||||||||||||||||||||||
|
Invesco Treasury
|
1,000.00 | 1,000.70 | 1.26 | 1,023.88 | 1.27 | 0.25 | ||||||||||||||||||||||||
|
Invesco Government
|
1,000.00 | 1,000.90 | 1.11 | 1,024.03 | 1.12 | 0.22 | ||||||||||||||||||||||||
|
Invesco Treasury
|
1,000.00 | 1,001.10 | 1.31 | 1,023.83 | 1.32 | 0.26 | ||||||||||||||||||||||||
|
Invesco Tax-Free Cash
|
1,000.00 | 1,002.40 | 1.06 | 1,024.08 | 1.07 |
|
0.21
|
|
||||||||||||||||||||||
| 1 |
The actual ending account value is based on the actual total return of the Funds for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
| 2 |
Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year. |
52 Short-Term Investments Trust
Approval of Investment Advisory and Sub-Advisory Contracts
(Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio)
At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of Short-Term Investments Trust as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of each series portfolio of Short-Term Investments Trust listed above (each, a Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and 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. and, with respect to Invesco Government & Agency Portfolio, Invesco Tax-Free Cash Reserve Portfolio and Invesco Treasury Obligations Portfolio only, separate Sub-Advisory Contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by each Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers 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 receives comparative investment performance
and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each 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 during the course of the year and in prior years 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 June 3, 2020.
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 provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and
its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board 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 also reviewed and considered information regarding the benefits to each Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to each 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 each Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit each Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing each 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 considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for each Fund, as no Affiliated Sub-Adviser currently manages assets of each Fund.
53 Short-Term Investments Trust
Invesco Liquid Assets Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the first quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco STIC Prime Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Treasury Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class
shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Government & Agency Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Treasury Obligations Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Tax-Free Cash Reserve Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of
funds in the Broadridge performance universe and against the iMoneyNet Tax-Free National Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the second quintile of its performance universe for the one and five year periods and the first quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was below the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
| C. |
Advisory and Sub-Advisory Fees and Fund Expenses |
Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio
The Board compared each Fund’s contractual management fee rate to the contractual management fee rates of funds in each Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Institutional Class shares of each Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding each Fund’s total expense ratio and its various components. The Board noted that each Fund’s total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of each Fund for the term disclosed in each Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of each Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it
54 Short-Term Investments Trust
provides to the Invesco Funds relative to certain other types of client accounts, including, among others: 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; 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.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio
The Board compared each Fund’s contractual management fee rate to the contractual management fee rates of funds in each Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Institutional Class shares of each Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding each 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 each Fund for the term disclosed in each Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of each Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. 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, among others: 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; 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.
| D. |
Economies of Scale and Breakpoints |
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Tax-Free Cash Reserve Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to each Fund. The Board noted that each Fund does not benefit from economies of scale through contractual breakpoints, but does 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 each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.
Invesco Treasury Obligations Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits 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 shares 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. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.
| E. |
Profitability and Financial Resources |
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to each Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net
profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services 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 received by Invesco Advisers and its affiliates from the relationship with each Fund, including the fees received for providing administrative, transfer agency and distribution services to each Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to each 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 each Fund.
55 Short-Term Investments Trust
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended August 31, 2020:
Federal and State
Income Tax
|
Long Term Capital
Gain Distributions |
Business Interest
Income* |
Qualified Dividend
Income* |
Corporate Dividends
Received Deduction* |
U.S. Treasury
Obligations* |
Tax-Exempt
Interest Dividend* |
|||||||||
|
|
||||||||||||||
| Invesco Liquid Assets Portfolio | $ - | 99.19% | 0.00% | 0.00% | 0.13% | 0.00% | ||||||||
|
|
||||||||||||||
| Invesco STIC Prime Portfolio | - | 95.76% | 0.00% | 0.00% | 0.07% | 0.00% | ||||||||
|
|
||||||||||||||
| Invesco Treasury Portfolio | 198,121 | 99.91% | 0.00% | 0.00% | 62.25% | 0.00% | ||||||||
|
|
||||||||||||||
| Invesco Government & Agency Portfolio | 31,696 | 100.00% | 0.00% | 0.00% | 24.37% | 0.00% | ||||||||
|
|
||||||||||||||
| Invesco Treasury Obligations Portfolio | - | 100.00% | 0.00% | 0.00% | 100.00% | 0.00% | ||||||||
|
|
||||||||||||||
| Invesco Tax-Free Cash Reserve Portfolio | - | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | ||||||||
|
|
||||||||||||||
| * |
The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year. |
Non-Resident Alien Shareholders
| Qualified Short-Term Gains | Qualified Interest Income** | |||||||
|
|
||||||||
|
Invesco Liquid Assets Portfolio
|
$29,559 | 0.00% | ||||||
|
|
||||||||
|
Invesco STIC Prime Portfolio
|
- | 0.00% | ||||||
|
|
||||||||
|
Invesco Treasury Portfolio
|
- | 100.00% | ||||||
|
|
||||||||
|
Invesco Government & Agency Portfolio
|
- | 100.00% | ||||||
|
|
||||||||
|
Invesco Treasury Obligations Portfolio
|
- | 100.00% | ||||||
|
|
||||||||
|
Invesco Tax-Free Cash Reserve Portfolio
|
- | 0.00% | ||||||
|
|
||||||||
| ** |
The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year. |
56 Short-Term Investments Trust
The address of each trustee and officer is Short-Term Investments Trust (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
|
Name, Year of Birth and
Position(s) Held with the Trust |
Trustee
and/or Officer Since |
Principal Occupation(s)
During Past 5 Years |
Number of
Funds in Fund Complex Overseen by Trustee |
Other
Directorship(s) Held by Trustee During Past 5 Years |
||||||||
| Interested Trustee | ||||||||||||
|
Martin L. Flanagan1 – 1960
Trustee and Vice Chair |
2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | 198 | 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. |
T-1 Short-Term Investments Trust
Trustees and Officers–(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
in
Fund Complex
|
Other
Directorship(s) Held by Trustee During Past 5 Years |
||||||||
|
Independent Trustees |
||||||||||||
|
Bruce L. Crockett – 1944 Trustee and Chair |
1993 |
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 |
198 |
|
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 | 198 |
|
Board member
of the Illinois Manufacturers’ Association |
|
||||||
|
Beth Ann Brown – 1968 Trustee |
2019 |
Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds |
198 |
|
Director,
Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit) |
|
||||||
|
Jack M. Fields – 1952 Trustee |
1997 |
Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit)
Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle,hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives |
198 |
|
Member,
Board of Directors of Baylor College of Medicine |
|
||||||
|
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP |
198 |
|
Resideo
Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization) |
|
||||||
T-2 Short-Term Investments Trust
Trustees and Officers–(continued)
|
Name, Year of Birth and Position(s) Held with the Trust |
Trustee
and/or
Since |
Principal Occupation(s) During Past 5 Years |
Number of
in
Fund Complex
|
Other
During Past 5 Years |
||||||||
|
Independent Trustees–(continued) |
||||||||||||
|
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 |
198 |
|
Insperity, Inc.
(formerly known as Administaff) (human resources provider) |
|
||||||
|
Elizabeth Krentzman – 1959 Trustee |
2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 198 |
|
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 |
|
||||||
|
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 | 198 |
|
Blue Hills Bank;
Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP |
|
||||||
|
Prema Mathai-Davis – 1950 Trustee |
1998 |
Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute |
198 | None | ||||||||
|
Joel W. Motley – 1952 Trustee |
2019 |
Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of 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)); and Member of the Vestry of Trinity Church Wall Street |
198 |
|
Member of
Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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: CEO UBS Securities LLC (investment banking); COO Americas UBS AG (investment banking; Sr. Management TeamOlayan America, The Olayan Group (international investor/commercial/ industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury |
198 |
|
Elucida
Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing) |
|
||||||
T-3 Short-Term Investments Trust
Trustees and Officers–(continued)
|
Name, Year of Birth and Position(s) Held with the Trust |
Trustee
and/or
|
Principal Occupation(s) During Past 5 Years |
Number of
in
Fund Complex
|
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 and Federal Reserve Bank of Dallas |
198 | None | ||||||||
|
Robert C. Troccoli – 1949 Trustee |
2016 |
Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP |
198 | None | ||||||||
|
Daniel S. Vandivort –1954 Trustee |
2019 |
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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America
|
198 | None | ||||||||
|
James D. Vaughn – 1945 Trustee |
2019 |
Retired
Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds |
198 |
|
Board
member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit) |
|
||||||
|
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate |
2017 |
Retired
Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments |
198 |
|
EnAIble, Inc.
(technology) Formerly: ISO New England, Inc. (non- profit organization managing regional electricity market) |
|
||||||
T-4 Short-Term Investments Trust
Trustees and Officers–(continued)
|
Name, Year of Birth and Position(s) Held with the Trust |
Trustee
and/or
|
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 |
||||
|
Officers |
||||||||
|
Sheri Morris – 1964 President, Principal Executive Officer and Treasurer |
1999 |
Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.
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; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, 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 India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC
Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc. |
N/A | N/A | ||||
| 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.; 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 |
N/A | N/A | ||||
T-5 Short-Term Investments Trust
Trustees and Officers–(continued)
|
Name, Year of Birth and Position(s) Held with the Trust |
Trustee
and/or
|
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 |
||||
|
Officers–(continued) |
||||||||
| 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); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
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 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) |
N/A | N/A | ||||
| 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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
| Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer | 2008 | Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Vice President, Invesco Advisers, Inc. Formerly: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
T-6 Short-Term Investments Trust
Trustees and Officers–(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 |
||||||
|
Officers—(continued) |
||||||||||
|
Crissie M. Wisdom – 1969
Anti-Money Laundering Compliance Officer |
2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||||
|
Todd F. Kuehl – 1969
Chief Compliance Officer |
2020 |
Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) |
N/A | N/A | ||||||
|
Michael McMaster – 1962
Chief Tax Officer, Vice President and Assistant Treasurer |
2020 |
Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, 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: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) |
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, Suite 1000 Houston, TX 77046-1173 |
Invesco Advisers, Inc.
1555 Peachtree Street, N.E. Atlanta, GA 30309 |
Invesco Distributors, Inc.
11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173 |
PricewaterhouseCoopers LLP
1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678 |
|||
| Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
|
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600
Philadelphia, PA 19103-7018 |
Goodwin Procter LLP
901 New York Avenue, N.W. Washington, D.C. 20001 |
Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000
Houston, TX 77046-1173 |
Bank of New York Mellon
2 Hanson Place Brooklyn, NY 11217-1431 |
|||
T-7 Short-Term Investments Trust
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 in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
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 Cash Management Alliance Services department at 800 659 1005, option 1, 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. This 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. |
|
| SEC file numbers: 811-02729 and 002-58287 | Invesco Distributors, Inc. | CM-STIT-AR-3 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank).
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) 659-1005 (option1) 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.
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.
Unless otherwise stated, information presented in this report is as of August 31, 2020, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
|
|
|
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
| 3 | ||||||||
| 5 | ||||||||
| 6 | ||||||||
| 7 | ||||||||
| 8 | ||||||||
| 32 | ||||||||
| 38 | ||||||||
| 39 | ||||||||
| 51 | ||||||||
| 52 | ||||||||
| 53 | ||||||||
| 56 | ||||||||
| T-1 | ||||||||
| 2 |
|
Dear Shareholders: This annual report covers the fiscal year ended August 31, 2020. As always, we thank you for investing with us. By investing in a combination of short-term securities and securities with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns during the fiscal year.
Market conditions affecting money market funds The fiscal year was a tale of two markets, bifurcated in terms of overall US economic growth and financial market returns. During the first half of the fiscal year, investors witnessed a resilient US economy, solid corporate earnings and a newly accommodative US Federal Reserve (the Fed), |
which helped propel risk assets higher, particularly equities. The second half of the fiscal year moved in the opposite direction with the onset of the coronavirus (COVID-19) disrupting travel and suppressing consumer activity. Investors became increasingly concerned about the global economy and the abrupt economic stoppage causing mass unemployment and negative GDP growth.
Against this backdrop, the Fed acted swiftly to help buffer the negative economic impact of quarantine and shelter-in-place policies and to limit the potential for permanent damage to the US economy. The Fed cut interest rates twice in March 2020, first by 0.50% and then by 1.00% to a target range of 0.00% to 0.25%.1 The central bank cited dysfunctional short-term funding markets and the possibility of greater longer-term damage to capital markets and the broader economy. Similar to its role in the 2008-2009 financial crisis, the Fed created lending facilities within the commercial paper market, supported prime money market funds directly, and purchased US Treasury bonds and agency mortgage-backed securities across the maturity spectrum. It later engaged in corporate bond purchases of both investment grade and speculative grade quality corporate debt to solidify the proper functioning of markets.
Short-term yields decreased as a result of the Fed cutting rates and adopting a Zero Interest Rate Policy (ZIRP). The ICE BofA 0-3 months US Treasury Bill Index yielded 0.10% on August 31, 2020, down 180 basis points from a year earlier.2 (A basis point is one one-hundredth of a percentage point.) The three-month US dollar LIBOR also declined 190 basis points to 0.24% over the fiscal year.2 Ten-year US Treasury yields declined 80 basis points to 0.70%.2
During the Jackson Hole Economic Symposium on August 27, 2020, the Federal Open Markets Committee and Jay Powell announced a formal strategy shift to flexible average inflation targeting. As a result, it is likely the Fed will be more tolerant of inflation above the 2% threshold while maintaining its maximum employment objective as “a broad-based and inclusive goal” and that policy decisions will be dictated by “shortfalls” from maximum employment, not just deviations.1 Powell emphasized that the latter change “reflects our view that a robust job market can be sustained without causing an outbreak of inflation” and that “employment can run at or above real-time estimates of its maximum level without causing concern.”1
Invesco Global Liquidity
For more than 35 years, Invesco Global Liquidity has worked to gain and keep the trust of our investors through our deep industry knowledge and our investment expertise. Invesco Global Liquidity’s goal is to provide our investors with a full suite of liquidity management solutions to meet their investing needs through our disciplined investment process. For Invesco Global Liquidity, safety is of paramount importance in the investment process for all our money market funds. Our conservative investment philosophy has always focused on providing safety, liquidity, and yield – in that order – to our money market fund investors. Invesco Global Liquidity is dedicated to the future of this industry – and to yours.
Again, thank you for investing with us.
Sincerely,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.
| 1 |
Source: US Federal Reserve |
| 2 |
Source: US Treasury Department |
| 3 | Short-Term Investments Trust |
|
Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. |
We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
| 4 | Short-Term Investments Trust |
|
Resource Class data as of 8/31/20 |
||||||||||||||||
| FUND |
WEIGHTED AVERAGE MATURITY |
WEIGHTED
AVERAGE LIFE |
TOTAL NET ASSETS |
|||||||||||||
|
Range
During Reporting Period |
At
Reporting Period End |
At
Reporting Period End |
||||||||||||||
|
Invesco Liquid Assets1 |
19 - 49 days | 39 days | 56 days | $365.6 thousand | ||||||||||||
|
Invesco STIC Prime1 |
7 - 20 days | 9 days | 10 days | 122.6 thousand | ||||||||||||
|
Invesco Treasury2 |
14 - 59 days | 38 days | 103 days | 635.7 million | ||||||||||||
|
Invesco Government & Agency2 |
7 - 44 days | 22 days | 112 days | 143.1 million | ||||||||||||
|
Invesco Treasury Obligations2 |
28 - 59 days | 54 days | 109 days | 150.1 thousand | ||||||||||||
|
Invesco Tax-Free Cash Reserve3 |
7 - 15 days | 8 days | 8 days | 3.0 million | ||||||||||||
|
Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes. Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.
|
|
|||||||||||||||
| 1 |
You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. 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. |
| 2 |
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. |
| 3 |
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. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. 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. |
| 5 | Short-Term Investments Trust |
Fund Objectives and Strategies
Invesco Liquid Assets Portfolio
Invesco Liquid Assets Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests primarily in high-quality US dollar-denominated short-term debt obligations, including: (i) securities issued by the US government or its agencies; (ii) certificates of deposit and time deposits from US or foreign banks; (iii) repurchase agreements; (iv) commercial paper; and (v) municipal securities.
Invesco STIC Prime Portfolio
Invesco STIC Prime Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests in high-quality US dollar denominated obligations with maturities of 60 calendar days or less, including: (i) securities issued by the US government or its agencies; (ii) certificates of deposit and time deposits from US or foreign banks; (iii) repurchase agreements; (iv) commercial paper; and (v) municipal securities.
Invesco Treasury Portfolio
Invesco Treasury Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash, government securities, and repurchase agreements collateralized by cash or government securities. In addition, the Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in direct obligations of the US Treasury including bills, notes and bonds, and repurchase agreements secured by those obligations. In contrast to the Fund’s 99.5% policy, the Funds 80% policy does not include cash or repurchase agreements collateralized by cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government or certain of its agencies or instrumentalities; or any certificate of deposit for any of the foregoing. The Fund considers repurchase agreements with the Federal Reserve Bank of New York to be US government securities for purposes of the Fund’s investment policies.
Invesco Government & Agency Portfolio
Invesco Government & Agency Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash, government securities and repurchase agreements collateralized by cash or government securities. In addition, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested, under normal circumstances, in direct obligations of the US Treasury and other securities issued or guaranteed as to principal and interest by the US government or its agencies and instrumentalities, as well as repurchase agreements secured by those obligations. Direct obligations of the US Treasury generally include bills, notes and bonds. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash or repurchase agreements collateralized by cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government or certain of its agencies or instrumentalities, or any certificate of deposit for any
of the foregoing. The Fund considers repurchase agreements with the Federal Reserve Bank of New York to be US government securities for purposes of the Fund’s investment policies.
Invesco Treasury Obligations Portfolio
Invesco Treasury Obligations Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash and government securities. In addition, the Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in direct obligations of the US Treasury, which include Treasury bills, notes and bonds. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government. At the present time, the Fund has no current intention to invest in securities other than direct obligations of the US Treasury.
Invesco Tax-Free Cash Reserve Portfolio
Invesco Tax-Free Cash Reserve Portfolio’s investment objective is to provide tax-exempt income consistent with preservation of capital and liquidity.
The Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities that (i) pay interest that is excluded from gross income for federal income tax purposes, and (ii) do not produce income that will be considered to be an item of preference for purposes of the alternative minimum tax. While the Fund’s distributions are primarily exempt from federal income tax, a portion of the Fund’s distributions may be subject to the federal alternative minimum tax and state and local taxes.
| 6 | Short-Term Investments Trust |
|
In days, as of 8/31/20 |
|
|||||||||||||||||||||||||||||
|
Invesco Liquid
Assets Portfolio |
Invesco STIC
Prime Portfolio |
Invesco
Treasury Portfolio |
Invesco
Government & Agency Portfolio |
Invesco Treasury
Obligations Portfolio |
Invesco Tax-Free
Cash Reserve Portfolio |
|||||||||||||||||||||||||
|
1 - 7 |
41.1 | % | 52.9 | % | 37.6 | % | 25.9 | % | 3.6 | % | 0.9 | % | ||||||||||||||||||
|
8 - 30 |
13.2 | 30.4 | 12.4 | 16.6 | 26.0 | 95.6 | ||||||||||||||||||||||||
|
31 - 60 |
10.4 | 16.7 | 9.9 | 13.6 | 21.1 | 3.3 | ||||||||||||||||||||||||
|
61 - 90 |
9.6 | 0.0 | 5.1 | 9.9 | 15.6 | 0.2 | ||||||||||||||||||||||||
|
91 - 180 |
17.9 | 0.0 | 18.4 | 9.9 | 20.4 | 0.0 | ||||||||||||||||||||||||
|
181+ |
7.8 | 0.0 | 16.6 | 24.1 | 13.3 | 0.0 | ||||||||||||||||||||||||
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
| 7 | Short-Term Investments Trust |
August 31, 2020
Invesco Liquid Assets Portfolio
|
Interest Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
Commercial Paper-41.89%(a) |
||||||||||||||||
|
Asset-Backed Securities - Fully Supported Bank-14.49% |
||||||||||||||||
|
Cancara Asset Securitisation LLC (CEP - Lloyds Bank LLC)(b) |
0.21% | 11/24/2020 | $ | 30,000 | $ | 29,988,100 | ||||||||||
|
Concord Minutemen Capital Co. LLC (Multi - CEP’s)(b)(c) |
0.16% | 09/14/2020 | 50,000 | 49,999,028 | ||||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.40% | 12/01/2020 | 25,000 | 25,011,673 | ||||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.39% | 01/05/2021 | 16,500 | 16,508,425 | ||||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.35% | 01/22/2021 | 5,000 | 5,002,096 | ||||||||||||
|
Great Bridge Capital Co. LLC (CEP - Standard Chartered)(b)(c) |
0.24% | 11/09/2020 | 30,000 | 29,992,708 | ||||||||||||
|
Great Bridge Capital Co. LLC (CEP - Standard Chartered)(b)(c) |
0.22% | 11/20/2020 | 25,000 | 24,992,350 | ||||||||||||
|
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.33% | 02/03/2021 | 40,000 | 39,950,600 | ||||||||||||
|
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) |
0.25% | 09/14/2020 | 30,000 | 29,998,320 | ||||||||||||
|
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) |
0.27% | 11/03/2020 | 25,759 | 25,750,345 | ||||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.31% | 09/02/2020 | 21,000 | 20,999,849 | ||||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.37%-0.40% | 11/05/2020 | 55,000 | 54,984,774 | ||||||||||||
|
Versailles Commercial Paper LLC (CEP - Natixis S.A.)(b)(c) |
0.22% | 01/05/2021 | 18,750 | 18,736,308 | ||||||||||||
| 371,914,576 | ||||||||||||||||
|
Diversified Banks-10.72% |
||||||||||||||||
|
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.07%) (Australia)(b)(c)(d) |
0.37% | 10/06/2020 | 10,000 | 10,001,179 | ||||||||||||
|
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.12%) (Australia)(b)(c)(d) |
0.36% | 11/09/2020 | 20,000 | 20,006,229 | ||||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.57% | 10/27/2020 | 25,000 | 24,995,487 | ||||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.22% | 02/25/2021 | 30,000 | 29,978,492 | ||||||||||||
|
HSBC Bank PLC (3 mo. USD LIBOR + 0.20%) (United Kingdom)(b)(c)(d) |
0.76% | 11/02/2020 | 20,000 | 20,007,281 | ||||||||||||
|
Natixis S.A.(b) |
0.35% | 11/30/2020 | 5,000 | 4,997,915 | ||||||||||||
|
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) |
0.21% | 02/16/2021 | 50,000 | 49,963,618 | ||||||||||||
|
NRW Bank (Germany)(b)(c) |
0.11% | 09/04/2020 | 50,000 | 49,999,472 | ||||||||||||
|
Royal Bank of Canada (SOFR + 0.40%) (Canada)(b)(c)(d) |
0.49% | 10/07/2020 | 35,000 | 35,012,225 | ||||||||||||
|
Royal Bank of Canada (3 mo. USD LIBOR + 0.11%)(b)(c)(d) |
0.43% | 06/11/2021 | 15,000 | 15,012,191 | ||||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.10%)
|
0.41% | 09/15/2020 | 5,000 | 5,000,298 | ||||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.09%)
|
0.36% | 07/20/2021 | 10,000 | 10,003,086 | ||||||||||||
| 274,977,473 | ||||||||||||||||
|
Diversified Capital Markets-2.92% |
||||||||||||||||
|
Longship Funding LLC (CEP-Nordea Bank AB)(b)(c) |
0.17% | 10/19/2020 | 50,000 | 49,981,285 | ||||||||||||
|
UBS AG(b)(c) |
1.85% | 01/15/2021 | 25,000 | 24,973,742 | ||||||||||||
| 74,955,027 | ||||||||||||||||
|
Other Diversified Financial Services-2.92% |
||||||||||||||||
|
Anglesea Funding LLC (1 mo. OBFR + 0.10%)(b)(c)(d) |
0.18% | 11/05/2020 | 25,000 | 25,000,000 | ||||||||||||
|
Erste Abwicklungsanstalt (Germany)(b)(c) |
0.00% | 03/01/2021 | 50,000 | 49,962,589 | ||||||||||||
| 74,962,589 | ||||||||||||||||
|
Regional Banks-7.41% |
||||||||||||||||
|
Banque et Caisse d’Epargne de l’Etat (Luxembourg)(b) |
1.45% | 09/10/2020 | 25,000 | 24,999,549 | ||||||||||||
|
BNZ International Funding Ltd. (1 mo. USD LIBOR + 0.30%) (United Kingdom)(b)(c)(d) |
0.46% | 09/11/2020 | 25,000 | 25,002,485 | ||||||||||||
|
BNZ International Funding Ltd. (1 mo. USD LIBOR + 0.27%) (United Kingdom)(b)(c)(d) |
0.44% | 10/27/2020 | 40,000 | 40,016,979 | ||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp.(b)(c) |
0.15% | 09/03/2020 | 50,000 | 49,999,683 | ||||||||||||
|
Svenska Handelsbanken AB (3 mo. USD LIBOR + 0.10%)
|
0.41% | 12/30/2020 | 50,000 | 50,022,297 | ||||||||||||
| 190,040,993 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
Specialized Finance-3.43% |
||||||||||||||||
|
FMS Wertmanagement (Germany)(b)(c) |
0.25% | 12/14/2020 | $ | 50,000 | $ | 49,980,312 | ||||||||||
|
FMS Wertmanagement (Germany)(b)(c) |
0.20% | 03/04/2021 | 25,000 | 24,976,618 | ||||||||||||
|
Pacific Life Short Term Funding LLC(c) |
0.22% | 10/16/2020 | 13,000 | 12,997,409 | ||||||||||||
| 87,954,339 | ||||||||||||||||
|
Total Commercial Paper (Cost $1,074,442,925) |
1,074,804,997 | |||||||||||||||
|
Certificates of Deposit-16.96% |
||||||||||||||||
|
Bank of Nova Scotia (The) (Federal Funds Rate + 0.37%)(b)(d) |
0.46% | 09/09/2020 | 15,000 | 15,000,743 | ||||||||||||
|
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(b)(d) |
0.38% | 11/13/2020 | 20,000 | 20,007,396 | ||||||||||||
|
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(b)(d) |
0.45% | 09/18/2020 | 20,000 | 20,002,088 | ||||||||||||
|
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.16%)(b)(d) |
0.34% | 01/22/2021 | 15,000 | 15,010,086 | ||||||||||||
|
KBC Bank N.V.(b) |
0.10% | 09/03/2020 | 50,000 | 50,000,025 | ||||||||||||
|
Natixis S.A. (3 mo. USD LIBOR + 0.11%)(b)(d) |
0.41% | 10/02/2020 | 35,000 | 35,005,684 | ||||||||||||
|
Rabobank Nederland (Netherlands)(b) |
0.08% | 09/01/2020 | 120,000 | 120,000,000 | ||||||||||||
|
Sumitomo Mitsui Trust Bank Ltd.(b) |
0.10% | 09/03/2020 | 50,000 | 50,000,004 | ||||||||||||
|
Svenska Handelsbanken AB (3 mo. USD LIBOR + 0.10%)(b)(d) |
0.36% | 11/24/2020 | 20,000 | 20,007,144 | ||||||||||||
|
Toronto-Dominion Bank (The) (SOFR + 0.42%)(b)(d) |
0.51% | 09/30/2020 | 25,000 | 25,007,497 | ||||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.11%)(b)(d) |
0.43% | 06/10/2021 | 15,000 | 15,007,518 | ||||||||||||
|
Westpac Banking Corp. (3 mo. USD LIBOR + 0.12%)(b)(d) |
0.40% | 07/08/2021 | 50,000 | 50,048,806 | ||||||||||||
|
Total Certificates of Deposit (Cost $435,000,000) |
435,096,991 | |||||||||||||||
|
U.S. Dollar Denominated Bonds & Notes-6.08% |
||||||||||||||||
|
Diversified Banks-3.96% |
||||||||||||||||
|
Australia & New Zealand Banking Group Ltd. (3 mo. USD LIBOR + 0.99%) (Australia)(b)(c)(d) |
1.24% | 06/01/2021 | 33,400 | 33,637,550 | ||||||||||||
|
Bank of Nova Scotia (The) (Canada)(b) |
2.50% | 01/08/2021 | 10,103 | 10,184,337 | ||||||||||||
|
HSBC Bank PLC (United Kingdom)(b)(c) |
4.75% | 01/19/2021 | 47,285 | 48,085,599 | ||||||||||||
|
U.S. Bank N.A. |
2.05% | 10/23/2020 | 9,550 | 9,561,469 | ||||||||||||
| 101,468,955 | ||||||||||||||||
|
Diversified Capital Markets-1.18% |
||||||||||||||||
|
UBS AG (Switzerland)(b)(c) |
2.45% | 12/01/2020 | 30,260 | 30,372,098 | ||||||||||||
|
Technology Hardware, Storage & Peripherals-0.94% |
||||||||||||||||
|
Apple, Inc. |
2.25% | 02/23/2021 | 23,971 | 24,162,301 | ||||||||||||
|
Total U.S. Dollar Denominated Bonds & Notes (Cost $155,802,618) |
156,003,354 | |||||||||||||||
|
Variable Rate Demand Notes-2.68%(e) |
||||||||||||||||
|
Credit Enhanced-2.68% |
||||||||||||||||
|
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds
|
0.28% | 04/01/2047 | 9,300 | 9,299,999 | ||||||||||||
|
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) |
0.18% | 05/01/2037 | 2,600 | 2,600,000 | ||||||||||||
|
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB
|
0.05% | 11/01/2035 | 18,225 | 18,225,000 | ||||||||||||
|
New York (State of) Housing Finance Agency (160 Madison); Series 2013 B, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.07% | 11/01/2046 | 3,400 | 3,400,000 | ||||||||||||
|
New York (State of) Housing Finance Agency (455 West 37th Street Housing); Series 2007 B, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.07% | 05/01/2041 | 2,400 | 2,400,000 | ||||||||||||
|
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC) |
0.08% | 11/01/2035 | 2,900 | 2,900,000 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
Credit Enhanced-(continued) |
||||||||||||||||
|
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB |
0.10% | 08/01/2045 | $ | 30,000 | $ | 30,000,000 | ||||||||||
|
Total Variable Rate Demand Notes (Cost $68,824,999) |
68,824,999 | |||||||||||||||
|
U.S. Treasury Securities-1.95% |
||||||||||||||||
|
U.S. Treasury Bills-1.95%(a) |
||||||||||||||||
|
U.S. Treasury Bills (Cost $49,993,875) |
0.09% | 10/20/2020 | 50,000 | 49,993,705 | ||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-69.56%
|
1,784,724,046 | |||||||||||||||
|
Repurchase
Amount |
||||||||||||||||
|
Repurchase Agreements-32.38%(g) |
||||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $100,000,556 (collateralized by U.S. government sponsored agency obligations, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic agency and non-agency asset-backed securities valued at $104,622,809; 0.00% - 7.75%; 10/14/2020 - 06/20/2070)(b) |
0.20% | 09/01/2020 | 30,000,167 | 30,000,000 | ||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $75,000,479 (collateralized by domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $78,964,787; 0.00% - 6.69%; 10/22/2021 - 06/20/2070)(b) |
0.23% | 09/01/2020 | 15,000,096 | 15,000,000 | ||||||||||||
|
BMO Capital Markets Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,458 (collateralized by domestic agency and non-agency asset-backed securities, domestic and foreign corporate obligations, domestic and foreign agency and non-agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $26,041,717; 0.00% - 6.30%; 07/20/2021 - 06/20/2070)(b)(h) |
0.30% | 09/03/2020 | 10,000,583 | 10,000,000 | ||||||||||||
|
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/31/2020, aggregate maturing value of $200,001,111 (collateralized by foreign corporate obligations valued at $204,001,511; 0.38% - 7.69%; 01/29/2021 - 01/23/2050)(b) |
0.20% | 09/01/2020 | 35,000,194 | 35,000,000 | ||||||||||||
|
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/24/2020, aggregate maturing value of $155,031,000 (collateralized by foreign corporate obligations valued at $158,100,742; 0.63% - 7.69%; 01/29/2021 - 01/23/2050)(b)(h) |
0.24% | 09/23/2020 | 35,007,000 | 35,000,000 | ||||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,069 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic and foreign non-agency mortgage-backed securities valued at $27,500,000; 0.00% - 12.00%; 10/01/2020 - 05/25/2065)(b)(h) |
0.22% | 09/03/2020 | 5,000,214 | 5,000,000 | ||||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $60,002,333 (collateralized by domestic and foreign agency and non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $63,000,000; 0.60% - 7.00%; 01/25/2030 - 08/16/2060)(b)(h) |
0.20% | 09/03/2020 | 15,000,583 | 15,000,000 | ||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,139 (collateralized by domestic and foreign corporate obligations valued at $26,250,001; 1.38% - 4.49%; 09/15/2020 - 04/01/2050)(b) |
0.20% | 09/01/2020 | 15,000,083 | 15,000,000 | ||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,174 (collateralized by foreign corporate obligations and domestic agency mortgage-backed securities valued at $27,492,047; 3.00% - 7.00%; 03/17/2024 - 06/03/2050)(b) |
0.25% | 09/01/2020 | 10,000,069 | 10,000,000 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
|
Interest
Rate |
Maturity
Date |
Repurchase
Amount |
Value | |||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09% | 09/01/2020 | $ | 195,572,813 | $ | 195,572,324 | ||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 04/06/2020 (collateralized by domestic non-agency mortgage-backed securities, domestic and foreign corporate obligations and a domestic non-agency asset-backed security valued at $32,145,475; 0.00% - 8.75%; 09/01/2021 - 05/26/2070)(i) |
0.58% | - | - | 15,000,000 | ||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations and a domestic non-agency mortgage-backed security valued at $109,126,467; 0.90% - 10.88%; 09/01/2020 - 12/21/2065)(i) |
0.38% | - | - | 65,000,000 | ||||||||||
|
Mizuho Securities (USA) LLC, joint open agreement dated 06/22/2020 (collateralized by domestic and foreign equity securities valued at $82,750,005; 0.00% - 6.13%; 01/15/2022 - 12/01/2048)(b)(i) |
0.23% | - | - | 35,000,000 | ||||||||||
|
RBC Capital Markets LLC, joint agreement dated 08/31/2020, aggregate maturing value of $100,000,639 (collateralized by domestic and foreign corporate obligations valued at $105,000,777; 0.77% - 10.20%; 09/18/2020 - 02/15/2060)(b) |
0.23% | 09/01/2020 | 30,000,191 | 30,000,000 | ||||||||||
|
RBC Dominion Securities Inc., joint agreement dated 08/31/2020, aggregate maturing value of $1,000,002,500 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,020,000,000; 0.00% - 3.00%; 05/15/2045 - 09/01/2050) |
0.09% | 09/01/2020 | 240,000,600 | 240,000,000 | ||||||||||
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, and domestic and foreign corporate obligations valued at $63,603,481; 0.28% - 12.25%; 03/09/2021 - 12/15/2072)(b)(i) |
0.26% | - | - | 25,000,000 | ||||||||||
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by foreign corporate obligations valued at $91,800,001; 2.63% - 11.88%; 01/22/2021 - 09/30/2049)(b)(i) |
0.19% | - | - | 55,000,000 | ||||||||||
|
Total Repurchase Agreements (Cost $830,572,324) |
830,572,324 | |||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(j)(k)-101.94% (Cost $2,614,636,741) |
2,615,296,370 | |||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(1.94)% |
(49,684,462 | ) | ||||||||||||
|
NET ASSETS-100.00% |
$ | 2,565,611,908 | ||||||||||||
Investment Abbreviations:
| CEP | -Credit Enhancement Provider | |
| FHLMC | -Federal Home Loan Mortgage Corp. | |
| LIBOR | -London Interbank Offered Rate | |
| LOC | -Letter of Credit | |
| OBFR | -Overnight Bank Funding Rate | |
| RB | -Revenue Bonds | |
| Ref. | -Refunding | |
| SOFR | -Secured Overnight Financing Rate | |
| USD | -U.S. Dollar | |
| VRD | -Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
Notes to Schedule of Investments:
| (a) |
Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: France: 12.7%; Netherlands: 10.8%; Canada: 10.5%; Germany: 7.8%; Japan: 7.6%; United Kingdom: 6.0%; other countries less than 5% each: 21.5%. |
| (c) |
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 August 31, 2020 was $1,136,214,679, which represented 44.29% of the Fund’s Net Assets. |
| (d) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (e) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (f) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (g) |
Principal amount equals value at period end. See Note 1I. |
| (h) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (i) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (j) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (k) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 | Short-Term Investments Trust |
Schedule of Investments
August 31, 2020
Invesco STIC Prime Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
Commercial Paper-22.90%(a) |
||||||||||||||||
|
Asset-Backed Securities - Fully Supported Bank-13.62% |
||||||||||||||||
|
Concord Minutemen Capital Co. LLC (Multi - CEP’s)(b)(c) |
0.16% | 09/16/2020 | $ | 10,000 | $ | 9,999,751 | ||||||||||
|
LMA Americas LLC (CEP - Credit Agricole Corporate &
Investment Bank
|
0.20% | 09/14/2020 | 5,000 | 4,999,728 | ||||||||||||
|
Nieuw Amsterdam Receivables Corp. (Multi - CEP’s)(b)(c) |
0.15% | 09/17/2020 | 10,000 | 9,999,310 | ||||||||||||
|
Regency Markets No. 1 LLC (CEP - HSBC Bank PLC)(b)(c) |
0.15% | 09/08/2020 | 10,000 | 9,999,698 | ||||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.20% | 09/04/2020 | 9,000 | 8,999,876 | ||||||||||||
| 43,998,363 | ||||||||||||||||
|
Diversified Banks-9.28% |
||||||||||||||||
|
BNG Bank N.V. (Netherlands)(b)(c) |
0.15% | 09/14/2020 | 10,000 | 9,999,728 | ||||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.15% | 10/20/2020 | 10,000 | 9,998,445 | ||||||||||||
|
NRW Bank (Germany)(b)(c) |
0.17% | 10/13/2020 | 10,000 | 9,998,399 | ||||||||||||
| 29,996,572 | ||||||||||||||||
|
Total Commercial Paper (Cost $73,993,356) |
73,994,935 | |||||||||||||||
|
Variable Rate Demand Notes-11.33%(d) |
||||||||||||||||
|
Credit Enhanced-11.33% |
||||||||||||||||
|
Capital Area Housing Finance Corp. (Cypress Creek at River Apartments); Series 2006, VRD RB (LOC - Citibank N.A.)(e)(f) |
0.12% | 10/01/2039 | 9,300 | 9,300,000 | ||||||||||||
|
Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds
|
0.28% | 04/01/2047 | 7,800 | 7,800,000 | ||||||||||||
|
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) |
0.18% | 05/01/2037 | 3,160 | 3,160,000 | ||||||||||||
|
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2016 B, VRD RB (LOC - Bank of China Ltd.)(c)(f) |
0.21% | 05/01/2050 | 2,100 | 2,100,000 | ||||||||||||
|
San Francisco (City & County of), CA (Transbay Block); Series 2016 H, VRD RB (LOC - Bank of China Ltd.)(c)(f) |
0.20% | 11/01/2056 | 2,975 | 2,975,000 | ||||||||||||
|
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB |
0.10% | 08/01/2045 | 6,000 | 6,000,000 | ||||||||||||
|
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo
Bank
|
0.16% | 01/01/2033 | 5,300 | 5,300,000 | ||||||||||||
|
Total Variable Rate Demand Notes (Cost $36,635,000) |
36,635,000 | |||||||||||||||
|
Certificates of Deposit-10.12% |
||||||||||||||||
|
Industrial & Commercial Bank of China Ltd.(c) |
0.24% | 10/09/2020 | 12,000 | 12,000,429 | ||||||||||||
|
Oversea Chinese Banking Corp. Ltd.(c) |
0.26% | 09/16/2020 | 3,700 | 3,700,220 | ||||||||||||
|
Rabobank Nederland (Netherlands)(c) |
0.08% | 09/01/2020 | 5,000 | 5,000,000 | ||||||||||||
|
Skandinaviska Enskilda Banken AB(c) |
0.24% | 10/01/2020 | 12,000 | 12,001,291 | ||||||||||||
|
Total Certificates of Deposit (Cost $32,700,953) |
32,701,940 | |||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-44.35% (Cost $143,329,309) |
143,331,875 | |||||||||||||||
|
Repurchase
Amount |
||||||||||||||||
|
Repurchase Agreements-55.35%(g) |
||||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $100,000,556 (collateralized by U.S. government sponsored agency obligations, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic agency and non-agency asset-backed securities valued at $104,622,809; 0.00% - 7.75%; 10/14/2020 - 06/20/2070)(c) |
0.20% | 09/01/2020 | 5,000,027 | 5,000,000 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco STIC Prime Portfolio
|
Interest
Rate |
Maturity
Date |
Repurchase
Amount |
Value | |||||||||||
|
BMO Capital Markets Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,458 (collateralized by domestic agency and non-agency asset-backed securities, domestic and foreign corporate obligations, domestic and foreign agency and non-agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $26,041,717; 0.00% - 6.30%; 07/20/2021 - 06/20/2070)(c)(h) |
0.30% | 09/03/2020 | $ | 5,000,292 | $ | 5,000,000 | ||||||||
|
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/31/2020, aggregate maturing value of $200,001,111 (collateralized by foreign corporate obligations valued at $204,001,511; 0.38% - 7.69%; 01/29/2021 - 01/23/2050)(c) |
0.20% | 09/01/2020 | 5,000,028 | 5,000,000 | ||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $60,002,333 (collateralized by domestic and foreign agency and non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $63,000,000; 0.60% - 7.00%; 01/25/2030 - 08/16/2060)(c)(h) |
0.20% | 09/03/2020 | 5,000,194 | 5,000,000 | ||||||||||
|
Credit Suisse Securities (USA) LLC, term agreement dated 08/31/2020, maturing value of $10,000,000 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $10,498,122; 0.00% - 10.23%; 09/17/2020 - 09/15/2072)(c)(i) |
0.41% | 10/05/2020 | 10,000,000 | 10,000,000 | ||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,174 (collateralized by foreign corporate obligations and domestic agency mortgage-backed securities valued at $27,492,047; 3.00% - 7.00%; 03/17/2024 - 06/03/2050)(c) |
0.25% | 09/01/2020 | 5,000,035 | 5,000,000 | ||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09% | 09/01/2020 | 28,878,759 | 28,878,687 | ||||||||||
|
J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,753,628; 0.00% - 8.38%; 11/01/2024 - 07/30/2076)(j) |
0.28% | - | - | 15,000,000 | ||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 10/21/2019 (collateralized by foreign corporate obligations valued at $20,400,002; 2.38% - 2.88%; 10/17/2024 - 10/17/2029)(c)(j) |
0.21% | - | - | 10,000,000 | ||||||||||
|
Mizuho Securities (USA) LLC, joint open agreement dated 06/22/2020 (collateralized by domestic and foreign equity securities valued at $82,750,005; 0.00% - 6.13%; 01/15/2022 - 12/01/2048)(c)(j) |
0.23% | - | - | 15,000,000 | ||||||||||
|
RBC Capital Markets LLC, joint agreement dated 08/31/2020, aggregate maturing value of $100,000,639 (collateralized by domestic and foreign corporate obligations valued at $105,000,777; 0.77% - 10.20%; 09/18/2020 - 02/15/2060)(c) |
0.23% | 09/01/2020 | 10,000,064 | 10,000,000 | ||||||||||
|
RBC Dominion Securities Inc., joint agreement dated 08/31/2020, aggregate maturing value of $1,000,002,500 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,020,000,000; 0.00% - 3.00%; 05/15/2045 - 09/01/2050) |
0.09% | 09/01/2020 | 30,000,075 | 30,000,000 | ||||||||||
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, and domestic and foreign corporate obligations valued at $63,603,481; 0.28% - 12.25%; 03/09/2021 - 12/15/2072)(c)(j) |
0.26% | - | - | 5,000,000 | ||||||||||
|
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 2.00% - 4.00%; 12/01/2046 - 06/01/2050) |
0.09% | 09/01/2020 | 30,000,075 | 30,000,000 | ||||||||||
|
Total Repurchase Agreements (Cost $178,878,687) |
178,878,687 | |||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(k)(l)-99.70% (Cost $322,207,996) |
322,210,562 | |||||||||||||
|
OTHER ASSETS LESS LIABILITIES-0.30% |
967,073 | |||||||||||||
|
NET ASSETS-100.00% |
$ | 323,177,635 | ||||||||||||
Investment Abbreviations:
| CEP | -Credit Enhancement Provider | |
| LOC | -Letter of Credit | |
| RB | -Revenue Bonds | |
| VRD | -Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco STIC Prime Portfolio
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
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 August 31, 2020 was $87,094,935, which represented 26.95% of the Fund’s Net Assets. |
| (c) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Japan: 10.2%; Netherlands: 9.3%; Switzerland: 7.7%; France: 7.4%; Canada: 6.2%; China: 5.3%; other countries less than 5% each: 14.1%. |
| (d) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (e) |
Security subject to the alternative minimum tax. |
| (f) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (g) |
Principal amount equals value at period end. See Note 1I. |
| (h) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (i) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (j) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (k) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (l) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 | Short-Term Investments Trust |
Schedule of Investments
August 31, 2020
Invesco Treasury Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
U.S. Treasury Securities-59.83% |
||||||||||||||||
|
U.S. Treasury Bills-35.54%(a) |
||||||||||||||||
|
U.S. Treasury Bills |
0.13%-1.02% | 09/03/2020 | $ | 650,000 | $ | 649,985,306 | ||||||||||
|
U.S. Treasury Bills |
0.14% | 09/08/2020 | 250,000 | 249,993,194 | ||||||||||||
|
U.S. Treasury Bills |
0.15%-1.77% | 09/10/2020 | 450,000 | 449,923,875 | ||||||||||||
|
U.S. Treasury Bills |
0.09%-0.14% | 09/17/2020 | 600,000 | 599,970,000 | ||||||||||||
|
U.S. Treasury Bills |
0.17% | 09/22/2020 | 250,000 | 249,975,208 | ||||||||||||
|
U.S. Treasury Bills |
0.14% | 09/29/2020 | 250,000 | 249,973,750 | ||||||||||||
|
U.S. Treasury Bills |
0.19% | 10/08/2020 | 250,000 | 249,952,465 | ||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/13/2020 | 200,000 | 199,965,000 | ||||||||||||
|
U.S. Treasury Bills |
0.18% | 10/15/2020 | 250,000 | 249,945,000 | ||||||||||||
|
U.S. Treasury Bills |
0.09%-0.16% | 10/20/2020 | 550,000 | 549,910,507 | ||||||||||||
|
U.S. Treasury Bills |
0.16% | 10/29/2020 | 250,000 | 249,937,570 | ||||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 11/10/2020 | 350,000 | 349,889,167 | ||||||||||||
|
U.S. Treasury Bills |
0.19% | 11/17/2020 | 250,000 | 249,898,403 | ||||||||||||
|
U.S. Treasury Bills |
0.19% | 11/24/2020 | 250,000 | 249,892,083 | ||||||||||||
|
U.S. Treasury Bills |
0.10%-0.11% | 11/27/2020 | 300,000 | 299,925,083 | ||||||||||||
|
U.S. Treasury Bills |
0.17% | 12/03/2020 | 200,000 | 199,912,167 | ||||||||||||
|
U.S. Treasury Bills |
0.16% | 12/08/2020 | 250,000 | 249,894,514 | ||||||||||||
|
U.S. Treasury Bills |
0.19% | 12/10/2020 | 250,000 | 249,871,528 | ||||||||||||
|
U.S. Treasury Bills |
0.16% | 12/15/2020 | 350,000 | 349,873,854 | ||||||||||||
|
U.S. Treasury Bills |
0.15% | 12/22/2020 | 150,000 | 149,932,333 | ||||||||||||
|
U.S. Treasury Bills |
0.11%-0.18% | 12/24/2020 | 400,000 | 399,819,500 | ||||||||||||
|
U.S. Treasury Bills |
0.17% | 12/31/2020 | 200,000 | 199,889,083 | ||||||||||||
|
U.S. Treasury Bills |
0.00% | 02/02/2021 | 200,000 | 199,905,889 | ||||||||||||
|
U.S. Treasury Bills |
0.12%-0.26% | 02/25/2021 | 400,000 | 399,631,250 | ||||||||||||
|
U.S. Treasury Bills |
0.18%-0.26% | 03/25/2021 | 400,000 | 399,476,111 | ||||||||||||
|
U.S. Treasury Bills |
0.14% | 08/12/2021 | 150,000 | 149,798,749 | ||||||||||||
| 8,047,141,589 | ||||||||||||||||
|
U.S. Treasury Notes-24.29% |
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) |
0.22% | 01/31/2021 | 781,000 | 780,884,897 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) |
0.24% | 04/30/2021 | 638,500 | 638,393,038 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) |
0.33% | 07/31/2021 | 500,000 | 499,984,043 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b) |
0.41% | 10/31/2021 | 450,000 | 450,408,650 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b) |
0.26% | 01/31/2022 | 500,000 | 499,763,324 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b) |
0.22% | 04/30/2022 | 544,000 | 544,467,361 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b) |
0.16% | 07/31/2022 | 400,000 | 400,010,889 | ||||||||||||
|
U.S. Treasury Notes |
1.38% | 09/30/2020 | 163,000 | 163,044,631 | ||||||||||||
|
U.S. Treasury Notes |
2.75% | 09/30/2020 | 200,000 | 200,206,633 | ||||||||||||
|
U.S. Treasury Notes |
1.63% | 10/15/2020 | 150,000 | 150,108,373 | ||||||||||||
|
U.S. Treasury Notes |
1.88% | 12/15/2020 | 155,000 | 155,432,435 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Treasury Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||||
|
U.S. Treasury Notes-(continued) |
||||||||||||||||
|
U.S. Treasury Notes |
2.38 | % | 12/31/2020 | $ | 100,000 | $ | 100,271,557 | |||||||||
|
U.S. Treasury Notes |
2.50 | % | 12/31/2020 | 15,000 | 15,103,869 | |||||||||||
|
U.S. Treasury Notes |
2.00 | % | 01/15/2021 | 185,000 | 185,712,060 | |||||||||||
|
U.S. Treasury Notes |
2.13 | % | 01/31/2021 | 254,000 | 255,858,954 | |||||||||||
|
U.S. Treasury Notes |
3.63 | % | 02/15/2021 | 255,000 | 258,796,530 | |||||||||||
|
U.S. Treasury Notes |
2.00 | % | 02/28/2021 | 25,000 | 25,202,199 | |||||||||||
|
U.S. Treasury Notes |
2.25 | % | 03/31/2021 | 175,000 | 176,878,541 | |||||||||||
| 5,500,527,984 | ||||||||||||||||
|
Total U.S. Treasury Securities (Cost $13,547,669,573) |
13,547,669,573 | |||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-59.83%
|
13,547,669,573 | |||||||||||||||
|
Repurchase
Amount |
||||||||||||||||
|
Repurchase Agreements-41.92%(c) |
||||||||||||||||
|
ABN AMRO Bank N.V., agreement dated 08/31/2020, maturing value of $400,000,778 (collateralized by U.S. Treasury obligations valued at $408,000,096; 0.13% - 5.50%; 12/31/2021 - 11/15/2044) |
0.07 | % | 09/01/2020 | 400,000,778 | 400,000,000 | |||||||||||
|
Bank of Nova Scotia, agreement dated 08/31/2020, maturing value of $500,000,972 (collateralized by U.S. Treasury obligations valued at $510,000,006; 0.00% - 8.00%; 09/01/2020 - 05/15/2048) |
0.07 | % | 09/01/2020 | 500,000,972 | 500,000,000 | |||||||||||
|
BNP Paribas Securities Corp., joint agreement dated 08/31/2020, aggregate maturing value of $1,350,002,625 (collateralized by U.S. Treasury obligations valued at $1,377,000,001; 0.13% - 6.75%; 10/31/2021 - 02/15/2050) |
0.07 | % | 09/01/2020 | 747,966,219 | 747,964,765 | |||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $1,000,091,667 (collateralized by U.S. Treasury obligations valued at $1,020,000,058; 0.00% - 3.88%; 09/08/2020 - 11/15/2048)(d) |
0.11 | % | 09/04/2020 | 300,027,500 | 300,000,000 | |||||||||||
|
Citigroup Global Markets, Inc., term agreement dated 08/25/2020, maturing value of $300,004,083 (collateralized by U.S. Treasury obligations valued at $306,000,000; 0.00%; 02/15/2032 - 02/15/2045)(d) |
0.07 | % | 09/01/2020 | 300,004,083 | 300,000,000 | |||||||||||
|
DNB Bank ASA, agreement dated 08/31/2020, maturing value of $750,001,458 (collateralized by U.S. Treasury obligations valued at $765,000,002; 0.13% - 2.88%; 01/15/2021 - 08/15/2028) |
0.07 | % | 09/01/2020 | 750,001,458 | 750,000,000 | |||||||||||
|
Fixed Income Clearing Corp.-Bank of New York Mellon (The), agreement dated 08/31/2020, maturing value of $100,000,250 (collateralized by a U.S. Treasury obligation valued at $102,000,043; 2.13%; 05/15/2022) |
0.09 | % | 09/01/2020 | 100,000,250 | 100,000,000 | |||||||||||
|
Fixed Income Clearing Corp.-Bank of Nova Scotia, joint agreement dated 08/31/2020, aggregate maturing value of $250,000,625 (collateralized by U.S. Treasury obligations valued at $255,138,487; 2.88%; 11/30/2023) |
0.09 | % | 09/01/2020 | 100,000,250 | 100,000,000 | |||||||||||
|
Goldman Sachs & Co., agreement dated 08/31/2020, maturing value of $250,000,486 (collateralized by U.S. Treasury obligations valued at $255,000,021; 0.00% - 3.13%; 09/30/2020 - 08/15/2049) |
0.07 | % | 09/01/2020 | 250,000,486 | 250,000,000 | |||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,026,258 (collateralized by U.S. Treasury obligations valued at $516,550,660; 2.88% - 3.75%; 08/15/2043 - 05/15/2048) |
0.09 | % | 09/01/2020 | 100,012,839 | 100,012,589 | |||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,002,946 (collateralized by U.S. Treasury obligations valued at $509,939,386; 0.13% - 0.25%; 06/30/2022 - 07/15/2030) |
0.09 | % | 09/01/2020 | 250,001,591 | 250,000,966 | |||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,195; 0.13% - 2.75%; 04/30/2021 - 11/15/2023)(e) |
0.07 | % | - | - | 630,000,000 | |||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,230,000 (collateralized by U.S. Treasury obligations valued at $504,122,044; 2.00% - 2.63%; 12/31/2023 - 01/31/2026) |
0.18 | % | 10/23/2020 | 300,138,000 | 300,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Treasury Portfolio
|
Interest
Rate |
Maturity
Date |
Repurchase
Amount |
Value | |||||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,245,000 (collateralized by U.S. Treasury obligations valued at $505,508,022; 1.63% - 2.88%; 11/15/2022 - 08/15/2028) |
0.18 | % | 10/30/2020 | $ | 300,147,000 | $ | 300,000,000 | |||||||||
|
Metropolitan Life Insurance Co., joint term agreement dated 08/27/2020, aggregate maturing value of $350,014,288 (collateralized by U.S. Treasury obligations valued at $354,295,526; 0.00%; 11/15/2027 - 05/15/2046)(d) |
0.09 | % | 09/03/2020 | 100,002,156 | 100,000,406 | |||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., agreement dated 08/31/2020, maturing value of $850,001,653 (collateralized by U.S. Treasury obligations valued at $867,000,078; 0.13% - 4.63%; 09/30/2021 - 11/15/2049) |
0.07 | % | 09/01/2020 | 850,001,653 | 850,000,000 | |||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $1,051,268,397 (collateralized by U.S. Treasury obligations valued at $1,072,650,430; 2.00%; 04/30/2024)(d) |
0.09 | % | 09/03/2020 | 315,380,519 | 315,375,000 | |||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/27/2020, maturing value of $100,001,556 (collateralized by a U.S. Treasury obligation valued at $102,001,065; 2.63%; 02/15/2029)(d) |
0.08 | % | 09/03/2020 | 100,001,555 | 100,000,000 | |||||||||||
|
Prudential Insurance Co. of America, agreement dated 08/31/2020, maturing value of $282,688,285 (collateralized by U.S. Treasury obligations valued at $289,170,000; 0.00%; 11/15/2027 - 08/15/2037) |
0.10 | % | 09/01/2020 | 282,688,285 | 282,687,500 | |||||||||||
|
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2020, maturing value of $365,438,515 (collateralized by U.S. Treasury obligations valued at $376,135,000; 0.00%; 08/15/2033 - 02/15/2045) |
0.10 | % | 09/01/2020 | 365,438,515 | 365,437,500 | |||||||||||
|
RBC Dominion Securities Inc., agreement dated 08/31/2020, maturing value of $400,000,778 (collateralized by U.S. Treasury obligations valued at $408,000,002; 0.13% - 3.75%; 04/15/2022 - 08/15/2050) |
0.07 | % | 09/01/2020 | 400,000,778 | 400,000,000 | |||||||||||
|
Royal Bank of Canada, agreement dated 08/31/2020, maturing value of $250,000,486 (collateralized by U.S. Treasury obligations valued at $255,000,098; 1.75% - 3.88%; 04/30/2022 - 02/15/2046) |
0.07 | % | 09/01/2020 | 250,000,486 | 250,000,000 | |||||||||||
|
Societe Generale, joint open agreement dated 08/05/2020 (collateralized by U.S. Treasury obligations valued at $1,530,000,000; 0.00% - 8.13%; 09/10/2020 - 02/15/2050)(e) |
0.07 | % | - | - | 1,000,000,000 | |||||||||||
|
Sumitomo Mitsui Banking Corp., agreement dated 08/31/2020, maturing value of $300,000,583 (collateralized by U.S. Treasury obligations valued at $306,000,054; 0.00% - 2.63%; 10/08/2020 - 02/28/2023) |
0.07 | % | 09/01/2020 | 300,000,583 | 300,000,000 | |||||||||||
|
Wells Fargo Securities, LLC, agreement dated 08/31/2020, maturing value of $500,000,972 (collateralized by U.S. Treasury obligations valued at $510,000,022; 2.38% - 3.38%; 05/15/2028 - 11/15/2048) |
0.07 | % | 09/01/2020 | 500,000,972 | 500,000,000 | |||||||||||
|
Total Repurchase Agreements (Cost $9,491,478,726) |
9,491,478,726 | |||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(f)-101.75%
|
23,039,148,299 | |||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(1.75)% |
(395,658,894 | ) | ||||||||||||||
|
NET ASSETS-100.00% |
$ | 22,643,489,405 | ||||||||||||||
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Principal amount equals value at period end. See Note 1I. |
| (d) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (e) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (f) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 | Short-Term Investments Trust |
Schedule of Investments
August 31, 2020
Invesco Government & Agency Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
U.S. Government Sponsored Agency Securities-40.74% |
||||||||||||||||
|
Federal Farm Credit Bank (FFCB)-4.07% |
||||||||||||||||
|
Federal Farm Credit Bank |
0.25 | % | 09/01/2020 | $ | 68,000 | $ | 68,000,000 | |||||||||
|
Federal Farm Credit Bank |
0.25 | % | 09/21/2020 | 200,000 | 199,972,222 | |||||||||||
|
Federal Farm Credit Bank |
0.50 | % | 10/20/2020 | 35,000 | 34,976,181 | |||||||||||
|
Federal Farm Credit Bank |
0.15 | % | 11/16/2020 | 25,000 | 24,992,083 | |||||||||||
|
Federal Farm Credit Bank |
0.17 | % | 11/27/2020 | 150,000 | 149,938,375 | |||||||||||
|
Federal Farm Credit Bank |
0.40 | % | 01/19/2021 | 15,000 | 14,976,667 | |||||||||||
|
Federal Farm Credit Bank |
0.44 | % | 03/24/2021 | 150,000 | 149,626,000 | |||||||||||
|
Federal Farm Credit Bank (SOFR + 0.10%)(a) |
0.19 | % | 05/07/2021 | 23,000 | 23,000,000 | |||||||||||
|
Federal Farm Credit Bank (SOFR + 0.16%)(a) |
0.25 | % | 05/07/2021 | 55,000 | 55,000,000 | |||||||||||
|
Federal Farm Credit Bank (SOFR + 0.08%)(a) |
0.17 | % | 06/10/2021 | 14,000 | 14,000,000 | |||||||||||
|
Federal Farm Credit Bank (SOFR + 0.28%)(a) |
0.37 | % | 10/01/2021 | 365,000 | 365,000,000 | |||||||||||
|
Federal Farm Credit Bank (SOFR + 0.10%)(a) |
0.19 | % | 02/22/2022 | 16,555 | 16,555,000 | |||||||||||
|
Federal Farm Credit Bank (SOFR + 0.19%)(a) |
0.28 | % | 07/14/2022 | 28,000 | 28,000,000 | |||||||||||
|
Federal Farm Credit Bank (SOFR + 0.15%)(a) |
0.24 | % | 07/28/2022 | 45,000 | 45,000,000 | |||||||||||
|
Federal Farm Credit Bank (SOFR + 0.07%)(a) |
0.16 | % | 08/11/2022 | 108,000 | 108,000,000 | |||||||||||
| 1,297,036,528 | ||||||||||||||||
|
Federal Home Loan Bank (FHLB)-29.01% |
||||||||||||||||
|
Federal Home Loan Bank |
0.20 | % | 09/09/2020 | 4,659 | 4,658,793 | |||||||||||
|
Federal Home Loan Bank |
0.16 | % | 09/18/2020 | 150,000 | 149,979,458 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.08%)(a) |
0.17 | % | 09/22/2020 | 100,000 | 100,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14 | % | 09/28/2020 | 621,500 | 621,500,000 | |||||||||||
|
Federal Home Loan Bank |
2.63 | % | 10/01/2020 | 15,000 | 15,027,699 | |||||||||||
|
Federal Home Loan Bank |
0.32 | % | 10/02/2020 | 25,000 | 24,993,111 | |||||||||||
|
Federal Home Loan Bank |
0.30 | % | 10/05/2020 | 300,000 | 299,915,000 | |||||||||||
|
Federal Home Loan Bank |
0.29%-0.30 | % | 10/09/2020 | 350,000 | 349,891,278 | |||||||||||
|
Federal Home Loan Bank |
0.30 | % | 10/15/2020 | 39,000 | 38,985,700 | |||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) |
0.07 | % | 10/16/2020 | 20,000 | 20,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19 | % | 10/19/2020 | 10,000 | 10,000,000 | |||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) |
0.07 | % | 10/20/2020 | 150,000 | 150,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12 | % | 10/22/2020 | 115,000 | 115,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.02%)(a) |
0.11 | % | 10/23/2020 | 290,000 | 290,000,000 | |||||||||||
|
Federal Home Loan Bank |
0.30 | % | 10/26/2020 | 250,000 | 249,885,417 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.01%)(a) |
0.10 | % | 11/06/2020 | 240,000 | 240,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12 | % | 11/06/2020 | 90,000 | 89,999,180 | |||||||||||
|
Federal Home Loan Bank |
0.52 | % | 11/09/2020 | 100,000 | 99,900,333 | |||||||||||
|
Federal Home Loan Bank |
0.16 | % | 11/12/2020 | 100,000 | 99,968,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14 | % | 11/13/2020 | 265,000 | 265,000,000 | |||||||||||
|
Federal Home Loan Bank |
0.26 | % | 11/13/2020 | 50,000 | 49,983,778 | |||||||||||
|
Federal Home Loan Bank |
0.30 | % | 11/16/2020 | 88,000 | 87,944,267 | |||||||||||
|
Federal Home Loan Bank |
0.30 | % | 11/17/2020 | 160,000 | 159,897,333 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.02%)(a) |
0.11 | % | 11/25/2020 | 645,000 | 645,000,000 | |||||||||||
|
Federal Home Loan Bank |
0.34 | % | 11/25/2020 | 304,329 | 304,084,691 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.01%)(a) |
0.10 | % | 12/04/2020 | 250,000 | 250,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14 | % | 12/15/2020 | 185,000 | 185,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19 | % | 12/24/2020 | 85,000 | 85,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
Federal Home Loan Bank (FHLB)-(continued) |
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14 | % | 01/22/2021 | $ | 109,000 | $ | 109,000,000 | |||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14 | % | 01/28/2021 | 173,000 | 173,000,000 | |||||||||||
|
Federal Home Loan Bank |
1.50 | % | 02/10/2021 | 5,600 | 5,598,775 | |||||||||||
|
Federal Home Loan Bank |
1.38 | % | 02/18/2021 | 10,410 | 10,452,989 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12 | % | 02/19/2021 | 145,000 | 145,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.04%)(a) |
0.13 | % | 02/25/2021 | 46,000 | 46,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16 | % | 02/26/2021 | 198,000 | 198,000,000 | |||||||||||
|
Federal Home Loan Bank |
0.45 | % | 03/08/2021 | 290,000 | 289,318,500 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.13%)(a) |
0.22 | % | 03/11/2021 | 150,000 | 150,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16 | % | 03/12/2021 | 345,000 | 345,000,000 | |||||||||||
|
Federal Home Loan Bank |
0.30 | % | 03/17/2021 | 100,000 | 99,835,833 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.11%)(a) |
0.20 | % | 03/25/2021 | 40,000 | 40,000,000 | |||||||||||
|
Federal Home Loan Bank |
0.18 | % | 03/26/2021 | 35,500 | 35,505,652 | |||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) |
0.16 | % | 04/09/2021 | 15,000 | 15,000,000 | |||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) |
0.16 | % | 04/13/2021 | 77,000 | 77,000,000 | |||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) |
0.13 | % | 04/14/2021 | 550,000 | 550,000,000 | |||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) |
0.13 | % | 04/19/2021 | 150,000 | 150,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16 | % | 04/21/2021 | 75,000 | 75,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14 | % | 06/24/2021 | 240,000 | 240,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19 | % | 07/09/2021 | 190,000 | 190,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.08%)(a) |
0.17 | % | 07/23/2021 | 321,000 | 321,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.06%)(a) |
0.15 | % | 08/24/2021 | 100,000 | 100,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.17%)(a) |
0.26 | % | 11/12/2021 | 127,000 | 127,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.15%)(a) |
0.24 | % | 11/15/2021 | 355,000 | 355,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.13%)(a) |
0.22 | % | 08/05/2022 | 80,000 | 80,000,000 | |||||||||||
|
Federal Home Loan Bank (SOFR + 0.09%)(a) |
0.18 | % | 08/19/2022 | 315,000 | 315,000,000 | |||||||||||
| 9,243,325,787 | ||||||||||||||||
|
Federal Home Loan Mortgage Corp. (FHLMC)-2.62% |
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) |
0.12 | % | 09/08/2020 | 24,100 | 24,100,023 | |||||||||||
|
Federal Home Loan Mortgage Corp. |
1.88 | % | 11/17/2020 | 4,215 | 4,227,482 | |||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) |
0.13 | % | 12/14/2020 | 150,000 | 150,000,000 | |||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) |
0.12 | % | 02/19/2021 | 55,000 | 55,000,000 | |||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.30%)(a) |
0.39 | % | 06/30/2021 | 45,000 | 45,000,000 | |||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)(a) |
0.41 | % | 09/30/2021 | 412,000 | 412,000,000 | |||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.31%)(a) |
0.40 | % | 01/03/2022 | 145,000 | 145,000,000 | |||||||||||
| 835,327,505 | ||||||||||||||||
|
Federal National Mortgage Association (FNMA)-3.84% |
||||||||||||||||
|
Federal National Mortgage Association |
0.25 | % | 09/23/2020 | 120,000 | 119,981,740 | |||||||||||
|
Federal National Mortgage Association |
2.88 | % | 10/30/2020 | 12,500 | 12,548,550 | |||||||||||
|
Federal National Mortgage Association (SOFR + 0.04%)(a) |
0.13 | % | 01/29/2021 | 25,000 | 24,979,009 | |||||||||||
|
Federal National Mortgage Association (SOFR + 0.25%)(a) |
0.34 | % | 03/24/2021 | 185,000 | 185,000,000 | |||||||||||
|
Federal National Mortgage Association (SOFR + 0.21%)(a) |
0.30 | % | 07/01/2021 | 150,000 | 150,000,000 | |||||||||||
|
Federal National Mortgage Association (SOFR + 0.23%)(a) |
0.32 | % | 07/06/2021 | 156,000 | 156,000,000 | |||||||||||
|
Federal National Mortgage Association (SOFR + 0.28%)(a) |
0.37 | % | 07/06/2021 | 225,000 | 225,000,000 | |||||||||||
|
Federal National Mortgage Association (SOFR + 0.30%)(a) |
0.39 | % | 01/07/2022 | 350,000 | 350,000,000 | |||||||||||
| 1,223,509,299 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
U.S. International Development Finance Corp. (DFC)-1.20% |
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18 | % | 09/15/2020 | $ | 116,000 | $ | 116,000,000 | |||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18 | % | 06/15/2025 | 24,000 | 24,000,000 | |||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18 | % | 07/15/2025 | 26,111 | 26,111,112 | |||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18 | % | 09/15/2025 | 5,000 | 5,000,000 | |||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18 | % | 09/15/2026 | 5,000 | 5,000,000 | |||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18 | % | 09/15/2026 | 10,000 | 10,000,000 | |||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18 | % | 08/13/2027 | 8,000 | 8,000,000 | |||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18 | % | 08/13/2027 | 4,600 | 4,600,000 | |||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18 | % | 02/15/2028 | 16,667 | 16,666,667 | |||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18 | % | 11/15/2028 | 75,000 | 75,000,000 | |||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18 | % | 05/15/2030 | 8,541 | 8,541,000 | |||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18 | % | 10/15/2030 | 8,000 | 8,000,000 | |||||||||||
|
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) |
0.16 | % | 07/09/2026 | 30,600 | 30,600,000 | |||||||||||
|
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) |
0.18 | % | 03/15/2030 | 43,875 | 43,875,000 | |||||||||||
| 381,393,779 | ||||||||||||||||
|
Total U.S. Government Sponsored Agency Securities (Cost $12,980,592,898) |
|
12,980,592,898 | ||||||||||||||
|
U.S. Treasury Securities-24.86% |
||||||||||||||||
|
U.S. Treasury Bills-17.19%(c) |
||||||||||||||||
|
U.S. Treasury Bills |
0.12%-0.14 | % | 09/08/2020 | 700,000 | 699,981,722 | |||||||||||
|
U.S. Treasury Bills |
0.20 | % | 09/10/2020 | 200,000 | 199,989,900 | |||||||||||
|
U.S. Treasury Bills |
0.14 | % | 09/17/2020 | 100,000 | 99,993,778 | |||||||||||
|
U.S. Treasury Bills |
0.14 | % | 09/29/2020 | 150,000 | 149,984,250 | |||||||||||
|
U.S. Treasury Bills |
0.17 | % | 10/01/2020 | 135,000 | 134,981,437 | |||||||||||
|
U.S. Treasury Bills |
0.14 | % | 10/06/2020 | 200,000 | 199,972,778 | |||||||||||
|
U.S. Treasury Bills |
0.16%-0.19 | % | 10/08/2020 | 250,000 | 249,955,035 | |||||||||||
|
U.S. Treasury Bills |
0.15 | % | 10/13/2020 | 670,000 | 669,884,850 | |||||||||||
|
U.S. Treasury Bills |
0.18 | % | 10/15/2020 | 100,000 | 99,978,000 | |||||||||||
|
U.S. Treasury Bills |
0.15 | % | 10/27/2020 | 300,000 | 299,930,000 | |||||||||||
|
U.S. Treasury Bills |
0.15 | % | 10/29/2020 | 800,000 | 799,806,667 | |||||||||||
|
U.S. Treasury Bills |
0.17 | % | 11/03/2020 | 100,000 | 99,970,250 | |||||||||||
|
U.S. Treasury Bills |
0.15 | % | 11/05/2020 | 375,000 | 374,898,438 | |||||||||||
|
U.S. Treasury Bills |
0.18 | % | 11/10/2020 | 250,000 | 249,912,500 | |||||||||||
|
U.S. Treasury Bills |
0.15 | % | 11/12/2020 | 100,000 | 99,971,000 | |||||||||||
|
U.S. Treasury Bills |
0.10 | % | 12/03/2020 | 150,000 | 149,961,249 | |||||||||||
|
U.S. Treasury Bills |
0.18%-0.19 | % | 12/10/2020 | 250,000 | 249,872,222 | |||||||||||
|
U.S. Treasury Bills |
1.47 | % | 12/31/2020 | 100,000 | 99,511,799 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
U.S. Treasury Bills(c)-(continued) |
||||||||||||||||
|
U.S. Treasury Bills |
0.17 | % | 01/07/2021 | $ | 300,000 | $ | 299,823,999 | |||||||||
|
U.S. Treasury Bills |
0.18 | % | 02/25/2021 | 150,000 | 149,867,250 | |||||||||||
|
U.S. Treasury Bills |
0.17 | % | 04/22/2021 | 100,000 | 99,893,208 | |||||||||||
| 5,478,140,332 | ||||||||||||||||
|
U.S. Treasury Notes-7.67% |
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(a) |
0.22 | % | 01/31/2021 | 445,000 | 444,928,230 | |||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(a) |
0.24 | % | 04/30/2021 | 720,000 | 719,899,522 | |||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(a) |
0.33 | % | 07/31/2021 | 170,000 | 170,109,131 | |||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(a) |
0.41 | % | 10/31/2021 | 550,000 | 550,669,433 | |||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(a) |
0.26 | % | 01/31/2022 | 25,000 | 24,994,371 | |||||||||||
|
U.S. Treasury Notes |
1.38 | % | 09/15/2020 | 100,000 | 99,995,609 | |||||||||||
|
U.S. Treasury Notes |
2.75 | % | 09/30/2020 | 190,000 | 190,170,394 | |||||||||||
|
U.S. Treasury Notes |
1.75 | % | 10/31/2020 | 95,000 | 95,019,624 | |||||||||||
|
U.S. Treasury Notes |
2.50 | % | 12/31/2020 | 25,000 | 25,173,115 | |||||||||||
|
U.S. Treasury Notes |
2.13 | % | 01/31/2021 | 25,000 | 25,182,968 | |||||||||||
|
U.S. Treasury Notes |
3.63 | % | 02/15/2021 | 25,000 | 25,371,676 | |||||||||||
|
U.S. Treasury Notes |
2.00 | % | 02/28/2021 | 34,000 | 34,274,991 | |||||||||||
|
U.S. Treasury Notes |
2.50 | % | 02/28/2021 | 37,000 | 37,389,483 | |||||||||||
| 2,443,178,547 | ||||||||||||||||
|
Total U.S. Treasury Securities (Cost $7,921,318,879) |
|
7,921,318,879 | ||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-65.60%
|
|
20,901,911,777 | ||||||||||||||
|
Repurchase
Amount |
||||||||||||||||
|
Repurchase Agreements-34.50%(d) |
||||||||||||||||
|
ABN AMRO Bank N.V., joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities and and U.S. Treasury obligations valued at $510,000,010; 2.00% - 5.65%; 01/01/2021 - 08/20/2050) |
0.09 | % | 09/01/2020 | 142,806,355 | 142,805,998 | |||||||||||
|
BNP Paribas Securities Corp., agreement dated 08/31/2020, maturing value of $500,001,250 (collateralized by U.S. Treasury obligations, a U.S. government sponsored agency obligation and domestic agency mortgage-backed securities valued at $510,000,000; 0.00% - 7.00%; 09/08/2020 - 10/20/2067) |
0.09 | % | 09/01/2020 | 500,001,250 | 500,000,000 | |||||||||||
|
BNP Paribas Securities Corp., joint agreement dated 08/31/2020, aggregate maturing value of $1,350,002,625 (collateralized by U.S. Treasury obligations valued at $1,377,000,001; 0.13% - 6.75%; 10/31/2021 - 02/15/2050) |
0.07 | % | 09/01/2020 | 547,107,491 | 547,106,427 | |||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $1,000,091,667 (collateralized by U.S. Treasury obligations valued at $1,020,000,058; 0.00% - 3.88%; 09/08/2020 - 11/15/2048)(e) |
0.11 | % | 09/04/2020 | 450,041,250 | 450,000,000 | |||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $2,355,215,875 (collateralized by domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $2,402,100,000; 0.00% - 7.63%; 09/10/2020 - 10/20/2067)(e) |
0.11 | % | 09/04/2020 | 1,640,150,333 | 1,640,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest
Rate |
Maturity
Date |
Repurchase
Amount |
Value | |||||||||||||
|
Citigroup Global Markets, Inc., agreement dated 08/31/2020, maturing value of $650,001,264 (collateralized by U.S. Treasury obligations valued at $663,000,000; 0.00%; 11/15/2020 - 08/15/2050) |
0.07 | % | 09/01/2020 | $ | 650,001,264 | $ | 650,000,000 | |||||||||
|
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2020, aggregate maturing value of $250,000,625 (collateralized by U.S. Treasury obligations valued at $255,138,487; 2.88%; 11/30/2023) |
0.09 | % | 09/01/2020 | 100,000,250 | 100,000,000 | |||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,026,258 (collateralized by U.S. Treasury obligations valued at $516,550,660; 2.88% - 3.75%; 08/15/2043 - 05/15/2048) |
0.09 | % | 09/01/2020 | 200,009,092 | 200,008,592 | |||||||||||
|
ING Financial Markets, LLC, joint term agreement dated 07/23/2020, aggregate maturing value of $150,041,875 (collateralized by domestic agency mortgage-backed securities valued at $153,000,002; 2.50% - 4.50%; 04/01/2038 - 01/01/2057) |
0.15 | % | 09/28/2020 | 87,024,288 | 87,000,000 | |||||||||||
|
ING Financial Markets, LLC, joint term agreement dated 08/20/2020, aggregate maturing value of $300,026,667 (collateralized by domestic agency mortgage-backed securities valued at $306,000,000; 3.00% - 5.00%; 09/01/2042 - 06/01/2056) |
0.10 | % | 09/21/2020 | 205,018,222 | 205,000,000 | |||||||||||
|
ING Financial Markets, LLC, term agreement dated 08/05/2020, maturing value of $250,025,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 2.50% - 4.50%; 08/01/2040 - 01/01/2057)(e) |
0.12 | % | 09/04/2020 | 250,025,000 | 250,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09 | % | 09/01/2020 | 228,564,957 | 228,564,386 | |||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,002,946 (collateralized by U.S. Treasury obligations valued at $509,939,386; 0.13% - 0.25%; 06/30/2022 - 07/15/2030) |
0.09 | % | 09/01/2020 | 250,001,355 | 250,000,730 | |||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,195; 0.13% - 2.75%; 04/30/2021 - 11/15/2023)(f) |
0.07 | % | - | - | 150,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by domestic agency mortgage-backed securities and a U.S. treasury obligation valued at $510,000,087; 0.00% - 7.50%; 12/03/2020 - 09/01/2050)(f) |
0.08 | % | - | - | 350,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by domestic agency mortgage-backed securities and a U.S. treasury obligation valued at $295,800,007; 0.00% - 8.13%; 08/15/2021 - 09/01/2057)(f) |
0.12 | % | - | - | 240,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by domestic agency mortgage-backed securities and a U.S. treasury obligation valued at $408,000,043; 0.61% - 8.50%; 12/01/2020 - 02/16/2058)(f) |
0.09 | % | - | - | 275,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 0.00% - 6.00%; 09/01/2026 - 06/01/2050)(f) |
0.80 | % | - | - | 250,000,000 | |||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,230,000 (collateralized by U.S. Treasury obligations valued at $504,122,044; 2.00% - 2.63%; 12/31/2023 - 01/31/2026) |
0.18 | % | 10/23/2020 | 140,064,400 | 140,000,000 | |||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,245,000 (collateralized by U.S. Treasury obligations valued at $505,508,022; 1.63% - 2.88%; 11/15/2022 - 08/15/2028) |
0.18 | % | 10/30/2020 | 130,063,700 | 130,000,000 | |||||||||||
|
Metropolitan Life Insurance Co., joint term agreement dated 08/27/2020, aggregate maturing value of $350,014,288 (collateralized by U.S. Treasury obligations valued at $354,295,526; 0.00%; 11/15/2027 - 05/15/2046)(e) |
0.09 | % | 09/03/2020 | 170,006,094 | 170,003,119 | |||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 0.44% - 0.88%; 10/25/2035 - 04/20/2050) |
0.09 | % | 09/01/2020 | 500,001,250 | 500,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest
Rate |
Maturity
Date |
Repurchase
Amount |
Value | |||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $1,051,268,397 (collateralized by U.S. Treasury obligations valued at $1,072,650,430; 2.00%; 04/30/2024)(e) |
0.09 | % | 09/03/2020 | $ | 452,045,411 | $ | 452,037,500 | |||||||||
|
Prudential Insurance Co. of America, agreement dated 08/31/2020, maturing value of $592,485,396 (collateralized by U.S. Treasury obligations valued at $609,319,750; 0.00%; 02/15/2026 - 11/15/2043) |
0.10 | % | 09/01/2020 | 592,485,396 | 592,483,750 | |||||||||||
|
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2020, maturing value of $42,500,118 (collateralized by a U.S. Treasury obligation valued at $43,521,000; 0.00%; 08/15/2033) |
0.10 | % | 09/01/2020 | 42,500,118 | 42,500,000 | |||||||||||
|
RBC Capital Markets LLC, joint term agreement dated 08/31/2020, aggregate maturing value of $1,250,000,000 (collateralized by U.S. Treasury obligations, U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and a foreign corporate obligation valued at $1,275,000,249; 0.00% - 8.00%; 09/01/2020 - 08/20/2065)(a)(e) |
0.14 | % | 11/02/2020 | 920,000,000 | 920,000,000 | |||||||||||
|
RBC Dominion Securities Inc., joint agreement dated 08/31/2020, aggregate maturing value of $1,000,002,500 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,020,000,000; 0.00% - 3.00%; 05/15/2045 - 09/01/2050) |
0.09 | % | 09/01/2020 | 534,963,985 | 534,962,648 | |||||||||||
|
Societe Generale, joint open agreement dated 08/05/2020 (collateralized by U.S. Treasury obligations valued at $1,530,000,000; 0.00% - 8.13%; 09/10/2020 - 02/15/2050)(f) |
0.07 | % | - | - | 320,000,000 | |||||||||||
|
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 2.00% - 4.00%; 12/01/2046 - 06/01/2050) |
0.09 | % | 09/01/2020 | 173,100,767 | 173,100,334 | |||||||||||
|
Wells Fargo Securities, LLC, agreement dated 08/31/2020, maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50% - 3.00%; 12/20/2049 - 01/20/2050) |
0.09 | % | 09/01/2020 | 500,001,250 | 500,000,000 | |||||||||||
|
Total Repurchase Agreements (Cost $10,990,573,484) |
10,990,573,484 | |||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(g) -100.10% (Cost $31,892,485,261) |
|
31,892,485,261 | ||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(0.10)% |
(30,408,073 | ) | ||||||||||||||
|
NET ASSETS-100.00% |
$ | 31,862,077,188 | ||||||||||||||
Investment Abbreviations:
| LIBOR | -London Interbank Offered Rate | |
| SOFR | -Secured Overnight Financing Rate | |
| USD | -U.S. Dollar | |
| VRD | -Variable Rate Demand |
Notes to Schedule of Investments:
| (a) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (b) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (d) |
Principal amount equals value at period end. See Note 1I. |
| (e) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (f) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (g) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 | Short-Term Investments Trust |
Schedule of Investments
August 31, 2020
Invesco Treasury Obligations Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
U.S. Treasury Securities-103.09% |
||||||||||||||||
|
U.S. Treasury Bills-88.36%(a) |
||||||||||||||||
|
U.S. Treasury Bills |
0.09%-0.14% | 09/01/2020 | $ | 61,500 | $ | 61,500,000 | ||||||||||
|
U.S. Treasury Bills |
0.09%-1.02% | 09/03/2020 | 36,717 | 36,716,511 | ||||||||||||
|
U.S. Treasury Bills |
0.08%-0.14% | 09/08/2020 | 80,100 | 80,098,539 | ||||||||||||
|
U.S. Treasury Bills |
0.15%-1.78% | 09/10/2020 | 35,000 | 34,996,031 | ||||||||||||
|
U.S. Treasury Bills |
0.09%-0.11% | 09/15/2020 | 60,000 | 59,997,822 | ||||||||||||
|
U.S. Treasury Bills |
0.14%-0.18% | 09/17/2020 | 60,000 | 59,995,411 | ||||||||||||
|
U.S. Treasury Bills |
0.08%-0.19% | 09/22/2020 | 67,200 | 67,195,449 | ||||||||||||
|
U.S. Treasury Bills |
0.16% | 09/24/2020 | 20,000 | 19,998,019 | ||||||||||||
|
U.S. Treasury Bills |
0.10%-0.14% | 09/29/2020 | 40,000 | 39,996,889 | ||||||||||||
|
U.S. Treasury Bills |
0.10%-0.17% | 10/01/2020 | 53,980 | 53,973,710 | ||||||||||||
|
U.S. Treasury Bills |
0.15%-1.63% | 10/08/2020 | 57,000 | 56,983,304 | ||||||||||||
|
U.S. Treasury Bills |
0.10% | 10/13/2020 | 4,900 | 4,899,428 | ||||||||||||
|
U.S. Treasury Bills |
0.14%-0.18% | 10/15/2020 | 45,000 | 44,991,713 | ||||||||||||
|
U.S. Treasury Bills |
0.09% | 10/20/2020 | 35,000 | 34,995,713 | ||||||||||||
|
U.S. Treasury Bills |
0.12%-0.15% | 10/22/2020 | 30,000 | 29,994,546 | ||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/27/2020 | 20,000 | 19,995,333 | ||||||||||||
|
U.S. Treasury Bills |
0.11%-0.16% | 10/29/2020 | 60,000 | 59,987,554 | ||||||||||||
|
U.S. Treasury Bills |
0.17% | 11/03/2020 | 5,000 | 4,998,513 | ||||||||||||
|
U.S. Treasury Bills |
0.10%-0.15% | 11/05/2020 | 60,000 | 59,987,361 | ||||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 11/10/2020 | 25,000 | 24,992,417 | ||||||||||||
|
U.S. Treasury Bills |
0.11%-0.16% | 11/12/2020 | 46,000 | 45,988,940 | ||||||||||||
|
U.S. Treasury Bills |
0.19% | 11/17/2020 | 5,000 | 4,997,968 | ||||||||||||
|
U.S. Treasury Bills |
0.11% | 11/19/2020 | 30,000 | 29,993,088 | ||||||||||||
|
U.S. Treasury Bills |
0.19% | 11/24/2020 | 10,000 | 9,995,683 | ||||||||||||
|
U.S. Treasury Bills |
0.10%-0.16% | 11/27/2020 | 32,000 | 31,990,648 | ||||||||||||
|
U.S. Treasury Bills |
0.11% | 12/01/2020 | 15,000 | 14,995,829 | ||||||||||||
|
U.S. Treasury Bills |
0.17% | 12/03/2020 | 40,000 | 39,986,777 | ||||||||||||
|
U.S. Treasury Bills |
0.16% | 12/08/2020 | 15,000 | 14,993,671 | ||||||||||||
|
U.S. Treasury Bills |
0.18%-0.19% | 12/10/2020 | 20,000 | 19,989,826 | ||||||||||||
|
U.S. Treasury Bills |
0.16% | 12/15/2020 | 20,000 | 19,992,563 | ||||||||||||
|
U.S. Treasury Bills |
0.19% | 12/17/2020 | 10,000 | 9,994,501 | ||||||||||||
|
U.S. Treasury Bills |
0.15% | 12/22/2020 | 7,000 | 6,996,842 | ||||||||||||
|
U.S. Treasury Bills |
0.11%-0.18% | 12/24/2020 | 40,000 | 39,982,979 | ||||||||||||
|
U.S. Treasury Bills |
0.17% | 12/31/2020 | 10,000 | 9,994,454 | ||||||||||||
|
U.S. Treasury Bills |
0.17% | 01/07/2021 | 10,000 | 9,994,133 | ||||||||||||
|
U.S. Treasury Bills |
0.15% | 01/14/2021 | 13,000 | 12,992,931 | ||||||||||||
|
U.S. Treasury Bills |
0.13% | 01/21/2021 | 5,000 | 4,997,436 | ||||||||||||
|
U.S. Treasury Bills |
0.13%-1.44% | 01/28/2021 | 26,000 | 25,953,326 | ||||||||||||
|
U.S. Treasury Bills |
0.12% | 02/11/2021 | 10,000 | 9,994,567 | ||||||||||||
|
U.S. Treasury Bills |
0.12% | 02/18/2021 | 8,000 | 7,995,467 | ||||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 02/25/2021 | 27,000 | 26,982,595 | ||||||||||||
|
U.S. Treasury Bills |
0.00% | 03/04/2021 | 10,000 | 9,994,186 | ||||||||||||
|
U.S. Treasury Bills |
0.14% | 04/22/2021 | 5,000 | 4,995,470 | ||||||||||||
|
U.S. Treasury Bills |
0.18% | 05/20/2021 | 5,000 | 4,993,366 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Treasury Obligations Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
U.S. Treasury Bills(a)-(continued) |
||||||||||||||||
|
U.S. Treasury Bills |
0.16% | 07/15/2021 | $ | 7,000 | $ | 6,990,446 | ||||||||||
| 1,282,071,955 | ||||||||||||||||
|
U.S. Treasury Notes-14.73% |
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) |
0.22% | 01/31/2021 | 17,000 | 16,996,155 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) |
0.24% | 04/30/2021 | 7,000 | 6,999,931 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) |
0.33% | 07/31/2021 | 15,000 | 14,996,429 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b) |
0.41% | 10/31/2021 | 36,500 | 36,520,468 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b) |
0.26% | 01/31/2022 | 30,000 | 29,971,602 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b) |
0.22% | 04/30/2022 | 55,000 | 55,026,658 | ||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b) |
0.16% | 07/31/2022 | 12,000 | 12,000,271 | ||||||||||||
|
U.S. Treasury Notes |
2.00% | 09/30/2020 | 15,000 | 15,004,363 | ||||||||||||
|
U.S. Treasury Notes |
1.75% | 10/31/2020 | 13,000 | 13,002,685 | ||||||||||||
|
U.S. Treasury Notes |
2.00% | 01/15/2021 | 3,000 | 3,018,863 | ||||||||||||
|
U.S. Treasury Notes |
2.25% | 03/31/2021 | 10,000 | 10,107,345 | ||||||||||||
| 213,644,770 | ||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES-103.09% (Cost $ 1,495,716,725) |
|
1,495,716,725 | ||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(3.09)% |
(44,822,921 | ) | ||||||||||||||
|
NET ASSETS-100.00% |
$ | 1,450,893,804 | ||||||||||||||
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 | Short-Term Investments Trust |
Schedule of Investments
August 31, 2020
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
Municipal Obligations-99.85% |
||||||||||||||||
|
Alabama-4.40% |
||||||||||||||||
|
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(a)(b)(c) |
0.12% | 07/01/2040 | $ | 8,805 | $ | 8,805,000 | ||||||||||
|
Arizona-2.81% |
||||||||||||||||
|
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)(b) |
0.08% | 06/15/2031 | 2,685 | 2,685,000 | ||||||||||||
|
Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD RB (CEP - FNMA)(b) |
0.08% | 06/15/2031 | 2,945 | 2,945,000 | ||||||||||||
| 5,630,000 | ||||||||||||||||
|
California-1.30% |
||||||||||||||||
|
California (State of) Educational Facilities Authority; Series 2020, Commercial Paper Notes |
0.11% | 10/01/2020 | 2,600 | 2,600,000 | ||||||||||||
|
Colorado-0.60% |
||||||||||||||||
|
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.19% | 02/01/2031 | 1,190 | 1,190,000 | ||||||||||||
|
Delaware-2.03% |
||||||||||||||||
|
Delaware (State of) Economic Development Authority (Goodwill
Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank
|
0.09% | 09/01/2036 | 2,780 | 2,780,000 | ||||||||||||
|
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.10% | 05/01/2036 | 1,280 | 1,280,000 | ||||||||||||
| 4,060,000 | ||||||||||||||||
|
District of Columbia-3.38% |
||||||||||||||||
|
District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 08/15/2038 | 245 | 245,000 | ||||||||||||
|
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.07% | 10/01/2039 | 6,525 | 6,525,000 | ||||||||||||
| 6,770,000 | ||||||||||||||||
|
Florida-5.16% |
||||||||||||||||
|
Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.09% | 06/01/2048 | 910 | 910,000 | ||||||||||||
|
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.16% | 11/01/2036 | 2,725 | 2,725,000 | ||||||||||||
|
Palm Beach (County of), FL (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.09% | 07/01/2032 | 2,400 | 2,400,000 | ||||||||||||
|
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.07% | 07/01/2037 | 4,280 | 4,280,000 | ||||||||||||
| 10,315,000 | ||||||||||||||||
|
Georgia-4.20% |
||||||||||||||||
|
Atlanta (City of), GA Georgia Development Authority (Perkins + Will,
Inc.);
|
0.08% | 11/01/2030 | 2,590 | 2,590,000 | ||||||||||||
|
Monroe (County of), GA Development Authority (Oglethorpe Power Corp.
Scherer);
|
0.08% | 01/01/2030 | 2,420 | 2,420,000 | ||||||||||||
|
Series 2010 A, Ref. VRD PCR (LOC - Bank of Montreal)(b)(c) |
0.14% | 01/01/2036 | 3,000 | 3,000,000 | ||||||||||||
|
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000,VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.19% | 09/01/2020 | 400 | 400,000 | ||||||||||||
| 8,410,000 | ||||||||||||||||
|
Illinois-4.49% |
||||||||||||||||
|
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) |
0.07% | 12/01/2046 | 5,755 | 5,755,000 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
Illinois-(continued) |
||||||||||||||||
|
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.08% | 01/01/2037 | $ | 2,230 | $ | 2,230,000 | ||||||||||
|
Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)(b)(c) |
0.08% | 10/01/2033 | 1,000 | 1,000,000 | ||||||||||||
| 8,985,000 | ||||||||||||||||
|
Indiana-8.69% |
||||||||||||||||
|
Huntington (City of), IN (Huntington University); Series 2007, Ref.
VRD RB
|
0.14% | 08/01/2037 | 5,750 | 5,750,000 | ||||||||||||
|
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)(a)(b)(c) |
0.18% | 06/01/2035 | 8,000 | 8,000,000 | ||||||||||||
|
Purdue University; Series 2011 A, VRD COP(b) |
0.06% | 07/01/2035 | 3,635 | 3,635,000 | ||||||||||||
| 17,385,000 | ||||||||||||||||
|
Louisiana-1.75% |
||||||||||||||||
|
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c) |
0.08% | 07/01/2047 | 3,505 | 3,505,000 | ||||||||||||
|
Maryland-4.71% |
||||||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities
Authority;
|
0.22% | 09/09/2020 | 4,800 | 4,800,000 | ||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 04/01/2035 | 2,015 | 2,015,000 | ||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical); Series 2008E, VRD RB (LOC - Bank of Montreal)(a)(b)(c) |
0.03% | 07/01/2041 | 2,600 | 2,600,000 | ||||||||||||
| 9,415,000 | ||||||||||||||||
|
Massachusetts-2.17% |
||||||||||||||||
|
Massachusetts (State of) Development Finance Agency (Clark
University);
|
0.08% | 10/01/2038 | 2,830 | 2,830,000 | ||||||||||||
|
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank N.A.)(b)(c) |
0.07% | 01/01/2037 | 1,500 | 1,500,000 | ||||||||||||
| 4,330,000 | ||||||||||||||||
|
Michigan-4.51% |
||||||||||||||||
|
Kent (County of), MI Hospital Finance Authority (Spectrum Health
System);
|
0.10% | 01/15/2026 | 2,005 | 2,005,000 | ||||||||||||
|
Michigan State University Board of Trustees; |
||||||||||||||||
|
Series 2000 A-1, VRD RB(b) |
0.10% | 08/15/2030 | 3,000 | 3,000,000 | ||||||||||||
|
Series 2001 A-2, VRD RB(b) |
0.10% | 08/15/2030 | 1,010 | 1,010,000 | ||||||||||||
|
Oakland University Board of Trustees; Series 2008, Ref. VRD
RB
|
0.08% | 03/01/2031 | 3,000 | 3,000,000 | ||||||||||||
| 9,015,000 | ||||||||||||||||
|
Minnesota-5.48% |
||||||||||||||||
|
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)(b) |
0.16% | 10/15/2033 | 1,175 | 1,175,000 | ||||||||||||
|
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(b) |
0.08% | 11/01/2035 | 6,505 | 6,505,000 | ||||||||||||
|
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)(b) |
0.08% | 10/01/2033 | 3,285 | 3,285,000 | ||||||||||||
| 10,965,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
Mississippi-3.95% |
||||||||||||||||
|
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); |
||||||||||||||||
|
Series 2007 A, VRD IDR(b) |
0.03% | 12/01/2030 | $ | 60 | $ | 60,000 | ||||||||||
|
Series 2010 C, VRD IDR(b) |
0.08% | 12/01/2030 | 585 | 585,000 | ||||||||||||
|
Series 2010 E, VRD IDR(b) |
0.08% | 12/01/2030 | 6,250 | 6,250,000 | ||||||||||||
|
Series 2010 C, VRD IDR(b) |
0.08% | 12/01/2030 | 1,000 | 1,000,000 | ||||||||||||
| 7,895,000 | ||||||||||||||||
|
Missouri-0.59% |
||||||||||||||||
|
Bridgeton (City of), MO IDA (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)(b)(c) |
0.08% | 11/01/2037 | 615 | 615,000 | ||||||||||||
|
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)(b)(c) |
0.14% | 08/01/2038 | 565 | 565,000 | ||||||||||||
| 1,180,000 | ||||||||||||||||
|
Nevada-0.75% |
||||||||||||||||
|
Reno (City of), NV (Renown Regional Medical Center); Series 2009 A, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.08% | 06/01/2039 | 1,500 | 1,500,000 | ||||||||||||
|
New York-4.46% |
||||||||||||||||
|
New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)(a)(b)(c) |
0.06% | 05/01/2039 | 2,500 | 2,500,000 | ||||||||||||
|
New York (State of) Housing Finance Agency (222 East 44th Street Housing); |
||||||||||||||||
|
Series 2015 A, VRD RB (LOC - Bank of China Ltd.)(a)(b)(c) |
0.10% | 05/01/2050 | 6,100 | 6,100,000 | ||||||||||||
|
Series 2016 A, VRD RB (LOC - Bank of China Ltd.)(a)(b)(c) |
0.09% | 05/01/2050 | 330 | 330,000 | ||||||||||||
| 8,930,000 | ||||||||||||||||
|
North Carolina-4.39% |
||||||||||||||||
|
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB(b) |
0.05% | 06/01/2027 | 1,285 | 1,285,000 | ||||||||||||
|
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(b) |
0.07% | 12/01/2021 | 2,520 | 2,520,000 | ||||||||||||
|
Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.04% | 05/01/2036 | 4,970 | 4,970,000 | ||||||||||||
| 8,775,000 | ||||||||||||||||
|
Ohio-1.46% |
||||||||||||||||
|
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)(b)(c) |
0.09% | 08/02/2038 | 2,925 | 2,925,000 | ||||||||||||
|
Pennsylvania-4.85% |
||||||||||||||||
|
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 06/01/2037 | 4,305 | 4,305,000 | ||||||||||||
|
Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)(a)(b)(c) |
0.07% | 03/01/2030 | 1,990 | 1,990,000 | ||||||||||||
|
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 10/15/2025 | 385 | 385,000 | ||||||||||||
|
Ridley School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 11/01/2029 | 305 | 305,000 | ||||||||||||
|
Westmoreland (County of), PA Industrial Development Authority (Excela Health); Series 2005 A, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 07/01/2027 | 2,725 | 2,725,000 | ||||||||||||
| 9,710,000 | ||||||||||||||||
|
Rhode Island-2.10% |
||||||||||||||||
|
Rhode Island Health & Educational Building Corp. (Brown
University);
|
0.07% | 09/01/2043 | 4,200 | 4,200,000 | ||||||||||||
|
Texas-10.73% |
||||||||||||||||
|
Harris (County of), TX Hospital District; Series 2010, Ref. VRD
RB
|
0.12% | 02/15/2042 | 4,720 | 4,720,000 | ||||||||||||
|
Houston (City of), TX; Series 2020 E-2, Commercial Paper Notes |
0.16% | 10/02/2020 | 4,000 | 4,000,000 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
Texas-(continued) |
||||||||||||||||
|
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.08% | 05/15/2034 | $ | 1,500 | $ | 1,500,000 | ||||||||||
|
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.11% | 04/01/2026 | 2,320 | 2,320,000 | ||||||||||||
|
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)(b) |
0.14% | 05/01/2042 | 2,860 | 2,860,000 | ||||||||||||
|
Texas A&M University System Board of Regents; Series 2020 B, Commercial Paper Notes |
0.18% | 11/04/2020 | 400 | 400,000 | ||||||||||||
|
University of Texas System Board of Regents; |
||||||||||||||||
|
Series 2008 B, VRD RB(b) |
0.06% | 08/01/2025 | 4,665 | 4,665,000 | ||||||||||||
|
Series 2020 A, Commercial Paper Notes |
0.22% | 09/03/2020 | 1,000 | 1,000,000 | ||||||||||||
| 21,465,000 | ||||||||||||||||
|
Virginia-1.90% |
||||||||||||||||
|
Norfolk (City of), VA; Series 2007, VRD GO Bonds(b) |
0.09% | 08/01/2037 | 3,800 | 3,800,000 | ||||||||||||
|
Washington-4.32% |
||||||||||||||||
|
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)(b)(c) |
0.07% | 09/01/2049 | 4,550 | 4,550,000 | ||||||||||||
|
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)(b)(c) |
0.07% | 11/01/2047 | 4,085 | 4,085,000 | ||||||||||||
| 8,635,000 | ||||||||||||||||
|
West Virginia-3.14% |
||||||||||||||||
|
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)(b)(c) |
0.10% | 07/01/2039 | 845 | 845,000 | ||||||||||||
|
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hosp, Inc.); Series 2008 B, Ref. VRD RB (LOC - Branch Banking & Trust Co.)(b)(c) |
0.14% | 01/01/2034 | 5,435 | 5,435,000 | ||||||||||||
| 6,280,000 | ||||||||||||||||
|
Wisconsin-1.53% |
||||||||||||||||
|
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)(b)(c) |
0.09% | 10/01/2042 | 3,060 | 3,060,000 | ||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(d)(e)-99.85% (Cost $199,735,000) |
199,735,000 | |||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-0.15% |
308,127 | |||||||||||||||
|
NET ASSETS-100.00% |
$ | 200,043,127 | ||||||||||||||
Investment Abbreviations:
| CEP | - Credit Enhancement Provider | |
| COP | - Certificates of Participation | |
| FHLB | - Federal Home Loan Bank | |
| FHLMC | - Federal Home Loan Mortgage Corp. | |
| FNMA | - Federal National Mortgage Association | |
| GO | - General Obligation | |
| IDR | - Industrial Development Revenue Bonds | |
| LOC | - Letter of Credit | |
| PCR | - Pollution Control Revenue Bonds | |
| RB | - Revenue Bonds | |
| Ref. | - Refunding | |
| VRD | - Variable Rate Demand | |
| YMCA | - Young Men’s Christian Association |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 | Short-Term Investments Trust |
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
| (a) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 8.8%; Japan: 5.3%; other countries less than 5% each: 11.6%. |
| (b) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (d) |
Also represents cost for federal income tax purposes. |
| (e) |
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
| Entities | Percentage | ||||
|
JPMorgan Chase Bank N.A. |
6.7 | % | |||
|
Wells Fargo Bank N.A. |
6.6 | ||||
|
Federal Home Loan Bank |
6.4 | ||||
|
Federal Home Loan Mortgage Corp. |
6.3 | ||||
|
TD Bank N.A. |
6.2 | ||||
|
PNC Bank N.A. |
5.7 | ||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 | Short-Term Investments Trust |
Statements of Assets and Liabilities
August 31, 2020
|
|
Invesco Liquid
Assets Portfolio |
Invesco STIC
Prime Portfolio |
Invesco Treasury
Portfolio |
Invesco Government
& Agency Portfolio |
Invesco Treasury
Obligations Portfolio |
Invesco Tax-Free
Cash Reserve Portfolio |
||||||||||||||||||
|
Assets: |
||||||||||||||||||||||||
|
Investments in securities, at value |
$ | 1,784,724,046 | $ | 143,331,875 | $ | 13,547,669,573 | $ | 20,901,911,777 | $ | 1,495,716,725 | $ | 199,735,000 | ||||||||||||
|
Repurchase agreements, at value and cost |
830,572,324 | 178,878,687 | 9,491,478,726 | 10,990,573,484 | - | - | ||||||||||||||||||
|
Cash |
33,603,197 | - | - | - | 37,054 | 61,208 | ||||||||||||||||||
|
Receivable for: |
||||||||||||||||||||||||
|
Investments sold |
- | 900,000 | - | - | - | 315,000 | ||||||||||||||||||
|
Interest |
1,056,194 | 20,964 | 9,417,821 | 7,237,160 | 346,690 | 23,497 | ||||||||||||||||||
|
Fund expenses absorbed |
- | 5,056 | - | 115,182 | 5,041 | - | ||||||||||||||||||
|
Investment for trustee deferred compensation and retirement plans |
3,644,669 | 1,008,721 | 2,164,080 | 987,082 | 118,706 | 356,729 | ||||||||||||||||||
|
Other assets |
124,772 | 219,614 | 217,359 | 1,247,838 | 37,133 | 91,265 | ||||||||||||||||||
|
Total assets |
2,653,725,202 | 324,364,917 | 23,050,947,559 | 31,902,072,523 | 1,496,261,349 | 200,582,699 | ||||||||||||||||||
|
Liabilities: |
||||||||||||||||||||||||
|
Payable for: |
||||||||||||||||||||||||
|
Investments purchased |
83,707,955 | - | 399,847,556 | - | 44,984,634 | - | ||||||||||||||||||
|
Amount due custodian |
- | 12,463 | 1,795,459 | 35,860,836 | - | - | ||||||||||||||||||
|
Dividends |
254,769 | 4,367 | 843,269 | 1,321,007 | 48,847 | 1,671 | ||||||||||||||||||
|
Accrued fees to affiliates |
131,522 | 32,780 | 2,066,942 | 1,515,523 | 140,517 | 101,988 | ||||||||||||||||||
|
Accrued trustees’ and officers’ fees and benefits |
14,771 | 7,700 | 62,856 | 97,276 | 9,975 | 7,064 | ||||||||||||||||||
|
Accrued operating expenses |
73,996 | 50,032 | 426,940 | 44,482 | 53,713 | 47,638 | ||||||||||||||||||
|
Trustee deferred compensation and retirement plans |
3,930,281 | 1,079,940 | 2,415,132 | 1,156,211 | 129,859 | 381,211 | ||||||||||||||||||
|
Total liabilities |
88,113,294 | 1,187,282 | 407,458,154 | 39,995,335 | 45,367,545 | 539,572 | ||||||||||||||||||
|
Net assets applicable to shares outstanding |
$ | 2,565,611,908 | $ | 323,177,635 | $ | 22,643,489,405 | $ | 31,862,077,188 | $ | 1,450,893,804 | $ | 200,043,127 | ||||||||||||
|
Net assets consist of: |
|
|||||||||||||||||||||||
|
Shares of beneficial interest |
$ | 2,564,796,446 | $ | 322,403,496 | $ | 22,642,905,919 | $ | 31,862,059,097 | $ | 1,450,989,544 | $ | 200,167,173 | ||||||||||||
|
Distributable earnings (loss) |
815,462 | 774,139 | 583,486 | 18,091 | (95,740 | ) | (124,046 | ) | ||||||||||||||||
|
|
$ | 2,565,611,908 | $ | 323,177,635 | $ | 22,643,489,405 | $ | 31,862,077,188 | $ | 1,450,893,804 | $ | 200,043,127 | ||||||||||||
|
Net Assets: |
||||||||||||||||||||||||
|
Institutional Class |
$ | 2,558,430,270 | $ | 320,753,104 | $ | 19,215,805,324 | $ | 30,259,135,986 | $ | 1,370,210,399 | $ | 150,996,969 | ||||||||||||
|
Private Investment Class |
$ | 3,541,763 | $ | 1,276,217 | $ | 422,827,568 | $ | 582,081,907 | $ | 14,423,866 | $ | 10,134,533 | ||||||||||||
|
Personal Investment Class |
$ | 10,252 | $ | 395,347 | $ | 281,818,329 | $ | 13,529,921 | $ | 741,749 | $ | 3,583,850 | ||||||||||||
|
Cash Management Class |
$ | 2,947,071 | $ | 503,834 | $ | 371,957,560 | $ | 431,476,231 | $ | 340,627 | $ | 5,489,875 | ||||||||||||
|
Reserve Class |
$ | 278,241 | $ | 105,438 | $ | 581,684,073 | $ | 401,437,716 | $ | 54,584,982 | $ | 26,823,422 | ||||||||||||
|
Resource Class |
$ | 365,645 | $ | 122,593 | $ | 635,713,393 | $ | 143,147,544 | $ | 150,056 | $ | 3,004,200 | ||||||||||||
|
Corporate Class |
$ | 38,666 | $ | 21,102 | $ | 1,133,683,158 | $ | 31,267,883 | $ | 10,442,125 | $ | 10,278 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 | Short-Term Investments Trust |
Statements of Assets and Liabilities–(continued)
August 31, 2020
|
|
Invesco Liquid
Assets Portfolio |
Invesco STIC
Prime Portfolio |
Invesco Treasury
Portfolio |
Invesco Government
& Agency Portfolio |
Invesco Treasury
Obligations Portfolio |
Invesco Tax-Free
Cash Reserve Portfolio |
||||||||||||||||||
|
Shares outstanding, no par value, unlimited number of shares authorized: |
|
|||||||||||||||||||||||
|
Institutional Class |
2,556,995,297 | 320,747,228 | 19,214,641,352 | 30,259,011,208 | 1,370,246,974 | 150,977,656 | ||||||||||||||||||
|
Private Investment Class |
3,539,795 | 1,276,199 | 422,801,949 | 582,079,509 | 14,424,267 | 10,133,237 | ||||||||||||||||||
|
Personal Investment Class |
10,246 | 395,341 | 281,801,254 | 13,529,865 | 741,770 | 3,583,392 | ||||||||||||||||||
|
Cash Management Class |
2,945,434 | 503,827 | 371,935,023 | 431,474,453 | 340,636 | 5,489,173 | ||||||||||||||||||
|
Reserve Class |
278,086 | 105,437 | 581,648,828 | 401,436,062 | 54,586,495 | 26,819,991 | ||||||||||||||||||
|
Resource Class |
365,442 | 122,590 | 635,674,875 | 143,146,954 | 150,060 | 3,003,816 | ||||||||||||||||||
|
Corporate Class |
38,644 | 21,102 | 1,133,614,467 | 31,267,755 | 10,442,415 | 10,277 | ||||||||||||||||||
|
Net asset value, offering and redemption price per share for each class |
$ | 1.0006 | $ | 1.0000 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
|
Cost of Investments |
$ | 2,614,636,741 | $ | 322,207,996 | $ | 23,039,148,299 | $ | 31,892,485,261 | $ | 1,495,716,725 | $ | 199,735,000 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 | Short-Term Investments Trust |
Statements of Operations
For the year ended August 31, 2020
|
|
Invesco Liquid
Assets Portfolio |
Invesco STIC
Prime Portfolio |
Invesco Treasury
Portfolio |
Invesco Government
& Agency Portfolio |
Invesco Treasury
Obligations Portfolio |
Invesco Tax-Free
Cash Reserve Portfolio |
||||||||||||||||||
|
Investment income: |
||||||||||||||||||||||||
|
Interest |
$ | 34,284,787 | $ | 6,257,216 | $ | 203,953,802 | $ | 316,385,027 | $ | 12,665,627 | $ | 2,133,528 | ||||||||||||
|
Expenses: |
||||||||||||||||||||||||
|
Advisory fees |
3,579,174 | 698,375 | 29,385,396 | 31,594,396 | 1,616,131 | 450,697 | ||||||||||||||||||
|
Administrative services fees |
1,063,769 | 209,751 | 8,705,596 | 14,279,270 | 553,117 | 100,713 | ||||||||||||||||||
|
Custodian fees |
39,456 | 10,394 | 684,345 | (696,813 | ) | 6,675 | 4,469 | |||||||||||||||||
|
Distribution fees: |
||||||||||||||||||||||||
|
Private Investment Class |
11,697 | 3,966 | 1,423,815 | 1,818,484 | 27,185 | 37,931 | ||||||||||||||||||
|
Personal Investment Class |
56 | 2,327 | 1,943,548 | 114,195 | 1,812 | 12,104 | ||||||||||||||||||
|
Cash Management Class |
5,877 | 418 | 298,824 | 265,250 | 4,655 | 16,154 | ||||||||||||||||||
|
Reserve Class |
2,496 | 1,632 | 3,330,130 | 3,232,492 | 474,354 | 218,276 | ||||||||||||||||||
|
Resource Class |
729 | 197 | 1,016,902 | 300,798 | 643 | 5,138 | ||||||||||||||||||
|
Corporate Class |
68 | 6 | 92,017 | 19,425 | 1,901 | 3 | ||||||||||||||||||
|
Transfer agent fees |
214,750 | 41,902 | 1,763,124 | 2,843,496 | 111,702 | 20,281 | ||||||||||||||||||
|
Trustees’ and officers’ fees and benefits |
52,165 | 26,612 | 246,372 | 353,199 | 33,779 | 23,278 | ||||||||||||||||||
|
Registration and filing fees |
85,059 | 89,032 | 158,643 | 223,526 | 82,407 | 98,838 | ||||||||||||||||||
|
Reports to shareholders |
23,125 | 16,105 | 71,876 | (81,108 | ) | 18,221 | 15,403 | |||||||||||||||||
|
Professional services fees |
44,905 | 37,263 | 110,574 | (141,868 | ) | 39,486 | 36,199 | |||||||||||||||||
|
Other |
109,541 | 63,375 | 266,443 | (198,642 | ) | 47,091 | 14,246 | |||||||||||||||||
|
Total expenses |
5,232,867 | 1,201,355 | 49,497,605 | 53,926,100 | 3,019,159 | 1,053,730 | ||||||||||||||||||
|
Less: Fees waived |
(918,298 | ) | (358,636 | ) | (9,124,214 | ) | (2,008,756 | ) | (444,885 | ) | (454,859 | ) | ||||||||||||
|
Net expenses |
4,314,569 | 842,719 | 40,373,391 | 51,917,344 | 2,574,274 | 598,871 | ||||||||||||||||||
|
Net investment income |
29,970,218 | 5,414,497 | 163,580,411 | 264,467,683 | 10,091,353 | 1,534,657 | ||||||||||||||||||
|
Realized and unrealized gain (loss) from: |
||||||||||||||||||||||||
|
Net realized gain (loss) from investment securities |
(15,623 | ) | 78 | 139,394 | (189,477 | ) | (57,411 | ) | - | |||||||||||||||
|
Change in net unrealized appreciation (depreciation) of investment securities |
45,074 | (41,714 | ) | - | - | - | - | |||||||||||||||||
|
Net realized and unrealized gain (loss) |
29,451 | (41,636 | ) | 139,394 | (189,477 | ) | (57,411 | ) | - | |||||||||||||||
|
Net increase in net assets resulting from operations |
$ | 29,999,669 | $ | 5,372,861 | $ | 163,719,805 | $ | 264,278,206 | $ | 10,033,942 | $ | 1,534,657 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 | Short-Term Investments Trust |
Statements of Changes in Net Assets
For the years ended August 31, 2020 and 2019
| Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | |||||||||||||||
|
|
2020 | 2019 | 2020 | 2019 | ||||||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 29,970,218 | $ | 54,795,839 | $ | 5,414,497 | $ | 12,099,439 | ||||||||
|
Net realized gain (loss) |
(15,623 | ) | 29,559 | 78 | 723 | |||||||||||
|
Change in net unrealized appreciation (depreciation) |
45,074 | (26,913 | ) | (41,714 | ) | (10,820 | ) | |||||||||
|
Net increase in net assets resulting from operations |
29,999,669 | 54,798,485 | 5,372,861 | 12,089,342 | ||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(29,817,713 | ) | (54,388,381 | ) | (5,392,900 | ) | (12,042,840 | ) | ||||||||
|
Private Investment Class |
(36,868 | ) | (107,595 | ) | (11,032 | ) | (26,438 | ) | ||||||||
|
Personal Investment Class |
(74 | ) | (199 | ) | (2,832 | ) | (8,858 | ) | ||||||||
|
Cash Management Class |
(107,505 | ) | (248,909 | ) | (5,280 | ) | (14,390 | ) | ||||||||
|
Reserve Class |
(1,504 | ) | (5,872 | ) | (1,098 | ) | (3,794 | ) | ||||||||
|
Resource Class |
(3,570 | ) | (20,589 | ) | (1,140 | ) | (2,658 | ) | ||||||||
|
Corporate Class |
(2,984 | ) | (24,294 | ) | (215 | ) | (461 | ) | ||||||||
|
Total distributions from distributable earnings |
(29,970,218 | ) | (54,795,839 | ) | (5,414,497 | ) | (12,099,439 | ) | ||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
114,142,968 | 100,799,791 | (331,356,151 | ) | 127,368,867 | |||||||||||
|
Private Investment Class |
(1,176,345 | ) | (1,144,582 | ) | (71,436 | ) | (241,794 | ) | ||||||||
|
Personal Investment Class |
– | (984 | ) | (45,201 | ) | (175,590 | ) | |||||||||
|
Cash Management Class |
(6,335,509 | ) | 3,104,748 | (96,257 | ) | (178,908 | ) | |||||||||
|
Reserve Class |
(24,329 | ) | (115,774 | ) | (167,883 | ) | 3,716 | |||||||||
|
Resource Class |
2,906 | (632,819 | ) | (674 | ) | (62,642 | ) | |||||||||
|
Corporate Class |
(287,979 | ) | (1,599,196 | ) | 251 | 457 | ||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
106,321,712 | 100,411,184 | (331,737,351 | ) | 126,714,106 | |||||||||||
|
Net increase (decrease) in net assets |
106,351,163 | 100,413,830 | (331,778,987 | ) | 126,704,009 | |||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
2,459,260,745 | 2,358,846,915 | 654,956,622 | 528,252,613 | ||||||||||||
|
End of year |
$ | 2,565,611,908 | $ | 2,459,260,745 | $ | 323,177,635 | $ | 654,956,622 | ||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 | Short-Term Investments Trust |
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
| Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | |||||||||||||||
|
|
2020 | 2019 | 2020 | 2019 | ||||||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 163,580,411 | $ | 484,811,474 | $ | 264,467,683 | $ | 518,471,634 | ||||||||
|
Net realized gain (loss) |
139,394 | 204,798 | (189,477 | ) | 224,974 | |||||||||||
|
Net increase in net assets resulting from operations |
163,719,805 | 485,016,272 | 264,278,206 | 518,696,608 | ||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(146,246,982 | ) | (438,858,990 | ) | (254,196,609 | ) | (491,630,206 | ) | ||||||||
|
Private Investment Class |
(3,446,279 | ) | (9,738,598 | ) | (4,200,784 | ) | (8,737,051 | ) | ||||||||
|
Personal Investment Class |
(2,137,800 | ) | (3,312,891 | ) | (89,620 | ) | (207,870 | ) | ||||||||
|
Cash Management Class |
(3,199,903 | ) | (8,499,805 | ) | (2,683,953 | ) | (7,669,515 | ) | ||||||||
|
Reserve Class |
(1,117,598 | ) | (3,008,307 | ) | (1,290,595 | ) | (3,929,202 | ) | ||||||||
|
Resource Class |
(4,967,684 | ) | (13,201,572 | ) | (1,599,458 | ) | (4,570,537 | ) | ||||||||
|
Corporate Class |
(2,664,191 | ) | (8,191,311 | ) | (439,777 | ) | (1,727,253 | ) | ||||||||
|
Total distributions from distributable earnings |
(163,780,437 | ) | (484,811,474 | ) | (264,500,796 | ) | (518,471,634 | ) | ||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
498,579,949 | (1,514,751,400 | ) | 256,030,543 | 7,673,132,994 | |||||||||||
|
Private Investment Class |
(83,191,362 | ) | (11,707,755 | ) | 49,500,711 | 106,832,736 | ||||||||||
|
Personal Investment Class |
(78,430,874 | ) | 242,362,528 | (2,461,469 | ) | 7,670,768 | ||||||||||
|
Cash Management Class |
(24,723,778 | ) | (50,068,678 | ) | 66,475,768 | 31,650,960 | ||||||||||
|
Reserve Class |
292,043,533 | 61,097,539 | 103,651,946 | 88,155,960 | ||||||||||||
|
Resource Class |
3,118,922 | 107,165,894 | (37,467,649 | ) | (51,677,589 | ) | ||||||||||
|
Corporate Class |
704,514,058 | (38,240,138 | ) | (9,080,725 | ) | (105,927,589 | ) | |||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
1,311,910,448 | (1,204,142,010 | ) | 426,649,125 | 7,749,838,240 | |||||||||||
|
Net increase (decrease) in net assets |
1,311,849,816 | (1,203,937,212 | ) | 426,426,535 | 7,750,063,214 | |||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
21,331,639,589 | 22,535,576,801 | 31,435,650,653 | 23,685,587,439 | ||||||||||||
|
End of year |
$ | 22,643,489,405 | $ | 21,331,639,589 | $ | 31,862,077,188 | $ | 31,435,650,653 | ||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 | Short-Term Investments Trust |
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
| Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||||||||||
|
|
2020 | 2019 | 2020 | 2019 | ||||||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 10,091,353 | $ | 25,841,669 | $ | 1,534,657 | $ | 2,660,015 | ||||||||
|
Net realized gain (loss) |
(57,411 | ) | 17,726 | - | - | |||||||||||
|
Net increase in net assets resulting from operations |
10,033,942 | 25,859,395 | 1,534,657 | 2,660,015 | ||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(9,782,969 | ) | (25,123,428 | ) | (1,172,112 | ) | (1,816,364 | ) | ||||||||
|
Private Investment Class |
(65,930 | ) | (111,394 | ) | (106,524 | ) | (305,352 | ) | ||||||||
|
Personal Investment Class |
(898 | ) | (3,844 | ) | (7,119 | ) | (2,466 | ) | ||||||||
|
Cash Management Class |
(16,009 | ) | (41,719 | ) | (177,298 | ) | (395,402 | ) | ||||||||
|
Reserve Class |
(212,244 | ) | (557,964 | ) | (50,307 | ) | (80,976 | ) | ||||||||
|
Resource Class |
(1,150 | ) | (3,101 | ) | (21,222 | ) | (59,305 | ) | ||||||||
|
Corporate Class |
(12,153 | ) | (219 | ) | (75 | ) | (150 | ) | ||||||||
|
Total distributions from distributable earnings |
(10,091,353 | ) | (25,841,669 | ) | (1,534,657 | ) | (2,660,015 | ) | ||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
325,218,196 | (235,306,840 | ) | (10,043,247 | ) | 33,374,672 | ||||||||||
|
Private Investment Class |
4,941,082 | 3,398,983 | (10,353,451 | ) | (7,570,673 | ) | ||||||||||
|
Personal Investment Class |
630,111 | (283,153 | ) | 1,041,703 | 2,531,656 | |||||||||||
|
Cash Management Class |
(1,553,674 | ) | (1,270,980 | ) | (21,806,010 | ) | (4,585,853 | ) | ||||||||
|
Reserve Class |
(123,709 | ) | 21,314,012 | 6,820,117 | 5,850,867 | |||||||||||
|
Resource Class |
16,515 | 38,286 | 1,886,657 | (1,381,960 | ) | |||||||||||
|
Corporate Class |
10,431,998 | 216 | 85 | 135 | ||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
339,560,519 | (212,109,476 | ) | (32,454,146 | ) | 28,218,844 | ||||||||||
|
Net increase (decrease) in net assets |
339,503,108 | (212,091,750 | ) | (32,454,146 | ) | 28,218,844 | ||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
1,111,390,696 | 1,323,482,446 | 232,497,273 | 204,278,429 | ||||||||||||
|
End of year |
$ | 1,450,893,804 | $ | 1,111,390,696 | $ | 200,043,127 | $ | 232,497,273 | ||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 | Short-Term Investments Trust |
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
| Resource Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net asset
value, beginning of period |
Net
investment income(a) |
Net gains
(losses) on securities (both realized and unrealized) |
Total from
investment operations |
Dividends from net investment income |
Distributions
from net realized gains |
Total
distributions |
Net asset
value, end of period |
Total
return(b) |
Net assets,
end of period (000’s omitted) |
Ratio of
expenses to average net assets with fee waivers and/or expense reimbursements |
Ratio of
expenses to average net assets without fee waivers and/or expense reimbursements |
Ratio of net
to average
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
$ | 1.0004 | $ | 0.0106 | $ | (0.0006 | ) | $ | 0.0100 | $ | (0.0098 | ) | $ | - | $ | (0.0098 | ) | $ | 1.0006 | 1.01 | % | $ | 366 | 0.37 | %(c) | 0.42 | %(c) | 1.07 | %(c) | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.0004 | 0.0217 | 0.0000 | 0.0217 | (0.0217 | ) | - | (0.0217 | ) | 1.0004 | 2.19 | 363 | 0.38 | 0.42 | 2.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.0002 | 0.0153 | (0.0011 | ) | 0.0142 | (0.0140 | ) | - | (0.0140 | ) | 1.0004 | 1.43 | 996 | 0.38 | 0.43 | 1.53 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.0031 | 0.0036 | 0.0067 | (0.0060 | ) | (0.0005 | ) | (0.0065 | ) | 1.0002 | 0.64 | 1,327 | 0.38 | 0.46 | 0.31 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.15 | 7,248 | 0.32 | 0.38 | 0.17 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.0001 | 0.0104 | (0.0013 | ) | 0.0091 | (0.0092 | ) | - | (0.0092 | ) | 1.0000 | 0.93 | 123 | 0.31 | (c) | 0.42 | (c) | 1.03 | (c) | ||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.0001 | 0.0210 | 0.0001 | 0.0211 | (0.0211 | ) | - | (0.0211 | ) | 1.0001 | 2.13 | 123 | 0.34 | 0.41 | 2.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.0000 | 0.0139 | (0.0002 | ) | 0.0137 | (0.0136 | ) | - | (0.0136 | ) | 1.0001 | 1.38 | 186 | 0.34 | 0.43 | 1.39 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.0046 | 0.0008 | 0.0054 | (0.0054 | ) | - | (0.0054 | ) | 1.0000 | 0.54 | 184 | 0.34 | 0.43 | 0.46 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.16 | 16,866 | 0.25 | 0.40 | 0.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | (0.00 | ) | (0.01 | ) | 1.00 | 0.79 | 635,713 | 0.31 | (c) | 0.37 | (c) | 0.73 | (c) | ||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | (0.00 | ) | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 2.04 | 632,598 | 0.34 | 0.37 | 2.02 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.21 | 525,418 | 0.34 | 0.36 | 1.21 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.36 | 476,818 | 0.33 | 0.36 | 0.37 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.07 | 482,931 | 0.24 | 0.37 | 0.07 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | (0.00 | ) | (0.01 | ) | 1.00 | 0.81 | 143,148 | 0.29 | (c) | 0.31 | (c) | 0.71 | (c) | |||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 2.06 | 180,617 | 0.32 | 0.32 | 2.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.22 | 232,293 | 0.31 | 0.31 | 1.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.40 | 342,143 | 0.31 | 0.31 | 0.42 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.10 | 95,689 | 0.23 | 0.34 | 0.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.80 | 150 | 0.33 | (c) | 0.36 | (c) | 0.69 | (c) | ||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 2.01 | 134 | 0.34 | 0.37 | 1.99 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.19 | 95 | 0.34 | 0.37 | 1.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.32 | 94 | 0.30 | 0.38 | 0.36 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.09 | 194 | 0.16 | 0.56 | 0.09 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | - | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.65 | 3,004 | 0.30 | (c) | 0.50 | (c) | 0.65 | (c) | |||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.01 | - | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.22 | 1,117 | 0.36 | 0.51 | 1.22 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.85 | 2,499 | 0.36 | 0.54 | 0.85 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.42 | 5,999 | 0.35 | 0.53 | 0.41 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.05 | 2,411 | 0.14 | 0.51 | 0.08 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (a) |
Calculated using average shares outstanding. |
| (b) |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
| (c) |
Ratios are based on average daily net assets (000’s omitted) of $365, $123, $635,564, $187,999, $402 and $3,211 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 | Short-Term Investments Trust |
August 31, 2020
NOTE 1–Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.
Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.
Each 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.
Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio, both institutional money market funds, price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).
Invesco Liquid Assets Portfolio determines its NAV per share multiple times each day.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, seek 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. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
| A. |
Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments. |
Securities for which market quotations 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.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’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.
Each 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 of each Fund’s investments.
| B. |
Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements 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 gain (loss)
| 39 | Short-Term Investments Trust |
from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements 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 Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.
| C. |
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. |
Distributions - It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
| E. |
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, Invesco Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt interest dividends”, as defined in the Internal Revenue Code.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. |
Expenses - Fees provided for under the 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. |
| G. |
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) 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, each 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. |
| H. |
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote. |
| I. |
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
| J. |
LIBOR Risk - Certain Funds may invest in instruments that use or may use a floating reference rate based on LIBOR. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As a result, any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. Industry initiatives are underway to identify alternative reference rates; however, there is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; and/or costs incurred in connection with closing out positions and entering into new agreements. These effects could occur prior to the end of 2021 as the utility of LIBOR as a reference rate could deteriorate during the transition period. |
| K. |
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 |
| 40 | Short-Term Investments Trust |
|
instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Funds may not be able to recover its investment in such issuer from the U.S. Government. |
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund’s investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.
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, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:
|
First
$250 million |
Next
$250 million |
Over
$500 million |
|||||||||||||
|
Invesco Liquid Assets Portfolio |
0.15% | 0.15% | 0.15% | ||||||||||||
|
Invesco STIC Prime Portfolio |
0.15% | 0.15% | 0.15% | ||||||||||||
|
Invesco Treasury Portfolio |
0.15% | 0.15% | 0.15% | ||||||||||||
|
Invesco Government & Agency Portfolio |
0.10% | 0.10% | 0.10% | ||||||||||||
|
Invesco Treasury Obligations Portfolio |
0.20% | 0.15% | 0.10% | ||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% | 0.20% | 0.20% | ||||||||||||
For the year ended August 31, 2020, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:
|
Invesco Liquid Assets Portfolio |
0.15% | |||
|
Invesco STIC Prime Portfolio |
0.15% | |||
|
Invesco Treasury Portfolio |
0.15% | |||
|
Invesco Government & Agency Portfolio |
0.10% | |||
|
Invesco Treasury Obligations Portfolio |
0.13% | |||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% |
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, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, 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 Funds, 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 each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least December 31, 2020, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
|
Institutional
Class |
Private
Investment Class |
Personal
Investment Class |
Cash
Management Class |
Reserve
Class |
Resource
Class |
Corporate
Class |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.38 | % | 0.21% | |||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21% | |||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21% | |||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21% | |||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
0.18 | % | 0.43 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21% | |||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20 | % | 0.45 | % | 0.75 | % | 0.28 | % | 1.07 | % | 0.36 | % | 0.23% | |||||||||||||||
|
|
||||||||||||||||||||||||||||
The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.
| 41 | Short-Term Investments Trust |
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 the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2020. 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 August 31, 2020, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:
|
Expense
Limitation |
||||
|
Invesco Liquid Assets Portfolio |
$ | 916,953 | ||
|
|
||||
|
Invesco STIC Prime Portfolio |
354,758 | |||
|
|
||||
|
Invesco Treasury Portfolio |
6,130,127 | |||
|
|
||||
|
Invesco Government & Agency Portfolio |
- | |||
|
|
||||
|
Invesco Treasury Obligations Portfolio |
274,586 | |||
|
|
||||
|
Invesco Tax-Free Cash Reserve Portfolio |
311,174 | |||
|
|
||||
Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.
Voluntary fee waivers for the year ended August 31, 2020 are shown below:
| Fund Level |
Private
Investment Class |
Personal
Investment Class |
Cash
Management Class |
Reserve
Class |
Resource
Class |
Corporate
Class |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | - | $ | 733 | $ | 9 | $ | - | $ | 582 | $ | 21 | $ | - | ||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
2,018 | 887 | 573 | 71 | 287 | 41 | 1 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
- | 417,235 | 624,782 | 18,501 | 1,713,928 | 216,249 | 3,392 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
- | 456,411 | 41,926 | 18,079 | 1,450,150 | 42,117 | 73 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
- | 7,598 | 1,200 | 217 | 161,180 | 41 | 63 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
33,144 | 8,664 | 5,729 | 2,215 | 92,327 | 1,605 | 1 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the year ended August 31, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the year ended August 31, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.
|
Private
Investment Class |
Personal
Investment Class |
Cash
Management Class |
Reserve
Class |
Resource
Class |
Corporate
Class |
|||||||
|
|
||||||||||||
|
Invesco Liquid Assets Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.20% | 0.03% | ||||||
|
|
||||||||||||
|
Invesco STIC Prime Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
|
||||||||||||
|
Invesco Treasury Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
|
||||||||||||
|
Invesco Government & Agency Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
|
||||||||||||
|
Invesco Treasury Obligations Portfolio |
0.25% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
|
||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.25% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
|
||||||||||||
The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
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
| 42 | Short-Term Investments Trust |
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 each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of August 31, 2020, all of the securities in each 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–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the year ended August 31, 2020, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains | ||||||||
|
|
||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 93,743,593 | $ | 149,731,882 | $- | |||||
|
|
||||||||||
|
Invesco STIC Prime Portfolio |
49,203,977 | 45,363,263 | - | |||||||
|
|
||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
248,610,783 | 242,669,996 | - | |||||||
|
|
||||||||||
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
NOTE 6–Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.
NOTE 7–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2020 and 2019
| 2020 | 2019 | |||||||||||||||||||
|
Ordinary
Income* |
Ordinary Income-Tax- Exempt |
Long-Term
Capital Gains |
Ordinary
Income* |
Ordinary
Income-Tax- Exempt |
||||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 29,970,218 | $ | - | $ | - | $ | 54,795,839 | $ | - | ||||||||||
|
|
||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
5,414,497 | - | - | 12,099,439 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Treasury Portfolio |
163,582,316 | - | 198,121 | 484,811,474 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
264,469,100 | - | 31,696 | 518,471,634 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
10,091,353 | - | - | 25,841,669 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 1,534,657 | - | - | 2,660,015 | |||||||||||||||
|
|
||||||||||||||||||||
| * |
Includes short-term capital gain distributions, if any. |
| 43 | Short-Term Investments Trust |
Tax Components of Net Assets at Period-End:
|
Undistributed
Ordinary Income |
Undistributed
Tax-Exempt
|
Temporary
Book/Tax Differences |
Net
Unrealized
|
Capital Loss
Carryforwards |
Shares of
Interest |
Total Net Assets |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 3,354,188 | $ | - | $ | (3,182,732 | ) | $ | 659,629 | $ | (15,623 | ) | $ | 2,564,796,446 | $ | 2,565,611,908 | ||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
1,639,256 | - | (867,683 | ) | 2,566 | - | 322,403,496 | 323,177,635 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
2,573,305 | - | (1,973,847 | ) | (15,972 | ) | - | 22,642,905,919 | 22,643,489,405 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
1,162,580 | - | (955,013 | ) | - | (189,476 | ) | 31,862,059,097 | 31,862,077,188 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
91,628 | - | (104,172 | ) | (23,691 | ) | (59,505 | ) | 1,450,989,544 | 1,450,893,804 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 200,772 | (305,726 | ) | - | (19,092 | ) | 200,167,173 | 200,043,127 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds’ net unrealized appreciation (depreciation) differences are attributable primarily to wash sales.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Funds’ temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have a capital loss carryforward as of August 31, 2020, as follows:
| Fund |
Not Subject to
Expiration |
Total* | ||||||
|
Invesco Liquid Assets Portfolio |
$ | 15,623 | $ | 15,623 | ||||
|
|
||||||||
|
Invesco Government & Agency Portfolio |
189,476 | 189,476 | ||||||
|
|
||||||||
|
Invesco Treasury Obligations Portfolio |
59,505 | 59,505 | ||||||
|
|
||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
19,092 | 19,092 | ||||||
|
|
||||||||
| * |
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 8–Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:
| At August 31, 2020 | ||||||||||||||||
|
Federal
Tax Cost* |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
Net
Unrealized Appreciation (Depreciation) |
|||||||||||||
|
|
||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 2,614,636,741 | $ | 676,866 | $ | (17,237 | ) | $ | 659,629 | |||||||
|
|
||||||||||||||||
|
Invesco STIC Prime Portfolio |
322,207,996 | 2,599 | (33 | ) | 2,566 | |||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Portfolio |
23,039,164,271 | - | (15,972 | ) | (15,972 | ) | ||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
1,495,740,416 | - | (23,691 | ) | (23,691 | ) | ||||||||||
|
|
||||||||||||||||
| * |
For Invesco Treasury Portfolio and Invesco Treasury Obligations Portfolio, cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end. For Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Government & Agency Portfolio and Invesco Tax-Free Cash Reserve Portfolio, cost of investments are the same for tax and financial reporting purposes. |
NOTE 9–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of distributions and taxable income, on August 31, 2020, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and shares of beneficial interest. These reclassifications had no effect on the net assets.
|
Undistributed Net
Investment Income (Loss) |
Undistributed Net
Realized Gain (Loss) |
Shares of
Beneficial Interest |
||||||||||
|
|
||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 29,559 | $ | (29,559 | ) | $ | - | |||||
|
|
||||||||||||
|
Invesco STIC Prime Portfolio |
2,359 | (2,359 | ) | - | ||||||||
|
|
||||||||||||
|
Invesco Treasury Portfolio |
114,461 | (153,462 | ) | 39,001 | ||||||||
|
|
||||||||||||
|
Invesco Government & Agency Portfolio |
(1,417 | ) | 1,417 | - | ||||||||
|
|
||||||||||||
|
Invesco Treasury Obligations Portfolio |
- | - | - | |||||||||
|
|
||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | - | - | |||||||||
|
|
||||||||||||
| 44 | Short-Term Investments Trust |
NOTE 10–Share Information
Invesco Liquid Assets Portfolio
| Summary of Share Activity | ||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
15,429,264,962 | $ | 15,436,049,996 | 11,115,059,561 | $ | 11,118,203,826 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
556,769 | 556,939 | 286,881 | 286,945 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
57,447,877 | 57,471,129 | 183,906,129 | 183,953,776 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
64,898 | 64,918 | 8,652 | 8,654 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
601 | 601 | 5,100 | 5,102 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
172,360 | 172,517 | 396,987 | 397,046 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
6,416,422 | 6,418,790 | 10,250,841 | 10,253,316 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
32,532 | 32,543 | 86,006 | 86,026 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
- | - | 15 | 15 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
81,549 | 81,575 | 175,461 | 175,508 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,504 | 1,504 | 5,870 | 5,872 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
3,570 | 3,570 | 20,583 | 20,589 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
2,984 | 2,984 | 24,289 | 24,294 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(15,321,899,211 | ) | (15,328,325,818 | ) | (11,024,583,994 | ) | (11,027,657,351 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(1,765,341 | ) | (1,765,827 | ) | (1,517,171 | ) | (1,517,553 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
- | - | (999 | ) | (999 | ) | ||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(63,868,033 | ) | (63,888,213 | ) | (180,975,556 | ) | (181,024,536 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(90,719 | ) | (90,751 | ) | (130,254 | ) | (130,300 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,265 | ) | (1,265 | ) | (658,263 | ) | (658,510 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(463,261 | ) | (463,480 | ) | (2,019,990 | ) | (2,020,536 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase in share activity |
105,958,198 | $ | 106,321,712 | 100,340,148 | $ | 100,411,184 | ||||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% 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, 75% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
| 45 | Short-Term Investments Trust |
NOTE 10–Share Information–(continued)
Invesco STIC Prime Portfolio
| Summary of Share Activity | ||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
1,515,191,563 | $ | 1,515,273,645 | 1,752,564,099 | $ | 1,752,564,558 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
46,700 | 46,700 | 106,492 | 106,492 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
561 | 561 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
- | - | 32,538 | 32,538 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
281 | 281 | 342 | 342 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
182 | 182 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
36 | 36 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
4,489,681 | 4,489,681 | 7,389,194 | 7,389,194 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
11,032 | 11,032 | 25,796 | 25,796 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,832 | 2,832 | 199 | 199 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
3,278 | 3,278 | 9,022 | 9,022 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,098 | 1,098 | 3,751 | 3,751 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,140 | 1,140 | 2,606 | 2,606 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
215 | 215 | 457 | 457 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(1,851,039,089 | ) | (1,851,119,477 | ) | (1,632,583,978 | ) | (1,632,584,885 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(129,157 | ) | (129,168 | ) | (374,081 | ) | (374,082 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(48,590 | ) | (48,594 | ) | (175,789 | ) | (175,789 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(99,534 | ) | (99,535 | ) | (220,468 | ) | (220,468 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(169,247 | ) | (169,262 | ) | (377 | ) | (377 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,996 | ) | (1,996 | ) | (65,248 | ) | (65,248 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
(331,739,014 | ) | $ | (331,737,351 | ) | 126,714,555 | $ | 126,714,106 | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 97% 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. |
| 46 | Short-Term Investments Trust |
NOTE 10–Share Information–(continued)
Invesco Treasury Portfolio
| Summary of Share Activity | ||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
182,665,163,108 | $ | 182,665,163,108 | 187,978,433,067 | $ | 187,978,433,067 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
1,486,970,970 | 1,486,970,970 | 1,261,646,363 | 1,261,646,363 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,422,880,087 | 2,422,880,087 | 1,630,224,829 | 1,630,224,829 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
861,417,932 | 861,417,932 | 2,148,188,357 | 2,148,188,357 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,819,500,275 | 1,819,500,275 | 847,847,187 | 847,847,187 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
333,477,473 | 333,477,473 | 883,852,393 | 883,852,393 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
6,641,915,581 | 6,641,915,581 | 7,123,495,519 | 7,123,495,519 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
45,062,613 | 45,062,613 | 115,324,756 | 115,324,756 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
1,524,217 | 1,524,217 | 3,080,285 | 3,080,285 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,137,800 | 2,137,800 | 2,964,198 | 2,964,198 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
3,199,903 | 3,199,903 | 8,004,739 | 8,004,739 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,117,598 | 1,117,598 | 2,800,991 | 2,800,991 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
377,525 | 377,525 | 2,341,092 | 2,341,092 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
2,642,981 | 2,642,981 | 6,377,933 | 6,377,933 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(182,211,645,772 | ) | (182,211,645,772 | ) | (189,608,509,223 | ) | (189,608,509,223 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(1,571,686,549 | ) | (1,571,686,549 | ) | (1,276,434,403 | ) | (1,276,434,403 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(2,503,448,761 | ) | (2,503,448,761 | ) | (1,390,826,499 | ) | (1,390,826,499 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(889,341,613 | ) | (889,341,613 | ) | (2,206,261,774 | ) | (2,206,261,774 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(1,528,574,340 | ) | (1,528,574,340 | ) | (789,550,639 | ) | (789,550,639 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(330,736,076 | ) | (330,736,076 | ) | (779,027,591 | ) | (779,027,591 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(5,940,044,504 | ) | (5,940,044,504 | ) | (7,168,113,590 | ) | (7,168,113,590 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
1,311,910,448 | $ | 1,311,910,448 | (1,204,142,010 | ) | $ | (1,204,142,010 | ) | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% 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, 14% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
| 47 | Short-Term Investments Trust |
NOTE 10–Share Information–(continued)
Invesco Government & Agency Portfolio
| Summary of Share Activity | ||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
262,928,153,701 | $ | 262,928,153,701 | 201,304,629,047 | $ | 201,304,629,047 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
2,584,479,157 | 2,584,479,157 | 2,057,789,705 | 2,057,789,705 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
62,737,197 | 62,737,197 | 33,910,046 | 33,910,046 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
657,577,573 | 657,577,573 | 970,595,900 | 970,595,900 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,172,921,187 | 1,172,921,187 | 1,378,739,399 | 1,378,739,399 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,825,896,962 | 1,825,896,962 | 2,554,982,650 | 2,554,982,650 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
820,373,313 | 820,373,313 | 573,841,827 | 573,841,827 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
73,415,945 | 73,415,945 | 126,914,764 | 126,914,764 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
3,046,192 | 3,046,192 | 4,227,798 | 4,227,798 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
89,620 | 89,620 | 168,914 | 168,914 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
2,363,772 | 2,363,772 | 5,327,428 | 5,327,428 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,290,595 | 1,290,595 | 3,618,437 | 3,618,437 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,403,826 | 1,403,826 | 3,149,980 | 3,149,980 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
26,956 | 26,956 | 346,829 | 346,829 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(262,745,539,103 | ) | (262,745,539,103 | ) | (193,758,410,817 | ) | (193,758,410,817 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(2,538,024,638 | ) | (2,538,024,638 | ) | (1,955,184,767 | ) | (1,955,184,767 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(65,288,286 | ) | (65,288,286 | ) | (26,408,192 | ) | (26,408,192 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(593,465,577 | ) | (593,465,577 | ) | (944,272,368 | ) | (944,272,368 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(1,070,559,836 | ) | (1,070,559,836 | ) | (1,294,201,876 | ) | (1,294,201,876 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,864,768,437 | ) | (1,864,768,437 | ) | (2,609,810,219 | ) | (2,609,810,219 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(829,480,994 | ) | (829,480,994 | ) | (680,116,245 | ) | (680,116,245 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase in share activity |
426,649,125 | $ | 426,649,125 | 7,749,838,240 | $ | 7,749,838,240 | ||||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% 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, 10% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
| 48 | Short-Term Investments Trust |
NOTE 10–Share Information–(continued)
Invesco Treasury Obligations Portfolio
| Summary of Share Activity | ||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
2,007,630,177 | $ | 2,007,630,177 | 902,898,047 | $ | 902,898,047 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
17,752,712 | 17,752,712 | 17,567,905 | 17,567,905 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
12,396,845 | 12,396,845 | 1,755,557 | 1,755,557 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
38,202,008 | 38,202,008 | 1,001,917 | 1,001,917 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
108,199,892 | 108,199,892 | 120,013,835 | 120,013,835 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
2,952,538 | 2,952,538 | 2,115,950 | 2,115,950 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
16,000,000 | 16,000,000 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
1,687,442 | 1,687,442 | 2,012,405 | 2,012,405 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
65,930 | 65,930 | 107,684 | 107,684 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
282 | 282 | 2,574 | 2,574 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
16,009 | 16,009 | 41,719 | 41,719 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
212,244 | 212,244 | 513,925 | 513,925 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
424 | 424 | 1,002 | 1,002 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
11,998 | 11,998 | 216 | 216 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(1,684,099,423 | ) | (1,684,099,423 | ) | (1,140,217,292 | ) | (1,140,217,292 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(12,877,560 | ) | (12,877,560 | ) | (14,276,606 | ) | (14,276,606 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(11,767,016 | ) | (11,767,016 | ) | (2,041,284 | ) | (2,041,284 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(39,771,691 | ) | (39,771,691 | ) | (2,314,616 | ) | (2,314,616 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(108,535,845 | ) | (108,535,845 | ) | (99,213,748 | ) | (99,213,748 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(2,936,447 | ) | (2,936,447 | ) | (2,078,666 | ) | (2,078,666 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(5,580,000 | ) | (5,580,000 | ) | - | - | ||||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
339,560,519 | $ | 339,560,519 | (212,109,476 | ) | $ | (212,109,476 | ) | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% 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, 49% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
| 49 | Short-Term Investments Trust |
NOTE 10–Share Information–(continued)
Invesco Tax-Free Cash Reserve Portfolio
| Summary of Share Activity | ||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
310,891,005 | $ | 310,891,005 | 205,082,518 | $ | 205,082,518 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
11,295,911 | 11,295,911 | 57,208,640 | 57,208,640 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
11,189,176 | 11,189,176 | 5,818,771 | 5,818,771 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
7,389,500 | 7,389,500 | 49,844,196 | 49,844,196 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
58,297,928 | 58,297,928 | 52,342,069 | 52,342,069 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
4,102,971 | 4,102,971 | 31,003,313 | 31,003,313 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
10 | 10 | 110,000 | 110,000 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
770,263 | 770,263 | 919,230 | 919,230 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
106,524 | 106,524 | 281,127 | 281,127 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
7,119 | 7,119 | 385 | 385 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
164,121 | 164,121 | 309,533 | 309,533 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
50,307 | 50,307 | 79,513 | 79,513 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
21,121 | 21,121 | 51,611 | 51,611 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
75 | 75 | 135 | 135 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(321,704,515 | ) | (321,704,515 | ) | (172,627,076 | ) | (172,627,076 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(21,755,886 | ) | (21,755,886 | ) | (65,060,440 | ) | (65,060,440 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(10,154,592 | ) | (10,154,592 | ) | (3,287,500 | ) | (3,287,500 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(29,359,631 | ) | (29,359,631 | ) | (54,739,582 | ) | (54,739,582 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(51,528,118 | ) | (51,528,118 | ) | (46,570,715 | ) | (46,570,715 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(2,237,435 | ) | (2,237,435 | ) | (32,436,884 | ) | (32,436,884 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
- | - | (110,000 | ) | (110,000 | ) | ||||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
(32,454,146 | ) | $ | (32,454,146 | ) | 28,218,844 | $ | 28,218,844 | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% 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. |
NOTE 11–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
| 50 | Short-Term Investments Trust |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Short-Term Investments Trust and Resource Class Shareholders of Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (six of the funds constituting Short-Term Investments Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. 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 Funds 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 audits 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 audits 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 audits 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 August 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Houston, Texas
October 29, 2020
We have served as the auditor of one or more of the 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.
| 51 | Short-Term Investments Trust |
Calculating your ongoing Fund expenses
Example
As a shareholder in the Resource Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each 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 Funds and other funds. To do so, compare this 5% hypothetical example 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. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| HYPOTHETICAL | ||||||||||||
| ACTUAL | (5% annual return before expenses) | |||||||||||
| Beginning | Ending | Expenses | Ending | Expenses | Annualized | |||||||
| Account Value | Account Value | Paid During | Account Value | Paid During | Expense | |||||||
| Resource Class | (03/01/20) | (08/31/20)1 | Period2 | (08/31/20) | Period2 | Ratio | ||||||
|
Invesco Liquid Assets Portfolio |
$1,000.00 | $1,001.90 | $1.86 | $1,023.28 | $1.88 | 0.37% | ||||||
|
Invesco STIC Prime Portfolio |
1,000.00 | 1,001.50 | 1.36 | 1,023.78 | 1.37 | 0.27 | ||||||
|
Invesco Treasury Portfolio |
1,000.00 | 1,000.60 | 1.36 | 1,023.78 | 1.37 | 0.27 | ||||||
|
Invesco Government & Agency Portfolio |
1,000.00 | 1,000.70 | 1.31 | 1,023.83 | 1.32 | 0.26 | ||||||
|
Invesco Treasury Obligations Portfolio |
1,000.00 | 1,000.90 | 1.66 | 1,023.48 | 1.68 | 0.33 | ||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
1,000.00 | 1,002.30 | 1.16 | 1,023.98 | 1.17 | 0.23 | ||||||
| 1 |
The actual ending account value is based on the actual total return of the Funds for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
| 2 |
Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year. |
| 52 | Short-Term Investments Trust |
Approval of Investment Advisory and Sub-Advisory Contracts
(Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio)
At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of Short-Term Investments Trust as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of each series portfolio of Short-Term Investments Trust listed above (each, a Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and 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. and, with respect to Invesco Government & Agency Portfolio, Invesco Tax-Free Cash Reserve Portfolio and Invesco Treasury Obligations Portfolio only, separate Sub-Advisory Contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by each Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers 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 receives comparative investment
performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each 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 during the course of the year and in prior years 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 June 3, 2020.
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 provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and
its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board 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 also reviewed and considered information regarding the benefits to each Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to each 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 each Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit each Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing each 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 considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for each Fund, as no Affiliated Sub-Adviser currently manages assets of each Fund.
| 53 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the first quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco STIC Prime Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Treasury Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class
shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Government & Agency Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Treasury Obligations Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Tax-Free Cash Reserve Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of
funds in the Broadridge performance universe and against the iMoneyNet Tax-Free National Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the second quintile of its performance universe for the one and five year periods and the first quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was below the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
| C. |
Advisory and Sub-Advisory Fees and Fund Expenses |
Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio
The Board compared each Fund’s contractual management fee rate to the contractual management fee rates of funds in each Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Institutional Class shares of each Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding each Fund’s total expense ratio and its various components. The Board noted that each Fund’s total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of each Fund for the term disclosed in each Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of each Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it
| 54 | Short-Term Investments Trust |
provides to the Invesco Funds relative to certain other types of client accounts, including, among others: 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; 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.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio
The Board compared each Fund’s contractual management fee rate to the contractual management fee rates of funds in each Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Institutional Class shares of each Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding each 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 each Fund for the term disclosed in each Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of each Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. 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, among others: 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; 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.
| D. |
Economies of Scale and Breakpoints |
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Tax-Free Cash Reserve Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to each Fund. The Board noted that each Fund does not benefit from economies of scale through contractual breakpoints, but does 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 each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.
Invesco Treasury Obligations Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits 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 shares 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. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.
| E. |
Profitability and Financial Resources |
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to each Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net
profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services 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 received by Invesco Advisers and its affiliates from the relationship with each Fund, including the fees received for providing administrative, transfer agency and distribution services to each Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to each 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 each Fund.
| 55 | Short-Term Investments Trust |
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended August 31, 2020:
|
Federal and State
|
||||||||||||||||||||||||
|
Long Term Capital
Gain Distributions |
Business Interest
Income* |
Qualified Dividend
Income* |
Corporate Dividends
Received Deduction* |
U.S. Treasury
Obligations* |
Tax-Exempt
Interest Dividend* |
|||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | - | 99.19 | % | 0.00 | % | 0.00 | % | 0.13 | % | 0.00 | % | ||||||||||||
|
Invesco STIC Prime Portfolio |
- | 95.76 | % | 0.00 | % | 0.00 | % | 0.07 | % | 0.00 | % | |||||||||||||
|
Invesco Treasury Portfolio |
198,121 | 99.91 | % | 0.00 | % | 0.00 | % | 62.25 | % | 0.00 | % | |||||||||||||
|
Invesco Government & Agency Portfolio |
31,696 | 100.00 | % | 0.00 | % | 0.00 | % | 24.37 | % | 0.00 | % | |||||||||||||
|
Invesco Treasury Obligations Portfolio |
- | 100.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 0.00 | % | |||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | |||||||||||||
| * |
The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year. |
|
Non-Resident Alien Shareholders |
||||||||
| Qualified Short-Term Gains | Qualified Interest Income** | |||||||
|
Invesco Liquid Assets Portfolio |
$ | 29,559 | 0.00 | % | ||||
|
Invesco STIC Prime Portfolio |
- | 0.00 | % | |||||
|
Invesco Treasury Portfolio |
- | 100.00 | % | |||||
|
Invesco Government & Agency Portfolio |
- | 100.00 | % | |||||
|
Invesco Treasury Obligations Portfolio |
- | 100.00 | % | |||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 0.00 | % | |||||
| ** |
The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year. |
| 56 | Short-Term Investments Trust |
The address of each trustee and officer is Short-Term Investments Trust (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
|
Name, Year of Birth and Position(s) Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee |
Other Directorship(s) Held by Trustee During Past 5 Years |
||||
| Interested Trustee | ||||||||
|
Martin L. Flanagan1 - 1960 Trustee and Vice Chair |
2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business | 198 | 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) | ||||||||
| 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. |
| T-1 | Short-Term Investments Trust |
Trustees and Officers–(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 |
1993 |
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 |
198 | 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 | 198 | Board member of the Illinois Manufacturers’ Association | ||||
|
Beth Ann Brown - 1968 Trustee |
2019 |
Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds |
198 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non- profit) | ||||
|
Jack M. Fields - 1952 Trustee |
1997 |
Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit)
Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives |
198 | Member, Board of Directors of Baylor College of Medicine | ||||
|
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP |
198 | Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization) |
| T-2 | Short-Term Investments Trust |
Trustees and Officers–(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 |
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| Independent Trustees–(continued) | ||||||||
|
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 |
198 | Insperity, Inc. (formerly known as Administaff) (human resources provider) | ||||
|
Elizabeth Krentzman - 1959 Trustee |
2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 198 | 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 | ||||
|
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 | 198 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||
|
Prema Mathai-Davis - 1950 Trustee |
1998 |
Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute |
198 | None | ||||
|
Joel W. Motley - 1952 Trustee |
2019 |
Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of 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)); and Member of the Vestry of Trinity Church Wall Street |
198 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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: CEO UBS Securities LLC (investment banking); COO Americas UBS AG (investment banking; Sr. Management TeamOlayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury |
198 | Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing) | ||||
| T-3 | Short-Term Investments Trust |
Trustees and Officers–(continued)
|
Name, Year of Birth and Position(s) Held with the Trust |
Trustee and/or
Officer
|
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 |
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| 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 and Federal Reserve Bank of Dallas |
198 | None | ||||
|
Robert C. Troccoli - 1949 Trustee |
2016 |
Retired
Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP |
198 | None | ||||
|
Daniel S. Vandivort - 1954 Trustee |
2019 |
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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |
198 | None | ||||
|
James D. Vaughn - 1945 Trustee |
2019 |
Retired
Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds |
198 | Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit) | ||||
|
Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate |
2017 |
Retired
Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments |
198 | EnAIble, Inc. (technology) Formerly: ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||
| T-4 | Short-Term Investments Trust |
Trustees and Officers–(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 |
||||
| Officers | ||||||||
|
Sheri Morris - 1964 President, Principal Executive Officer and Treasurer |
1999 |
Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.
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; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, 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 India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC
Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc. |
N/A | N/A | ||||
|
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.; 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 |
N/A | N/A | ||||
| T-5 | Short-Term Investments Trust |
Trustees and Officers–(continued)
|
Name, Year of Birth and
Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of
Fund Complex Overseen by Trustee |
Other Directorship(s) Held by Trustee During Past 5 Years |
||||
| Officers–(continued) | ||||||||
|
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); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
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 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) |
N/A | N/A | ||||
|
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds |
N/A | N/A | ||||
|
Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer |
2008 |
Principal Financial and Accounting Officer - Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer - Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Vice President, Invesco Advisers, Inc.
Formerly: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds |
N/A | N/A | ||||
| T-6 | Short-Term Investments Trust |
Trustees and Officers–(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)
During Past 5 Years |
||||
| Officers–(continued) | ||||||||
|
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer |
2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||
|
Todd F. Kuehl - 1969 Chief Compliance Officer |
2020 |
Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) |
N/A | N/A | ||||
|
Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer |
2020 |
Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, 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: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) |
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, Suite 1000 | Invesco Advisers, Inc. | Invesco Distributors, Inc. | PricewaterhouseCoopers LLP | |||
| Houston, TX 77046-1173 | 1555 Peachtree Street, N.E. | 11 Greenway Plaza, Suite 1000 | 1000 Louisiana Street, Suite 5800 | |||
| Atlanta, GA 30309 | Houston, TX 77046-1173 | Houston, TX 77002-5678 | ||||
| Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
| Stradley Ronon Stevens & Young, LLP | Goodwin Procter LLP | Invesco Investment Services, Inc. | BankofNew YorkMellon | |||
| 2005 Market Street, Suite 2600 | 901 New York Avenue, N.W. | 11 Greenway Plaza, Suite 1000 | 2 Hanson Place | |||
| Philadelphia, PA 19103-7018 | Washington, D.C. 20001 | Houston, TX 77046-1173 | Brooklyn, NY 11217-1431 | |||
| T-7 | Short-Term Investments Trust |
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 in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
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 Cash Management Alliance Services department at 800 659 1005, option 1, 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. This 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. |
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SEC file numbers: 811-02729 and 002-58287 Invesco Distributors, Inc. CM-STIT-AR-4
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Annual Report to Shareholders
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August 31, 2020
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| Private Investment Class | ||||
| Short-Term Investments Trust (STIT) | ||||
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Invesco Liquid Assets Portfolio |
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Invesco STIC Prime Portfolio |
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Invesco Treasury Portfolio |
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Invesco Government & Agency Portfolio |
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Invesco Treasury Obligations Portfolio |
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Invesco Tax-Free Cash Reserve Portfolio |
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Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank).
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) 659-1005 (option1) 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.
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.
Unless otherwise stated, information presented in this report is as of August 31, 2020, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
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| T-1 |
2
Dear Shareholders:
This annual report covers the fiscal year ended August 31, 2020. As always, we thank you for investing with us.
By investing in a combination of short-term securities and securities with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns during the fiscal year.
Market conditions affecting money market funds
The fiscal year was a tale of two markets, bifurcated in terms of overall US economic growth and financial market returns. During the first half of the fiscal year, investors witnessed a resilient US economy, solid corporate earnings and a newly accommodative US Federal Reserve (the Fed), which helped propel risk assets higher, particularly equities. The second half of the fiscal year moved in the opposite direction with the onset of the coronavirus (COVID-19) disrupting travel and suppressing consumer activity. Investors became increasingly concerned about the global economy and the abrupt economic stoppage causing mass unemployment and negative GDP growth.
Against this backdrop, the Fed acted swiftly to help buffer the negative economic impact of quarantine and shelter-in-place policies and to limit the potential for permanent damage to the US economy. The Fed cut interest rates twice in March 2020, first by 0.50% and then by 1.00% to a target range of 0.00% to 0.25%.1 The central bank cited dysfunctional short-term funding markets and the possibility of greater longer-term damage to capital markets and the broader economy. Similar to its role in the 2008-2009 financial crisis, the Fed created lending facilities within the commercial paper market, supported prime money market funds directly, and purchased US Treasury bonds and agency mortgage-backed securities across the maturity spectrum. It later engaged in corporate bond purchases of both investment grade and speculative grade quality corporate debt to solidify the proper functioning of markets.
Short-term yields decreased as a result of the Fed cutting rates and adopting a Zero Interest Rate Policy (ZIRP). The ICE BofA 0-3 months US Treasury Bill Index yielded 0.10% on August 31, 2020, down 180 basis points from a year earlier.2 (A basis point is one one-hundredth of a percentage point.) The three-month US dollar LIBOR also declined 190 basis points to 0.24% over the fiscal year.2 Ten-year US Treasury yields declined 80 basis points to 0.70%.2
During the Jackson Hole Economic Symposium on August 27, 2020, the Federal Open Markets Committee and Jay Powell announced a formal strategy shift to flexible average inflation targeting. As a result, it is likely the Fed will be more tolerant of inflation above the 2% threshold while maintaining its maximum employment objective as “a broad-based and inclusive goal” and that policy decisions will be dictated by “shortfalls” from maximum employment, not just deviations.1 Powell emphasized that the latter change “reflects our view that a robust job market can be sustained without causing an outbreak of inflation” and that “employment can run at or above real-time estimates of its maximum level without causing concern.”1
Invesco Global Liquidity
For more than 35 years, Invesco Global Liquidity has worked to gain and keep the trust of our investors through our deep industry knowledge and our investment expertise. Invesco Global Liquidity’s goal is to provide our investors with a full suite of liquidity management solutions to meet their investing needs through our disciplined investment process. For Invesco Global Liquidity, safety is of paramount importance in the investment process for all our money market funds. Our conservative investment philosophy has always focused on providing safety, liquidity, and yield – in that order – to our money market fund investors. Invesco Global Liquidity is dedicated to the future of this industry – and to yours.
Again, thank you for investing with us.
Sincerely,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.
1 Source: US Federal Reserve
2 Source: US Treasury Department
3 Short-Term Investments Trust
Dear Fellow Shareholders:
As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
4 Short-Term Investments Trust
|
Private Investment Class data as of 8/31/20 |
||||||||||||
| FUND | WEIGHTED | WEIGHTED | TOTAL | |||||||||
| AVERAGE | AVERAGE | NET | ||||||||||
| MATURITY | LIFE | ASSETS | ||||||||||
| Range | At | At | ||||||||||
| During | Reporting | Reporting | ||||||||||
| Reporting | Period | Period | ||||||||||
| Period | End | End | ||||||||||
|
Invesco Liquid Assets1 |
19 -49 days | 39 days | 56 days | $3.5 million | ||||||||
|
Invesco STIC Prime1 |
7 - 20 days | 9 days | 10 days | 1.3 million | ||||||||
|
Invesco Treasury2 |
14 -59 days | 38 days | 103 days | 422.8 million | ||||||||
|
Invesco Government & Agency2 |
7 - 44 days | 22 days | 112 days | 582.1 million | ||||||||
|
Invesco Treasury Obligations2 |
28 -59 days | 54 days | 109 days | 14.4 million | ||||||||
|
Invesco Tax-Free Cash Reserve3 |
7 - 15 days | 8 days | 8 days | 10.1 million | ||||||||
|
Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes. |
|
|||||||||||
|
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. |
|
|||||||||||
| 1 |
You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. 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. |
| 2 |
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. |
| 3 |
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. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. 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. |
5 Short-Term Investments Trust
Fund Objectives and Strategies
Invesco Liquid Assets Portfolio
Invesco Liquid Assets Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests primarily in high-quality US dollar-denominated short-term debt obligations, including: (i) securities issued by the US government or its agencies; (ii) certificates of deposit and time deposits from US or foreign banks; (iii) repurchase agreements; (iv) commercial paper; and (v) municipal securities.
Invesco STIC Prime Portfolio
Invesco STIC Prime Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests in high-quality US dollar denominated obligations with maturities of 60 calendar days or less, including: (i) securities issued by the US government or its agencies; (ii) certificates of deposit and time deposits from US or foreign banks; (iii) repurchase agreements; (iv) commercial paper; and (v) municipal securities.
Invesco Treasury Portfolio
Invesco Treasury Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash, government securities, and repurchase agreements collateralized by cash or government securities. In addition, the Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in direct obligations of the US Treasury including bills, notes and bonds, and repurchase agreements secured by those obligations. In contrast to the Fund’s 99.5% policy, the Funds 80% policy does not include cash or repurchase agreements collateralized by cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government or certain of its agencies or instrumentalities; or any certificate of deposit for any of the foregoing. The Fund considers repurchase agreements with the Federal Reserve Bank of New York to be US government securities for purposes of the Fund’s investment policies.
Invesco Government & Agency Portfolio
Invesco Government & Agency Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash, government securities and repurchase agreements collateralized by cash or government securities. In addition, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested, under normal circumstances, in direct obligations of the US Treasury and other securities issued or guaranteed as to principal and interest by the US government or its agencies and instrumentalities, as well as repurchase agreements secured by those obligations. Direct obligations of the US Treasury generally include bills, notes and bonds. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash or repurchase agreements collateralized by cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government or certain of its agencies or instrumentalities, or any certificate of deposit for any
of the foregoing. The Fund considers repurchase agreements with the Federal Reserve Bank of New York to be US government securities for purposes of the Fund’s investment policies.
Invesco Treasury Obligations Portfolio
Invesco Treasury Obligations Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash and government securities. In addition, the Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in direct obligations of the US Treasury, which include Treasury bills, notes and bonds. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government. At the present time, the Fund has no current intention to invest in securities other than direct obligations of the US Treasury.
Invesco Tax-Free Cash Reserve Portfolio
Invesco Tax-Free Cash Reserve Portfolio’s investment objective is to provide tax-exempt income consistent with preservation of capital and liquidity.
The Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities that (i) pay interest that is excluded from gross income for federal income tax purposes, and (ii) do not produce income that will be considered to be an item of preference for purposes of the alternative minimum tax. While the Fund’s distributions are primarily exempt from federal income tax, a portion of the Fund’s distributions may be subject to the federal alternative minimum tax and state and local taxes.
6 Short-Term Investments Trust
|
In days, as of 8/31/20 |
||||||||||||
|
Invesco Liquid
Assets Portfolio |
Invesco STIC
Prime Portfolio |
Invesco
Treasury Portfolio |
Invesco
Government & Agency Portfolio |
Invesco Treasury
Obligations Portfolio |
Invesco Tax-Free
Cash Reserve Portfolio |
|||||||
|
1 - 7 |
41.1% | 52.9% | 37.6% | 25.9% | 3.6% | 0.9% | ||||||
|
8 - 30 |
13.2 | 30.4 | 12.4 | 16.6 | 26.0 | 95.6 | ||||||
|
31 - 60 |
10.4 | 16.7 | 9.9 | 13.6 | 21.1 | 3.3 | ||||||
|
61 - 90 |
9.6 | 0.0 | 5.1 | 9.9 | 15.6 | 0.2 | ||||||
|
91 - 180 |
17.9 | 0.0 | 18.4 | 9.9 | 20.4 | 0.0 | ||||||
|
181+ |
7.8 | 0.0 | 16.6 | 24.1 | 13.3 | 0.0 | ||||||
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
7 Short-Term Investments Trust
August 31, 2020
Invesco Liquid Assets Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Commercial Paper-41.89%(a) |
||||||||||||||||
|
Asset-Backed Securities - Fully Supported Bank-14.49% |
||||||||||||||||
|
Cancara Asset Securitisation LLC (CEP - Lloyds Bank LLC)(b) |
0.21 | % | 11/24/2020 | $ | 30,000 | $ | 29,988,100 | |||||||||
|
|
||||||||||||||||
|
Concord Minutemen Capital Co. LLC (Multi - CEP’s)(b)(c) |
0.16 | % | 09/14/2020 | 50,000 | 49,999,028 | |||||||||||
|
|
||||||||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.40 | % | 12/01/2020 | 25,000 | 25,011,673 | |||||||||||
|
|
||||||||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.39 | % | 01/05/2021 | 16,500 | 16,508,425 | |||||||||||
|
|
||||||||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.35 | % | 01/22/2021 | 5,000 | 5,002,096 | |||||||||||
|
|
||||||||||||||||
|
Great Bridge Capital Co. LLC (CEP - Standard Chartered)(b)(c) |
0.24 | % | 11/09/2020 | 30,000 | 29,992,708 | |||||||||||
|
|
||||||||||||||||
|
Great Bridge Capital Co. LLC (CEP - Standard Chartered)(b)(c) |
0.22 | % | 11/20/2020 | 25,000 | 24,992,350 | |||||||||||
|
|
||||||||||||||||
|
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.33 | % | 02/03/2021 | 40,000 | 39,950,600 | |||||||||||
|
|
||||||||||||||||
|
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) |
0.25 | % | 09/14/2020 | 30,000 | 29,998,320 | |||||||||||
|
|
||||||||||||||||
|
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) |
0.27 | % | 11/03/2020 | 25,759 | 25,750,345 | |||||||||||
|
|
||||||||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.31 | % | 09/02/2020 | 21,000 | 20,999,849 | |||||||||||
|
|
||||||||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.37%-0.40 | % | 11/05/2020 | 55,000 | 54,984,774 | |||||||||||
|
|
||||||||||||||||
|
Versailles Commercial Paper LLC (CEP - Natixis S.A.)(b)(c) |
0.22 | % | 01/05/2021 | 18,750 | 18,736,308 | |||||||||||
|
|
||||||||||||||||
| 371,914,576 | ||||||||||||||||
|
|
||||||||||||||||
|
Diversified Banks-10.72% |
||||||||||||||||
|
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.07%)
|
0.37 | % | 10/06/2020 | 10,000 | 10,001,179 | |||||||||||
|
|
||||||||||||||||
|
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.12%) (Australia)(b)(c)(d) |
0.36 | % | 11/09/2020 | 20,000 | 20,006,229 | |||||||||||
|
|
||||||||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.57 | % | 10/27/2020 | 25,000 | 24,995,487 | |||||||||||
|
|
||||||||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.22 | % | 02/25/2021 | 30,000 | 29,978,492 | |||||||||||
|
|
||||||||||||||||
|
HSBC Bank PLC (3 mo. USD LIBOR + 0.20%) (United Kingdom)(b)(c)(d) |
0.76 | % | 11/02/2020 | 20,000 | 20,007,281 | |||||||||||
|
|
||||||||||||||||
|
Natixis S.A.(b) |
0.35 | % | 11/30/2020 | 5,000 | 4,997,915 | |||||||||||
|
|
||||||||||||||||
|
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) |
0.21 | % | 02/16/2021 | 50,000 | 49,963,618 | |||||||||||
|
|
||||||||||||||||
|
NRW Bank (Germany)(b)(c) |
0.11 | % | 09/04/2020 | 50,000 | 49,999,472 | |||||||||||
|
|
||||||||||||||||
|
Royal Bank of Canada (SOFR + 0.40%) (Canada)(b)(c)(d) |
0.49 | % | 10/07/2020 | 35,000 | 35,012,225 | |||||||||||
|
|
||||||||||||||||
|
Royal Bank of Canada (3 mo. USD LIBOR + 0.11%)(b)(c)(d) |
0.43 | % | 06/11/2021 | 15,000 | 15,012,191 | |||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.10%)
|
0.41 | % | 09/15/2020 | 5,000 | 5,000,298 | |||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.09%)
|
0.36 | % | 07/20/2021 | 10,000 | 10,003,086 | |||||||||||
|
|
||||||||||||||||
| 274,977,473 | ||||||||||||||||
|
|
||||||||||||||||
|
Diversified Capital Markets-2.92% |
||||||||||||||||
|
Longship Funding LLC (CEP - Nordea Bank AB)(b)(c) |
0.17 | % | 10/19/2020 | 50,000 | 49,981,285 | |||||||||||
|
|
||||||||||||||||
|
UBS AG(b)(c) |
1.85 | % | 01/15/2021 | 25,000 | 24,973,742 | |||||||||||
|
|
||||||||||||||||
| 74,955,027 | ||||||||||||||||
|
|
||||||||||||||||
|
Other Diversified Financial Services-2.92% |
||||||||||||||||
|
Anglesea Funding LLC (1 mo. OBFR + 0.10%)(b)(c)(d) |
0.18 | % | 11/05/2020 | 25,000 | 25,000,000 | |||||||||||
|
|
||||||||||||||||
|
Erste Abwicklungsanstalt (Germany)(b)(c) |
0.00 | % | 03/01/2021 | 50,000 | 49,962,589 | |||||||||||
|
|
||||||||||||||||
| 74,962,589 | ||||||||||||||||
|
|
||||||||||||||||
|
Regional Banks-7.41% |
||||||||||||||||
|
Banque et Caisse d’Epargne de l’Etat (Luxembourg)(b) |
1.45 | % | 09/10/2020 | 25,000 | 24,999,549 | |||||||||||
|
|
||||||||||||||||
|
BNZ International Funding Ltd. (1 mo. USD LIBOR + 0.30%)
|
0.46 | % | 09/11/2020 | 25,000 | 25,002,485 | |||||||||||
|
|
||||||||||||||||
|
BNZ International Funding Ltd. (1 mo. USD LIBOR + 0.27%)
|
0.44 | % | 10/27/2020 | 40,000 | 40,016,979 | |||||||||||
|
|
||||||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp.(b)(c) |
0.15 | % | 09/03/2020 | 50,000 | 49,999,683 | |||||||||||
|
|
||||||||||||||||
|
Svenska Handelsbanken AB (3 mo. USD LIBOR +
0.10%)
|
0.41 | % | 12/30/2020 | 50,000 | 50,022,297 | |||||||||||
|
|
||||||||||||||||
| 190,040,993 | ||||||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Specialized Finance-3.43% |
||||||||||||||||
|
FMS Wertmanagement (Germany)(b)(c) |
0.25 | % | 12/14/2020 | $ | 50,000 | $ | 49,980,312 | |||||||||
|
|
||||||||||||||||
|
FMS Wertmanagement (Germany)(b)(c) |
0.20 | % | 03/04/2021 | 25,000 | 24,976,618 | |||||||||||
|
|
||||||||||||||||
|
Pacific Life Short Term Funding LLC(c) |
0.22 | % | 10/16/2020 | 13,000 | 12,997,409 | |||||||||||
|
|
||||||||||||||||
| 87,954,339 | ||||||||||||||||
|
|
||||||||||||||||
|
Total Commercial Paper (Cost $1,074,442,925) |
1,074,804,997 | |||||||||||||||
|
|
||||||||||||||||
|
Certificates of Deposit-16.96% |
||||||||||||||||
|
Bank of Nova Scotia (The) (Federal Funds Rate + 0.37%)(b)(d) |
0.46 | % | 09/09/2020 | 15,000 | 15,000,743 | |||||||||||
|
|
||||||||||||||||
|
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(b)(d) |
0.38 | % | 11/13/2020 | 20,000 | 20,007,396 | |||||||||||
|
|
||||||||||||||||
|
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(b)(d) |
0.45 | % | 09/18/2020 | 20,000 | 20,002,088 | |||||||||||
|
|
||||||||||||||||
|
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.16%)(b)(d) |
0.34 | % | 01/22/2021 | 15,000 | 15,010,086 | |||||||||||
|
|
||||||||||||||||
|
KBC Bank N.V.(b) |
0.10 | % | 09/03/2020 | 50,000 | 50,000,025 | |||||||||||
|
|
||||||||||||||||
|
Natixis S.A. (3 mo. USD LIBOR + 0.11%)(b)(d) |
0.41 | % | 10/02/2020 | 35,000 | 35,005,684 | |||||||||||
|
|
||||||||||||||||
|
Rabobank Nederland (Netherlands)(b) |
0.08 | % | 09/01/2020 | 120,000 | 120,000,000 | |||||||||||
|
|
||||||||||||||||
|
Sumitomo Mitsui Trust Bank Ltd.(b) |
0.10 | % | 09/03/2020 | 50,000 | 50,000,004 | |||||||||||
|
|
||||||||||||||||
|
Svenska Handelsbanken AB (3 mo. USD LIBOR + 0.10%)(b)(d) |
0.36 | % | 11/24/2020 | 20,000 | 20,007,144 | |||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (SOFR + 0.42%)(b)(d) |
0.51 | % | 09/30/2020 | 25,000 | 25,007,497 | |||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.11%)(b)(d) |
0.43 | % | 06/10/2021 | 15,000 | 15,007,518 | |||||||||||
|
|
||||||||||||||||
|
Westpac Banking Corp. (3 mo. USD LIBOR + 0.12%)(b)(d) |
0.40 | % | 07/08/2021 | 50,000 | 50,048,806 | |||||||||||
|
|
||||||||||||||||
|
Total Certificates of Deposit (Cost $435,000,000) |
435,096,991 | |||||||||||||||
|
|
||||||||||||||||
|
U.S. Dollar Denominated Bonds & Notes-6.08% |
||||||||||||||||
|
Diversified Banks-3.96% |
||||||||||||||||
|
Australia & New Zealand Banking Group Ltd. (3 mo. USD LIBOR + 0.99%) (Australia)(b)(c)(d) |
1.24 | % | 06/01/2021 | 33,400 | 33,637,550 | |||||||||||
|
|
||||||||||||||||
|
Bank of Nova Scotia (The) (Canada)(b) |
2.50 | % | 01/08/2021 | 10,103 | 10,184,337 | |||||||||||
|
|
||||||||||||||||
|
HSBC Bank PLC (United Kingdom)(b)(c) |
4.75 | % | 01/19/2021 | 47,285 | 48,085,599 | |||||||||||
|
|
||||||||||||||||
|
U.S. Bank N.A. |
2.05 | % | 10/23/2020 | 9,550 | 9,561,469 | |||||||||||
|
|
||||||||||||||||
| 101,468,955 | ||||||||||||||||
|
|
||||||||||||||||
|
Diversified Capital Markets-1.18% |
||||||||||||||||
|
UBS AG (Switzerland)(b)(c) |
2.45 | % | 12/01/2020 | 30,260 | 30,372,098 | |||||||||||
|
|
||||||||||||||||
|
Technology Hardware, Storage & Peripherals-0.94% |
||||||||||||||||
|
Apple, Inc. |
2.25 | % | 02/23/2021 | 23,971 | 24,162,301 | |||||||||||
|
|
||||||||||||||||
|
Total U.S. Dollar Denominated Bonds & Notes (Cost $155,802,618) |
156,003,354 | |||||||||||||||
|
|
||||||||||||||||
|
Variable Rate Demand Notes-2.68%(e) |
||||||||||||||||
|
Credit Enhanced-2.68% |
||||||||||||||||
|
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.28 | % | 04/01/2047 | 9,300 | 9,299,999 | |||||||||||
|
|
||||||||||||||||
|
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) |
0.18 | % | 05/01/2037 | 2,600 | 2,600,000 | |||||||||||
|
|
||||||||||||||||
|
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.05 | % | 11/01/2035 | 18,225 | 18,225,000 | |||||||||||
|
|
||||||||||||||||
|
New York (State of) Housing Finance Agency (160 Madison); Series 2013 B, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.07 | % | 11/01/2046 | 3,400 | 3,400,000 | |||||||||||
|
|
||||||||||||||||
|
New York (State of) Housing Finance Agency (455 West 37th Street Housing); Series 2007 B, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.07 | % | 05/01/2041 | 2,400 | 2,400,000 | |||||||||||
|
|
||||||||||||||||
|
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC) |
0.08 | % | 11/01/2035 | 2,900 | 2,900,000 | |||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Credit Enhanced-(continued) |
|
|||||||||||||||
|
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB |
0.10 | % | 08/01/2045 | $ | 30,000 | $ | 30,000,000 | |||||||||
|
|
||||||||||||||||
|
Total Variable Rate Demand Notes (Cost $68,824,999) |
68,824,999 | |||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Securities-1.95% |
||||||||||||||||
|
U.S. Treasury Bills-1.95%(a) |
||||||||||||||||
|
U.S. Treasury Bills (Cost $49,993,875) |
0.09 | % | 10/20/2020 | 50,000 | 49,993,705 | |||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-69.56% |
||||||||||||||||
|
(Cost $1,784,064,417) |
1,784,724,046 | |||||||||||||||
|
|
||||||||||||||||
| Repurchase | ||||||||||||||||
| Amount | ||||||||||||||||
|
Repurchase Agreements-32.38%(g) |
||||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $100,000,556 (collateralized by U.S. government sponsored agency obligations, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic agency and non-agency asset-backed securities valued at $104,622,809; 0.00% - 7.75%; 10/14/2020 - 06/20/2070)(b) |
0.20 | % | 09/01/2020 | 30,000,167 | 30,000,000 | |||||||||||
|
|
||||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $75,000,479 (collateralized by domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $78,964,787; 0.00% - 6.69%; 10/22/2021 - 06/20/2070)(b) |
0.23 | % | 09/01/2020 | 15,000,096 | 15,000,000 | |||||||||||
|
|
||||||||||||||||
|
BMO Capital Markets Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,458 (collateralized by domestic agency and non-agency asset-backed securities, domestic and foreign corporate obligations, domestic and foreign agency and non-agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $26,041,717; 0.00% - 6.30%; 07/20/2021 - 06/20/2070)(b)(h) |
0.30 | % | 09/03/2020 | 10,000,583 | 10,000,000 | |||||||||||
|
|
||||||||||||||||
|
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/31/2020, aggregate maturing value of $200,001,111 (collateralized by foreign corporate obligations valued at $204,001,511; 0.38% - 7.69%; 01/29/2021 - 01/23/2050)(b) |
0.20 | % | 09/01/2020 | 35,000,194 | 35,000,000 | |||||||||||
|
|
||||||||||||||||
|
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/24/2020, aggregate maturing value of $155,031,000 (collateralized by foreign corporate obligations valued at $158,100,742; 0.63% - 7.69%; 01/29/2021 - 01/23/2050)(b)(h) |
0.24 | % | 09/23/2020 | 35,007,000 | 35,000,000 | |||||||||||
|
|
||||||||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of
$25,001,069 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic and foreign non-agency
mortgage-backed securities valued at $27,500,000; 0.00% - 12.00%; 10/01/2020 -
|
0.22 | % | 09/03/2020 | 5,000,214 | 5,000,000 | |||||||||||
|
|
||||||||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $60,002,333 (collateralized by domestic and foreign agency and non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $63,000,000; 0.60% - 7.00%; 01/25/2030 - 08/16/2060)(b)(h) |
0.20 | % | 09/03/2020 | 15,000,583 | 15,000,000 | |||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,139 (collateralized by domestic and foreign corporate obligations valued at $26,250,001; 1.38% - 4.49%; 09/15/2020 - 04/01/2050)(b) |
0.20 | % | 09/01/2020 | 15,000,083 | 15,000,000 | |||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,174 (collateralized by foreign corporate obligations and domestic agency mortgage-backed securities valued at $27,492,047; 3.00% - 7.00%; 03/17/2024 - 06/03/2050)(b) |
0.25 | % | 09/01/2020 | 10,000,069 | 10,000,000 | |||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
Investment Abbreviations:
| CEP | -Credit Enhancement Provider | |
| FHLMC | -Federal Home Loan Mortgage Corp. | |
| LIBOR | -London Interbank Offered Rate | |
| LOC | -Letter of Credit | |
| OBFR | -Overnight Bank Funding Rate | |
| RB | -Revenue Bonds | |
| Ref. | -Refunding | |
| SOFR | -Secured Overnight Financing Rate | |
| USD | -U.S. Dollar | |
| VRD | -Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
Notes to Schedule of Investments:
| (a) |
Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: France: 12.7%; Netherlands: 10.8%; Canada: 10.5%; Germany: 7.8%; Japan: 7.6%; United Kingdom: 6.0%; other countries less than 5% each: 21.5%. |
| (c) |
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 August 31, 2020 was $1,136,214,679, which represented 44.29% of the Fund’s Net Assets. |
| (d) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (e) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (f) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (g) |
Principal amount equals value at period end. See Note 1I. |
| (h) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (i) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (j) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (k) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco STIC Prime Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
Commercial Paper-22.90%(a) |
||||||||||||||||
|
Asset-Backed Securities - Fully Supported Bank-13.62% |
||||||||||||||||
|
Concord Minutemen Capital Co. LLC (Multi - CEP’s)(b)(c) |
0.16% | 09/16/2020 | $ | 10,000 | $ | 9,999,751 | ||||||||||
|
|
||||||||||||||||
|
LMA Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.20% | 09/14/2020 | 5,000 | 4,999,728 | ||||||||||||
|
|
||||||||||||||||
|
Nieuw Amsterdam Receivables Corp. (Multi - CEP’s)(b)(c) |
0.15% | 09/17/2020 | 10,000 | 9,999,310 | ||||||||||||
|
|
||||||||||||||||
|
Regency Markets No. 1 LLC (CEP - HSBC Bank PLC)(b)(c) |
0.15% | 09/08/2020 | 10,000 | 9,999,698 | ||||||||||||
|
|
||||||||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.20% | 09/04/2020 | 9,000 | 8,999,876 | ||||||||||||
|
|
||||||||||||||||
| 43,998,363 | ||||||||||||||||
|
|
||||||||||||||||
|
Diversified Banks-9.28% |
||||||||||||||||
|
BNG Bank N.V. (Netherlands)(b)(c) |
0.15% | 09/14/2020 | 10,000 | 9,999,728 | ||||||||||||
|
|
||||||||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.15% | 10/20/2020 | 10,000 | 9,998,445 | ||||||||||||
|
|
||||||||||||||||
|
NRW Bank (Germany)(b)(c) |
0.17% | 10/13/2020 | 10,000 | 9,998,399 | ||||||||||||
|
|
||||||||||||||||
| 29,996,572 | ||||||||||||||||
|
|
||||||||||||||||
|
Total Commercial Paper (Cost $73,993,356) |
73,994,935 | |||||||||||||||
|
|
||||||||||||||||
|
Variable Rate Demand Notes-11.33%(d) |
||||||||||||||||
|
Credit Enhanced-11.33% |
||||||||||||||||
|
Capital Area Housing Finance Corp. (Cypress Creek at River Apartments); Series 2006, VRD RB (LOC - Citibank N.A.)(e)(f) |
0.12% | 10/01/2039 | 9,300 | 9,300,000 | ||||||||||||
|
|
||||||||||||||||
|
Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.28% | 04/01/2047 | 7,800 | 7,800,000 | ||||||||||||
|
|
||||||||||||||||
|
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank
|
0.18% | 05/01/2037 | 3,160 | 3,160,000 | ||||||||||||
|
|
||||||||||||||||
|
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2016 B, VRD RB (LOC - Bank of China Ltd.)(c)(f) |
0.21% | 05/01/2050 | 2,100 | 2,100,000 | ||||||||||||
|
|
||||||||||||||||
|
San Francisco (City & County of), CA (Transbay Block); Series 2016 H, VRD RB (LOC - Bank of China Ltd.)(c)(f) |
0.20% | 11/01/2056 | 2,975 | 2,975,000 | ||||||||||||
|
|
||||||||||||||||
|
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB |
0.10% | 08/01/2045 | 6,000 | 6,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)(b)(f) |
0.16% | 01/01/2033 | 5,300 | 5,300,000 | ||||||||||||
|
|
||||||||||||||||
|
Total Variable Rate Demand Notes (Cost $36,635,000) |
36,635,000 | |||||||||||||||
|
|
||||||||||||||||
|
Certificates of Deposit-10.12% |
||||||||||||||||
|
Industrial & Commercial Bank of China Ltd.(c) |
0.24% | 10/09/2020 | 12,000 | 12,000,429 | ||||||||||||
|
|
||||||||||||||||
|
Oversea Chinese Banking Corp. Ltd.(c) |
0.26% | 09/16/2020 | 3,700 | 3,700,220 | ||||||||||||
|
|
||||||||||||||||
|
Rabobank Nederland (Netherlands)(c) |
0.08% | 09/01/2020 | 5,000 | 5,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Skandinaviska Enskilda Banken AB(c) |
0.24% | 10/01/2020 | 12,000 | 12,001,291 | ||||||||||||
|
|
||||||||||||||||
|
Total Certificates of Deposit (Cost $32,700,953) |
32,701,940 | |||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase
Agreements)-44.35%
|
|
143,331,875 | ||||||||||||||
|
|
||||||||||||||||
|
Repurchase
Amount |
||||||||||||||||
|
Repurchase Agreements-55.35%(g) |
||||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $100,000,556 (collateralized by U.S. government sponsored agency obligations, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic agency and non-agency asset-backed securities valued at $104,622,809; 0.00% - 7.75%; 10/14/2020 - 06/20/2070)(c) |
0.20 | % | 09/01/2020 | 5,000,027 | 5,000,000 | |||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco STIC Prime Portfolio
|
Interest
Rate |
Maturity
Date |
Repurchase
Amount |
Value | |||||||||||||
|
|
||||||||||||||||
|
BMO Capital Markets Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,458 (collateralized by domestic agency and non-agency asset-backed securities, domestic and foreign corporate obligations, domestic and foreign agency and non-agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $26,041,717; 0.00% - 6.30%; 07/20/2021 - 06/20/2070)(c)(h) |
0.30 | % | 09/03/2020 | $ | 5,000,292 | $ | 5,000,000 | |||||||||
|
|
||||||||||||||||
|
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/31/2020, aggregate maturing value of $200,001,111 (collateralized by foreign corporate obligations valued at $204,001,511; 0.38% - 7.69%; 01/29/2021 - 01/23/2050)(c) |
0.20 | % | 09/01/2020 | 5,000,028 | 5,000,000 | |||||||||||
|
|
||||||||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $60,002,333 (collateralized by domestic and foreign agency and non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $63,000,000; 0.60% - 7.00%; 01/25/2030 - 08/16/2060)(c)(h) |
0.20 | % | 09/03/2020 | 5,000,194 | 5,000,000 | |||||||||||
|
|
||||||||||||||||
|
Credit Suisse Securities (USA) LLC, term agreement dated 08/31/2020, maturing value of $10,000,000 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $10,498,122; 0.00% - 10.23%; 09/17/2020 - 09/15/2072)(c)(i) |
0.41 | % | 10/05/2020 | 10,000,000 | 10,000,000 | |||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,174 (collateralized by foreign corporate obligations and domestic agency mortgage-backed securities valued at $27,492,047; 3.00% - 7.00%; 03/17/2024 -06/03/2050)(c) |
0.25 | % | 09/01/2020 | 5,000,035 | 5,000,000 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09 | % | 09/01/2020 | 28,878,759 | 28,878,687 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,753,628; 0.00% - 8.38%; 11/01/2024 -07/30/2076)(j) |
0.28 | % | - | - | 15,000,000 | |||||||||||
|
|
||||||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 10/21/2019 (collateralized by foreign corporate obligations valued at $20,400,002; 2.38% - 2.88%; 10/17/2024 -10/17/2029)(c)(j) |
0.21 | % | - | - | 10,000,000 | |||||||||||
|
|
||||||||||||||||
|
Mizuho Securities (USA) LLC, joint open agreement dated 06/22/2020 (collateralized by domestic and foreign equity securities valued at $82,750,005; 0.00% - 6.13%; 01/15/2022 - 12/01/2048)(c)(j) |
0.23 | % | - | - | 15,000,000 | |||||||||||
|
|
||||||||||||||||
|
RBC Capital Markets LLC, joint agreement dated 08/31/2020, aggregate maturing value of $100,000,639 (collateralized by domestic and foreign corporate obligations valued at $105,000,777; 0.77% - 10.20%; 09/18/2020 - 02/15/2060)(c) |
0.23 | % | 09/01/2020 | 10,000,064 | 10,000,000 | |||||||||||
|
|
||||||||||||||||
|
RBC Dominion Securities Inc., joint agreement dated 08/31/2020, aggregate maturing value of $1,000,002,500 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,020,000,000; 0.00% - 3.00%; 05/15/2045 -09/01/2050) |
0.09 | % | 09/01/2020 | 30,000,075 | 30,000,000 | |||||||||||
|
|
||||||||||||||||
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, and domestic and foreign corporate obligations valued at $63,603,481; 0.28% -12.25%; 03/09/2021 - 12/15/2072)(c)(j) |
0.26 | % | - | - | 5,000,000 | |||||||||||
|
|
||||||||||||||||
|
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 2.00% - 4.00%; 12/01/2046 - 06/01/2050) |
0.09 | % | 09/01/2020 | 30,000,075 | 30,000,000 | |||||||||||
|
|
||||||||||||||||
|
Total Repurchase Agreements (Cost $178,878,687) |
178,878,687 | |||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(k)(l)-99.70% (Cost $322,207,996) |
322,210,562 | |||||||||||||||
|
|
||||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-0.30% |
967,073 | |||||||||||||||
|
|
||||||||||||||||
|
NET ASSETS-100.00% |
$ | 323,177,635 | ||||||||||||||
|
|
||||||||||||||||
Investment Abbreviations:
| CEP | -Credit Enhancement Provider | |
| LOC | -Letter of Credit | |
| RB | -Revenue Bonds | |
| VRD | -Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco STIC Prime Portfolio
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
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 August 31, 2020 was $87,094,935, which represented 26.95% of the Fund’s Net Assets. |
| (c) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Japan: 10.2%; Netherlands: 9.3%; Switzerland: 7.7%; France: 7.4%; Canada: 6.2%; China: 5.3%; other countries less than 5% each: 14.1%. |
| (d) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (e) |
Security subject to the alternative minimum tax. |
| (f) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (g) |
Principal amount equals value at period end. See Note 1I. |
| (h) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (i) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (j) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (k) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (l) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Treasury Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Securities-59.83% |
||||||||||||||||
|
U.S. Treasury Bills-35.54%(a) |
||||||||||||||||
|
U.S. Treasury Bills |
0.13%-1.02% | 09/03/2020 | $ | 650,000 | $ | 649,985,306 | ||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 09/08/2020 | 250,000 | 249,993,194 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15%-1.77% | 09/10/2020 | 450,000 | 449,923,875 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.09%-0.14% | 09/17/2020 | 600,000 | 599,970,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 09/22/2020 | 250,000 | 249,975,208 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 09/29/2020 | 250,000 | 249,973,750 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.19% | 10/08/2020 | 250,000 | 249,952,465 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/13/2020 | 200,000 | 199,965,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18% | 10/15/2020 | 250,000 | 249,945,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.09%-0.16% | 10/20/2020 | 550,000 | 549,910,507 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.16% | 10/29/2020 | 250,000 | 249,937,570 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 11/10/2020 | 350,000 | 349,889,167 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.19% | 11/17/2020 | 250,000 | 249,898,403 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.19% | 11/24/2020 | 250,000 | 249,892,083 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.10%-0.11% | 11/27/2020 | 300,000 | 299,925,083 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 12/03/2020 | 200,000 | 199,912,167 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.16% | 12/08/2020 | 250,000 | 249,894,514 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.19% | 12/10/2020 | 250,000 | 249,871,528 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.16% | 12/15/2020 | 350,000 | 349,873,854 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 12/22/2020 | 150,000 | 149,932,333 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.11%-0.18% | 12/24/2020 | 400,000 | 399,819,500 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 12/31/2020 | 200,000 | 199,889,083 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.00% | 02/02/2021 | 200,000 | 199,905,889 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.12%-0.26% | 02/25/2021 | 400,000 | 399,631,250 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18%-0.26% | 03/25/2021 | 400,000 | 399,476,111 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 08/12/2021 | 150,000 | 149,798,749 | ||||||||||||
|
|
||||||||||||||||
| 8,047,141,589 | ||||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes-24.29% |
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) |
0.22% | 01/31/2021 | 781,000 | 780,884,897 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) |
0.24% | 04/30/2021 | 638,500 | 638,393,038 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) |
0.33% | 07/31/2021 | 500,000 | 499,984,043 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b) |
0.41% | 10/31/2021 | 450,000 | 450,408,650 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b) |
0.26% | 01/31/2022 | 500,000 | 499,763,324 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b) |
0.22% | 04/30/2022 | 544,000 | 544,467,361 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b) |
0.16% | 07/31/2022 | 400,000 | 400,010,889 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.38% | 09/30/2020 | 163,000 | 163,044,631 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.75% | 09/30/2020 | 200,000 | 200,206,633 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.63% | 10/15/2020 | 150,000 | 150,108,373 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.88% | 12/15/2020 | 155,000 | 155,432,435 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Treasury Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes-(continued) |
||||||||||||||||
|
U.S. Treasury Notes |
2.38 | % | 12/31/2020 | $ | 100,000 | $ | 100,271,557 | |||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.50 | % | 12/31/2020 | 15,000 | 15,103,869 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.00 | % | 01/15/2021 | 185,000 | 185,712,060 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.13 | % | 01/31/2021 | 254,000 | 255,858,954 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
3.63 | % | 02/15/2021 | 255,000 | 258,796,530 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.00 | % | 02/28/2021 | 25,000 | 25,202,199 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.25 | % | 03/31/2021 | 175,000 | 176,878,541 | |||||||||||
|
|
||||||||||||||||
| 5,500,527,984 | ||||||||||||||||
|
|
||||||||||||||||
|
Total U.S. Treasury Securities (Cost $13,547,669,573) |
13,547,669,573 | |||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-59.83% |
||||||||||||||||
|
(Cost $13,547,669,573) |
13,547,669,573 | |||||||||||||||
|
|
||||||||||||||||
| Repurchase | ||||||||||||||||
|
Amount
|
||||||||||||||||
|
Repurchase Agreements-41.92%(c) |
||||||||||||||||
|
ABN AMRO Bank N.V., agreement dated 08/31/2020, maturing value of $400,000,778 (collateralized by U.S. Treasury obligations valued at $408,000,096; 0.13% - 5.50%; 12/31/2021 - 11/15/2044) |
0.07 | % | 09/01/2020 | 400,000,778 | 400,000,000 | |||||||||||
|
|
||||||||||||||||
|
Bank of Nova Scotia, agreement dated 08/31/2020, maturing value of $500,000,972 (collateralized by U.S. Treasury obligations valued at $510,000,006; 0.00% - 8.00%; 09/01/2020 - 05/15/2048) |
0.07 | % | 09/01/2020 | 500,000,972 | 500,000,000 | |||||||||||
|
|
||||||||||||||||
|
BNP Paribas Securities Corp., joint agreement dated 08/31/2020, aggregate maturing value of $1,350,002,625 (collateralized by U.S. Treasury obligations valued at $1,377,000,001; 0.13% - 6.75%; 10/31/2021 - 02/15/2050) |
0.07 | % | 09/01/2020 | 747,966,219 | 747,964,765 | |||||||||||
|
|
||||||||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $1,000,091,667 (collateralized by U.S. Treasury obligations valued at $1,020,000,058; 0.00% - 3.88%; 09/08/2020 - 11/15/2048)(d) |
0.11 | % | 09/04/2020 | 300,027,500 | 300,000,000 | |||||||||||
|
|
||||||||||||||||
|
Citigroup Global Markets, Inc., term agreement dated 08/25/2020, maturing value of $300,004,083 (collateralized by U.S. Treasury obligations valued at $306,000,000; 0.00%; 02/15/2032 - 02/15/2045)(d) |
0.07 | % | 09/01/2020 | 300,004,083 | 300,000,000 | |||||||||||
|
|
||||||||||||||||
|
DNB Bank ASA, agreement dated 08/31/2020, maturing value of $750,001,458 (collateralized by U.S. Treasury obligations valued at $765,000,002; 0.13% - 2.88%; 01/15/2021 - 08/15/2028) |
0.07 | % | 09/01/2020 | 750,001,458 | 750,000,000 | |||||||||||
|
|
||||||||||||||||
|
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2020, maturing value of $100,000,250 (collateralized by a U.S. Treasury obligation valued at $102,000,043; 2.13%; 05/15/2022) |
0.09 | % | 09/01/2020 | 100,000,250 | 100,000,000 | |||||||||||
|
|
||||||||||||||||
|
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2020, aggregate maturing value of $250,000,625 (collateralized by U.S. Treasury obligations valued at $255,138,487; 2.88%; 11/30/2023) |
0.09 | % | 09/01/2020 | 100,000,250 | 100,000,000 | |||||||||||
|
|
||||||||||||||||
|
Goldman Sachs & Co., agreement dated 08/31/2020, maturing value of $250,000,486 (collateralized by U.S. Treasury obligations valued at $255,000,021; 0.00% - 3.13%; 09/30/2020 - 08/15/2049) |
0.07 | % | 09/01/2020 | 250,000,486 | 250,000,000 | |||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,026,258 (collateralized by U.S. Treasury obligations valued at $516,550,660; 2.88% - 3.75%; 08/15/2043 - 05/15/2048) |
0.09 | % | 09/01/2020 | 100,012,839 | 100,012,589 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,002,946 (collateralized by U.S. Treasury obligations valued at $509,939,386; 0.13% - 0.25%; 06/30/2022 - 07/15/2030) |
0.09 | % | 09/01/2020 | 250,001,591 | 250,000,966 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,195; 0.13% - 2.75%; 04/30/2021 - 11/15/2023)(e) |
0.07 | % | - | - | 630,000,000 | |||||||||||
|
|
||||||||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,230,000 (collateralized by U.S. Treasury obligations valued at $504,122,044; 2.00% - 2.63%; 12/31/2023 - 01/31/2026) |
0.18 | % | 10/23/2020 | 300,138,000 | 300,000,000 | |||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Treasury Portfolio
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Principal amount equals value at period end. See Note 1I. |
| (d) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (e) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (f) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Government & Agency Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Government Sponsored Agency Securities-40.74% |
||||||||||||||||
|
Federal Farm Credit Bank (FFCB)-4.07% |
||||||||||||||||
|
Federal Farm Credit Bank |
0.25% | 09/01/2020 | $ | 68,000 | $ | 68,000,000 | ||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.25% | 09/21/2020 | 200,000 | 199,972,222 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.50% | 10/20/2020 | 35,000 | 34,976,181 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.15% | 11/16/2020 | 25,000 | 24,992,083 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.17% | 11/27/2020 | 150,000 | 149,938,375 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.40% | 01/19/2021 | 15,000 | 14,976,667 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.44% | 03/24/2021 | 150,000 | 149,626,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.10%)(a) |
0.19% | 05/07/2021 | 23,000 | 23,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.16%)(a) |
0.25% | 05/07/2021 | 55,000 | 55,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.08%)(a) |
0.17% | 06/10/2021 | 14,000 | 14,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.28%)(a) |
0.37% | 10/01/2021 | 365,000 | 365,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.10%)(a) |
0.19% | 02/22/2022 | 16,555 | 16,555,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.19%)(a) |
0.28% | 07/14/2022 | 28,000 | 28,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.15%)(a) |
0.24% | 07/28/2022 | 45,000 | 45,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.07%)(a) |
0.16% | 08/11/2022 | 108,000 | 108,000,000 | ||||||||||||
|
|
||||||||||||||||
| 1,297,036,528 | ||||||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (FHLB)-29.01% |
||||||||||||||||
|
Federal Home Loan Bank |
0.20% | 09/09/2020 | 4,659 | 4,658,793 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.16% | 09/18/2020 | 150,000 | 149,979,458 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.08%)(a) |
0.17% | 09/22/2020 | 100,000 | 100,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 09/28/2020 | 621,500 | 621,500,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
2.63% | 10/01/2020 | 15,000 | 15,027,699 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.32% | 10/02/2020 | 25,000 | 24,993,111 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 10/05/2020 | 300,000 | 299,915,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.29%-0.30% | 10/09/2020 | 350,000 | 349,891,278 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 10/15/2020 | 39,000 | 38,985,700 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) |
0.07% | 10/16/2020 | 20,000 | 20,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19% | 10/19/2020 | 10,000 | 10,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) |
0.07% | 10/20/2020 | 150,000 | 150,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12% | 10/22/2020 | 115,000 | 115,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.02%)(a) |
0.11% | 10/23/2020 | 290,000 | 290,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 10/26/2020 | 250,000 | 249,885,417 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.01%)(a) |
0.10% | 11/06/2020 | 240,000 | 240,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12% | 11/06/2020 | 90,000 | 89,999,180 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.52% | 11/09/2020 | 100,000 | 99,900,333 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.16% | 11/12/2020 | 100,000 | 99,968,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 11/13/2020 | 265,000 | 265,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.26% | 11/13/2020 | 50,000 | 49,983,778 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 11/16/2020 | 88,000 | 87,944,267 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 11/17/2020 | 160,000 | 159,897,333 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.02%)(a) |
0.11% | 11/25/2020 | 645,000 | 645,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.34% | 11/25/2020 | 304,329 | 304,084,691 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.01%)(a) |
0.10% | 12/04/2020 | 250,000 | 250,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 12/15/2020 | 185,000 | 185,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19% | 12/24/2020 | 85,000 | 85,000,000 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (FHLB)-(continued) |
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 01/22/2021 | $ | 109,000 | $ | 109,000,000 | ||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 01/28/2021 | 173,000 | 173,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
1.50% | 02/10/2021 | 5,600 | 5,598,775 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
1.38% | 02/18/2021 | 10,410 | 10,452,989 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12% | 02/19/2021 | 145,000 | 145,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.04%)(a) |
0.13% | 02/25/2021 | 46,000 | 46,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16% | 02/26/2021 | 198,000 | 198,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.45% | 03/08/2021 | 290,000 | 289,318,500 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.13%)(a) |
0.22% | 03/11/2021 | 150,000 | 150,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16% | 03/12/2021 | 345,000 | 345,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 03/17/2021 | 100,000 | 99,835,833 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.11%)(a) |
0.20% | 03/25/2021 | 40,000 | 40,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.18% | 03/26/2021 | 35,500 | 35,505,652 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) |
0.16% | 04/09/2021 | 15,000 | 15,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) |
0.16% | 04/13/2021 | 77,000 | 77,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) |
0.13% | 04/14/2021 | 550,000 | 550,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) |
0.13% | 04/19/2021 | 150,000 | 150,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16% | 04/21/2021 | 75,000 | 75,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 06/24/2021 | 240,000 | 240,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19% | 07/09/2021 | 190,000 | 190,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.08%)(a) |
0.17% | 07/23/2021 | 321,000 | 321,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.06%)(a) |
0.15% | 08/24/2021 | 100,000 | 100,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.17%)(a) |
0.26% | 11/12/2021 | 127,000 | 127,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.15%)(a) |
0.24% | 11/15/2021 | 355,000 | 355,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.13%)(a) |
0.22% | 08/05/2022 | 80,000 | 80,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.09%)(a) |
0.18% | 08/19/2022 | 315,000 | 315,000,000 | ||||||||||||
|
|
||||||||||||||||
| 9,243,325,787 | ||||||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (FHLMC)-2.62% |
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) |
0.12% | 09/08/2020 | 24,100 | 24,100,023 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. |
1.88% | 11/17/2020 | 4,215 | 4,227,482 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) |
0.13% | 12/14/2020 | 150,000 | 150,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) |
0.12% | 02/19/2021 | 55,000 | 55,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.30%)(a) |
0.39% | 06/30/2021 | 45,000 | 45,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)(a) |
0.41% | 09/30/2021 | 412,000 | 412,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.31%)(a) |
0.40% | 01/03/2022 | 145,000 | 145,000,000 | ||||||||||||
|
|
||||||||||||||||
| 835,327,505 | ||||||||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (FNMA)-3.84% |
||||||||||||||||
|
Federal National Mortgage Association |
0.25% | 09/23/2020 | 120,000 | 119,981,740 | ||||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association |
2.88% | 10/30/2020 | 12,500 | 12,548,550 | ||||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.04%)(a) |
0.13% | 01/29/2021 | 25,000 | 24,979,009 | ||||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.25%)(a) |
0.34% | 03/24/2021 | 185,000 | 185,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.21%)(a) |
0.30% | 07/01/2021 | 150,000 | 150,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.23%)(a) |
0.32% | 07/06/2021 | 156,000 | 156,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.28%)(a) |
0.37% | 07/06/2021 | 225,000 | 225,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.30%)(a) |
0.39% | 01/07/2022 | 350,000 | 350,000,000 | ||||||||||||
|
|
||||||||||||||||
| 1,223,509,299 | ||||||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. (DFC)-1.20% |
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2020 | $ | 116,000 | $ | 116,000,000 | ||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 06/15/2025 | 24,000 | 24,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 07/15/2025 | 26,111 | 26,111,112 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2025 | 5,000 | 5,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2026 | 5,000 | 5,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2026 | 10,000 | 10,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 08/13/2027 | 8,000 | 8,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 08/13/2027 | 4,600 | 4,600,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 02/15/2028 | 16,667 | 16,666,667 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 11/15/2028 | 75,000 | 75,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 05/15/2030 | 8,541 | 8,541,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 10/15/2030 | 8,000 | 8,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) |
0.16% | 07/09/2026 | 30,600 | 30,600,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 03/15/2030 | 43,875 | 43,875,000 | ||||||||||||
|
|
||||||||||||||||
| 381,393,779 | ||||||||||||||||
|
|
||||||||||||||||
|
Total U.S. Government Sponsored Agency Securities
|
12,980,592,898 | |||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Securities-24.86% |
||||||||||||||||
|
U.S. Treasury Bills-17.19%(c) |
||||||||||||||||
|
U.S. Treasury Bills |
0.12%-0.14% | 09/08/2020 | 700,000 | 699,981,722 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.20% | 09/10/2020 | 200,000 | 199,989,900 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 09/17/2020 | 100,000 | 99,993,778 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 09/29/2020 | 150,000 | 149,984,250 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 10/01/2020 | 135,000 | 134,981,437 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 10/06/2020 | 200,000 | 199,972,778 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.16%-0.19% | 10/08/2020 | 250,000 | 249,955,035 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/13/2020 | 670,000 | 669,884,850 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18% | 10/15/2020 | 100,000 | 99,978,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/27/2020 | 300,000 | 299,930,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/29/2020 | 800,000 | 799,806,667 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 11/03/2020 | 100,000 | 99,970,250 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 11/05/2020 | 375,000 | 374,898,438 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18% | 11/10/2020 | 250,000 | 249,912,500 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 11/12/2020 | 100,000 | 99,971,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.10% | 12/03/2020 | 150,000 | 149,961,249 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18%-0.19% | 12/10/2020 | 250,000 | 249,872,222 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
1.47% | 12/31/2020 | 100,000 | 99,511,799 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
| Principal | ||||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||||
|
U.S. Treasury Bills(c)-(continued) |
||||||||||||||||||
|
U.S. Treasury Bills |
0.17 | % | 01/07/2021 | $ | 300,000 | $ | 299,823,999 | |||||||||||
|
|
||||||||||||||||||
|
U.S. Treasury Bills |
0.18 | % | 02/25/2021 | 150,000 | 149,867,250 | |||||||||||||
|
|
||||||||||||||||||
|
U.S. Treasury Bills |
0.17 | % | 04/22/2021 | 100,000 | 99,893,208 | |||||||||||||
|
|
||||||||||||||||||
| 5,478,140,332 | ||||||||||||||||||
|
|
||||||||||||||||||
|
U.S. Treasury Notes-7.67% |
||||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(a) |
0.22 | % | 01/31/2021 | 445,000 | 444,928,230 | |||||||||||||
|
|
||||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(a) |
0.24 | % | 04/30/2021 | 720,000 | 719,899,522 | |||||||||||||
|
|
||||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(a) |
0.33 | % | 07/31/2021 | 170,000 | 170,109,131 | |||||||||||||
|
|
||||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(a) |
0.41 | % | 10/31/2021 | 550,000 | 550,669,433 | |||||||||||||
|
|
||||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(a) |
0.26 | % | 01/31/2022 | 25,000 | 24,994,371 | |||||||||||||
|
|
||||||||||||||||||
|
U.S. Treasury Notes |
1.38 | % | 09/15/2020 | 100,000 | 99,995,609 | |||||||||||||
|
|
||||||||||||||||||
|
U.S. Treasury Notes |
2.75 | % | 09/30/2020 | 190,000 | 190,170,394 | |||||||||||||
|
|
||||||||||||||||||
|
U.S. Treasury Notes |
1.75 | % | 10/31/2020 | 95,000 | 95,019,624 | |||||||||||||
|
|
||||||||||||||||||
|
U.S. Treasury Notes |
2.50 | % | 12/31/2020 | 25,000 | 25,173,115 | |||||||||||||
|
|
||||||||||||||||||
|
U.S. Treasury Notes |
2.13 | % | 01/31/2021 | 25,000 | 25,182,968 | |||||||||||||
|
|
||||||||||||||||||
|
U.S. Treasury Notes |
3.63 | % | 02/15/2021 | 25,000 | 25,371,676 | |||||||||||||
|
|
||||||||||||||||||
|
U.S. Treasury Notes |
2.00 | % | 02/28/2021 | 34,000 | 34,274,991 | |||||||||||||
|
|
||||||||||||||||||
|
U.S. Treasury Notes |
2.50 | % | 02/28/2021 | 37,000 | 37,389,483 | |||||||||||||
|
|
||||||||||||||||||
| 2,443,178,547 | ||||||||||||||||||
|
|
||||||||||||||||||
|
Total U.S. Treasury Securities (Cost $7,921,318,879) |
7,921,318,879 | |||||||||||||||||
|
|
||||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase
Agreements)-65.60%
|
20,901,911,777 | |||||||||||||||||
|
|
||||||||||||||||||
| Repurchase | ||||||||||||||||||
| Amount | ||||||||||||||||||
|
Repurchase Agreements-34.50%(d) |
||||||||||||||||||
|
ABN AMRO Bank N.V., joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities and and U.S. Treasury obligations valued at $510,000,010; 2.00% - 5.65%; 01/01/2021 - 08/20/2050) |
0.09 | % | 09/01/2020 | 142,806,355 | 142,805,998 | |||||||||||||
|
|
||||||||||||||||||
|
BNP Paribas Securities Corp., agreement dated 08/31/2020, maturing value of $500,001,250 (collateralized by U.S. Treasury obligations, a U.S. government sponsored agency obligation and domestic agency mortgage-backed securities valued at $510,000,000; 0.00% - 7.00%; 09/08/2020 - 10/20/2067) |
0.09 | % | 09/01/2020 | 500,001,250 | 500,000,000 | |||||||||||||
|
|
||||||||||||||||||
|
BNP Paribas Securities Corp., joint agreement dated 08/31/2020, aggregate maturing value of $1,350,002,625 (collateralized by U.S. Treasury obligations valued at $1,377,000,001; 0.13% - 6.75%; 10/31/2021 - 02/15/2050) |
0.07 | % | 09/01/2020 | 547,107,491 | 547,106,427 | |||||||||||||
|
|
||||||||||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $1,000,091,667 (collateralized by U.S. Treasury obligations valued at $1,020,000,058; 0.00% - 3.88%; 09/08/2020 - 11/15/2048)(e) |
0.11 | % | 09/04/2020 | 450,041,250 | 450,000,000 | |||||||||||||
|
|
||||||||||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $2,355,215,875 (collateralized by domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $2,402,100,000; 0.00% - 7.63%; 09/10/2020 - 10/20/2067)(e) |
0.11 | % | 09/04/2020 | 1,640,150,333 | 1,640,000,000 | |||||||||||||
|
|
||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
| Interest | Maturity | Repurchase | ||||||||||||||
| Rate | Date | Amount | Value | |||||||||||||
|
|
||||||||||||||||
|
Citigroup Global Markets, Inc., agreement dated 08/31/2020, maturing value of $650,001,264 (collateralized by U.S. Treasury obligations valued at $663,000,000; 0.00%; 11/15/2020 - 08/15/2050) |
0.07% | 09/01/2020 | $ | 650,001,264 | $ | 650,000,000 | ||||||||||
|
|
||||||||||||||||
|
Fixed Income Clearing Corp. -Bank of Nova Scotia, joint agreement dated 08/31/2020, aggregate maturing value of $250,000,625 (collateralized by U.S. Treasury obligations valued at $255,138,487; 2.88%; 11/30/2023) |
0.09% | 09/01/2020 | 100,000,250 | 100,000,000 | ||||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,026,258 (collateralized by U.S. Treasury obligations valued at $516,550,660; 2.88% - 3.75%; 08/15/2043 - 05/15/2048) |
0.09% | 09/01/2020 | 200,009,092 | 200,008,592 | ||||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint term agreement dated 07/23/2020, aggregate maturing value of $150,041,875 (collateralized by domestic agency mortgage-backed securities valued at $153,000,002; 2.50% - 4.50%; 04/01/2038 - 01/01/2057) |
0.15% | 09/28/2020 | 87,024,288 | 87,000,000 | ||||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint term agreement dated 08/20/2020, aggregate maturing value of $300,026,667 (collateralized by domestic agency mortgage-backed securities valued at $306,000,000; 3.00% - 5.00%; 09/01/2042 - 06/01/2056) |
0.10% | 09/21/2020 | 205,018,222 | 205,000,000 | ||||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, term agreement dated 08/05/2020, maturing value of $250,025,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 2.50% - 4.50%; 08/01/2040 - 01/01/2057)(e) |
0.12% | 09/04/2020 | 250,025,000 | 250,000,000 | ||||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09% | 09/01/2020 | 228,564,957 | 228,564,386 | ||||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,002,946 (collateralized by U.S. Treasury obligations valued at $509,939,386; 0.13% - 0.25%; 06/30/2022 - 07/15/2030) |
0.09% | 09/01/2020 | 250,001,355 | 250,000,730 | ||||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,195; 0.13% - 2.75%; 04/30/2021 -11/15/2023)(f) |
0.07% | - | - | 150,000,000 | ||||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by domestic agency mortgage- backed securities and a U.S. treasury obligation valued at $510,000,087; 0.00% - 7.50%; 12/03/2020 - 09/01/2050)(f) |
0.08% | - | - | 350,000,000 | ||||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by domestic agency mortgage- backed securities and a U.S. treasury obligation valued at $295,800,007; 0.00% - 8.13%; 08/15/2021 - 09/01/2057)(f) |
0.12% | - | - | 240,000,000 | ||||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by domestic agency mortgage- backed securities and a U.S. treasury obligation valued at $408,000,043; 0.61% - 8.50%; 12/01/2020 - 02/16/2058)(f) |
0.09% | - | - | 275,000,000 | ||||||||||||
|
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 0.00% - 6.00%; 09/01/2026 - 06/01/2050)(f) |
0.80% | - | - | 250,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,230,000 (collateralized by U.S. Treasury obligations valued at $504,122,044; 2.00% - 2.63%; 12/31/2023 - 01/31/2026) |
0.18% | 10/23/2020 | 140,064,400 | 140,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,245,000 (collateralized by U.S. Treasury obligations valued at $505,508,022; 1.63% - 2.88%; 11/15/2022 - 08/15/2028) |
0.18% | 10/30/2020 | 130,063,700 | 130,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Metropolitan Life Insurance Co., joint term agreement dated 08/27/2020, aggregate maturing value of $350,014,288 (collateralized by U.S. Treasury obligations valued at $354,295,526; 0.00%; 11/15/2027 - 05/15/2046)(e) |
0.09% | 09/03/2020 | 170,006,094 | 170,003,119 | ||||||||||||
|
|
||||||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 0.44% - 0.88%; 10/25/2035 - 04/20/2050) |
0.09% | 09/01/2020 | 500,001,250 | 500,000,000 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Investment Abbreviations:
|
||
| LIBOR -London Interbank Offered Rate | ||
| SOFR -Secured Overnight Financing Rate | ||
| USD -U.S. Dollar | ||
| VRD -Variable Rate Demand | ||
Notes to Schedule of Investments:
| (a) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (b) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (d) |
Principal amount equals value at period end. See Note 1I. |
| (e) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (f) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (g) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Treasury Obligations Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Securities-103.09% |
||||||||||||||||
|
U.S. Treasury Bills-88.36%(a) |
||||||||||||||||
|
U.S. Treasury Bills |
0.09%-0.14% | 09/01/2020 | $61,500 | $ | 61,500,000 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.09%-1.02% | 09/03/2020 | 36,717 | 36,716,511 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.08%-0.14% | 09/08/2020 | 80,100 | 80,098,539 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15%-1.78% | 09/10/2020 | 35,000 | 34,996,031 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.09%-0.11% | 09/15/2020 | 60,000 | 59,997,822 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14%-0.18% | 09/17/2020 | 60,000 | 59,995,411 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.08%-0.19% | 09/22/2020 | 67,200 | 67,195,449 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.16% | 09/24/2020 | 20,000 | 19,998,019 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.10%-0.14% | 09/29/2020 | 40,000 | 39,996,889 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.10%-0.17% | 10/01/2020 | 53,980 | 53,973,710 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15%-1.63% | 10/08/2020 | 57,000 | 56,983,304 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.10% | 10/13/2020 | 4,900 | 4,899,428 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14%-0.18% | 10/15/2020 | 45,000 | 44,991,713 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.09% | 10/20/2020 | 35,000 | 34,995,713 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.12%-0.15% | 10/22/2020 | 30,000 | 29,994,546 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/27/2020 | 20,000 | 19,995,333 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.11%-0.16% | 10/29/2020 | 60,000 | 59,987,554 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 11/03/2020 | 5,000 | 4,998,513 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.10%-0.15% | 11/05/2020 | 60,000 | 59,987,361 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 11/10/2020 | 25,000 | 24,992,417 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.11%-0.16% | 11/12/2020 | 46,000 | 45,988,940 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.19% | 11/17/2020 | 5,000 | 4,997,968 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.11% | 11/19/2020 | 30,000 | 29,993,088 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.19% | 11/24/2020 | 10,000 | 9,995,683 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.10%-0.16% | 11/27/2020 | 32,000 | 31,990,648 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.11% | 12/01/2020 | 15,000 | 14,995,829 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 12/03/2020 | 40,000 | 39,986,777 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.16% | 12/08/2020 | 15,000 | 14,993,671 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18%-0.19% | 12/10/2020 | 20,000 | 19,989,826 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.16% | 12/15/2020 | 20,000 | 19,992,563 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.19% | 12/17/2020 | 10,000 | 9,994,501 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 12/22/2020 | 7,000 | 6,996,842 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.11%-0.18% | 12/24/2020 | 40,000 | 39,982,979 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 12/31/2020 | 10,000 | 9,994,454 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 01/07/2021 | 10,000 | 9,994,133 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 01/14/2021 | 13,000 | 12,992,931 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.13% | 01/21/2021 | 5,000 | 4,997,436 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.13%-1.44% | 01/28/2021 | 26,000 | 25,953,326 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.12% | 02/11/2021 | 10,000 | 9,994,567 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.12% | 02/18/2021 | 8,000 | 7,995,467 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 02/25/2021 | 27,000 | 26,982,595 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.00% | 03/04/2021 | 10,000 | 9,994,186 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 04/22/2021 | 5,000 | 4,995,470 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18% | 05/20/2021 | 5,000 | 4,993,366 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Treasury Obligations Portfolio
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Tax-Free Cash Reserve Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Municipal Obligations-99.85% |
||||||||||||||||
|
Alabama-4.40% |
||||||||||||||||
|
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC -
Swedbank
|
0.12% | 07/01/2040 | $8,805 | $ | 8,805,000 | |||||||||||
|
|
||||||||||||||||
|
Arizona-2.81% |
||||||||||||||||
|
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref.
VRD RB
|
0.08% | 06/15/2031 | 2,685 | 2,685,000 | ||||||||||||
|
|
||||||||||||||||
|
Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD RB (CEP - FNMA)(b) |
0.08% | 06/15/2031 | 2,945 | 2,945,000 | ||||||||||||
|
|
||||||||||||||||
| 5,630,000 | ||||||||||||||||
|
|
||||||||||||||||
|
California-1.30% |
||||||||||||||||
|
California (State of) Educational Facilities Authority; Series 2020, Commercial Paper Notes |
0.11% | 10/01/2020 | 2,600 | 2,600,000 | ||||||||||||
|
|
||||||||||||||||
|
Colorado-0.60% |
||||||||||||||||
|
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.19% | 02/01/2031 | 1,190 | 1,190,000 | ||||||||||||
|
|
||||||||||||||||
|
Delaware-2.03% |
||||||||||||||||
|
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 09/01/2036 | 2,780 | 2,780,000 | ||||||||||||
|
|
||||||||||||||||
|
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.10% | 05/01/2036 | 1,280 | 1,280,000 | ||||||||||||
|
|
||||||||||||||||
| 4,060,000 | ||||||||||||||||
|
|
||||||||||||||||
|
District of Columbia-3.38% |
||||||||||||||||
|
District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 08/15/2038 | 245 | 245,000 | ||||||||||||
|
|
||||||||||||||||
|
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.07% | 10/01/2039 | 6,525 | 6,525,000 | ||||||||||||
|
|
||||||||||||||||
| 6,770,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Florida-5.16% |
||||||||||||||||
|
Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.09% | 06/01/2048 | 910 | 910,000 | ||||||||||||
|
|
||||||||||||||||
|
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.16% | 11/01/2036 | 2,725 | 2,725,000 | ||||||||||||
|
|
||||||||||||||||
|
Palm Beach (County of), FL (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.09% | 07/01/2032 | 2,400 | 2,400,000 | ||||||||||||
|
|
||||||||||||||||
|
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.07% | 07/01/2037 | 4,280 | 4,280,000 | ||||||||||||
|
|
||||||||||||||||
| 10,315,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Georgia-4.20% |
||||||||||||||||
|
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)(a)(b)(c) |
0.08% | 11/01/2030 | 2,590 | 2,590,000 | ||||||||||||
|
|
||||||||||||||||
|
Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer); |
||||||||||||||||
|
Series 2009 A, VRD PCR (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.08% | 01/01/2030 | 2,420 | 2,420,000 | ||||||||||||
|
|
||||||||||||||||
|
Series 2010 A, Ref. VRD PCR (LOC - Bank of Montreal)(b)(c) |
0.14% | 01/01/2036 | 3,000 | 3,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000,VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.19% | 09/01/2020 | 400 | 400,000 | ||||||||||||
|
|
||||||||||||||||
| 8,410,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Illinois-4.49% |
||||||||||||||||
|
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) |
0.07% | 12/01/2046 | 5,755 | 5,755,000 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
Illinois-(continued) |
|
|||||||||||||||
|
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.08% | 01/01/2037 | $2,230 | $ | 2,230,000 | |||||||||||
|
Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)(b)(c) |
0.08% | 10/01/2033 | 1,000 | 1,000,000 | ||||||||||||
| 8,985,000 | ||||||||||||||||
|
Indiana-8.69% |
|
|||||||||||||||
|
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.14% | 08/01/2037 | 5,750 | 5,750,000 | ||||||||||||
|
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)(a)(b)(c) |
0.18% | 06/01/2035 | 8,000 | 8,000,000 | ||||||||||||
|
Purdue University; Series 2011 A, VRD COP(b) |
0.06% | 07/01/2035 | 3,635 | 3,635,000 | ||||||||||||
| 17,385,000 | ||||||||||||||||
|
Louisiana-1.75% |
|
|||||||||||||||
|
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c) |
0.08% | 07/01/2047 | 3,505 | 3,505,000 | ||||||||||||
|
Maryland-4.71% |
|
|||||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority; Series 2020 B, Commercial Paper Notes |
0.22% | 09/09/2020 | 4,800 | 4,800,000 | ||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 04/01/2035 | 2,015 | 2,015,000 | ||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical); Series 2008E, VRD RB (LOC - Bank of Montreal)(a)(b)(c) |
0.03% | 07/01/2041 | 2,600 | 2,600,000 | ||||||||||||
| 9,415,000 | ||||||||||||||||
|
Massachusetts-2.17% |
|
|||||||||||||||
|
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 10/01/2038 | 2,830 | 2,830,000 | ||||||||||||
|
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank N.A.)(b)(c) |
0.07% | 01/01/2037 | 1,500 | 1,500,000 | ||||||||||||
| 4,330,000 | ||||||||||||||||
|
Michigan-4.51% |
|
|||||||||||||||
|
Kent (County of), MI Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c) |
0.10% | 01/15/2026 | 2,005 | 2,005,000 | ||||||||||||
|
Michigan State University Board of Trustees; |
||||||||||||||||
|
Series 2000 A-1, VRD RB(b) |
0.10% | 08/15/2030 | 3,000 | 3,000,000 | ||||||||||||
|
Series 2001 A-2, VRD RB(b) |
0.10% | 08/15/2030 | 1,010 | 1,010,000 | ||||||||||||
|
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.08% | 03/01/2031 | 3,000 | 3,000,000 | ||||||||||||
| 9,015,000 | ||||||||||||||||
|
Minnesota-5.48% |
|
|||||||||||||||
|
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)(b) |
0.16% | 10/15/2033 | 1,175 | 1,175,000 | ||||||||||||
|
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP-FHLMC)(b) |
0.08% | 11/01/2035 | 6,505 | 6,505,000 | ||||||||||||
|
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)(b) |
0.08% | 10/01/2033 | 3,285 | 3,285,000 | ||||||||||||
| 10,965,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
Texas-(continued) |
||||||||||||||||
|
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.08 | % | 05/15/2034 | $1,500 | $1,500,000 | |||||||||||
|
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.11 | % | 04/01/2026 | 2,320 | 2,320,000 | |||||||||||
|
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)(b) |
0.14 | % | 05/01/2042 | 2,860 | 2,860,000 | |||||||||||
|
Texas A&M University System Board of Regents; Series 2020 B, Commercial Paper Notes |
0.18 | % | 11/04/2020 | 400 | 400,000 | |||||||||||
|
University of Texas System Board of Regents; |
||||||||||||||||
|
Series 2008 B, VRD RB(b) |
0.06 | % | 08/01/2025 | 4,665 | 4,665,000 | |||||||||||
|
Series 2020 A, Commercial Paper Notes |
0.22 | % | 09/03/2020 | 1,000 | 1,000,000 | |||||||||||
| 21,465,000 | ||||||||||||||||
|
Virginia-1.90% |
||||||||||||||||
|
Norfolk (City of), VA; Series 2007, VRD GO Bonds(b) |
0.09 | % | 08/01/2037 | 3,800 | 3,800,000 | |||||||||||
|
Washington-4.32% |
||||||||||||||||
|
Washington (State of) Housing Finance Commission (Kitts Corner
Apartments);
|
0.07 | % | 09/01/2049 | 4,550 | 4,550,000 | |||||||||||
|
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)(b)(c) |
0.07 | % | 11/01/2047 | 4,085 | 4,085,000 | |||||||||||
| 8,635,000 | ||||||||||||||||
|
West Virginia-3.14% |
||||||||||||||||
|
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)(b)(c) |
0.10 | % | 07/01/2039 | 845 | 845,000 | |||||||||||
|
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hosp, Inc.); Series 2008 B, Ref. VRD RB (LOC - Branch Banking & Trust Co.)(b)(c) |
0.14 | % | 01/01/2034 | 5,435 | 5,435,000 | |||||||||||
| 6,280,000 | ||||||||||||||||
|
Wisconsin-1.53% |
||||||||||||||||
|
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)(b)(c) |
0.09 | % | 10/01/2042 | 3,060 | 3,060,000 | |||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(d)(e)-99.85% (Cost $199,735,000) |
199,735,000 | |||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-0.15% |
308,127 | |||||||||||||||
|
NET ASSETS-100.00% |
$200,043,127 | |||||||||||||||
| Investment Abbreviations: | ||
| CEP | - Credit Enhancement Provider | |
| COP | - Certificates of Participation | |
| FHLB | - Federal Home Loan Bank | |
| FHLMC | - Federal Home Loan Mortgage Corp. | |
| FNMA | - Federal National Mortgage Association | |
| GO | - General Obligation | |
| IDR | - Industrial Development Revenue Bonds | |
| LOC | - Letter of Credit | |
| PCR | - Pollution Control Revenue Bonds | |
| RB | - Revenue Bonds | |
| Ref. | - Refunding | |
| VRD | - Variable Rate Demand | |
| YMCA | - Young Men’s Christian Association | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
| (a) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 8.8%; Japan: 5.3%; other countries less than 5% each: 11.6%. |
| (b) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (d) |
Also represents cost for federal income tax purposes. |
| (e) |
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
| Entities | Percentage | |
|
|
||
|
JPMorgan Chase Bank N.A. |
6.7% | |
|
|
||
|
Wells Fargo Bank N.A. |
6.6 | |
|
|
||
|
Federal Home Loan Bank |
6.4 | |
|
|
||
|
Federal Home Loan Mortgage Corp. |
6.3 | |
|
|
||
|
TD Bank N.A. |
6.2 | |
|
|
||
|
PNC Bank N.A. |
5.7 | |
|
|
||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 Short-Term Investments Trust
Statements of Assets and Liabilities
August 31, 2020
| Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco Treasury | Invesco Government | Obligations | Cash Reserve | |||||||||||||||||||
| Assets Portfolio | Prime Portfolio | Portfolio | & Agency Portfolio | Portfolio | Portfolio | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Assets: |
||||||||||||||||||||||||
|
Investments in securities, at value |
$ | 1,784,724,046 | $ | 143,331,875 | $ | 13,547,669,573 | $ | 20,901,911,777 | $ | 1,495,716,725 | $ | 199,735,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Repurchase agreements, at value and cost |
830,572,324 | 178,878,687 | 9,491,478,726 | 10,990,573,484 | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash |
33,603,197 | - | - | - | 37,054 | 61,208 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Receivable for: |
||||||||||||||||||||||||
|
Investments sold |
- | 900,000 | - | - | - | 315,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest |
1,056,194 | 20,964 | 9,417,821 | 7,237,160 | 346,690 | 23,497 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Fund expenses absorbed |
- | 5,056 | - | 115,182 | 5,041 | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Investment for trustee deferred compensation and retirement plans |
3,644,669 | 1,008,721 | 2,164,080 | 987,082 | 118,706 | 356,729 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Other assets |
124,772 | 219,614 | 217,359 | 1,247,838 | 37,133 | 91,265 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total assets |
2,653,725,202 | 324,364,917 | 23,050,947,559 | 31,902,072,523 | 1,496,261,349 | 200,582,699 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Liabilities: |
||||||||||||||||||||||||
|
Payable for: |
||||||||||||||||||||||||
|
Investments purchased |
83,707,955 | - | 399,847,556 | - | 44,984,634 | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Amount due custodian |
- | 12,463 | 1,795,459 | 35,860,836 | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Dividends |
254,769 | 4,367 | 843,269 | 1,321,007 | 48,847 | 1,671 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Accrued fees to affiliates |
131,522 | 32,780 | 2,066,942 | 1,515,523 | 140,517 | 101,988 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Accrued trustees’ and officers’ fees and benefits |
14,771 | 7,700 | 62,856 | 97,276 | 9,975 | 7,064 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Accrued operating expenses |
73,996 | 50,032 | 426,940 | 44,482 | 53,713 | 47,638 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Trustee deferred compensation and retirement plans |
3,930,281 | 1,079,940 | 2,415,132 | 1,156,211 | 129,859 | 381,211 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total liabilities |
88,113,294 | 1,187,282 | 407,458,154 | 39,995,335 | 45,367,545 | 539,572 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net assets applicable to shares outstanding |
$ | 2,565,611,908 | $ | 323,177,635 | $ | 22,643,489,405 | $ | 31,862,077,188 | $ | 1,450,893,804 | $ | 200,043,127 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net assets consist of: |
||||||||||||||||||||||||
|
Shares of beneficial interest |
$ | 2,564,796,446 | $ | 322,403,496 | $ | 22,642,905,919 | $ | 31,862,059,097 | $ | 1,450,989,544 | $ | 200,167,173 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Distributable earnings (loss) |
815,462 | 774,139 | 583,486 | 18,091 | (95,740 | ) | (124,046 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
| $ | 2,565,611,908 | $ | 323,177,635 | $ | 22,643,489,405 | $ | 31,862,077,188 | $ | 1,450,893,804 | $ | 200,043,127 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net Assets: |
||||||||||||||||||||||||
|
Institutional Class |
$ | 2,558,430,270 | $ | 320,753,104 | $ | 19,215,805,324 | $ | 30,259,135,986 | $ | 1,370,210,399 | $ | 150,996,969 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
$ | 3,541,763 | $ | 1,276,217 | $ | 422,827,568 | $ | 582,081,907 | $ | 14,423,866 | $ | 10,134,533 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
$ | 10,252 | $ | 395,347 | $ | 281,818,329 | $ | 13,529,921 | $ | 741,749 | $ | 3,583,850 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
$ | 2,947,071 | $ | 503,834 | $ | 371,957,560 | $ | 431,476,231 | $ | 340,627 | $ | 5,489,875 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
$ | 278,241 | $ | 105,438 | $ | 581,684,073 | $ | 401,437,716 | $ | 54,584,982 | $ | 26,823,422 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Resource Class |
$ | 365,645 | $ | 122,593 | $ | 635,713,393 | $ | 143,147,544 | $ | 150,056 | $ | 3,004,200 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
$ | 38,666 | $ | 21,102 | $ | 1,133,683,158 | $ | 31,267,883 | $ | 10,442,125 | $ | 10,278 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 Short-Term Investments Trust
Statements of Assets and Liabilities–(continued)
August 31, 2020
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 Short-Term Investments Trust
Statements of Operations
For the year ended August 31, 2020
| Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco Treasury | Invesco Government | Obligations | Cash Reserve | |||||||||||||||||||
| Assets Portfolio | Prime Portfolio | Portfolio | & Agency Portfolio | Portfolio | Portfolio | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Investment income: |
||||||||||||||||||||||||
|
Interest |
$ | 34,284,787 | $ | 6,257,216 | $ | 203,953,802 | $ | 316,385,027 | $ | 12,665,627 | $ | 2,133,528 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Expenses: |
||||||||||||||||||||||||
|
Advisory fees |
3,579,174 | 698,375 | 29,385,396 | 31,594,396 | 1,616,131 | 450,697 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Administrative services fees |
1,063,769 | 209,751 | 8,705,596 | 14,279,270 | 553,117 | 100,713 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Custodian fees |
39,456 | 10,394 | 684,345 | (696,813 | ) | 6,675 | 4,469 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Distribution fees: |
||||||||||||||||||||||||
|
Private Investment Class |
11,697 | 3,966 | 1,423,815 | 1,818,484 | 27,185 | 37,931 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
56 | 2,327 | 1,943,548 | 114,195 | 1,812 | 12,104 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
5,877 | 418 | 298,824 | 265,250 | 4,655 | 16,154 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
2,496 | 1,632 | 3,330,130 | 3,232,492 | 474,354 | 218,276 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Resource Class |
729 | 197 | 1,016,902 | 300,798 | 643 | 5,138 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
68 | 6 | 92,017 | 19,425 | 1,901 | 3 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Transfer agent fees |
214,750 | 41,902 | 1,763,124 | 2,843,496 | 111,702 | 20,281 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Trustees’ and officers’ fees and benefits |
52,165 | 26,612 | 246,372 | 353,199 | 33,779 | 23,278 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Registration and filing fees |
85,059 | 89,032 | 158,643 | 223,526 | 82,407 | 98,838 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reports to shareholders |
23,125 | 16,105 | 71,876 | (81,108 | ) | 18,221 | 15,403 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Professional services fees |
44,905 | 37,263 | 110,574 | (141,868 | ) | 39,486 | 36,199 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Other |
109,541 | 63,375 | 266,443 | (198,642 | ) | 47,091 | 14,246 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total expenses |
5,232,867 | 1,201,355 | 49,497,605 | 53,926,100 | 3,019,159 | 1,053,730 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Less: Fees waived |
(918,298 | ) | (358,636 | ) | (9,124,214 | ) | (2,008,756 | ) | (444,885 | ) | (454,859 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net expenses |
4,314,569 | 842,719 | 40,373,391 | 51,917,344 | 2,574,274 | 598,871 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net investment income |
29,970,218 | 5,414,497 | 163,580,411 | 264,467,683 | 10,091,353 | 1,534,657 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Realized and unrealized gain (loss) from: |
||||||||||||||||||||||||
|
Net realized gain (loss) from investment securities |
(15,623 | ) | 78 | 139,394 | (189,477 | ) | (57,411 | ) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Change in net unrealized appreciation (depreciation) of investment securities |
45,074 | (41,714 | ) | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net realized and unrealized gain (loss) |
29,451 | (41,636 | ) | 139,394 | (189,477 | ) | (57,411 | ) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
$ | 29,999,669 | $ | 5,372,861 | $ | 163,719,805 | $ | 264,278,206 | $ | 10,033,942 | $ | 1,534,657 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 Short-Term Investments Trust
Statements of Changes in Net Assets
For the years ended August 31, 2020 and 2019
| Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | |||||||||||||||
|
|
|
|
|
|||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 29,970,218 | $ | 54,795,839 | $ | 5,414,497 | $ | 12,099,439 | ||||||||
|
|
|
|
|
|
||||||||||||
|
Net realized gain (loss) |
(15,623 | ) | 29,559 | 78 | 723 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Change in net unrealized appreciation (depreciation) |
45,074 | (26,913 | ) | (41,714 | ) | (10,820 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
29,999,669 | 54,798,485 | 5,372,861 | 12,089,342 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(29,817,713 | ) | (54,388,381 | ) | (5,392,900 | ) | (12,042,840 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(36,868 | ) | (107,595 | ) | (11,032 | ) | (26,438 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(74 | ) | (199 | ) | (2,832 | ) | (8,858 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(107,505 | ) | (248,909 | ) | (5,280 | ) | (14,390 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(1,504 | ) | (5,872 | ) | (1,098 | ) | (3,794 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
(3,570 | ) | (20,589 | ) | (1,140 | ) | (2,658 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(2,984 | ) | (24,294 | ) | (215 | ) | (461 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Total distributions from distributable earnings |
(29,970,218 | ) | (54,795,839 | ) | (5,414,497 | ) | (12,099,439 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
114,142,968 | 100,799,791 | (331,356,151 | ) | 127,368,867 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(1,176,345 | ) | (1,144,582 | ) | (71,436 | ) | (241,794 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
- | (984 | ) | (45,201 | ) | (175,590 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(6,335,509 | ) | 3,104,748 | (96,257 | ) | (178,908 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(24,329 | ) | (115,774 | ) | (167,883 | ) | 3,716 | |||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
2,906 | (632,819 | ) | (674 | ) | (62,642 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(287,979 | ) | (1,599,196 | ) | 251 | 457 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
106,321,712 | 100,411,184 | (331,737,351 | ) | 126,714,106 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets |
106,351,163 | 100,413,830 | (331,778,987 | ) | 126,704,009 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
2,459,260,745 | 2,358,846,915 | 654,956,622 | 528,252,613 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
End of year |
$ | 2,565,611,908 | $ | 2,459,260,745 | $ | 323,177,635 | $ | 654,956,622 | ||||||||
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 Short-Term Investments Trust
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
| Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | |||||||||||||||
|
|
|
|
|
|||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 163,580,411 | $ | 484,811,474 | $ | 264,467,683 | $ | 518,471,634 | ||||||||
|
|
|
|
|
|
||||||||||||
|
Net realized gain (loss) |
139,394 | 204,798 | (189,477 | ) | 224,974 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
163,719,805 | 485,016,272 | 264,278,206 | 518,696,608 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(146,246,982 | ) | (438,858,990 | ) | (254,196,609 | ) | (491,630,206 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(3,446,279 | ) | (9,738,598 | ) | (4,200,784 | ) | (8,737,051 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(2,137,800 | ) | (3,312,891 | ) | (89,620 | ) | (207,870 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(3,199,903 | ) | (8,499,805 | ) | (2,683,953 | ) | (7,669,515 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(1,117,598 | ) | (3,008,307 | ) | (1,290,595 | ) | (3,929,202 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
(4,967,684 | ) | (13,201,572 | ) | (1,599,458 | ) | (4,570,537 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(2,664,191 | ) | (8,191,311 | ) | (439,777 | ) | (1,727,253 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Total distributions from distributable earnings |
(163,780,437 | ) | (484,811,474 | ) | (264,500,796 | ) | (518,471,634 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
498,579,949 | (1,514,751,400 | ) | 256,030,543 | 7,673,132,994 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(83,191,362 | ) | (11,707,755 | ) | 49,500,711 | 106,832,736 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(78,430,874 | ) | 242,362,528 | (2,461,469 | ) | 7,670,768 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(24,723,778 | ) | (50,068,678 | ) | 66,475,768 | 31,650,960 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
292,043,533 | 61,097,539 | 103,651,946 | 88,155,960 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
3,118,922 | 107,165,894 | (37,467,649 | ) | (51,677,589 | ) | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
704,514,058 | (38,240,138 | ) | (9,080,725 | ) | (105,927,589 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
1,311,910,448 | (1,204,142,010 | ) | 426,649,125 | 7,749,838,240 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets |
1,311,849,816 | (1,203,937,212 | ) | 426,426,535 | 7,750,063,214 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
21,331,639,589 | 22,535,576,801 | 31,435,650,653 | 23,685,587,439 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
End of year |
$ | 22,643,489,405 | $ | 21,331,639,589 | $ | 31,862,077,188 | $ | 31,435,650,653 | ||||||||
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 Short-Term Investments Trust
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
| Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||||||||||
|
|
|
|
|
|||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 10,091,353 | $ | 25,841,669 | $ | 1,534,657 | $ | 2,660,015 | ||||||||
|
|
|
|
|
|
||||||||||||
|
Net realized gain (loss) |
(57,411 | ) | 17,726 | - | - | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
10,033,942 | 25,859,395 | 1,534,657 | 2,660,015 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(9,782,969 | ) | (25,123,428 | ) | (1,172,112 | ) | (1,816,364 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(65,930 | ) | (111,394 | ) | (106,524 | ) | (305,352 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(898 | ) | (3,844 | ) | (7,119 | ) | (2,466 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(16,009 | ) | (41,719 | ) | (177,298 | ) | (395,402 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(212,244 | ) | (557,964 | ) | (50,307 | ) | (80,976 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
(1,150 | ) | (3,101 | ) | (21,222 | ) | (59,305 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(12,153 | ) | (219 | ) | (75 | ) | (150 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Total distributions from distributable earnings |
(10,091,353 | ) | (25,841,669 | ) | (1,534,657 | ) | (2,660,015 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
325,218,196 | (235,306,840 | ) | (10,043,247 | ) | 33,374,672 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
4,941,082 | 3,398,983 | (10,353,451 | ) | (7,570,673 | ) | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
630,111 | (283,153 | ) | 1,041,703 | 2,531,656 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(1,553,674 | ) | (1,270,980 | ) | (21,806,010 | ) | (4,585,853 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(123,709 | ) | 21,314,012 | 6,820,117 | 5,850,867 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
16,515 | 38,286 | 1,886,657 | (1,381,960 | ) | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
10,431,998 | 216 | 85 | 135 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
339,560,519 | (212,109,476 | ) | (32,454,146 | ) | 28,218,844 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets |
339,503,108 | (212,091,750 | ) | (32,454,146 | ) | 28,218,844 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
1,111,390,696 | 1,323,482,446 | 232,497,273 | 204,278,429 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
End of year |
$ | 1,450,893,804 | $ | 1,111,390,696 | $ | 200,043,127 | $ | 232,497,273 | ||||||||
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37 Short-Term Investments Trust
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
Private Investment Class
| Ratio of | Ratio of | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net gains | expenses | expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (losses) | to average | to average net | Ratio of net | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset | on securities | Dividends | Distributions | net assets | assets without | investment | ||||||||||||||||||||||||||||||||||||||||||||||
| value, | Net | (both | Total from | from net | from net | Net asset | Net assets, | with fee waivers | fee waivers | income | ||||||||||||||||||||||||||||||||||||||||||
| beginning | investment | realized and | investment | investment | realized | Total | value, end | Total | end of period | and/or expense | and/or expense | to average | ||||||||||||||||||||||||||||||||||||||||
| of period | income(a) | unrealized) | operations | income | gains | distributions | of period |
return(b)
|
(000’s omitted) | reimbursements | reimbursements | net assets | ||||||||||||||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
$ | 1.0004 | $ | 0.0098 | $ | (0.0006 | ) | $ | 0.0092 | $ | (0.0090 | ) | $ - | $ | (0.0090 | ) | $ | 1.0006 | 0.92 | % | $ 3,542 | 0.46%(c) | 0.52%(c) | 0.98%(c) | ||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.0004 | 0.0207 | (0.0000 | ) | 0.0207 | (0.0207 | ) | - | (0.0207 | ) | 1.0004 | 2.09 | 4,718 | 0.48 | 0.52 | 2.07 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.0002 | 0.0143 | (0.0011 | ) | 0.0132 | (0.0130 | ) | - | (0.0130 | ) | 1.0004 | 1.33 | 5,863 | 0.48 | 0.53 | 1.43 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.0022 | 0.0035 | 0.0057 | (0.0050 | ) | (0.0005 | ) | (0.0055 | ) | 1.0002 | 0.54 | 6,982 | 0.47 | 0.56 | 0.22 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.08 | 241,327 | 0.40 | 0.64 | 0.09 | |||||||||||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.0001 | 0.0093 | (0.0012 | ) | 0.0081 | (0.0082 | ) | - | (0.0082 | ) | 1.0000 | 0.82 | 1,276 | 0.41(c) | 0.56(c) | 0.93(c) | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.0001 | 0.0196 | 0.0001 | 0.0197 | (0.0197 | ) | - | (0.0197 | ) | 1.0001 | 1.99 | 1,348 | 0.48 | 0.55 | 1.96 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.0000 | 0.0125 | (0.0002 | ) | 0.0123 | (0.0122 | ) | - | (0.0122 | ) | 1.0001 | 1.24 | 1,590 | 0.48 | 0.57 | 1.25 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.0041 | 0.0002 | 0.0043 | (0.0043 | ) | - | (0.0043 | ) | 1.0000 | 0.43 | 1,845 | 0.39 | 0.57 | 0.41 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.15 | 141,061 | 0.25 | 0.68 | 0.15 | |||||||||||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | (0.00 | ) | (0.01 | ) | 1.00 | 0.70 | 422,828 | 0.39(c) | 0.51(c) | 0.65(c) | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 1.90 | 506,027 | 0.48 | 0.51 | 1.88 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.07 | 517,728 | 0.48 | 0.50 | 1.07 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.26 | 574,808 | 0.43 | 0.50 | 0.27 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.07 | 560,027 | 0.23 | 0.64 | 0.08 | |||||||||||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | (0.00 | ) | (0.01 | ) | 1.00 | 0.72 | 582,082 | 0.38(c) | 0.45(c) | 0.62(c) | |||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 1.92 | 532,585 | 0.46 | 0.46 | 1.90 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.08 | 425,748 | 0.45 | 0.45 | 1.05 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.30 | 510,489 | 0.41 | 0.45 | 0.32 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.09 | 340,874 | 0.23 | 0.62 | 0.10 | |||||||||||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.74 | 14,424 | 0.36(c) | 0.45(c) | 0.66(c) | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 1.92 | 9,483 | 0.43 | 0.46 | 1.90 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.10 | 6,084 | 0.43 | 0.46 | 1.09 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.26 | 3,224 | 0.34 | 0.47 | 0.32 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.09 | 6,162 | 0.16 | 0.82 | 0.09 | |||||||||||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | - | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.60 | 10,135 | 0.38(c) | 0.59(c) | 0.57(c) | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.01 | - | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.13 | 20,489 | 0.45 | 0.60 | 1.13 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.75 | 28,061 | 0.45 | 0.63 | 0.76 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.36 | 27,352 | 0.41 | 0.62 | 0.35 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.05 | 24,468 | 0.14 | 0.77 | 0.08 | |||||||||||||||||||||||||||||||||||||
| (a) |
Calculated using average shares outstanding. |
| (b) |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
| (c) |
Ratios are based on average daily net assets (000’s omitted) of $3,899, $1,322, $474,605, $606,161, $10,874 and $15,172 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 Short-Term Investments Trust
August 31, 2020
NOTE 1–Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.
Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.
Each 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.
Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio, both institutional money market funds, price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).
Invesco Liquid Assets Portfolio determines its NAV per share multiple times each day.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, seek 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. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
| A. |
Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments. |
Securities for which market quotations 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.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’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.
Each 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 of each Fund’s investments.
| B. |
Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements 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 gain
39 Short-Term Investments Trust
(loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements 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 Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.
| C. |
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. |
Distributions - It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
| E. |
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, Invesco Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt interest dividends”, as defined in the Internal Revenue Code.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. |
Expenses - Fees provided for under the 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. |
| G. |
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) 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, each 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. |
| H. |
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote. |
| I. |
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
| J. |
LIBOR Risk - Certain Funds may invest in instruments that use or may use a floating reference rate based on LIBOR. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As a result, any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. Industry initiatives are underway to identify alternative reference rates; however, there is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; and/or costs incurred in connection with closing out positions and entering into new agreements. These effects could occur prior to the end of 2021 as the utility of LIBOR as a reference rate could deteriorate during the transition period. |
| K. |
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 |
40 Short-Term Investments Trust
instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Funds may not be able to recover its investment in such issuer from the U.S. Government.
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund’s investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.
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, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:
| First | Next | Over | ||||
| $250 million | $250 million | $500 million | ||||
|
|
||||||
|
Invesco Liquid Assets Portfolio |
0.15% | 0.15% | 0.15% | |||
|
|
||||||
|
Invesco STIC Prime Portfolio |
0.15% | 0.15% | 0.15% | |||
|
|
||||||
|
Invesco Treasury Portfolio |
0.15% | 0.15% | 0.15% | |||
|
|
||||||
|
Invesco Government & Agency Portfolio |
0.10% | 0.10% | 0.10% | |||
|
|
||||||
|
Invesco Treasury Obligations Portfolio |
0.20% | 0.15% | 0.10% | |||
|
|
||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% | 0.20% | 0.20% | |||
|
|
||||||
For the year ended August 31, 2020, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:
|
Invesco Liquid Assets Portfolio |
0.15% | |||
|
|
||||
|
Invesco STIC Prime Portfolio |
0.15% | |||
|
|
||||
|
Invesco Treasury Portfolio |
0.15% | |||
|
|
||||
|
Invesco Government & Agency Portfolio |
0.10% | |||
|
|
||||
|
Invesco Treasury Obligations Portfolio |
0.13% | |||
|
|
||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% | |||
|
|
||||
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, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, 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 Funds, 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 each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least December 31, 2020, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Private | Personal | Cash | ||||||||||||||||||||||||||
| Institutional | Investment | Investment | Management | Reserve | Resource | Corporate | ||||||||||||||||||||||
| Class | Class | Class | Class | Class | Class | Class | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.38 | % | 0.21% | |||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21% | |||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21% | |||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21% | |||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
0.18 | % | 0.43 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21% | |||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20 | % | 0.45 | % | 0.75 | % | 0.28 | % | 1.07 | % | 0.36 | % | 0.23% | |||||||||||||||
|
|
||||||||||||||||||||||||||||
The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.
41 Short-Term Investments Trust
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 the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2020. 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 August 31, 2020, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:
| Expense | ||||
| Limitation | ||||
|
|
||||
|
Invesco Liquid Assets Portfolio |
$ | 916,953 | ||
|
|
||||
|
Invesco STIC Prime Portfolio |
354,758 | |||
|
|
||||
|
Invesco Treasury Portfolio |
6,130,127 | |||
|
|
||||
|
Invesco Government & Agency Portfolio |
- | |||
|
|
||||
|
Invesco Treasury Obligations Portfolio |
274,586 | |||
|
|
||||
|
Invesco Tax-Free Cash Reserve Portfolio |
311,174 | |||
|
|
||||
Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.
Voluntary fee waivers for the year ended August 31, 2020 are shown below:
| Private | Personal | Cash | ||||||||||||||||||||||||||
| Investment | Investment | Management | Reserve | Resource | Corporate | |||||||||||||||||||||||
| Fund Level | Class | Class | Class | Class | Class | Class | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | - | $ | 733 | $ | 9 | $ | - | $ | 582 | $ | 21 | $ | - | ||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
2,018 | 887 | 573 | 71 | 287 | 41 | 1 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
- | 417,235 | 624,782 | 18,501 | 1,713,928 | 216,249 | 3,392 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
- | 456,411 | 41,926 | 18,079 | 1,450,150 | 42,117 | 73 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
- | 7,598 | 1,200 | 217 | 161,180 | 41 | 63 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
33,144 | 8,664 | 5,729 | 2,215 | 92,327 | 1,605 | 1 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the year ended August 31, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the year ended August 31, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.
| Private | Personal | Cash | ||||||||||||
| Investment | Investment | Management | Reserve | Resource | Corporate | |||||||||
| Class | Class | Class | Class | Class | Class | |||||||||
|
|
||||||||||||||
|
Invesco Liquid Assets Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.20% | 0.03% | ||||||||
|
|
||||||||||||||
|
Invesco STIC Prime Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||||
|
|
||||||||||||||
|
Invesco Treasury Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||||
|
|
||||||||||||||
|
Invesco Government & Agency Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||||
|
|
||||||||||||||
|
Invesco Treasury Obligations Portfolio |
0.25% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||||
|
|
||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.25% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||||
|
|
||||||||||||||
The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
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
42 Short-Term Investments Trust
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 each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of August 31, 2020, all of the securities in each 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–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the year ended August 31, 2020, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains | ||||||||
|
|
||||||||||
|
Invesco Liquid Assets Portfolio |
$ 93,743,593 | $149,731,882 | $- | |||||||
|
|
||||||||||
|
Invesco STIC Prime Portfolio |
49,203,977 | 45,363,263 | - | |||||||
|
|
||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
248,610,783 | 242,669,996 | - | |||||||
|
|
||||||||||
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
NOTE 6–Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.
NOTE 7–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2020 and 2019
| 2020 | 2019 | |||||||||||||||||||
|
Ordinary
Income* |
Ordinary
Income-Tax- Exempt |
Long-Term
Capital Gains |
Ordinary
Income* |
Ordinary
Income-Tax- Exempt |
||||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 29,970,218 | $ | - | $ | - | $ | 54,795,839 | $ | - | ||||||||||
|
|
||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
5,414,497 | - | - | 12,099,439 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Treasury Portfolio |
163,582,316 | - | 198,121 | 484,811,474 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
264,469,100 | - | 31,696 | 518,471,634 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
10,091,353 | - | - | 25,841,669 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 1,534,657 | - | - | 2,660,015 | |||||||||||||||
|
|
||||||||||||||||||||
| * |
Includes short-term capital gain distributions, if any. |
43 Short-Term Investments Trust
Tax Components of Net Assets at Period-End:
|
Undistributed
Ordinary Income |
Undistributed
Tax-Exempt Income |
Temporary
Book/Tax Differences |
Net
Unrealized
|
Capital Loss
Carryforwards |
Shares of
Beneficial Interest |
Total
Net Assets |
||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 3,354,188 | $ | - | $ | (3,182,732 | ) | $ | 659,629 | $ | (15,623 | ) | $ | 2,564,796,446 | $ | 2,565,611,908 | ||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
1,639,256 | - | (867,683 | ) | 2,566 | - | 322,403,496 | 323,177,635 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
2,573,305 | - | (1,973,847 | ) | (15,972 | ) | - | 22,642,905,919 | 22,643,489,405 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
1,162,580 | - | (955,013 | ) | - | (189,476 | ) | 31,862,059,097 | 31,862,077,188 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
91,628 | - | (104,172 | ) | (23,691 | ) | (59,505 | ) | 1,450,989,544 | 1,450,893,804 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 200,772 | (305,726 | ) | - | (19,092 | ) | 200,167,173 | 200,043,127 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds’ net unrealized appreciation (depreciation) differences are attributable primarily to wash sales.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Funds’ temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have a capital loss carryforward as of August 31, 2020, as follows:
|
Fund |
|
Not Subject to
Expiration |
|
Total* | ||||
|
|
||||||||
|
Invesco Liquid Assets Portfolio |
$ 15,623 | $ | 15,623 | |||||
|
|
||||||||
|
Invesco Government & Agency Portfolio |
189,476 | 189,476 | ||||||
|
|
||||||||
|
Invesco Treasury Obligations Portfolio |
59,505 | 59,505 | ||||||
|
|
||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
19,092 | 19,092 | ||||||
|
|
||||||||
| * |
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 8–Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:
| At August 31, 2020 | ||||||||||||||||
| Net | ||||||||||||||||
| Unrealized | ||||||||||||||||
| Federal | Unrealized | Unrealized | Appreciation | |||||||||||||
| Tax Cost* | Appreciation | (Depreciation) | (Depreciation) | |||||||||||||
|
|
||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 2,614,636,741 | $ | 676,866 | $ | (17,237) | $ | 659,629 | ||||||||
|
|
||||||||||||||||
|
Invesco STIC Prime Portfolio |
322,207,996 | 2,599 | (33) | 2,566 | ||||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Portfolio |
23,039,164,271 | - | (15,972) | (15,972) | ||||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
1,495,740,416 | - | (23,691) | (23,691) | ||||||||||||
|
|
||||||||||||||||
| * |
For Invesco Treasury Portfolio and Invesco Treasury Obligations Portfolio, cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end. For Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Government & Agency Portfolio and Invesco Tax-Free Cash Reserve Portfolio, cost of investments are the same for tax and financial reporting purposes. |
NOTE 9–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of distributions and taxable income, on August 31, 2020, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and shares of beneficial interest. These reclassifications had no effect on the net assets.
| Undistributed Net | Undistributed Net | Shares of | ||||||||||
| Investment Income (Loss) | Realized Gain (Loss) | Beneficial Interest | ||||||||||
|
|
||||||||||||
|
Invesco Liquid Assets Portfolio |
$ 29,559 | $ (29,559) | $ - | |||||||||
|
|
||||||||||||
|
Invesco STIC Prime Portfolio |
2,359 | (2,359) | - | |||||||||
|
|
||||||||||||
|
Invesco Treasury Portfolio |
114,461 | (153,462) | 39,001 | |||||||||
|
|
||||||||||||
|
Invesco Government & Agency Portfolio |
(1,417) | 1,417 | - | |||||||||
|
|
||||||||||||
|
Invesco Treasury Obligations Portfolio |
- | - | - | |||||||||
|
|
||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | - | - | |||||||||
|
|
||||||||||||
44 Short-Term Investments Trust
NOTE 10–Share Information
Invesco Liquid Assets Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
|
|
||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
15,429,264,962 | $ | 15,436,049,996 | 11,115,059,561 | $ | 11,118,203,826 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
556,769 | 556,939 | 286,881 | 286,945 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
57,447,877 | 57,471,129 | 183,906,129 | 183,953,776 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
64,898 | 64,918 | 8,652 | 8,654 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
601 | 601 | 5,100 | 5,102 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
172,360 | 172,517 | 396,987 | 397,046 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
6,416,422 | 6,418,790 | 10,250,841 | 10,253,316 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
32,532 | 32,543 | 86,006 | 86,026 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
- | - | 15 | 15 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
81,549 | 81,575 | 175,461 | 175,508 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,504 | 1,504 | 5,870 | 5,872 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
3,570 | 3,570 | 20,583 | 20,589 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
2,984 | 2,984 | 24,289 | 24,294 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(15,321,899,211 | ) | (15,328,325,818 | ) | (11,024,583,994 | ) | (11,027,657,351 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(1,765,341 | ) | (1,765,827 | ) | (1,517,171 | ) | (1,517,553 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
- | - | (999 | ) | (999 | ) | ||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(63,868,033 | ) | (63,888,213 | ) | (180,975,556 | ) | (181,024,536 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(90,719 | ) | (90,751 | ) | (130,254 | ) | (130,300 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,265 | ) | (1,265 | ) | (658,263 | ) | (658,510 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(463,261 | ) | (463,480 | ) | (2,019,990 | ) | (2,020,536 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase in share activity |
105,958,198 | $ | 106,321,712 | 100,340,148 | $ | 100,411,184 | ||||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% 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, 75% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
45 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco STIC Prime Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
|
|
|
|||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
1,515,191,563 | $ | 1,515,273,645 | 1,752,564,099 | $ | 1,752,564,558 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
46,700 | 46,700 | 106,492 | 106,492 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
561 | 561 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
- | - | 32,538 | 32,538 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
281 | 281 | 342 | 342 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
182 | 182 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
36 | 36 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
4,489,681 | 4,489,681 | 7,389,194 | 7,389,194 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
11,032 | 11,032 | 25,796 | 25,796 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,832 | 2,832 | 199 | 199 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
3,278 | 3,278 | 9,022 | 9,022 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,098 | 1,098 | 3,751 | 3,751 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,140 | 1,140 | 2,606 | 2,606 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
215 | 215 | 457 | 457 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(1,851,039,089 | ) | (1,851,119,477 | ) | (1,632,583,978 | ) | (1,632,584,885 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(129,157 | ) | (129,168 | ) | (374,081 | ) | (374,082 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(48,590 | ) | (48,594 | ) | (175,789 | ) | (175,789 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(99,534 | ) | (99,535 | ) | (220,468 | ) | (220,468 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(169,247 | ) | (169,262 | ) | (377 | ) | (377 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,996 | ) | (1,996 | ) | (65,248 | ) | (65,248 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
(331,739,014 | ) | $ | (331,737,351 | ) | 126,714,555 | $ | 126,714,106 | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 97% 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. |
46 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco Treasury Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
|
|
|
|||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
182,665,163,108 | $ | 182,665,163,108 | 187,978,433,067 | $ | 187,978,433,067 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
1,486,970,970 | 1,486,970,970 | 1,261,646,363 | 1,261,646,363 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,422,880,087 | 2,422,880,087 | 1,630,224,829 | 1,630,224,829 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
861,417,932 | 861,417,932 | 2,148,188,357 | 2,148,188,357 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,819,500,275 | 1,819,500,275 | 847,847,187 | 847,847,187 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
333,477,473 | 333,477,473 | 883,852,393 | 883,852,393 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
6,641,915,581 | 6,641,915,581 | 7,123,495,519 | 7,123,495,519 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
45,062,613 | 45,062,613 | 115,324,756 | 115,324,756 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
1,524,217 | 1,524,217 | 3,080,285 | 3,080,285 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,137,800 | 2,137,800 | 2,964,198 | 2,964,198 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
3,199,903 | 3,199,903 | 8,004,739 | 8,004,739 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,117,598 | 1,117,598 | 2,800,991 | 2,800,991 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
377,525 | 377,525 | 2,341,092 | 2,341,092 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
2,642,981 | 2,642,981 | 6,377,933 | 6,377,933 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(182,211,645,772 | ) | (182,211,645,772 | ) | (189,608,509,223 | ) | (189,608,509,223 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(1,571,686,549 | ) | (1,571,686,549 | ) | (1,276,434,403 | ) | (1,276,434,403 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(2,503,448,761 | ) | (2,503,448,761 | ) | (1,390,826,499 | ) | (1,390,826,499 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(889,341,613 | ) | (889,341,613 | ) | (2,206,261,774 | ) | (2,206,261,774 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(1,528,574,340 | ) | (1,528,574,340 | ) | (789,550,639 | ) | (789,550,639 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(330,736,076 | ) | (330,736,076 | ) | (779,027,591 | ) | (779,027,591 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(5,940,044,504 | ) | (5,940,044,504 | ) | (7,168,113,590 | ) | (7,168,113,590 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
1,311,910,448 | $ | 1,311,910,448 | (1,204,142,010 | ) | $ | (1,204,142,010 | ) | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% 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, 14% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
47 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco Government & Agency Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
|
|
|
|||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
262,928,153,701 | $ | 262,928,153,701 | 201,304,629,047 | $ | 201,304,629,047 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
2,584,479,157 | 2,584,479,157 | 2,057,789,705 | 2,057,789,705 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
62,737,197 | 62,737,197 | 33,910,046 | 33,910,046 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
657,577,573 | 657,577,573 | 970,595,900 | 970,595,900 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,172,921,187 | 1,172,921,187 | 1,378,739,399 | 1,378,739,399 | ||||||||||||
|
Resource Class |
1,825,896,962 | 1,825,896,962 | 2,554,982,650 | 2,554,982,650 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
820,373,313 | 820,373,313 | 573,841,827 | 573,841,827 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
73,415,945 | 73,415,945 | 126,914,764 | 126,914,764 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
3,046,192 | 3,046,192 | 4,227,798 | 4,227,798 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
89,620 | 89,620 | 168,914 | 168,914 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
2,363,772 | 2,363,772 | 5,327,428 | 5,327,428 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,290,595 | 1,290,595 | 3,618,437 | 3,618,437 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,403,826 | 1,403,826 | 3,149,980 | 3,149,980 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
26,956 | 26,956 | 346,829 | 346,829 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(262,745,539,103 | ) | (262,745,539,103 | ) | (193,758,410,817 | ) | (193,758,410,817 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(2,538,024,638 | ) | (2,538,024,638 | ) | (1,955,184,767 | ) | (1,955,184,767 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(65,288,286 | ) | (65,288,286 | ) | (26,408,192 | ) | (26,408,192 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(593,465,577 | ) | (593,465,577 | ) | (944,272,368 | ) | (944,272,368 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(1,070,559,836 | ) | (1,070,559,836 | ) | (1,294,201,876 | ) | (1,294,201,876 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,864,768,437 | ) | (1,864,768,437 | ) | (2,609,810,219 | ) | (2,609,810,219 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(829,480,994 | ) | (829,480,994 | ) | (680,116,245 | ) | (680,116,245 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase in share activity |
426,649,125 | $ | 426,649,125 | 7,749,838,240 | $ | 7,749,838,240 | ||||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% 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, 10% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
48 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco Treasury Obligations Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
2,007,630,177 | $ | 2,007,630,177 | 902,898,047 | $ | 902,898,047 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
17,752,712 | 17,752,712 | 17,567,905 | 17,567,905 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
12,396,845 | 12,396,845 | 1,755,557 | 1,755,557 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
38,202,008 | 38,202,008 | 1,001,917 | 1,001,917 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
108,199,892 | 108,199,892 | 120,013,835 | 120,013,835 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
2,952,538 | 2,952,538 | 2,115,950 | 2,115,950 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
16,000,000 | 16,000,000 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
1,687,442 | 1,687,442 | 2,012,405 | 2,012,405 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
65,930 | 65,930 | 107,684 | 107,684 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
282 | 282 | 2,574 | 2,574 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
16,009 | 16,009 | 41,719 | 41,719 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
212,244 | 212,244 | 513,925 | 513,925 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
424 | 424 | 1,002 | 1,002 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
11,998 | 11,998 | 216 | 216 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(1,684,099,423 | ) | (1,684,099,423 | ) | (1,140,217,292 | ) | (1,140,217,292 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(12,877,560 | ) | (12,877,560 | ) | (14,276,606 | ) | (14,276,606 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(11,767,016 | ) | (11,767,016 | ) | (2,041,284 | ) | (2,041,284 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(39,771,691 | ) | (39,771,691 | ) | (2,314,616 | ) | (2,314,616 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(108,535,845 | ) | (108,535,845 | ) | (99,213,748 | ) | (99,213,748 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(2,936,447 | ) | (2,936,447 | ) | (2,078,666 | ) | (2,078,666 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(5,580,000 | ) | (5,580,000 | ) | - | - | ||||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
339,560,519 | $ | 339,560,519 | (212,109,476 | ) | $ | (212,109,476 | ) | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% 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, 49% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
49 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco Tax-Free Cash Reserve Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
310,891,005 | $ | 310,891,005 | 205,082,518 | $ | 205,082,518 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
11,295,911 | 11,295,911 | 57,208,640 | 57,208,640 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
11,189,176 | 11,189,176 | 5,818,771 | 5,818,771 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
7,389,500 | 7,389,500 | 49,844,196 | 49,844,196 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
58,297,928 | 58,297,928 | 52,342,069 | 52,342,069 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
4,102,971 | 4,102,971 | 31,003,313 | 31,003,313 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
10 | 10 | 110,000 | 110,000 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
770,263 | 770,263 | 919,230 | 919,230 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
106,524 | 106,524 | 281,127 | 281,127 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
7,119 | 7,119 | 385 | 385 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
164,121 | 164,121 | 309,533 | 309,533 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
50,307 | 50,307 | 79,513 | 79,513 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
21,121 | 21,121 | 51,611 | 51,611 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
75 | 75 | 135 | 135 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(321,704,515 | ) | (321,704,515 | ) | (172,627,076 | ) | (172,627,076 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(21,755,886 | ) | (21,755,886 | ) | (65,060,440 | ) | (65,060,440 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(10,154,592 | ) | (10,154,592 | ) | (3,287,500 | ) | (3,287,500 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(29,359,631 | ) | (29,359,631 | ) | (54,739,582 | ) | (54,739,582 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(51,528,118 | ) | (51,528,118 | ) | (46,570,715 | ) | (46,570,715 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(2,237,435 | ) | (2,237,435 | ) | (32,436,884 | ) | (32,436,884 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
- | - | (110,000 | ) | (110,000 | ) | ||||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
(32,454,146 | ) | $ | (32,454,146 | ) | 28,218,844 | $ | 28,218,844 | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% 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. |
NOTE 11–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
50 Short-Term Investments Trust
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Short-Term Investments Trust and Private Investment Class Shareholders of Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (six of the funds constituting Short-Term Investments Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. 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 Funds 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 audits 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 audits 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 audits 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 August 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Houston, Texas
October 29, 2020
We have served as the auditor of one or more of the 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.
51 Short-Term Investments Trust
Calculating your ongoing Fund expenses
Example
As a shareholder in the Private Investment Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each 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 Funds and other funds. To do so, compare this 5% hypothetical example 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. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| ACTUAL |
HYPOTHETICAL
(5% annual return before expenses) |
|||||||||||||||||||||||||||||
|
Private Investment
Class |
Beginning
Account Value (03/01/20) |
Ending
Account Value (08/31/20)1 |
Expenses
Paid During Period2 |
Ending
Account Value (08/31/20) |
Expenses
Paid During Period2 |
Annualized
Expense Ratio |
||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 1,000.00 | $ | 1,001.50 | $ | 2.21 | $ | 1,022.92 | $ | 2.24 | 0.44% | |||||||||||||||||||
|
Invesco STIC Prime Portfolio |
1,000.00 | 1,001.20 | 1.71 | 1,023.43 | 1.73 | 0.34 | ||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
1,000.00 | 1,000.50 | 1.51 | 1,023.63 | 1.53 | 0.30 | ||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
1,000.00 | 1,000.50 | 1.56 | 1,023.58 | 1.58 | 0.31 | ||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
1,000.00 | 1,000.70 | 1.56 | 1,023.58 | 1.58 | 0.31 | ||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
1,000.00 | 1,002.20 | 1.31 | 1,023.83 | 1.32 | 0.26 | ||||||||||||||||||||||||
| 1 |
The actual ending account value is based on the actual total return of the Funds for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
| 2 |
Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year. |
52 Short-Term Investments Trust
Approval of Investment Advisory and Sub-Advisory Contracts
(Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio)
At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of Short-Term Investments Trust as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of each series portfolio of Short-Term Investments Trust listed above (each, a Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and 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. and, with respect to Invesco Government & Agency Portfolio, Invesco Tax-Free Cash Reserve Portfolio and Invesco Treasury Obligations Portfolio only, separate Sub-Advisory Contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by each Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers 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 receives comparative investment performance
and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each 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 during the course of the year and in prior years 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 June 3, 2020.
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 provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and
its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board 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 also reviewed and considered information regarding the benefits to each Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to each 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 each Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit each Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing each 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 considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for each Fund, as no Affiliated Sub-Adviser currently manages assets of each Fund.
53 Short-Term Investments Trust
Invesco Liquid Assets Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the first quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco STIC Prime Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Treasury Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class
shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Government & Agency Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Treasury Obligations Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Tax-Free Cash Reserve Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of
funds in the Broadridge performance universe and against the iMoneyNet Tax-Free National Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the second quintile of its performance universe for the one and five year periods and the first quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was below the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
| C. |
Advisory and Sub-Advisory Fees and Fund Expenses |
Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio
The Board compared each Fund’s contractual management fee rate to the contractual management fee rates of funds in each Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Institutional Class shares of each Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding each Fund’s total expense ratio and its various components. The Board noted that each Fund’s total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of each Fund for the term disclosed in each Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of each Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it
54 Short-Term Investments Trust
provides to the Invesco Funds relative to certain other types of client accounts, including, among others: 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; 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.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio
The Board compared each Fund’s contractual management fee rate to the contractual management fee rates of funds in each Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Institutional Class shares of each Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding each 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 each Fund for the term disclosed in each Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of each Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. 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, among others: 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; 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.
| D. |
Economies of Scale and Breakpoints |
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Tax-Free Cash Reserve Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to each Fund. The Board noted that each Fund does not benefit from economies of scale through contractual breakpoints, but does 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 each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.
Invesco Treasury Obligations Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits 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 shares 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. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.
| E. |
Profitability and Financial Resources |
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to each Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net
profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services 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 received by Invesco Advisers and its affiliates from the relationship with each Fund, including the fees received for providing administrative, transfer agency and distribution services to each Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to each 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 each Fund.
55 Short-Term Investments Trust
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended August 31, 2020:
Federal and State
|
Income Tax |
||||||||||||
|
Long Term Capital
Gain Distributions |
Business Interest
Income* |
Qualified Dividend
Income* |
Corporate Dividends
Received Deduction* |
U.S. Treasury
Obligations* |
Tax-Exempt
Interest Dividend* |
|||||||
|
|
||||||||||||
| Invesco Liquid Assets Portfolio | $ - | 99.19% | 0.00% | 0.00% | 0.13% | 0.00% | ||||||
|
|
||||||||||||
| Invesco STIC Prime Portfolio | - | 95.76% | 0.00% | 0.00% | 0.07% | 0.00% | ||||||
|
|
||||||||||||
| Invesco Treasury Portfolio | 198,121 | 99.91% | 0.00% | 0.00% | 62.25% | 0.00% | ||||||
|
|
||||||||||||
| Invesco Government & Agency Portfolio | 31,696 | 100.00% | 0.00% | 0.00% | 24.37% | 0.00% | ||||||
|
|
||||||||||||
| Invesco Treasury Obligations Portfolio | - | 100.00% | 0.00% | 0.00% | 100.00% | 0.00% | ||||||
|
|
||||||||||||
| Invesco Tax-Free Cash Reserve Portfolio | - | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | ||||||
|
|
||||||||||||
| * |
The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year. |
|
Non-Resident Alien Shareholders |
||||||||||||||||
| Qualified Short-Term Gains | Qualified Interest Income** | |||||||||||||||
|
|
||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$29,559 | 0.00 | % | |||||||||||||
|
|
||||||||||||||||
|
Invesco STIC Prime Portfolio |
- | 0.00 | % | |||||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Portfolio |
- | 100.00 | % | |||||||||||||
|
|
||||||||||||||||
|
Invesco Government & Agency Portfolio |
- | 100.00 | % | |||||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
- | 100.00 | % | |||||||||||||
|
|
||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 0.00 | % | |||||||||||||
|
|
||||||||||||||||
| ** |
The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year. |
56 Short-Term Investments Trust
The address of each trustee and officer is Short-Term Investments Trust (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
|
Name, Year of Birth and
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 Trustee | ||||||||
|
Martin L. Flanagan1 – 1960
Trustee and Vice Chair |
2007 |
Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business
Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) |
198 | 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. |
T-1 Short-Term Investments Trust
Trustees and Officers–(continued)
| Number of | ||||||||
| Funds | Other | |||||||
|
Trustee and/or Officer |
in | Directorship(s) | ||||||
|
Name, Year of Birth and Position(s) |
Fund Complex | Held by Trustee | ||||||
| Principal Occupation(s) | Overseen by | During Past 5 | ||||||
| Held with the Trust | Since | During Past 5 Years | Trustee | Years | ||||
| Independent Trustees | ||||||||
|
Bruce L. Crockett – 1944
Trustee and Chair |
1993 |
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 |
198 |
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 | 198 |
Board member
of the Illinois Manufacturers’ Association |
||||
|
Beth Ann Brown – 1968
Trustee |
2019 |
Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds |
198 |
Director,
Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non- profit) |
||||
|
Jack M. Fields – 1952
Trustee |
1997 |
Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit)
Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives |
198 |
Member,
Board of Directors of Baylor College of Medicine |
||||
|
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP |
198 |
Resideo
Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization) |
T-2 Short-Term Investments Trust
Trustees and Officers–(continued)
| Number of | ||||||||
| Funds | Other | |||||||
|
Trustee and/or Officer |
in | Directorship(s) | ||||||
|
Name, Year of Birth and Position(s) |
Fund Complex | Held by Trustee | ||||||
| Principal Occupation(s) | Overseen by | During Past 5 | ||||||
| Held with the Trust | Since | During Past 5 Years | Trustee | Years | ||||
| Independent Trustees–(continued) | ||||||||
| 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 |
198 |
Insperity, Inc.
(formerly known as Administaff) (human resources provider) |
||||
|
Elizabeth Krentzman – 1959
Trustee |
2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management – Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management - Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 198 |
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 |
||||
|
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 | 198 |
Blue Hills Bank;
Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP |
||||
|
Prema Mathai-Davis – 1950
Trustee |
1998 |
Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute |
198 | None | ||||
|
Joel W. Motley – 1952
Trustee |
2019 |
Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of 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)); and Member of the Vestry of Trinity Church Wall Street |
198 |
Member of Board
of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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: CEO UBS Securities LLC (investment banking); COO Americas UBS AG (investment banking; Sr. Management TeamOlayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury |
198 |
Elucida Oncology
(nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing) |
||||
T-3 Short-Term Investments Trust
Trustees and Officers–(continued)
| Number of | ||||||||
| Funds | Other | |||||||
|
Trustee and/or Officer |
in | Directorship(s) | ||||||
|
Name, Year of Birth and Position(s) |
Fund Complex | Held by Trustee | ||||||
| Principal Occupation(s) | Overseen by | During Past 5 | ||||||
| Held with the Trust | Since | During Past 5 Years | Trustee | 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 and Federal Reserve Bank of Dallas |
198 | None | ||||
|
Robert C. Troccoli – 1949
Trustee |
2016 |
Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP |
198 | None | ||||
|
Daniel S. Vandivort –1954
Trustee |
2019 |
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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |
198 | None | ||||
|
James D. Vaughn – 1945
Trustee |
2019 |
Retired
Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds |
198 |
Board
member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit) |
||||
|
Christopher L. Wilson - 1957
Trustee, Vice Chair and Chair Designate |
2017 |
Retired
Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments |
198 |
EnAIble, Inc.
(technology) Formerly: ISO New England, Inc. (non-profit organization managing regional electricity market) |
||||
T-4 Short-Term Investments Trust
Trustees and Officers–(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 |
||||||
|
Officers |
||||||||||
|
Sheri Morris – 1964
President, Principal Executive Officer and Treasurer |
1999 |
Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.
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; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, 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 Officer |
2005 | Senior Vice President and Senior Officer, The Invesco Funds | N/A | N/A | ||||||
|
Jeffrey H. Kupor – 1968
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 India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC
Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc. |
N/A | N/A | ||||||
|
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.; 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 |
N/A | N/A | ||||||
T-5 Short-Term Investments Trust
Trustees and Officers–(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 |
||||||
|
Officers–(continued) |
||||||||||
|
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); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
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 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) |
N/A | N/A | ||||||
|
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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds |
N/A | N/A | ||||||
|
Kelli Gallegos – 1970
Financial Officer and Assistant Treasurer |
2008 |
Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Vice President, Invesco Advisers, Inc.
Formerly: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds |
N/A | N/A | ||||||
T-6 Short-Term Investments Trust
Trustees and Officers–(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 |
||||||
|
Officers–(continued) |
||||||||||
|
Crissie M. Wisdom – 1969
Anti-Money Laundering Compliance Officer |
2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||||
|
Todd F. Kuehl – 1969
Chief Compliance Officer |
2020 |
Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) |
N/A | N/A | ||||||
|
Michael McMaster — 1962
Chief Tax Officer, Vice President and Assistant Treasurer |
2020 |
Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, 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: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) |
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, Suite 1000 Houston, TX 77046-1173 |
Invesco Advisers, Inc.
|
Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173 |
PricewaterhouseCoopers LLP
|
|||
| Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
|
Stradley Ronon Stevens & Young, LLP
|
Goodwin Procter LLP
|
Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173 |
Bank of New York Mellon 2 Hanson Place Brooklyn, NY 11217-1431 |
|||
T-7 Short-Term Investments Trust
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 in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
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 Cash Management Alliance Services department at 800 659 1005, option 1, 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. This 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. |
|
| SEC file numbers: 811-02729 and 002-58287 | Invesco Distributors, Inc. | CM-STIT-AR-5 |
|
|
||||
|
Annual Report to Shareholders
|
August 31, 2020 | ||
|
|
||||
| Personal Investment Class | ||||
| Short-Term Investments Trust (STIT) | ||||
| Invesco Liquid Assets Portfolio | ||||
| Invesco STIC Prime Portfolio | ||||
| Invesco Treasury Portfolio | ||||
| Invesco Government & Agency Portfolio | ||||
| Invesco Treasury Obligations Portfolio | ||||
| Invesco Tax-Free Cash Reserve Portfolio | ||||
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank).
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) 659-1005 (option1) 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.
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.
Unless otherwise stated, information presented in this report is as of August 31, 2020, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
| 3 | ||||
| 5 | ||||
| 6 | ||||
| 7 | ||||
| 8 | ||||
| 32 | ||||
| 38 | ||||
| 39 | ||||
| 51 | ||||
| 52 | ||||
| 53 | ||||
| 56 | ||||
| T-1 |
2
|
Dear Shareholders: This annual report covers the fiscal year ended August 31, 2020. As always, we thank you for investing with us. By investing in a combination of short-term securities and securities with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns during the fiscal year.
Market conditions affecting money market funds The fiscal year was a tale of two markets, bifurcated in terms of overall US economic growth and financial market returns. During the first half of the fiscal year, investors witnessed a resilient |
|||
|
US economy, solid corporate earnings and a newly accommodative US Federal Reserve (the Fed), which helped propel risk assets higher, particularly equities. The second half of the fiscal year moved in the opposite direction with the onset of the coronavirus (COVID-19) disrupting travel and suppressing consumer activity. Investors became increasingly concerned about the global economy and the abrupt economic stoppage causing mass unemployment and negative GDP growth. |
||||
Against this backdrop, the Fed acted swiftly to help buffer the negative economic impact of quarantine and shelter-in-place policies and to limit the potential for permanent damage to the US economy. The Fed cut interest rates twice in March 2020, first by 0.50% and then by 1.00% to a target range of 0.00% to 0.25%.1 The central bank cited dysfunctional short-term funding markets and the possibility of greater longer-term damage to capital markets and the broader economy. Similar to its role in the 2008-2009 financial crisis, the Fed created lending facilities within the commercial paper market, supported prime money market funds directly, and purchased US Treasury bonds and agency mortgage-backed securities across the maturity spectrum. It later engaged in corporate bond purchases of both investment grade and speculative grade quality corporate debt to solidify the proper functioning of markets.
Short-term yields decreased as a result of the Fed cutting rates and adopting a Zero Interest Rate Policy (ZIRP). The ICE BofA 0-3 months US Treasury Bill Index yielded 0.10% on August 31, 2020, down 180 basis points from a year earlier.2 (A basis point is one one-hundredth of a percentage point.) The three-month US dollar LIBOR also declined 190 basis points to 0.24% over the fiscal year.2 Ten-year US Treasury yields declined 80 basis points to 0.70%.2
During the Jackson Hole Economic Symposium on August 27, 2020, the Federal Open Markets Committee and Jay Powell announced a formal strategy shift to flexible average inflation targeting. As a result, it is likely the Fed will be more tolerant of inflation above the 2% threshold while maintaining its maximum employment objective as “a broad-based and inclusive goal” and that policy decisions will be dictated by “shortfalls” from maximum employment, not just deviations.1 Powell emphasized that the latter change “reflects our view that a robust job market can be sustained without causing an outbreak of inflation” and that “employment can run at or above real-time estimates of its maximum level without causing concern.“1
Invesco Global Liquidity
For more than 35 years, Invesco Global Liquidity has worked to gain and keep the trust of our investors through our deep industry knowledge and our investment expertise. Invesco Global Liquidity’s goal is to provide our investors with a full suite of liquidity management solutions to meet their investing needs through our disciplined investment process. For Invesco Global Liquidity, safety is of paramount importance in the investment process for all our money market funds. Our conservative investment philosophy has always focused on providing safety, liquidity, and yield – in that order – to our money market fund investors. Invesco Global Liquidity is dedicated to the future of this industry – and to yours.
Again, thank you for investing with us.
Sincerely,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.
| 1 |
Source: US Federal Reserve |
| 2 |
Source: US Treasury Department |
3 Short-Term Investments Trust
|
Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. |
We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
4 Short-Term Investments Trust
|
Personal Investment Class data as of 8/31/20 |
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|
|
||||||||||||||
| FUND | WEIGHTED | WEIGHTED | TOTAL | |||||||||||
| AVERAGE | AVERAGE | NET | ||||||||||||
| MATURITY | LIFE | ASSETS | ||||||||||||
| Range | At | At | ||||||||||||
| During | Reporting | Reporting | ||||||||||||
| Reporting | Period | Period | ||||||||||||
| Period | End | End | ||||||||||||
|
Invesco Liquid Assets1 |
19 - 49 days | 39 days | 56 days | $10.3 thousand | ||||||||||
|
Invesco STIC Prime1 |
7 - 20 days | 9 days | 10 days | 395.3 thousand | ||||||||||
|
Invesco Treasury2 |
14 - 59 days | 38 days | 103 days | 281.8 million | ||||||||||
|
Invesco Government & Agency2 |
7 - 44 days | 22 days | 112 days | 13.5 million | ||||||||||
|
Invesco Treasury Obligations2 |
28 - 59 days | 54 days | 109 days | 741.7 thousand | ||||||||||
|
Invesco Tax-Free Cash Reserve3 |
7 - 15 days | 8 days | 8 days | 3.6 million | ||||||||||
Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.
| 1 |
You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. 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. |
| 2 |
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. |
| 3 |
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. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. 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. |
5 Short-Term Investments Trust
Fund Objectives and Strategies
Invesco Liquid Assets Portfolio
Invesco Liquid Assets Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests primarily in high-quality US dollar-denominated short-term debt obligations, including: (i) securities issued by the US government or its agencies; (ii) certificates of deposit and time deposits from US or foreign banks; (iii) repurchase agreements; (iv) commercial paper; and (v) municipal securities.
Invesco STIC Prime Portfolio
Invesco STIC Prime Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests in high-quality US dollar denominated obligations with maturities of 60 calendar days or less, including: (i) securities issued by the US government or its agencies; (ii) certificates of deposit and time deposits from US or foreign banks; (iii) repurchase agreements; (iv) commercial paper; and (v) municipal securities.
Invesco Treasury Portfolio
Invesco Treasury Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash, government securities, and repurchase agreements collateralized by cash or government securities. In addition, the Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in direct obligations of the US Treasury including bills, notes and bonds, and repurchase agreements secured by those obligations. In contrast to the Fund’s 99.5% policy, the Funds 80% policy does not include cash or repurchase agreements collateralized by cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government or certain of its agencies or instrumentalities; or any certificate of deposit for any of the foregoing. The Fund considers repurchase agreements with the Federal Reserve Bank of New York to be US government securities for purposes of the Fund’s investment policies.
Invesco Government & Agency Portfolio
Invesco Government & Agency Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash, government securities and repurchase agreements collateralized by cash or government securities. In addition, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested, under normal circumstances, in direct obligations of the US Treasury and other securities issued or guaranteed as to principal and interest by the US government or its agencies and instrumentalities, as well as repurchase agreements secured by those obligations. Direct obligations of the US Treasury generally include bills, notes and bonds. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash or repurchase agreements collateralized by cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government or certain of its agencies or instrumentalities, or any certificate of deposit for any
of the foregoing. The Fund considers repurchase agreements with the Federal Reserve Bank of New York to be US government securities for purposes of the Fund’s investment policies.
Invesco Treasury Obligations Portfolio
Invesco Treasury Obligations Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash and government securities. In addition, the Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in direct obligations of the US Treasury, which include Treasury bills, notes and bonds. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government. At the present time, the Fund has no current intention to invest in securities other than direct obligations of the US Treasury.
Invesco Tax-Free Cash Reserve Portfolio
Invesco Tax-Free Cash Reserve Portfolio’s investment objective is to provide tax-exempt income consistent with preservation of capital and liquidity.
The Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities that (i) pay interest that is excluded from gross income for federal income tax purposes, and (ii) do not produce income that will be considered to be an item of preference for purposes of the alternative minimum tax. While the Fund’s distributions are primarily exempt from federal income tax, a portion of the Fund’s distributions may be subject to the federal alternative minimum tax and state and local taxes.
6 Short-Term Investments Trust
| In days, as of 8/31/20 | ||||||||||||
|
|
Invesco Liquid
Assets Portfolio |
Invesco STIC
Prime Portfolio |
Invesco
Treasury Portfolio |
Invesco
Government & Agency Portfolio |
Invesco Treasury
Obligations Portfolio |
Invesco Tax-Free
Cash Reserve Portfolio |
||||||
|
1 - 7 |
41.1% | 52.9% | 37.6% | 25.9% | 3.6% | 0.9% | ||||||
|
8 - 30 |
13.2 | 30.4 | 12.4 | 16.6 | 26.0 | 95.6 | ||||||
|
31 - 60 |
10.4 | 16.7 | 9.9 | 13.6 | 21.1 | 3.3 | ||||||
|
61 - 90 |
9.6 | 0.0 | 5.1 | 9.9 | 15.6 | 0.2 | ||||||
|
91 - 180 |
17.9 | 0.0 | 18.4 | 9.9 | 20.4 | 0.0 | ||||||
|
181+ |
7.8 | 0.0 | 16.6 | 24.1 | 13.3 | 0.0 | ||||||
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the
Investment Company Act of 1940.
7 Short-Term Investments Trust
August 31, 2020
Invesco Liquid Assets Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Commercial Paper-41.89%(a) |
||||||||||||||||
|
Asset-Backed Securities - Fully Supported Bank-14.49% |
||||||||||||||||
|
Cancara Asset Securitisation LLC (CEP - Lloyds Bank LLC)(b) |
0.21% | 11/24/2020 | $ | 30,000 | $ | 29,988,100 | ||||||||||
|
|
||||||||||||||||
|
Concord Minutemen Capital Co. LLC (Multi - CEP’s)(b)(c) |
0.16% | 09/14/2020 | 50,000 | 49,999,028 | ||||||||||||
|
|
||||||||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.40% | 12/01/2020 | 25,000 | 25,011,673 | ||||||||||||
|
|
||||||||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.39% | 01/05/2021 | 16,500 | 16,508,425 | ||||||||||||
|
|
||||||||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.35% | 01/22/2021 | 5,000 | 5,002,096 | ||||||||||||
|
|
||||||||||||||||
|
Great Bridge Capital Co. LLC (CEP - Standard Chartered)(b)(c) |
0.24% | 11/09/2020 | 30,000 | 29,992,708 | ||||||||||||
|
|
||||||||||||||||
|
Great Bridge Capital Co. LLC (CEP - Standard Chartered)(b)(c) |
0.22% | 11/20/2020 | 25,000 | 24,992,350 | ||||||||||||
|
|
||||||||||||||||
|
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.33% | 02/03/2021 | 40,000 | 39,950,600 | ||||||||||||
|
|
||||||||||||||||
|
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) |
0.25% | 09/14/2020 | 30,000 | 29,998,320 | ||||||||||||
|
|
||||||||||||||||
|
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) |
0.27% | 11/03/2020 | 25,759 | 25,750,345 | ||||||||||||
|
|
||||||||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.31% | 09/02/2020 | 21,000 | 20,999,849 | ||||||||||||
|
|
||||||||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.37%-0.40% | 11/05/2020 | 55,000 | 54,984,774 | ||||||||||||
|
|
||||||||||||||||
|
Versailles Commercial Paper LLC (CEP - Natixis S.A.)(b)(c) |
0.22% | 01/05/2021 | 18,750 | 18,736,308 | ||||||||||||
|
|
||||||||||||||||
| 371,914,576 | ||||||||||||||||
|
|
||||||||||||||||
|
Diversified Banks-10.72% |
||||||||||||||||
|
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.07%) (Australia)(b)(c)(d) |
0.37% | 10/06/2020 | 10,000 | 10,001,179 | ||||||||||||
|
|
||||||||||||||||
|
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.12%) (Australia)(b)(c)(d) |
0.36% | 11/09/2020 | 20,000 | 20,006,229 | ||||||||||||
|
|
||||||||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.57% | 10/27/2020 | 25,000 | 24,995,487 | ||||||||||||
|
|
||||||||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.22% | 02/25/2021 | 30,000 | 29,978,492 | ||||||||||||
|
|
||||||||||||||||
|
HSBC Bank PLC (3 mo. USD LIBOR + 0.20%) (United Kingdom)(b)(c)(d) |
0.76% | 11/02/2020 | 20,000 | 20,007,281 | ||||||||||||
|
|
||||||||||||||||
|
Natixis S.A.(b) |
0.35% | 11/30/2020 | 5,000 | 4,997,915 | ||||||||||||
|
|
||||||||||||||||
|
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) |
0.21% | 02/16/2021 | 50,000 | 49,963,618 | ||||||||||||
|
|
||||||||||||||||
|
NRW Bank (Germany)(b)(c) |
0.11% | 09/04/2020 | 50,000 | 49,999,472 | ||||||||||||
|
|
||||||||||||||||
|
Royal Bank of Canada (SOFR + 0.40%) (Canada)(b)(c)(d) |
0.49% | 10/07/2020 | 35,000 | 35,012,225 | ||||||||||||
|
|
||||||||||||||||
|
Royal Bank of Canada (3 mo. USD LIBOR + 0.11%)(b)(c)(d) |
0.43% | 06/11/2021 | 15,000 | 15,012,191 | ||||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.10%) (Canada)(b)(c)(d) |
0.41% | 09/15/2020 | 5,000 | 5,000,298 | ||||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.09%) (Canada)(b)(c)(d) |
0.36% | 07/20/2021 | 10,000 | 10,003,086 | ||||||||||||
|
|
||||||||||||||||
| 274,977,473 | ||||||||||||||||
|
|
||||||||||||||||
|
Diversified Capital Markets-2.92% |
||||||||||||||||
|
Longship Funding LLC (CEP - Nordea Bank AB)(b)(c) |
0.17% | 10/19/2020 | 50,000 | 49,981,285 | ||||||||||||
|
|
||||||||||||||||
|
UBS AG(b)(c) |
1.85% | 01/15/2021 | 25,000 | 24,973,742 | ||||||||||||
|
|
||||||||||||||||
| 74,955,027 | ||||||||||||||||
|
|
||||||||||||||||
|
Other Diversified Financial Services-2.92% |
||||||||||||||||
|
Anglesea Funding LLC (1 mo. OBFR + 0.10%)(b)(c)(d) |
0.18% | 11/05/2020 | 25,000 | 25,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Erste Abwicklungsanstalt (Germany)(b)(c) |
0.00% | 03/01/2021 | 50,000 | 49,962,589 | ||||||||||||
|
|
||||||||||||||||
| 74,962,589 | ||||||||||||||||
|
|
||||||||||||||||
|
Regional Banks-7.41% |
||||||||||||||||
|
Banque et Caisse d’Epargne de l’Etat (Luxembourg)(b) |
1.45% | 09/10/2020 | 25,000 | 24,999,549 | ||||||||||||
|
|
||||||||||||||||
|
BNZ International Funding Ltd. (1 mo. USD LIBOR + 0.30%) (United Kingdom)(b)(c)(d) |
0.46% | 09/11/2020 | 25,000 | 25,002,485 | ||||||||||||
|
|
||||||||||||||||
|
BNZ International Funding Ltd. (1 mo. USD LIBOR + 0.27%) (United Kingdom)(b)(c)(d) |
0.44% | 10/27/2020 | 40,000 | 40,016,979 | ||||||||||||
|
|
||||||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp.(b)(c) |
0.15% | 09/03/2020 | 50,000 | 49,999,683 | ||||||||||||
|
|
||||||||||||||||
|
Svenska Handelsbanken AB (3 mo. USD LIBOR + 0.10%) (Sweden)(b)(c)(d) |
0.41% | 12/30/2020 | 50,000 | 50,022,297 | ||||||||||||
|
|
||||||||||||||||
| 190,040,993 | ||||||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Specialized Finance-3.43% |
||||||||||||||||
|
FMS Wertmanagement (Germany)(b)(c) |
0.25 | % | 12/14/2020 | $ | 50,000 | $ | 49,980,312 | |||||||||
|
|
||||||||||||||||
|
FMS Wertmanagement (Germany)(b)(c) |
0.20 | % | 03/04/2021 | 25,000 | 24,976,618 | |||||||||||
|
|
||||||||||||||||
|
Pacific Life Short Term Funding LLC(c) |
0.22 | % | 10/16/2020 | 13,000 | 12,997,409 | |||||||||||
|
|
||||||||||||||||
| 87,954,339 | ||||||||||||||||
|
|
||||||||||||||||
|
Total Commercial Paper (Cost $1,074,442,925) |
1,074,804,997 | |||||||||||||||
|
|
||||||||||||||||
|
Certificates of Deposit-16.96% |
||||||||||||||||
|
Bank of Nova Scotia (The) (Federal Funds Rate + 0.37%)(b)(d) |
0.46 | % | 09/09/2020 | 15,000 | 15,000,743 | |||||||||||
|
|
||||||||||||||||
|
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(b)(d) |
0.38 | % | 11/13/2020 | 20,000 | 20,007,396 | |||||||||||
|
|
||||||||||||||||
|
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(b)(d) |
0.45 | % | 09/18/2020 | 20,000 | 20,002,088 | |||||||||||
|
|
||||||||||||||||
|
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.16%)(b)(d) |
0.34 | % | 01/22/2021 | 15,000 | 15,010,086 | |||||||||||
|
|
||||||||||||||||
|
KBC Bank N.V.(b) |
0.10 | % | 09/03/2020 | 50,000 | 50,000,025 | |||||||||||
|
|
||||||||||||||||
|
Natixis S.A. (3 mo. USD LIBOR + 0.11%)(b)(d) |
0.41 | % | 10/02/2020 | 35,000 | 35,005,684 | |||||||||||
|
|
||||||||||||||||
|
Rabobank Nederland (Netherlands)(b) |
0.08 | % | 09/01/2020 | 120,000 | 120,000,000 | |||||||||||
|
|
||||||||||||||||
|
Sumitomo Mitsui Trust Bank Ltd.(b) |
0.10 | % | 09/03/2020 | 50,000 | 50,000,004 | |||||||||||
|
|
||||||||||||||||
|
Svenska Handelsbanken AB (3 mo. USD LIBOR + 0.10%)(b)(d) |
0.36 | % | 11/24/2020 | 20,000 | 20,007,144 | |||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (SOFR + 0.42%)(b)(d) |
0.51 | % | 09/30/2020 | 25,000 | 25,007,497 | |||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.11%)(b)(d) |
0.43 | % | 06/10/2021 | 15,000 | 15,007,518 | |||||||||||
|
|
||||||||||||||||
|
Westpac Banking Corp. (3 mo. USD LIBOR + 0.12%)(b)(d) |
0.40 | % | 07/08/2021 | 50,000 | 50,048,806 | |||||||||||
|
|
||||||||||||||||
|
Total Certificates of Deposit (Cost $435,000,000) |
435,096,991 | |||||||||||||||
|
|
||||||||||||||||
|
U.S. Dollar Denominated Bonds & Notes-6.08% |
||||||||||||||||
|
Diversified Banks-3.96% |
||||||||||||||||
|
Australia & New Zealand Banking Group Ltd. (3 mo. USD LIBOR + 0.99%) (Australia)(b)(c)(d) |
1.24 | % | 06/01/2021 | 33,400 | 33,637,550 | |||||||||||
|
|
||||||||||||||||
|
Bank of Nova Scotia (The) (Canada)(b) |
2.50 | % | 01/08/2021 | 10,103 | 10,184,337 | |||||||||||
|
|
||||||||||||||||
|
HSBC Bank PLC (United Kingdom)(b)(c) |
4.75 | % | 01/19/2021 | 47,285 | 48,085,599 | |||||||||||
|
|
||||||||||||||||
|
U.S. Bank N.A. |
2.05 | % | 10/23/2020 | 9,550 | 9,561,469 | |||||||||||
|
|
||||||||||||||||
| 101,468,955 | ||||||||||||||||
|
|
||||||||||||||||
|
Diversified Capital Markets-1.18% |
||||||||||||||||
|
UBS AG (Switzerland)(b)(c) |
2.45 | % | 12/01/2020 | 30,260 | 30,372,098 | |||||||||||
|
|
||||||||||||||||
|
Technology Hardware, Storage & Peripherals-0.94% |
||||||||||||||||
|
Apple, Inc. |
2.25 | % | 02/23/2021 | 23,971 | 24,162,301 | |||||||||||
|
|
||||||||||||||||
|
Total U.S. Dollar Denominated Bonds & Notes (Cost $155,802,618) |
156,003,354 | |||||||||||||||
|
|
||||||||||||||||
|
Variable Rate Demand Notes-2.68%(e) |
||||||||||||||||
|
Credit Enhanced-2.68% |
||||||||||||||||
|
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.28 | % | 04/01/2047 | 9,300 | 9,299,999 | |||||||||||
|
|
||||||||||||||||
|
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) |
0.18 | % | 05/01/2037 | 2,600 | 2,600,000 | |||||||||||
|
|
||||||||||||||||
|
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.05 | % | 11/01/2035 | 18,225 | 18,225,000 | |||||||||||
|
|
||||||||||||||||
|
New York (State of) Housing Finance Agency (160 Madison); Series 2013 B, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.07 | % | 11/01/2046 | 3,400 | 3,400,000 | |||||||||||
|
|
||||||||||||||||
|
New York (State of) Housing Finance Agency (455 West 37th Street Housing); Series 2007 B, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.07 | % | 05/01/2041 | 2,400 | 2,400,000 | |||||||||||
|
|
||||||||||||||||
|
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC) |
0.08 | % | 11/01/2035 | 2,900 | 2,900,000 | |||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Credit Enhanced-(continued) |
||||||||||||||||
|
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB |
0.10 | % | 08/01/2045 | $ | 30,000 | $ | 30,000,000 | |||||||||
|
|
||||||||||||||||
|
Total Variable Rate Demand Notes (Cost $68,824,999) |
68,824,999 | |||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Securities-1.95% |
||||||||||||||||
|
U.S. Treasury Bills-1.95%(a) |
||||||||||||||||
|
U.S. Treasury Bills (Cost $49,993,875) |
0.09 | % | 10/20/2020 | 50,000 | 49,993,705 | |||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-69.56%
|
1,784,724,046 | |||||||||||||||
|
|
||||||||||||||||
| Repurchase | ||||||||||||||||
| Amount | ||||||||||||||||
|
Repurchase Agreements-32.38%(g) |
||||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $100,000,556 (collateralized by U.S. government sponsored agency obligations, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic agency and non-agency asset-backed securities valued at $104,622,809; 0.00% - 7.75%; 10/14/2020 - 06/20/2070)(b) |
0.20 | % | 09/01/2020 | 30,000,167 | 30,000,000 | |||||||||||
|
|
||||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $75,000,479 (collateralized by domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $78,964,787; 0.00% - 6.69%; 10/22/2021 - 06/20/2070)(b) |
0.23 | % | 09/01/2020 | 15,000,096 | 15,000,000 | |||||||||||
|
|
||||||||||||||||
|
BMO Capital Markets Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,458 (collateralized by domestic agency and non-agency asset-backed securities, domestic and foreign corporate obligations, domestic and foreign agency and non-agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $26,041,717; 0.00% - 6.30%; 07/20/2021 - 06/20/2070)(b)(h) |
0.30 | % | 09/03/2020 | 10,000,583 | 10,000,000 | |||||||||||
|
|
||||||||||||||||
|
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/31/2020, aggregate maturing value of $200,001,111 (collateralized by foreign corporate obligations valued at $204,001,511; 0.38% - 7.69%; 01/29/2021 - 01/23/2050)(b) |
0.20 | % | 09/01/2020 | 35,000,194 | 35,000,000 | |||||||||||
|
|
||||||||||||||||
|
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/24/2020, aggregate maturing value of $155,031,000 (collateralized by foreign corporate obligations valued at $158,100,742; 0.63% - 7.69%; 01/29/2021 - 01/23/2050)(b)(h) |
0.24 | % | 09/23/2020 | 35,007,000 | 35,000,000 | |||||||||||
|
|
||||||||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,069 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic and foreign non-agency mortgage-backed securities valued at $27,500,000; 0.00% - 12.00%; 10/01/2020 - 05/25/2065)(b)(h) |
0.22 | % | 09/03/2020 | 5,000,214 | 5,000,000 | |||||||||||
|
|
||||||||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $60,002,333 (collateralized by domestic and foreign agency and non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $63,000,000; 0.60% - 7.00%; 01/25/2030 - 08/16/2060)(b)(h) |
0.20 | % | 09/03/2020 | 15,000,583 | 15,000,000 | |||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,139 (collateralized by domestic and foreign corporate obligations valued at $26,250,001; 1.38% - 4.49%; 09/15/2020 - 04/01/2050)(b) |
0.20 | % | 09/01/2020 | 15,000,083 | 15,000,000 | |||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,174 (collateralized by foreign corporate obligations and domestic agency mortgage-backed securities valued at $27,492,047; 3.00% - 7.00%; 03/17/2024 - 06/03/2050)(b) |
0.25 | % | 09/01/2020 | 10,000,069 | 10,000,000 | |||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
Investment Abbreviations:
| CEP | -Credit Enhancement Provider | |
| FHLMC | -Federal Home Loan Mortgage Corp. | |
| LIBOR | -London Interbank Offered Rate | |
| LOC | -Letter of Credit | |
| OBFR | -Overnight Bank Funding Rate | |
| RB | -Revenue Bonds | |
|
Ref. |
-Refunding | |
| SOFR | -Secured Overnight Financing Rate | |
| USD | -U.S. Dollar | |
| VRD | -Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
Notes to Schedule of Investments:
| (a) |
Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: France: 12.7%; Netherlands: 10.8%; Canada: 10.5%; Germany: 7.8%; Japan: 7.6%; United Kingdom: 6.0%; other countries less than 5% each: 21.5%. |
| (c) |
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 August 31, 2020 was $1,136,214,679, which represented 44.29% of the Fund’s Net Assets. |
| (d) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (e) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (f) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (g) |
Principal amount equals value at period end. See Note 1I. |
| (h) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (i) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (j) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (k) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco STIC Prime Portfolio
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco STIC Prime Portfolio
| Interest | Maturity | Repurchase | ||||||||||||||
| Rate | Date | Amount | Value | |||||||||||||
|
|
||||||||||||||||
|
BMO Capital Markets Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,458 (collateralized by domestic agency and non-agency asset-backed securities, domestic and foreign corporate obligations, domestic and foreign agency and non-agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $26,041,717; 0.00% - 6.30%; 07/20/2021 - 06/20/2070)(c)(h) |
0.30 | % | 09/03/2020 | $ | 5,000,292 | $ | 5,000,000 | |||||||||
|
|
||||||||||||||||
|
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/31/2020, aggregate maturing value of $200,001,111 (collateralized by foreign corporate obligations valued at $204,001,511; 0.38% - 7.69%; 01/29/2021 - 01/23/2050)(c) |
0.20 | % | 09/01/2020 | 5,000,028 | 5,000,000 | |||||||||||
|
|
||||||||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $60,002,333 (collateralized by domestic and foreign agency and non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $63,000,000; 0.60% - 7.00%; 01/25/2030 - 08/16/2060)(c)(h) |
0.20 | % | 09/03/2020 | 5,000,194 | 5,000,000 | |||||||||||
|
|
||||||||||||||||
|
Credit Suisse Securities (USA) LLC, term agreement dated 08/31/2020, maturing value of $10,000,000 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $10,498,122; 0.00% - 10.23%; 09/17/2020 - 09/15/2072)(c)(i) |
0.41 | % | 10/05/2020 | 10,000,000 | 10,000,000 | |||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,174 (collateralized by foreign corporate obligations and domestic agency mortgage-backed securities valued at $27,492,047; 3.00% - 7.00%; 03/17/2024 - 06/03/2050)(c) |
0.25 | % | 09/01/2020 | 5,000,035 | 5,000,000 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09 | % | 09/01/2020 | 28,878,759 | 28,878,687 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,753,628; 0.00% - 8.38%; 11/01/2024 - 07/30/2076)(j) |
0.28 | % | - | - | 15,000,000 | |||||||||||
|
|
||||||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 10/21/2019 (collateralized by foreign corporate obligations valued at $20,400,002; 2.38% - 2.88%; 10/17/2024 - 10/17/2029)(c)(j) |
0.21 | % | - | - | 10,000,000 | |||||||||||
|
|
||||||||||||||||
|
Mizuho Securities (USA) LLC, joint open agreement dated 06/22/2020 (collateralized by domestic and foreign equity securities valued at $82,750,005; 0.00% - 6.13%; 01/15/2022 - 12/01/2048)(c)(j) |
0.23 | % | - | - | 15,000,000 | |||||||||||
|
|
||||||||||||||||
|
RBC Capital Markets LLC, joint agreement dated 08/31/2020, aggregate maturing value of $100,000,639 (collateralized by domestic and foreign corporate obligations valued at $105,000,777; 0.77% - 10.20%; 09/18/2020 - 02/15/2060)(c) |
0.23 | % | 09/01/2020 | 10,000,064 | 10,000,000 | |||||||||||
|
|
||||||||||||||||
|
RBC Dominion Securities Inc., joint agreement dated 08/31/2020, aggregate maturing value of $1,000,002,500 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,020,000,000; 0.00% - 3.00%; 05/15/2045 - 09/01/2050) |
0.09 | % | 09/01/2020 | 30,000,075 | 30,000,000 | |||||||||||
|
|
||||||||||||||||
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, and domestic and foreign corporate obligations valued at $63,603,481; 0.28% - 12.25%; 03/09/2021 - 12/15/2072)(c)(j) |
0.26 | % | - | - | 5,000,000 | |||||||||||
|
|
||||||||||||||||
|
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 2.00% - 4.00%; 12/01/2046 - 06/01/2050) |
0.09 | % | 09/01/2020 | 30,000,075 | 30,000,000 | |||||||||||
|
|
||||||||||||||||
|
Total Repurchase Agreements (Cost $178,878,687) |
178,878,687 | |||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(k)(l)-99.70% (Cost $322,207,996) |
322,210,562 | |||||||||||||||
|
|
||||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-0.30% |
967,073 | |||||||||||||||
|
|
||||||||||||||||
|
NET ASSETS-100.00% |
$ | 323,177,635 | ||||||||||||||
|
|
||||||||||||||||
Investment Abbreviations:
| CEP | -Credit Enhancement Provider | |
| LOC | -Letter of Credit | |
| RB | -Revenue Bonds | |
| VRD | -Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco STIC Prime Portfolio
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
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 August 31, 2020 was $87,094,935, which represented 26.95% of the Fund’s Net Assets. |
| (c) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Japan: 10.2%; Netherlands: 9.3%; Switzerland: 7.7%; France: 7.4%; Canada: 6.2%; China: 5.3%; other countries less than 5% each: 14.1%. |
| (d) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (e) |
Security subject to the alternative minimum tax. |
| (f) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (g) |
Principal amount equals value at period end. See Note 1I. |
| (h) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (i) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (j) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (k) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (l) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Treasury Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Securities-59.83% |
||||||||||||||||
|
U.S. Treasury Bills-35.54%(a) |
||||||||||||||||
|
U.S. Treasury Bills |
0.13%-1.02% | 09/03/2020 | $ | 650,000 | $ | 649,985,306 | ||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 09/08/2020 | 250,000 | 249,993,194 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15%-1.77% | 09/10/2020 | 450,000 | 449,923,875 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.09%-0.14% | 09/17/2020 | 600,000 | 599,970,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 09/22/2020 | 250,000 | 249,975,208 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 09/29/2020 | 250,000 | 249,973,750 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.19% | 10/08/2020 | 250,000 | 249,952,465 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/13/2020 | 200,000 | 199,965,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18% | 10/15/2020 | 250,000 | 249,945,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.09%-0.16% | 10/20/2020 | 550,000 | 549,910,507 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.16% | 10/29/2020 | 250,000 | 249,937,570 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 11/10/2020 | 350,000 | 349,889,167 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.19% | 11/17/2020 | 250,000 | 249,898,403 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.19% | 11/24/2020 | 250,000 | 249,892,083 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.10%-0.11% | 11/27/2020 | 300,000 | 299,925,083 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 12/03/2020 | 200,000 | 199,912,167 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.16% | 12/08/2020 | 250,000 | 249,894,514 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.19% | 12/10/2020 | 250,000 | 249,871,528 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.16% | 12/15/2020 | 350,000 | 349,873,854 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 12/22/2020 | 150,000 | 149,932,333 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.11%-0.18% | 12/24/2020 | 400,000 | 399,819,500 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 12/31/2020 | 200,000 | 199,889,083 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.00% | 02/02/2021 | 200,000 | 199,905,889 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.12%-0.26% | 02/25/2021 | 400,000 | 399,631,250 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18%-0.26% | 03/25/2021 | 400,000 | 399,476,111 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 08/12/2021 | 150,000 | 149,798,749 | ||||||||||||
|
|
||||||||||||||||
| 8,047,141,589 | ||||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes-24.29% |
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) |
0.22% | 01/31/2021 | 781,000 | 780,884,897 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) |
0.24% | 04/30/2021 | 638,500 | 638,393,038 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) |
0.33% | 07/31/2021 | 500,000 | 499,984,043 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b) |
0.41% | 10/31/2021 | 450,000 | 450,408,650 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b) |
0.26% | 01/31/2022 | 500,000 | 499,763,324 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b) |
0.22% | 04/30/2022 | 544,000 | 544,467,361 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b) |
0.16% | 07/31/2022 | 400,000 | 400,010,889 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.38% | 09/30/2020 | 163,000 | 163,044,631 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.75% | 09/30/2020 | 200,000 | 200,206,633 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.63% | 10/15/2020 | 150,000 | 150,108,373 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.88% | 12/15/2020 | 155,000 | 155,432,435 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Treasury Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes-(continued) |
||||||||||||||||
|
U.S. Treasury Notes |
2.38% | 12/31/2020 | $ | 100,000 | $ | 100,271,557 | ||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.50% | 12/31/2020 | 15,000 | 15,103,869 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.00% | 01/15/2021 | 185,000 | 185,712,060 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.13% | 01/31/2021 | 254,000 | 255,858,954 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
3.63% | 02/15/2021 | 255,000 | 258,796,530 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.00% | 02/28/2021 | 25,000 | 25,202,199 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.25% | 03/31/2021 | 175,000 | 176,878,541 | ||||||||||||
|
|
||||||||||||||||
| 5,500,527,984 | ||||||||||||||||
|
|
||||||||||||||||
|
Total U.S. Treasury Securities (Cost $13,547,669,573) |
13,547,669,573 | |||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-59.83% (Cost $13,547,669,573) |
13,547,669,573 | |||||||||||||||
|
|
||||||||||||||||
|
Repurchase
Amount |
||||||||||||||||
|
Repurchase Agreements-41.92%(c) |
||||||||||||||||
|
ABN AMRO Bank N.V., agreement dated 08/31/2020, maturing value of $400,000,778 (collateralized by U.S. Treasury obligations valued at $408,000,096; 0.13% - 5.50%; 12/31/2021 - 11/15/2044) |
0.07% | 09/01/2020 | 400,000,778 | 400,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Bank of Nova Scotia, agreement dated 08/31/2020, maturing value of $500,000,972 (collateralized by U.S. Treasury obligations valued at $510,000,006; 0.00% - 8.00%; 09/01/2020 - 05/15/2048) |
0.07% | 09/01/2020 | 500,000,972 | 500,000,000 | ||||||||||||
|
|
||||||||||||||||
|
BNP Paribas Securities Corp., joint agreement dated 08/31/2020, aggregate maturing value of $1,350,002,625 (collateralized by U.S. Treasury obligations valued at $1,377,000,001; 0.13% - 6.75%; 10/31/2021 - 02/15/2050) |
0.07% | 09/01/2020 | 747,966,219 | 747,964,765 | ||||||||||||
|
|
||||||||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $1,000,091,667 (collateralized by U.S. Treasury obligations valued at $1,020,000,058; 0.00% - 3.88%; 09/08/2020 - 11/15/2048)(d) |
0.11% | 09/04/2020 | 300,027,500 | 300,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Citigroup Global Markets, Inc., term agreement dated 08/25/2020, maturing value of $300,004,083 (collateralized by U.S. Treasury obligations valued at $306,000,000; 0.00%; 02/15/2032 - 02/15/2045)(d) |
0.07% | 09/01/2020 | 300,004,083 | 300,000,000 | ||||||||||||
|
|
||||||||||||||||
|
DNB Bank ASA, agreement dated 08/31/2020, maturing value of $750,001,458 (collateralized by U.S. Treasury obligations valued at $765,000,002; 0.13% - 2.88%; 01/15/2021 - 08/15/2028) |
0.07% | 09/01/2020 | 750,001,458 | 750,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2020, maturing value of $100,000,250 (collateralized by a U.S. Treasury obligation valued at $102,000,043; 2.13%; 05/15/2022) |
0.09% | 09/01/2020 | 100,000,250 | 100,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2020, aggregate maturing value of $250,000,625 (collateralized by U.S. Treasury obligations valued at $255,138,487; 2.88%; 11/30/2023) |
0.09% | 09/01/2020 | 100,000,250 | 100,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Goldman Sachs & Co., agreement dated 08/31/2020, maturing value of $250,000,486 (collateralized by U.S. Treasury obligations valued at $255,000,021; 0.00% - 3.13%; 09/30/2020 - 08/15/2049) |
0.07% | 09/01/2020 | 250,000,486 | 250,000,000 | ||||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,026,258 (collateralized by U.S. Treasury obligations valued at $516,550,660; 2.88% - 3.75%; 08/15/2043 - 05/15/2048) |
0.09% | 09/01/2020 | 100,012,839 | 100,012,589 | ||||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,002,946 (collateralized by U.S. Treasury obligations valued at $509,939,386; 0.13% - 0.25%; 06/30/2022 - 07/15/2030) |
0.09% | 09/01/2020 | 250,001,591 | 250,000,966 | ||||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,195; 0.13% - 2.75%; 04/30/2021 - 11/15/2023)(e) |
0.07% | - | - | 630,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,230,000 (collateralized by U.S. Treasury obligations valued at $504,122,044; 2.00% - 2.63%; 12/31/2023 - 01/31/2026) |
0.18% | 10/23/2020 | 300,138,000 | 300,000,000 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Treasury Portfolio
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Principal amount equals value at period end. See Note 1I. |
| (d) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (e) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (f) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Government & Agency Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Government Sponsored Agency Securities-40.74% |
||||||||||||||||
|
Federal Farm Credit Bank (FFCB)-4.07% |
||||||||||||||||
|
Federal Farm Credit Bank |
0.25% | 09/01/2020 | $ | 68,000 | $ | 68,000,000 | ||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.25% | 09/21/2020 | 200,000 | 199,972,222 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.50% | 10/20/2020 | 35,000 | 34,976,181 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.15% | 11/16/2020 | 25,000 | 24,992,083 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.17% | 11/27/2020 | 150,000 | 149,938,375 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.40% | 01/19/2021 | 15,000 | 14,976,667 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.44% | 03/24/2021 | 150,000 | 149,626,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.10%)(a) |
0.19% | 05/07/2021 | 23,000 | 23,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.16%)(a) |
0.25% | 05/07/2021 | 55,000 | 55,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.08%)(a) |
0.17% | 06/10/2021 | 14,000 | 14,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.28%)(a) |
0.37% | 10/01/2021 | 365,000 | 365,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.10%)(a) |
0.19% | 02/22/2022 | 16,555 | 16,555,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.19%)(a) |
0.28% | 07/14/2022 | 28,000 | 28,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.15%)(a) |
0.24% | 07/28/2022 | 45,000 | 45,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.07%)(a) |
0.16% | 08/11/2022 | 108,000 | 108,000,000 | ||||||||||||
|
|
||||||||||||||||
|
1,297,036,528 |
|
|||||||||||||||
|
Federal Home Loan Bank (FHLB)-29.01% |
||||||||||||||||
|
Federal Home Loan Bank |
0.20% | 09/09/2020 | 4,659 | 4,658,793 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.16% | 09/18/2020 | 150,000 | 149,979,458 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.08%)(a) |
0.17% | 09/22/2020 | 100,000 | 100,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 09/28/2020 | 621,500 | 621,500,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
2.63% | 10/01/2020 | 15,000 | 15,027,699 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.32% | 10/02/2020 | 25,000 | 24,993,111 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 10/05/2020 | 300,000 | 299,915,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.29%-0.30% | 10/09/2020 | 350,000 | 349,891,278 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 10/15/2020 | 39,000 | 38,985,700 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) |
0.07% | 10/16/2020 | 20,000 | 20,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19% | 10/19/2020 | 10,000 | 10,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) |
0.07% | 10/20/2020 | 150,000 | 150,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12% | 10/22/2020 | 115,000 | 115,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.02%)(a) |
0.11% | 10/23/2020 | 290,000 | 290,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 10/26/2020 | 250,000 | 249,885,417 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.01%)(a) |
0.10% | 11/06/2020 | 240,000 | 240,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12% | 11/06/2020 | 90,000 | 89,999,180 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.52% | 11/09/2020 | 100,000 | 99,900,333 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.16% | 11/12/2020 | 100,000 | 99,968,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 11/13/2020 | 265,000 | 265,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.26% | 11/13/2020 | 50,000 | 49,983,778 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 11/16/2020 | 88,000 | 87,944,267 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 11/17/2020 | 160,000 | 159,897,333 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.02%)(a) |
0.11% | 11/25/2020 | 645,000 | 645,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.34% | 11/25/2020 | 304,329 | 304,084,691 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.01%)(a) |
0.10% | 12/04/2020 | 250,000 | 250,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 12/15/2020 | 185,000 | 185,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19% | 12/24/2020 | 85,000 | 85,000,000 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (FHLB)-(continued) |
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14 | % | 01/22/2021 | $ | 109,000 | $ | 109,000,000 | |||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14 | % | 01/28/2021 | 173,000 | 173,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
1.50 | % | 02/10/2021 | 5,600 | 5,598,775 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
1.38 | % | 02/18/2021 | 10,410 | 10,452,989 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12 | % | 02/19/2021 | 145,000 | 145,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.04%)(a) |
0.13 | % | 02/25/2021 | 46,000 | 46,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16 | % | 02/26/2021 | 198,000 | 198,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.45 | % | 03/08/2021 | 290,000 | 289,318,500 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.13%)(a) |
0.22 | % | 03/11/2021 | 150,000 | 150,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16 | % | 03/12/2021 | 345,000 | 345,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30 | % | 03/17/2021 | 100,000 | 99,835,833 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.11%)(a) |
0.20 | % | 03/25/2021 | 40,000 | 40,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.18 | % | 03/26/2021 | 35,500 | 35,505,652 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) |
0.16 | % | 04/09/2021 | 15,000 | 15,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) |
0.16 | % | 04/13/2021 | 77,000 | 77,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) |
0.13 | % | 04/14/2021 | 550,000 | 550,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) |
0.13 | % | 04/19/2021 | 150,000 | 150,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16 | % | 04/21/2021 | 75,000 | 75,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14 | % | 06/24/2021 | 240,000 | 240,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19 | % | 07/09/2021 | 190,000 | 190,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.08%)(a) |
0.17 | % | 07/23/2021 | 321,000 | 321,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.06%)(a) |
0.15 | % | 08/24/2021 | 100,000 | 100,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.17%)(a) |
0.26 | % | 11/12/2021 | 127,000 | 127,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.15%)(a) |
0.24 | % | 11/15/2021 | 355,000 | 355,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.13%)(a) |
0.22 | % | 08/05/2022 | 80,000 | 80,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.09%)(a) |
0.18 | % | 08/19/2022 | 315,000 | 315,000,000 | |||||||||||
|
|
||||||||||||||||
| 9,243,325,787 | ||||||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (FHLMC)-2.62% |
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) |
0.12 | % | 09/08/2020 | 24,100 | 24,100,023 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. |
1.88 | % | 11/17/2020 | 4,215 | 4,227,482 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) |
0.13 | % | 12/14/2020 | 150,000 | 150,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) |
0.12 | % | 02/19/2021 | 55,000 | 55,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.30%)(a) |
0.39 | % | 06/30/2021 | 45,000 | 45,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)(a) |
0.41 | % | 09/30/2021 | 412,000 | 412,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.31%)(a) |
0.40 | % | 01/03/2022 | 145,000 | 145,000,000 | |||||||||||
|
|
||||||||||||||||
| 835,327,505 | ||||||||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (FNMA)-3.84% |
||||||||||||||||
|
Federal National Mortgage Association |
0.25 | % | 09/23/2020 | 120,000 | 119,981,740 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association |
2.88 | % | 10/30/2020 | 12,500 | 12,548,550 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.04%)(a) |
0.13 | % | 01/29/2021 | 25,000 | 24,979,009 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.25%)(a) |
0.34 | % | 03/24/2021 | 185,000 | 185,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.21%)(a) |
0.30 | % | 07/01/2021 | 150,000 | 150,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.23%)(a) |
0.32 | % | 07/06/2021 | 156,000 | 156,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.28%)(a) |
0.37 | % | 07/06/2021 | 225,000 | 225,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.30%)(a) |
0.39 | % | 01/07/2022 | 350,000 | 350,000,000 | |||||||||||
|
|
||||||||||||||||
| 1,223,509,299 | ||||||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. (DFC)-1.20% |
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2020 | $ 116,000 | $ 116,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 06/15/2025 | 24,000 | 24,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 07/15/2025 | 26,111 | 26,111,112 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2025 | 5,000 | 5,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2026 | 5,000 | 5,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2026 | 10,000 | 10,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 08/13/2027 | 8,000 | 8,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 08/13/2027 | 4,600 | 4,600,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 02/15/2028 | 16,667 | 16,666,667 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 11/15/2028 | 75,000 | 75,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 05/15/2030 | 8,541 | 8,541,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 10/15/2030 | 8,000 | 8,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) |
0.16% | 07/09/2026 | 30,600 | 30,600,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 03/15/2030 | 43,875 | 43,875,000 | ||||||||||||
|
|
||||||||||||||||
| 381,393,779 | ||||||||||||||||
|
|
||||||||||||||||
|
Total U.S. Government Sponsored Agency Securities
|
12,980,592,898 | |||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Securities-24.86% |
||||||||||||||||
|
U.S. Treasury Bills-17.19%(c) |
||||||||||||||||
|
U.S. Treasury Bills |
0.12%-0.14% | 09/08/2020 | 700,000 | 699,981,722 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.20% | 09/10/2020 | 200,000 | 199,989,900 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 09/17/2020 | 100,000 | 99,993,778 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 09/29/2020 | 150,000 | 149,984,250 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 10/01/2020 | 135,000 | 134,981,437 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 10/06/2020 | 200,000 | 199,972,778 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.16%-0.19% | 10/08/2020 | 250,000 | 249,955,035 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/13/2020 | 670,000 | 669,884,850 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18% | 10/15/2020 | 100,000 | 99,978,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/27/2020 | 300,000 | 299,930,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/29/2020 | 800,000 | 799,806,667 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 11/03/2020 | 100,000 | 99,970,250 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 11/05/2020 | 375,000 | 374,898,438 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18% | 11/10/2020 | 250,000 | 249,912,500 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 11/12/2020 | 100,000 | 99,971,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.10% | 12/03/2020 | 150,000 | 149,961,249 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18%-0.19% | 12/10/2020 | 250,000 | 249,872,222 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
1.47% | 12/31/2020 | 100,000 | 99,511,799 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills(c)-(continued) |
|
|||||||||||||||
|
U.S. Treasury Bills |
0.17% | 01/07/2021 | $ 300,000 | $ 299,823,999 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18% | 02/25/2021 | 150,000 | 149,867,250 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 04/22/2021 | 100,000 | 99,893,208 | ||||||||||||
|
|
||||||||||||||||
| 5,478,140,332 | ||||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes-7.67% |
|
|||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(a) |
0.22% | 01/31/2021 | 445,000 | 444,928,230 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(a) |
0.24% | 04/30/2021 | 720,000 | 719,899,522 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(a) |
0.33% | 07/31/2021 | 170,000 | 170,109,131 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(a) |
0.41% | 10/31/2021 | 550,000 | 550,669,433 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(a) |
0.26% | 01/31/2022 | 25,000 | 24,994,371 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.38% | 09/15/2020 | 100,000 | 99,995,609 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.75% | 09/30/2020 | 190,000 | 190,170,394 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.75% | 10/31/2020 | 95,000 | 95,019,624 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.50% | 12/31/2020 | 25,000 | 25,173,115 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.13% | 01/31/2021 | 25,000 | 25,182,968 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
3.63% | 02/15/2021 | 25,000 | 25,371,676 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.00% | 02/28/2021 | 34,000 | 34,274,991 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.50% | 02/28/2021 | 37,000 | 37,389,483 | ||||||||||||
|
|
||||||||||||||||
| 2,443,178,547 | ||||||||||||||||
|
|
||||||||||||||||
|
Total U.S. Treasury Securities (Cost $7,921,318,879) |
7,921,318,879 | |||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-65.60%
|
20,901,911,777 | |||||||||||||||
|
|
||||||||||||||||
|
Repurchase
Amount |
||||||||||||||||
|
Repurchase Agreements-34.50%(d) |
||||||||||||||||
|
ABN AMRO Bank N.V., joint agreement dated 08/31/2020, aggregate maturing
|
0.09 | % | 09/01/2020 | 142,806,355 | 142,805,998 | |||||||||||
|
|
||||||||||||||||
|
BNP Paribas Securities Corp., agreement dated 08/31/2020, maturing value of $500,001,250 (collateralized by U.S. Treasury obligations, a U.S. government sponsored agency obligation and domestic agency mortgage-backed securities valued at $510,000,000; 0.00% - 7.00%; 09/08/2020 - 10/20/2067) |
0.09 | % | 09/01/2020 | 500,001,250 | 500,000,000 | |||||||||||
|
|
||||||||||||||||
|
BNP Paribas Securities Corp., joint agreement dated 08/31/2020, aggregate maturing value of $1,350,002,625 (collateralized by U.S. Treasury obligations valued at $1,377,000,001; 0.13% - 6.75%; 10/31/2021 - 02/15/2050) |
0.07 | % | 09/01/2020 | 547,107,491 | 547,106,427 | |||||||||||
|
|
||||||||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020,aggregate maturing value of $1,000,091,667 (collateralized by U.S. Treasury obligations valued at $1,020,000,058; 0.00% - 3.88%; 09/08/2020 - 11/15/2048)(e) |
0.11 | % | 09/04/2020 | 450,041,250 | 450,000,000 | |||||||||||
|
|
||||||||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020,aggregate maturing value of $2,355,215,875 (collateralized by domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $2,402,100,000; 0.00% - 7.63%; 09/10/2020 - 10/20/2067)(e) |
0.11 | % | 09/04/2020 | 1,640,150,333 | 1,640,000,000 | |||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest
Rate |
Maturity
Date |
Repurchase
Amount |
Value | |||||||||||||
|
Citigroup Global Markets, Inc., agreement dated 08/31/2020, maturing value of $650,001,264 (collateralized by U.S. Treasury obligations valued at $663,000,000; 0.00%; 11/15/2020 - 08/15/2050) |
0.07 | % | 09/01/2020 | $ | 650,001,264 | $ | 650,000,000 | |||||||||
|
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2020, aggregate maturing value of $250,000,625 (collateralized by U.S. Treasury obligations valued at $255,138,487; 2.88%; 11/30/2023) |
0.09 | % | 09/01/2020 | 100,000,250 | 100,000,000 | |||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,026,258 (collateralized by U.S. Treasury obligations valued at $516,550,660; 2.88% - 3.75%; 08/15/2043 - 05/15/2048) |
0.09 | % | 09/01/2020 | 200,009,092 | 200,008,592 | |||||||||||
|
ING Financial Markets, LLC, joint term agreement dated 07/23/2020, aggregate maturing value of $150,041,875 (collateralized by domestic agency mortgage-backed securities valued at $153,000,002; 2.50% - 4.50%; 04/01/2038 - 01/01/2057) |
0.15 | % | 09/28/2020 | 87,024,288 | 87,000,000 | |||||||||||
|
ING Financial Markets, LLC, joint term agreement dated 08/20/2020, aggregate maturing value of $300,026,667 (collateralized by domestic agency mortgage-backed securities valued at $306,000,000; 3.00% - 5.00%; 09/01/2042 - 06/01/2056) |
0.10 | % | 09/21/2020 | 205,018,222 | 205,000,000 | |||||||||||
|
ING Financial Markets, LLC, term agreement dated 08/05/2020, maturing value of $250,025,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 2.50% - 4.50%; 08/01/2040 - 01/01/2057)(e) |
0.12 | % | 09/04/2020 | 250,025,000 | 250,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09 | % | 09/01/2020 | 228,564,957 | 228,564,386 | |||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,002,946 (collateralized by U.S. Treasury obligations valued at $509,939,386; 0.13% - 0.25%; 06/30/2022 - 07/15/2030) |
0.09 | % | 09/01/2020 | 250,001,355 | 250,000,730 | |||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,195; 0.13% - 2.75%; 04/30/2021 - 11/15/2023)(f) |
0.07 | % | - | - | 150,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by domestic agency mortgage-backed securities and a U.S.treasury obligation valued at $510,000,087; 0.00% - 7.50%; 12/03/2020 - 09/01/2050)(f) |
0.08 | % | - | - | 350,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by domestic agency mortgage-backed securities and a U.S.treasury obligation valued at $295,800,007; 0.00% - 8.13%; 08/15/2021 - 09/01/2057)(f) |
0.12 | % | - | - | 240,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by domestic agency mortgage-backed securities and a U.S.treasury obligation valued at $408,000,043; 0.61% - 8.50%; 12/01/2020 - 02/16/2058)(f) |
0.09 | % | - | - | 275,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 0.00% - 6.00%; 09/01/2026 - 06/01/2050)(f) |
0.80 | % | - | - | 250,000,000 | |||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,230,000 (collateralized by U.S. Treasury obligations valued at $504,122,044; 2.00% - 2.63%; 12/31/2023 - 01/31/2026) |
0.18 | % | 10/23/2020 | 140,064,400 | 140,000,000 | |||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,245,000 (collateralized by U.S. Treasury obligations valued at $505,508,022; 1.63% - 2.88%; 11/15/2022 - 08/15/2028) |
0.18 | % | 10/30/2020 | 130,063,700 | 130,000,000 | |||||||||||
|
Metropolitan Life Insurance Co., joint term agreement dated 08/27/2020,aggregate maturing value of $350,014,288 (collateralized by U.S. Treasury obligations valued at $354,295,526; 0.00%; 11/15/2027 - 05/15/2046)(e) |
0.09 | % | 09/03/2020 | 170,006,094 | 170,003,119 | |||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2020,aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 0.44% - 0.88%; 10/25/2035 - 04/20/2050) |
0.09 | % | 09/01/2020 | 500,001,250 | 500,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest
Rate |
Maturity
Date |
Repurchase
Amount |
Value | |||||||||||||
|
|
||||||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/27/2020,aggregate maturing value of $1,051,268,397 (collateralized by U.S. Treasury obligations valued at $1,072,650,430; 2.00%; 04/30/2024)(e) |
0.09 | % | 09/03/2020 | $ | 452,045,411 | $ | 452,037,500 | |||||||||
|
|
||||||||||||||||
|
Prudential Insurance Co. of America, agreement dated 08/31/2020, maturing value of $592,485,396 (collateralized by U.S. Treasury obligations valued at $609,319,750; 0.00%; 02/15/2026 - 11/15/2043) |
0.10 | % | 09/01/2020 | 592,485,396 | 592,483,750 | |||||||||||
|
|
||||||||||||||||
|
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2020, maturing value of $42,500,118 (collateralized by a U.S. Treasury obligation valued at $43,521,000; 0.00%; 08/15/2033) |
0.10 | % | 09/01/2020 | 42,500,118 | 42,500,000 | |||||||||||
|
|
||||||||||||||||
|
RBC Capital Markets LLC, joint term agreement dated 08/31/2020, aggregate maturing value of $1,250,000,000 (collateralized by U.S. Treasury obligations, U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and a foreign corporate obligation valued at $1,275,000,249; 0.00% - 8.00%; 09/01/2020 - 08/20/2065)(a)(e) |
0.14 | % | 11/02/2020 | 920,000,000 | 920,000,000 | |||||||||||
|
|
||||||||||||||||
|
RBC Dominion Securities Inc., joint agreement dated 08/31/2020, aggregate maturing value of $1,000,002,500 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,020,000,000; 0.00% - 3.00%; 05/15/2045 - 09/01/2050) |
0.09 | % | 09/01/2020 | 534,963,985 | 534,962,648 | |||||||||||
|
|
||||||||||||||||
|
Societe Generale, joint open agreement dated 08/05/2020 (collateralized by U.S. Treasury obligations valued at $1,530,000,000; 0.00% - 8.13%; 09/10/2020 - 02/15/2050)(f) |
0.07 | % | - | - | 320,000,000 | |||||||||||
|
|
||||||||||||||||
|
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 2.00% - 4.00%; 12/01/2046 - 06/01/2050) |
0.09 | % | 09/01/2020 | 173,100,767 | 173,100,334 | |||||||||||
|
|
||||||||||||||||
|
Wells Fargo Securities, LLC, agreement dated 08/31/2020, maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50% - 3.00%; 12/20/2049 - 01/20/2050) |
0.09 | % | 09/01/2020 | 500,001,250 | 500,000,000 | |||||||||||
|
|
||||||||||||||||
|
Total Repurchase Agreements (Cost $10,990,573,484) |
10,990,573,484 | |||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(g)-100.10%
|
31,892,485,261 | |||||||||||||||
|
|
||||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(0.10)% |
(30,408,073 | ) | ||||||||||||||
|
|
||||||||||||||||
|
NET ASSETS-100.00% |
$ | 31,862,077,188 | ||||||||||||||
|
|
||||||||||||||||
Investment Abbreviations:
| LIBOR | -London Interbank Offered Rate | |
| SOFR | -Secured Overnight Financing Rate | |
| USD | -U.S. Dollar | |
| VRD | -Variable Rate Demand |
Notes to Schedule of Investments:
| (a) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (b) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (d) |
Principal amount equals value at period end. See Note 1I. |
| (e) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (f) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (g) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Treasury Obligations Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Securities-103.09% |
|
|||||||||||||||
|
U.S. Treasury Bills-88.36%(a) |
|
|||||||||||||||
|
U.S. Treasury Bills |
0.09%-0.14% | 09/01/2020 | $61,500 | $ | 61,500,000 | |||||||||||
|
U.S. Treasury Bills |
0.09%-1.02% | 09/03/2020 | 36,717 | 36,716,511 | ||||||||||||
|
U.S. Treasury Bills |
0.08%-0.14% | 09/08/2020 | 80,100 | 80,098,539 | ||||||||||||
|
U.S. Treasury Bills |
0.15%-1.78% | 09/10/2020 | 35,000 | 34,996,031 | ||||||||||||
|
U.S. Treasury Bills |
0.09%-0.11% | 09/15/2020 | 60,000 | 59,997,822 | ||||||||||||
|
U.S. Treasury Bills |
0.14%-0.18% | 09/17/2020 | 60,000 | 59,995,411 | ||||||||||||
|
U.S. Treasury Bills |
0.08%-0.19% | 09/22/2020 | 67,200 | 67,195,449 | ||||||||||||
|
U.S. Treasury Bills |
0.16% | 09/24/2020 | 20,000 | 19,998,019 | ||||||||||||
|
U.S. Treasury Bills |
0.10%-0.14% | 09/29/2020 | 40,000 | 39,996,889 | ||||||||||||
|
U.S. Treasury Bills |
0.10%-0.17% | 10/01/2020 | 53,980 | 53,973,710 | ||||||||||||
|
U.S. Treasury Bills |
0.15%-1.63% | 10/08/2020 | 57,000 | 56,983,304 | ||||||||||||
|
U.S. Treasury Bills |
0.10% | 10/13/2020 | 4,900 | 4,899,428 | ||||||||||||
|
U.S. Treasury Bills |
0.14%-0.18% | 10/15/2020 | 45,000 | 44,991,713 | ||||||||||||
|
U.S. Treasury Bills |
0.09% | 10/20/2020 | 35,000 | 34,995,713 | ||||||||||||
|
U.S. Treasury Bills |
0.12%-0.15% | 10/22/2020 | 30,000 | 29,994,546 | ||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/27/2020 | 20,000 | 19,995,333 | ||||||||||||
|
U.S. Treasury Bills |
0.11%-0.16% | 10/29/2020 | 60,000 | 59,987,554 | ||||||||||||
|
U.S. Treasury Bills |
0.17% | 11/03/2020 | 5,000 | 4,998,513 | ||||||||||||
|
U.S. Treasury Bills |
0.10%-0.15% | 11/05/2020 | 60,000 | 59,987,361 | ||||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 11/10/2020 | 25,000 | 24,992,417 | ||||||||||||
|
U.S. Treasury Bills |
0.11%-0.16% | 11/12/2020 | 46,000 | 45,988,940 | ||||||||||||
|
U.S. Treasury Bills |
0.19% | 11/17/2020 | 5,000 | 4,997,968 | ||||||||||||
|
U.S. Treasury Bills |
0.11% | 11/19/2020 | 30,000 | 29,993,088 | ||||||||||||
|
U.S. Treasury Bills |
0.19% | 11/24/2020 | 10,000 | 9,995,683 | ||||||||||||
|
U.S. Treasury Bills |
0.10%-0.16% | 11/27/2020 | 32,000 | 31,990,648 | ||||||||||||
|
U.S. Treasury Bills |
0.11% | 12/01/2020 | 15,000 | 14,995,829 | ||||||||||||
|
U.S. Treasury Bills |
0.17% | 12/03/2020 | 40,000 | 39,986,777 | ||||||||||||
|
U.S. Treasury Bills |
0.16% | 12/08/2020 | 15,000 | 14,993,671 | ||||||||||||
|
U.S. Treasury Bills |
0.18%-0.19% | 12/10/2020 | 20,000 | 19,989,826 | ||||||||||||
|
U.S. Treasury Bills |
0.16% | 12/15/2020 | 20,000 | 19,992,563 | ||||||||||||
|
U.S. Treasury Bills |
0.19% | 12/17/2020 | 10,000 | 9,994,501 | ||||||||||||
|
U.S. Treasury Bills |
0.15% | 12/22/2020 | 7,000 | 6,996,842 | ||||||||||||
|
U.S. Treasury Bills |
0.11%-0.18% | 12/24/2020 | 40,000 | 39,982,979 | ||||||||||||
|
U.S. Treasury Bills |
0.17% | 12/31/2020 | 10,000 | 9,994,454 | ||||||||||||
|
U.S. Treasury Bills |
0.17% | 01/07/2021 | 10,000 | 9,994,133 | ||||||||||||
|
U.S. Treasury Bills |
0.15% | 01/14/2021 | 13,000 | 12,992,931 | ||||||||||||
|
U.S. Treasury Bills |
0.13% | 01/21/2021 | 5,000 | 4,997,436 | ||||||||||||
|
U.S. Treasury Bills |
0.13%-1.44% | 01/28/2021 | 26,000 | 25,953,326 | ||||||||||||
|
U.S. Treasury Bills |
0.12% | 02/11/2021 | 10,000 | 9,994,567 | ||||||||||||
|
U.S. Treasury Bills |
0.12% | 02/18/2021 | 8,000 | 7,995,467 | ||||||||||||
|
U.S. Treasury Bills |
0.12%-0.18% | 02/25/2021 | 27,000 | 26,982,595 | ||||||||||||
|
U.S. Treasury Bills |
0.00% | 03/04/2021 | 10,000 | 9,994,186 | ||||||||||||
|
U.S. Treasury Bills |
0.14% | 04/22/2021 | 5,000 | 4,995,470 | ||||||||||||
|
U.S. Treasury Bills |
0.18% | 05/20/2021 | 5,000 | 4,993,366 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Treasury Obligations Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
Amount (000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills(a)-(continued) |
||||||||||||||||
|
U.S. Treasury Bills |
0.16 | % | 07/15/2021 | $ | 7,000 | $ | 6,990,446 | |||||||||
|
|
||||||||||||||||
| 1,282,071,955 | ||||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes-14.73% |
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) |
0.22 | % | 01/31/2021 | 17,000 | 16,996,155 | |||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) |
0.24 | % | 04/30/2021 | 7,000 | 6,999,931 | |||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) |
0.33 | % | 07/31/2021 | 15,000 | 14,996,429 | |||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b) |
0.41 | % | 10/31/2021 | 36,500 | 36,520,468 | |||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b) |
0.26 | % | 01/31/2022 | 30,000 | 29,971,602 | |||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b) |
0.22 | % | 04/30/2022 | 55,000 | 55,026,658 | |||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b) |
0.16 | % | 07/31/2022 | 12,000 | 12,000,271 | |||||||||||
|
U.S. Treasury Notes |
2.00 | % | 09/30/2020 | 15,000 | 15,004,363 | |||||||||||
|
U.S. Treasury Notes |
1.75 | % | 10/31/2020 | 13,000 | 13,002,685 | |||||||||||
|
U.S. Treasury Notes |
2.00 | % | 01/15/2021 | 3,000 | 3,018,863 | |||||||||||
|
U.S. Treasury Notes |
2.25 | % | 03/31/2021 | 10,000 | 10,107,345 | |||||||||||
|
|
||||||||||||||||
| 213,644,770 | ||||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES-103.09% (Cost $1,495,716,725) |
|
1,495,716,725 | ||||||||||||||
|
|
||||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(3.09)% |
(44,822,921 | ) | ||||||||||||||
|
|
||||||||||||||||
|
NET ASSETS-100.00% |
$ | 1,450,893,804 | ||||||||||||||
|
|
||||||||||||||||
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Tax-Free Cash Reserve Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Municipal Obligations-99.85% |
||||||||||||||||
|
Alabama-4.40% |
||||||||||||||||
|
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(a)(b)(c) |
0.12% | 07/01/2040 | $8,805 | $ 8,805,000 | ||||||||||||
|
|
||||||||||||||||
|
Arizona-2.81% |
||||||||||||||||
|
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)(b) |
0.08% | 06/15/2031 | 2,685 | 2,685,000 | ||||||||||||
|
|
||||||||||||||||
|
Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD RB (CEP - FNMA)(b) |
0.08% | 06/15/2031 | 2,945 | 2,945,000 | ||||||||||||
|
|
||||||||||||||||
| 5,630,000 | ||||||||||||||||
|
|
||||||||||||||||
|
California-1.30% |
||||||||||||||||
|
California (State of) Educational Facilities Authority; Series 2020, Commercial Paper Notes |
0.11% | 10/01/2020 | 2,600 | 2,600,000 | ||||||||||||
|
|
||||||||||||||||
|
Colorado-0.60% |
||||||||||||||||
|
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.19% | 02/01/2031 | 1,190 | 1,190,000 | ||||||||||||
|
|
||||||||||||||||
|
Delaware-2.03% |
||||||||||||||||
|
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 09/01/2036 | 2,780 | 2,780,000 | ||||||||||||
|
|
||||||||||||||||
|
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.10% | 05/01/2036 | 1,280 | 1,280,000 | ||||||||||||
|
|
||||||||||||||||
| 4,060,000 | ||||||||||||||||
|
|
||||||||||||||||
|
District of Columbia-3.38% |
||||||||||||||||
|
District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 08/15/2038 | 245 | 245,000 | ||||||||||||
|
|
||||||||||||||||
|
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.07% | 10/01/2039 | 6,525 | 6,525,000 | ||||||||||||
|
|
||||||||||||||||
| 6,770,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Florida-5.16% |
||||||||||||||||
|
Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.09% | 06/01/2048 | 910 | 910,000 | ||||||||||||
|
|
||||||||||||||||
|
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.16% | 11/01/2036 | 2,725 | 2,725,000 | ||||||||||||
|
|
||||||||||||||||
|
Palm Beach (County of), FL (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.09% | 07/01/2032 | 2,400 | 2,400,000 | ||||||||||||
|
|
||||||||||||||||
|
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.07% | 07/01/2037 | 4,280 | 4,280,000 | ||||||||||||
|
|
||||||||||||||||
| 10,315,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Georgia-4.20% |
||||||||||||||||
|
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)(a)(b)(c) |
0.08% | 11/01/2030 | 2,590 | 2,590,000 | ||||||||||||
|
|
||||||||||||||||
|
Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer);
|
0.08% | 01/01/2030 | 2,420 | 2,420,000 | ||||||||||||
|
Series 2010 A, Ref. VRD PCR (LOC - Bank of Montreal)(b)(c) |
0.14 | % | 01/01/2036 | 3,000 | 3,000,000 | |||||||||||
|
|
||||||||||||||||
|
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000,VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.19% | 09/01/2020 | 400 | 400,000 | ||||||||||||
|
|
||||||||||||||||
| 8,410,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Illinois-4.49% |
||||||||||||||||
|
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) |
0.07% | 12/01/2046 | 5,755 | 5,755,000 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Illinois-(continued) |
||||||||||||||||
|
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.08% | 01/01/2037 | $2,230 | $ 2,230,000 | ||||||||||||
|
|
||||||||||||||||
|
Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)(b)(c) |
0.08% | 10/01/2033 | 1,000 | 1,000,000 | ||||||||||||
|
|
||||||||||||||||
| 8,985,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Indiana-8.69% |
||||||||||||||||
|
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.14% | 08/01/2037 | 5,750 | 5,750,000 | ||||||||||||
|
|
||||||||||||||||
|
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)(a)(b)(c) |
0.18% | 06/01/2035 | 8,000 | 8,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Purdue University; Series 2011 A, VRD COP(b) |
0.06% | 07/01/2035 | 3,635 | 3,635,000 | ||||||||||||
|
|
||||||||||||||||
| 17,385,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Louisiana-1.75% |
||||||||||||||||
|
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c) |
0.08% | 07/01/2047 | 3,505 | 3,505,000 | ||||||||||||
|
|
||||||||||||||||
|
Maryland-4.71% |
||||||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority; Series 2020 B, Commercial Paper Notes |
0.22% | 09/09/2020 | 4,800 | 4,800,000 | ||||||||||||
|
|
||||||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 04/01/2035 | 2,015 | 2,015,000 | ||||||||||||
|
|
||||||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical); Series 2008E, VRD RB (LOC - Bank of Montreal)(a)(b)(c) |
0.03% | 07/01/2041 | 2,600 | 2,600,000 | ||||||||||||
|
|
||||||||||||||||
| 9,415,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Massachusetts-2.17% |
||||||||||||||||
|
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 10/01/2038 | 2,830 | 2,830,000 | ||||||||||||
|
|
||||||||||||||||
|
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank N.A.)(b)(c) |
0.07% | 01/01/2037 | 1,500 | 1,500,000 | ||||||||||||
|
|
||||||||||||||||
| 4,330,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Michigan-4.51% |
||||||||||||||||
|
Kent (County of), MI Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c) |
0.10% | 01/15/2026 | 2,005 | 2,005,000 | ||||||||||||
|
|
||||||||||||||||
|
Michigan State University Board of Trustees; |
||||||||||||||||
|
Series 2000 A-1, VRD RB(b) |
0.10% | 08/15/2030 | 3,000 | 3,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Series 2001 A-2, VRD RB(b) |
0.10% | 08/15/2030 | 1,010 | 1,010,000 | ||||||||||||
|
|
||||||||||||||||
|
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.08% | 03/01/2031 | 3,000 | 3,000,000 | ||||||||||||
|
|
||||||||||||||||
| 9,015,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Minnesota-5.48% |
||||||||||||||||
|
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)(b) |
0.16% | 10/15/2033 | 1,175 | 1,175,000 | ||||||||||||
|
|
||||||||||||||||
|
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(b) |
0.08% | 11/01/2035 | 6,505 | 6,505,000 | ||||||||||||
|
|
||||||||||||||||
|
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)(b) |
0.08% | 10/01/2033 | 3,285 | 3,285,000 | ||||||||||||
|
|
||||||||||||||||
| 10,965,000 | ||||||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Mississippi-3.95% |
||||||||||||||||
|
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); |
||||||||||||||||
|
Series 2007 A, VRD IDR(b) |
0.03% | 12/01/2030 | $ 60 | $ 60,000 | ||||||||||||
|
|
||||||||||||||||
|
Series 2010 C, VRD IDR(b) |
0.08% | 12/01/2030 | 585 | 585,000 | ||||||||||||
|
|
||||||||||||||||
|
Series 2010 E, VRD IDR(b) |
0.08% | 12/01/2030 | 6,250 | 6,250,000 | ||||||||||||
|
|
||||||||||||||||
|
Series 2010 C, VRD IDR(b) |
0.08% | 12/01/2030 | 1,000 | 1,000,000 | ||||||||||||
|
|
||||||||||||||||
| 7,895,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Missouri-0.59% |
||||||||||||||||
|
Bridgeton (City of), MO IDA (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)(b)(c) |
0.08% | 11/01/2037 | 615 | 615,000 | ||||||||||||
|
|
||||||||||||||||
|
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)(b)(c) |
0.14% | 08/01/2038 | 565 | 565,000 | ||||||||||||
|
|
||||||||||||||||
| 1,180,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Nevada-0.75% |
||||||||||||||||
|
Reno (City of), NV (Renown Regional Medical Center); Series 2009 A, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.08% | 06/01/2039 | 1,500 | 1,500,000 | ||||||||||||
|
|
||||||||||||||||
|
New York-4.46% |
||||||||||||||||
|
New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)(a)(b)(c) |
0.06% | 05/01/2039 | 2,500 | 2,500,000 | ||||||||||||
|
|
||||||||||||||||
|
New York (State of) Housing Finance Agency (222 East 44th Street Housing); |
||||||||||||||||
|
Series 2015 A, VRD RB (LOC - Bank of China Ltd.)(a)(b)(c) |
0.10% | 05/01/2050 | 6,100 | 6,100,000 | ||||||||||||
|
|
||||||||||||||||
|
Series 2016 A, VRD RB (LOC - Bank of China Ltd.)(a)(b)(c) |
0.09% | 05/01/2050 | 330 | 330,000 | ||||||||||||
|
|
||||||||||||||||
| 8,930,000 | ||||||||||||||||
|
|
||||||||||||||||
|
North Carolina-4.39% |
||||||||||||||||
|
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB(b) |
0.05% | 06/01/2027 | 1,285 | 1,285,000 | ||||||||||||
|
|
||||||||||||||||
|
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(b) |
0.07% | 12/01/2021 | 2,520 | 2,520,000 | ||||||||||||
|
|
||||||||||||||||
|
Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.04% | 05/01/2036 | 4,970 | 4,970,000 | ||||||||||||
|
|
||||||||||||||||
| 8,775,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Ohio-1.46% |
||||||||||||||||
|
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)(b)(c) |
0.09% | 08/02/2038 | 2,925 | 2,925,000 | ||||||||||||
|
|
||||||||||||||||
|
Pennsylvania-4.85% |
||||||||||||||||
|
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 06/01/2037 | 4,305 | 4,305,000 | ||||||||||||
|
|
||||||||||||||||
|
Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)(a)(b)(c) |
0.07% | 03/01/2030 | 1,990 | 1,990,000 | ||||||||||||
|
|
||||||||||||||||
|
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 10/15/2025 | 385 | 385,000 | ||||||||||||
|
|
||||||||||||||||
|
Ridley School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 11/01/2029 | 305 | 305,000 | ||||||||||||
|
|
||||||||||||||||
|
Westmoreland (County of), PA Industrial Development Authority (Excela Health); Series 2005 A, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 07/01/2027 | 2,725 | 2,725,000 | ||||||||||||
|
|
||||||||||||||||
| 9,710,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Rhode Island-2.10% |
||||||||||||||||
|
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB(b) |
0.07% | 09/01/2043 | 4,200 | 4,200,000 | ||||||||||||
|
|
||||||||||||||||
|
Texas-10.73% |
||||||||||||||||
|
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.12% | 02/15/2042 | 4,720 | 4,720,000 | ||||||||||||
|
|
||||||||||||||||
|
Houston (City of), TX; Series 2020 E-2, Commercial Paper Notes |
0.16% | 10/02/2020 | 4,000 | 4,000,000 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Texas-(continued) |
||||||||||||||||
|
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.08% | 05/15/2034 | $1,500 | $ 1,500,000 | ||||||||||||
|
|
||||||||||||||||
|
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.11% | 04/01/2026 | 2,320 | 2,320,000 | ||||||||||||
|
|
||||||||||||||||
|
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)(b) |
0.14% | 05/01/2042 | 2,860 | 2,860,000 | ||||||||||||
|
|
||||||||||||||||
|
Texas A&M University System Board of Regents; Series 2020 B, Commercial Paper Notes |
0.18% | 11/04/2020 | 400 | 400,000 | ||||||||||||
|
|
||||||||||||||||
|
University of Texas System Board of Regents; |
||||||||||||||||
|
Series 2008 B, VRD RB(b) |
0.06% | 08/01/2025 | 4,665 | 4,665,000 | ||||||||||||
|
|
||||||||||||||||
|
Series 2020 A, Commercial Paper Notes |
0.22% | 09/03/2020 | 1,000 | 1,000,000 | ||||||||||||
|
|
||||||||||||||||
| 21,465,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Virginia-1.90% |
||||||||||||||||
|
Norfolk (City of), VA; Series 2007, VRD GO Bonds(b) |
0.09% | 08/01/2037 | 3,800 | 3,800,000 | ||||||||||||
|
|
||||||||||||||||
|
Washington-4.32% |
||||||||||||||||
|
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)(b)(c) |
0.07% | 09/01/2049 | 4,550 | 4,550,000 | ||||||||||||
|
|
||||||||||||||||
|
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)(b)(c) |
0.07% | 11/01/2047 | 4,085 | 4,085,000 | ||||||||||||
|
|
||||||||||||||||
| 8,635,000 | ||||||||||||||||
|
|
||||||||||||||||
|
West Virginia-3.14% |
||||||||||||||||
|
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)(b)(c) |
0.10% | 07/01/2039 | 845 | 845,000 | ||||||||||||
|
|
||||||||||||||||
|
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hosp, Inc.); Series 2008 B, Ref. VRD RB (LOC - Branch Banking & Trust Co.)(b)(c) |
0.14% | 01/01/2034 | 5,435 | 5,435,000 | ||||||||||||
|
|
||||||||||||||||
| 6,280,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Wisconsin-1.53% |
||||||||||||||||
|
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)(b)(c) |
0.09% | 10/01/2042 | 3,060 | 3,060,000 | ||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(d)(e)-99.85% (Cost $199,735,000) |
199,735,000 | |||||||||||||||
|
|
||||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-0.15% |
308,127 | |||||||||||||||
|
|
||||||||||||||||
|
NET ASSETS-100.00% |
$200,043,127 | |||||||||||||||
|
|
||||||||||||||||
|
Investment Abbreviations: |
||
|
CEP |
- Credit Enhancement Provider | |
|
COP |
- Certificates of Participation | |
|
FHLB |
- Federal Home Loan Bank | |
|
FHLMC |
- Federal Home Loan Mortgage Corp. | |
|
FNMA |
- Federal National Mortgage Association | |
|
GO |
- General Obligation | |
|
IDR |
- Industrial Development Revenue Bonds | |
|
LOC |
- Letter of Credit | |
|
PCR |
- Pollution Control Revenue Bonds | |
|
RB |
- Revenue Bonds | |
|
Ref. |
- Refunding | |
|
VRD |
- Variable Rate Demand | |
|
YMCA |
- Young Men’s Christian Association | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
| (a) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 8.8%; Japan: 5.3%; other countries less than 5% each: 11.6%. |
| (b) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (d) |
Also represents cost for federal income tax purposes. |
| (e) |
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
| Entities | Percentage | |||
|
|
||||
|
JPMorgan Chase Bank N.A. |
6.7% | |||
|
|
||||
|
Wells Fargo Bank N.A. |
6.6 | |||
|
|
||||
|
Federal Home Loan Bank |
6.4 | |||
|
|
||||
|
Federal Home Loan Mortgage Corp. |
6.3 | |||
|
|
||||
|
TD Bank N.A. |
6.2 | |||
|
|
||||
|
PNC Bank N.A. |
5.7 | |||
|
|
||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 Short-Term Investments Trust
Statements of Assets and Liabilities
August 31, 2020
| Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco Treasury | Invesco Government | Obligations | Cash Reserve | |||||||||||||||||||
| Assets Portfolio | Prime Portfolio | Portfolio | & Agency Portfolio | Portfolio | Portfolio | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Assets: |
||||||||||||||||||||||||
|
Investments in securities, at value |
$ | 1,784,724,046 | $ | 143,331,875 | $ | 13,547,669,573 | $ | 20,901,911,777 | $ | 1,495,716,725 | $ | 199,735,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Repurchase agreements, at value and cost |
830,572,324 | 178,878,687 | 9,491,478,726 | 10,990,573,484 | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash |
33,603,197 | - | - | - | 37,054 | 61,208 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Receivable for: |
||||||||||||||||||||||||
|
Investments sold |
- | 900,000 | - | - | - | 315,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest |
1,056,194 | 20,964 | 9,417,821 | 7,237,160 | 346,690 | 23,497 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Fund expenses absorbed |
- | 5,056 | - | 115,182 | 5,041 | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Investment for trustee deferred compensation and retirement plans |
3,644,669 | 1,008,721 | 2,164,080 | 987,082 | 118,706 | 356,729 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Other assets |
124,772 | 219,614 | 217,359 | 1,247,838 | 37,133 | 91,265 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total assets |
2,653,725,202 | 324,364,917 | 23,050,947,559 | 31,902,072,523 | 1,496,261,349 | 200,582,699 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Liabilities: |
||||||||||||||||||||||||
|
Payable for: |
||||||||||||||||||||||||
|
Investments purchased |
83,707,955 | - | 399,847,556 | - | 44,984,634 | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Amount due custodian |
- | 12,463 | 1,795,459 | 35,860,836 | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Dividends |
254,769 | 4,367 | 843,269 | 1,321,007 | 48,847 | 1,671 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Accrued fees to affiliates |
131,522 | 32,780 | 2,066,942 | 1,515,523 | 140,517 | 101,988 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Accrued trustees’ and officers’ fees and benefits |
14,771 | 7,700 | 62,856 | 97,276 | 9,975 | 7,064 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Accrued operating expenses |
73,996 | 50,032 | 426,940 | 44,482 | 53,713 | 47,638 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Trustee deferred compensation and retirement plans |
3,930,281 | 1,079,940 | 2,415,132 | 1,156,211 | 129,859 | 381,211 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total liabilities |
88,113,294 | 1,187,282 | 407,458,154 | 39,995,335 | 45,367,545 | 539,572 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net assets applicable to shares outstanding |
$ | 2,565,611,908 | $ | 323,177,635 | $ | 22,643,489,405 | $ | 31,862,077,188 | $ | 1,450,893,804 | $ | 200,043,127 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net assets consist of: |
||||||||||||||||||||||||
|
Shares of beneficial interest |
$ | 2,564,796,446 | $ | 322,403,496 | $ | 22,642,905,919 | $ | 31,862,059,097 | $ | 1,450,989,544 | $ | 200,167,173 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Distributable earnings (loss) |
815,462 | 774,139 | 583,486 | 18,091 | (95,740 | ) | (124,046 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
| $ | 2,565,611,908 | $ | 323,177,635 | $ | 22,643,489,405 | $ | 31,862,077,188 | $ | 1,450,893,804 | $ | 200,043,127 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net Assets: |
||||||||||||||||||||||||
|
Institutional Class |
$ | 2,558,430,270 | $ | 320,753,104 | $ | 19,215,805,324 | $ | 30,259,135,986 | $ | 1,370,210,399 | $ | 150,996,969 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
$ | 3,541,763 | $ | 1,276,217 | $ | 422,827,568 | $ | 582,081,907 | $ | 14,423,866 | $ | 10,134,533 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
$ | 10,252 | $ | 395,347 | $ | 281,818,329 | $ | 13,529,921 | $ | 741,749 | $ | 3,583,850 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
$ | 2,947,071 | $ | 503,834 | $ | 371,957,560 | $ | 431,476,231 | $ | 340,627 | $ | 5,489,875 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
$ | 278,241 | $ | 105,438 | $ | 581,684,073 | $ | 401,437,716 | $ | 54,584,982 | $ | 26,823,422 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Resource Class |
$ | 365,645 | $ | 122,593 | $ | 635,713,393 | $ | 143,147,544 | $ | 150,056 | $ | 3,004,200 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
$ | 38,666 | $ | 21,102 | $ | 1,133,683,158 | $ | 31,267,883 | $ | 10,442,125 | $ | 10,278 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 Short-Term Investments Trust
Statements of Assets and Liabilities–(continued)
August 31, 2020
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 Short-Term Investments Trust
Statements of Operations
For the year ended August 31, 2020
| Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco Treasury | Invesco Government | Obligations | Cash Reserve | |||||||||||||||||||
| Assets Portfolio | Prime Portfolio | Portfolio | & Agency Portfolio | Portfolio | Portfolio | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Investment income: |
||||||||||||||||||||||||
|
Interest |
$ | 34,284,787 | $ | 6,257,216 | $ | 203,953,802 | $ | 316,385,027 | $ | 12,665,627 | $ | 2,133,528 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Expenses: |
||||||||||||||||||||||||
|
Advisory fees |
3,579,174 | 698,375 | 29,385,396 | 31,594,396 | 1,616,131 | 450,697 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Administrative services fees |
1,063,769 | 209,751 | 8,705,596 | 14,279,270 | 553,117 | 100,713 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Custodian fees |
39,456 | 10,394 | 684,345 | (696,813 | ) | 6,675 | 4,469 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Distribution fees: |
||||||||||||||||||||||||
|
Private Investment Class |
11,697 | 3,966 | 1,423,815 | 1,818,484 | 27,185 | 37,931 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
56 | 2,327 | 1,943,548 | 114,195 | 1,812 | 12,104 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
5,877 | 418 | 298,824 | 265,250 | 4,655 | 16,154 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
2,496 | 1,632 | 3,330,130 | 3,232,492 | 474,354 | 218,276 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Resource Class |
729 | 197 | 1,016,902 | 300,798 | 643 | 5,138 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
68 | 6 | 92,017 | 19,425 | 1,901 | 3 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Transfer agent fees |
214,750 | 41,902 | 1,763,124 | 2,843,496 | 111,702 | 20,281 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Trustees’ and officers’ fees and benefits |
52,165 | 26,612 | 246,372 | 353,199 | 33,779 | 23,278 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Registration and filing fees |
85,059 | 89,032 | 158,643 | 223,526 | 82,407 | 98,838 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reports to shareholders |
23,125 | 16,105 | 71,876 | (81,108 | ) | 18,221 | 15,403 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Professional services fees |
44,905 | 37,263 | 110,574 | (141,868 | ) | 39,486 | 36,199 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Other |
109,541 | 63,375 | 266,443 | (198,642 | ) | 47,091 | 14,246 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total expenses |
5,232,867 | 1,201,355 | 49,497,605 | 53,926,100 | 3,019,159 | 1,053,730 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Less: Fees waived |
(918,298 | ) | (358,636 | ) | (9,124,214 | ) | (2,008,756 | ) | (444,885 | ) | (454,859 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net expenses |
4,314,569 | 842,719 | 40,373,391 | 51,917,344 | 2,574,274 | 598,871 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net investment income |
29,970,218 | 5,414,497 | 163,580,411 | 264,467,683 | 10,091,353 | 1,534,657 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Realized and unrealized gain (loss) from: |
||||||||||||||||||||||||
|
Net realized gain (loss) from investment securities |
(15,623 | ) | 78 | 139,394 | (189,477 | ) | (57,411 | ) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Change in net unrealized appreciation (depreciation) of investment securities |
45,074 | (41,714 | ) | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net realized and unrealized gain (loss) |
29,451 | (41,636 | ) | 139,394 | (189,477 | ) | (57,411 | ) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
$ | 29,999,669 | $ | 5,372,861 | $ | 163,719,805 | $ | 264,278,206 | $ | 10,033,942 | $ | 1,534,657 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 Short-Term Investments Trust
Statements of Changes in Net Assets
For the years ended August 31, 2020 and 2019
| Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 29,970,218 | $ | 54,795,839 | $ | 5,414,497 | $ | 12,099,439 | ||||||||
|
|
|
|
|
|
||||||||||||
|
Net realized gain (loss) |
(15,623 | ) | 29,559 | 78 | 723 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Change in net unrealized appreciation (depreciation) |
45,074 | (26,913 | ) | (41,714 | ) | (10,820 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
29,999,669 | 54,798,485 | 5,372,861 | 12,089,342 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(29,817,713 | ) | (54,388,381 | ) | (5,392,900 | ) | (12,042,840 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(36,868 | ) | (107,595 | ) | (11,032 | ) | (26,438 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(74 | ) | (199 | ) | (2,832 | ) | (8,858 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(107,505 | ) | (248,909 | ) | (5,280 | ) | (14,390 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(1,504 | ) | (5,872 | ) | (1,098 | ) | (3,794 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
(3,570 | ) | (20,589 | ) | (1,140 | ) | (2,658 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(2,984 | ) | (24,294 | ) | (215 | ) | (461 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Total distributions from distributable earnings |
(29,970,218 | ) | (54,795,839 | ) | (5,414,497 | ) | (12,099,439 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
114,142,968 | 100,799,791 | (331,356,151 | ) | 127,368,867 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(1,176,345 | ) | (1,144,582 | ) | (71,436 | ) | (241,794 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
- | (984 | ) | (45,201 | ) | (175,590 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(6,335,509 | ) | 3,104,748 | (96,257 | ) | (178,908 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(24,329 | ) | (115,774 | ) | (167,883 | ) | 3,716 | |||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
2,906 | (632,819 | ) | (674 | ) | (62,642 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(287,979 | ) | (1,599,196 | ) | 251 | 457 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
106,321,712 | 100,411,184 | (331,737,351 | ) | 126,714,106 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets |
106,351,163 | 100,413,830 | (331,778,987 | ) | 126,704,009 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
2,459,260,745 | 2,358,846,915 | 654,956,622 | 528,252,613 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
End of year |
$ | 2,565,611,908 | $ | 2,459,260,745 | $ | 323,177,635 | $ | 654,956,622 | ||||||||
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 Short-Term Investments Trust
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
| Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 163,580,411 | $ | 484,811,474 | $ | 264,467,683 | $ | 518,471,634 | ||||||||
|
|
|
|
|
|
||||||||||||
|
Net realized gain (loss) |
139,394 | 204,798 | (189,477 | ) | 224,974 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
163,719,805 | 485,016,272 | 264,278,206 | 518,696,608 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(146,246,982 | ) | (438,858,990 | ) | (254,196,609 | ) | (491,630,206 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(3,446,279 | ) | (9,738,598 | ) | (4,200,784 | ) | (8,737,051 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(2,137,800 | ) | (3,312,891 | ) | (89,620 | ) | (207,870 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(3,199,903 | ) | (8,499,805 | ) | (2,683,953 | ) | (7,669,515 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(1,117,598 | ) | (3,008,307 | ) | (1,290,595 | ) | (3,929,202 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
(4,967,684 | ) | (13,201,572 | ) | (1,599,458 | ) | (4,570,537 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(2,664,191 | ) | (8,191,311 | ) | (439,777 | ) | (1,727,253 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Total distributions from distributable earnings |
(163,780,437 | ) | (484,811,474 | ) | (264,500,796 | ) | (518,471,634 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
498,579,949 | (1,514,751,400 | ) | 256,030,543 | 7,673,132,994 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(83,191,362 | ) | (11,707,755 | ) | 49,500,711 | 106,832,736 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(78,430,874 | ) | 242,362,528 | (2,461,469 | ) | 7,670,768 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(24,723,778 | ) | (50,068,678 | ) | 66,475,768 | 31,650,960 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
292,043,533 | 61,097,539 | 103,651,946 | 88,155,960 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
3,118,922 | 107,165,894 | (37,467,649 | ) | (51,677,589 | ) | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
704,514,058 | (38,240,138 | ) | (9,080,725 | ) | (105,927,589 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
1,311,910,448 | (1,204,142,010 | ) | 426,649,125 | 7,749,838,240 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets |
1,311,849,816 | (1,203,937,212 | ) | 426,426,535 | 7,750,063,214 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
21,331,639,589 | 22,535,576,801 | 31,435,650,653 | 23,685,587,439 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
End of year |
$ | 22,643,489,405 | $ | 21,331,639,589 | $ | 31,862,077,188 | $ | 31,435,650,653 | ||||||||
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 Short-Term Investments Trust
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
| Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||||||||||
|
|
|
|
|
|||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 10,091,353 | $ | 25,841,669 | $ | 1,534,657 | $ | 2,660,015 | ||||||||
|
|
|
|
|
|
||||||||||||
|
Net realized gain (loss) |
(57,411 | ) | 17,726 | - | - | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
10,033,942 | 25,859,395 | 1,534,657 | 2,660,015 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(9,782,969 | ) | (25,123,428 | ) | (1,172,112 | ) | (1,816,364 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(65,930 | ) | (111,394 | ) | (106,524 | ) | (305,352 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(898 | ) | (3,844 | ) | (7,119 | ) | (2,466 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(16,009 | ) | (41,719 | ) | (177,298 | ) | (395,402 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(212,244 | ) | (557,964 | ) | (50,307 | ) | (80,976 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
(1,150 | ) | (3,101 | ) | (21,222 | ) | (59,305 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(12,153 | ) | (219 | ) | (75 | ) | (150 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Total distributions from distributable earnings |
(10,091,353 | ) | (25,841,669 | ) | (1,534,657 | ) | (2,660,015 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
325,218,196 | (235,306,840 | ) | (10,043,247 | ) | 33,374,672 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
4,941,082 | 3,398,983 | (10,353,451 | ) | (7,570,673 | ) | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
630,111 | (283,153 | ) | 1,041,703 | 2,531,656 | |||||||||||
|
Cash Management Class |
(1,553,674 | ) | (1,270,980 | ) | (21,806,010 | ) | (4,585,853 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(123,709 | ) | 21,314,012 | 6,820,117 | 5,850,867 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
16,515 | 38,286 | 1,886,657 | (1,381,960 | ) | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
10,431,998 | 216 | 85 | 135 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
339,560,519 | (212,109,476 | ) | (32,454,146 | ) | 28,218,844 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets |
339,503,108 | (212,091,750 | ) | (32,454,146 | ) | 28,218,844 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
1,111,390,696 | 1,323,482,446 | 232,497,273 | 204,278,429 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
End of year |
$1,450,893,804 | $1,111,390,696 | $200,043,127 | $232,497,273 | ||||||||||||
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37 Short-Term Investments Trust
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
Personal Investment Class
| Ratio of | Ratio of | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net gains | expenses | expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (losses) | to average | to average net | Ratio of net | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset | on securities | Dividends | Distributions | net assets | assets without | investment | ||||||||||||||||||||||||||||||||||||||||||||||
| value, | Net | (both | Total from | from net | from net | Net asset | Net assets, | with fee waivers | fee waivers | income | ||||||||||||||||||||||||||||||||||||||||||
| beginning | investment | realized and | investment | investment | realized | Total | value, end | Total | end of period | and/or expense | and/or expense | to average | ||||||||||||||||||||||||||||||||||||||||
| of period | income(a) | unrealized) | operations | income | gains | distributions | of period | return(b) | (000’s omitted) | reimbursements | reimbursements | net assets | ||||||||||||||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
$1.0004 | $0.0081 | $(0.0008 | ) | $0.0073 | $(0.0071 | ) | $ | - | $(0.0071 | ) | $1.0006 | 0.74 | % | $ | 10 | 0.64%(c) | 0.77%(c) | 0.80%(c) | |||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.0004 | 0.0182 | 0.0000 | 0.0182 | (0.0182 | ) | - | (0.0182 | ) | 1.0004 | 1.83 | 10 | 0.73 | 0.77 | 1.82 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.0002 | 0.0118 | (0.0011 | ) | 0.0107 | (0.0105 | ) | - | (0.0105 | ) | 1.0004 | 1.07 | 11 | 0.73 | 0.78 | 1.18 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.0019 | 0.0019 | 0.0038 | (0.0031 | ) | (0.0005 | ) | (0.0036 | ) | 1.0002 | 0.35 | 11 | 0.50 | 0.81 | 0.19 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.07 | 29,249 | 0.40 | 0.90 | 0.09 | |||||||||||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.0001 | 0.0075 | (0.0012 | ) | 0.0063 | (0.0064 | ) | - | (0.0064 | ) | 1.0000 | 0.65 | 395 | 0.59(c) | 0.81(c) | 0.75(c) | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.0001 | 0.0171 | 0.0001 | 0.0172 | (0.0172 | ) | - | (0.0172 | ) | 1.0001 | 1.73 | 441 | 0.73 | 0.80 | 1.71 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.0000 | 0.0100 | (0.0002 | ) | 0.0098 | (0.0097 | ) | - | (0.0097 | ) | 1.0001 | 0.99 | 616 | 0.73 | 0.82 | 1.00 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.0042 | (0.0010 | ) | 0.0032 | (0.0032 | ) | - | (0.0032 | ) | 1.0000 | 0.32 | 611 | 0.38 | 0.82 | 0.42 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.15 | 117,475 | 0.26 | 0.92 | 0.14 | |||||||||||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | (0.00 | ) | (0.01 | ) | 1.00 | 0.56 | 281,818 | 0.55(c) | 0.76(c) | 0.49(c) | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 1.64 | 360,256 | 0.73 | 0.76 | 1.63 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.83 | 117,875 | 0.71 | 0.75 | 0.84 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.20 | 140,236 | 0.50 | 0.75 | 0.20 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.07 | 122,822 | 0.22 | 0.90 | 0.09 | |||||||||||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | (0.00 | ) | (0.01 | ) | 1.00 | 0.58 | 13,530 | 0.50(c) | 0.70(c) | 0.50(c) | |||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 1.66 | 15,992 | 0.71 | 0.71 | 1.65 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.84 | 8,321 | 0.68 | 0.70 | 0.82 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.23 | 21,129 | 0.49 | 0.70 | 0.24 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.09 | 7,507 | 0.21 | 0.87 | 0.12 | |||||||||||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.56 | 742 | 0.37(c) | 0.75(c) | 0.65(c) | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | - | (0.02 | ) | 1.00 | 1.62 | 112 | 0.73 | 0.76 | 1.60 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.82 | 395 | 0.71 | 0.76 | 0.81 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.21 | 48 | 0.25 | 0.77 | 0.41 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.09 | 2,608 | 0.17 | 1.08 | 0.08 | |||||||||||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/20 |
1.00 | 0.00 | - | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.41 | 3,584 | 0.48(c) | 0.89(c) | 0.47(c) | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/19 |
1.00 | 0.01 | - | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.83 | 2,542 | 0.75 | 0.90 | 0.83 | |||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/18 |
1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.54 | 10 | 0.60 | 0.93 | 0.61 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.33 | 2,006 | 0.44 | 0.92 | 0.32 | ||||||||||||||||||||||||||||||||||||
|
Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.05 | 2,397 | 0.15 | 1.03 | 0.07 | |||||||||||||||||||||||||||||||||||||
| (a) |
Calculated using average shares outstanding. |
| (b) |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
| (c) |
Ratios are based on average daily net assets (000’s omitted) of $10, $423, $353,372, $20,763, $329 and $2,201 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 Short-Term Investments Trust
August 31, 2020
NOTE 1–Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.
Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.
Each 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.
Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio, both institutional money market funds, price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).
Invesco Liquid Assets Portfolio determines its NAV per share multiple times each day.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, seek 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. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
| A. |
Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments. |
Securities for which market quotations 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.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’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.
Each 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 of each Fund’s investments.
| B. |
Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements 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 gain
39 Short-Term Investments Trust
(loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements 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 Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.
| C. |
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. |
Distributions - It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
| E. |
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, Invesco Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt interest dividends”, as defined in the Internal Revenue Code.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. |
Expenses - Fees provided for under the 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. |
| G. |
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) 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, each 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. |
| H. |
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote. |
| I. |
Repurchase Agreements – The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
| J. |
LIBOR Risk - Certain Funds may invest in instruments that use or may use a floating reference rate based on LIBOR. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As a result, any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. Industry initiatives are underway to identify alternative reference rates; however, there is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; and/or costs incurred in connection with closing out positions and entering into new agreements. These effects could occur prior to the end of 2021 as the utility of LIBOR as a reference rate could deteriorate during the transition period. |
| K. |
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 |
40 Short-Term Investments Trust
|
instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Funds may not be able to recover its investment in such issuer from the U.S. Government. |
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund’s investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.
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, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:
| First | Next | Over | ||||
| $250 million | $250 million | $500 million | ||||
|
Invesco Liquid Assets Portfolio |
0.15% | 0.15% | 0.15% | |||
|
Invesco STIC Prime Portfolio |
0.15% | 0.15% | 0.15% | |||
|
Invesco Treasury Portfolio |
0.15% | 0.15% | 0.15% | |||
|
Invesco Government & Agency Portfolio |
0.10% | 0.10% | 0.10% | |||
|
Invesco Treasury Obligations Portfolio |
0.20% | 0.15% | 0.10% | |||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% | 0.20% | 0.20% |
For the year ended August 31, 2020, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:
|
Invesco Liquid Assets Portfolio |
0.15 | % | ||
|
Invesco STIC Prime Portfolio |
0.15 | % | ||
|
Invesco Treasury Portfolio |
0.15 | % | ||
|
Invesco Government & Agency Portfolio |
0.10 | % | ||
|
Invesco Treasury Obligations Portfolio |
0.13 | % | ||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20 | % |
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, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, 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 Funds, 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 each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least December 31, 2020, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Private | Personal | Cash | ||||||||||||
| Institutional | Investment | Investment | Management | Reserve | Resource | Corporate | ||||||||
| Class | Class | Class | Class | Class | Class | Class | ||||||||
|
Invesco Liquid Assets Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.38% | 0.21% | |||||||
|
Invesco STIC Prime Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
Invesco Treasury Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
Invesco Government & Agency Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
Invesco Treasury Obligations Portfolio |
0.18% | 0.43% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% | 0.45% | 0.75% | 0.28% | 1.07% | 0.36% | 0.23% |
The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.
41 Short-Term Investments Trust
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 the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2020. 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 August 31, 2020, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:
|
|
Expense
Limitation |
|||
|
Invesco Liquid Assets Portfolio |
$ | 916,953 | ||
|
Invesco STIC Prime Portfolio |
354,758 | |||
|
Invesco Treasury Portfolio |
6,130,127 | |||
|
Invesco Government & Agency Portfolio |
- | |||
|
Invesco Treasury Obligations Portfolio |
274,586 | |||
|
Invesco Tax-Free Cash Reserve Portfolio |
311,174 | |||
Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.
Voluntary fee waivers for the year ended August 31, 2020 are shown below:
| Private | Personal | Cash | ||||||||||||||||||||||||||
| Investment | Investment | Management | Reserve | Resource | Corporate | |||||||||||||||||||||||
| Fund Level | Class | Class | Class | Class | Class | Class | ||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | - | $ | 733 | $ | 9 | $ | - | $ | 582 | $ | 21 | $ | - | ||||||||||||||
|
Invesco STIC Prime Portfolio |
2,018 | 887 | 573 | 71 | 287 | 41 | 1 | |||||||||||||||||||||
|
Invesco Treasury Portfolio |
- | 417,235 | 624,782 | 18,501 | 1,713,928 | 216,249 | 3,392 | |||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
- | 456,411 | 41,926 | 18,079 | 1,450,150 | 42,117 | 73 | |||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
- | 7,598 | 1,200 | 217 | 161,180 | 41 | 63 | |||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
33,144 | 8,664 | 5,729 | 2,215 | 92,327 | 1,605 | 1 | |||||||||||||||||||||
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the year ended August 31, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the year ended August 31, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.
| Private | Personal | Cash | ||||||||||
| Investment | Investment | Management | Reserve | Resource | Corporate | |||||||
| Class | Class | Class | Class | Class | Class | |||||||
|
Invesco Liquid Assets Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.20% | 0.03% | ||||||
|
Invesco STIC Prime Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
Invesco Treasury Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
Invesco Government & Agency Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
Invesco Treasury Obligations Portfolio |
0.25% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.25% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% |
The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
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
42 Short-Term Investments Trust
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 each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of August 31, 2020, all of the securities in each 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–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the year ended August 31, 2020, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains | ||||||||
|
Invesco Liquid Assets Portfolio |
$ 93,743,593 | $ 149,731,882 | $- | |||||||
|
Invesco STIC Prime Portfolio |
49,203,977 | 45,363,263 | - | |||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
248,610,783 | 242,669,996 | - | |||||||
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
NOTE 6–Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.
NOTE 7–Distributions to Shareholders and Tax Components of Net Assets
|
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2020 and 2019 |
||||||||||||||||||||
| 2020 | 2019 | |||||||||||||||||||
|
Ordinary
Income* |
Ordinary
Income-Tax- Exempt |
Long-Term
Capital Gains |
Ordinary
Income* |
Ordinary
Income-Tax- Exempt |
||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 29,970,218 | $ | - | $ | - | $ | 54,795,839 | $ | - | ||||||||||
|
Invesco STIC Prime Portfolio |
5,414,497 | - | - | 12,099,439 | - | |||||||||||||||
|
Invesco Treasury Portfolio |
163,582,316 | - | 198,121 | 484,811,474 | - | |||||||||||||||
|
Invesco Government & Agency Portfolio |
264,469,100 | - | 31,696 | 518,471,634 | - | |||||||||||||||
|
Invesco Treasury Obligations Portfolio |
10,091,353 | - | - | 25,841,669 | - | |||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 1,534,657 | - | - | 2,660,015 | |||||||||||||||
| * |
Includes short-term capital gain distributions, if any. |
43 Short-Term Investments Trust
|
Tax Components of Net Assets at Period-End: |
||||||||||||||||||||||||
|
Undistributed
Ordinary Income |
Undistributed
Tax-Exempt Income |
Temporary
Book/Tax Differences |
Net
Investments |
Capital Loss
Carryforwards |
Shares of
Beneficial Interest |
Total Net Assets |
||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$3,354,188 | $ | - | $ | (3,182,732 | ) | $ | 659,629 | $ | (15,623 | ) | $2,564,796,446 | $ | 2,565,611,908 | ||||||||||
|
Invesco STIC Prime Portfolio |
1,639,256 | - | (867,683 | ) | 2,566 | - | 322,403,496 | 323,177,635 | ||||||||||||||||
|
Invesco Treasury Portfolio |
2,573,305 | - | (1,973,847 | ) | (15,972 | ) | - | 22,642,905,919 | 22,643,489,405 | |||||||||||||||
|
Invesco Government & Agency Portfolio |
1,162,580 | - | (955,013 | ) | - | (189,476 | ) | 31,862,059,097 | 31,862,077,188 | |||||||||||||||
|
Invesco Treasury Obligations Portfolio |
91,628 | - | (104,172 | ) | (23,691 | ) | (59,505 | ) | 1,450,989,544 | 1,450,893,804 | ||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 200,772 | (305,726 | ) | - | (19,092 | ) | 200,167,173 | 200,043,127 | |||||||||||||||
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds’ net unrealized appreciation (depreciation) differences are attributable primarily to wash sales.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Funds’ temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have a capital loss carryforward as of August 31, 2020, as follows:
| Fund |
Not Subject to
Expiration |
Total* | ||||||
|
Invesco Liquid Assets Portfolio |
$ | 15,623 | $ | 15,623 | ||||
|
Invesco Government & Agency Portfolio |
189,476 | 189,476 | ||||||
|
Invesco Treasury Obligations Portfolio |
59,505 | 59,505 | ||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
19,092 | 19,092 | ||||||
| * |
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 8–Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:
| At August 31, 2020 | ||||||||||||||||
| Net | ||||||||||||||||
| Unrealized | ||||||||||||||||
| Federal | Unrealized | Unrealized | Appreciation | |||||||||||||
| Tax Cost* | Appreciation | (Depreciation) | (Depreciation) | |||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 2,614,636,741 | $ | 676,866 | $ | (17,237 | ) | $ | 659,629 | |||||||
|
Invesco STIC Prime Portfolio |
322,207,996 | 2,599 | (33 | ) | 2,566 | |||||||||||
|
Invesco Treasury Portfolio |
23,039,164,271 | - | (15,972 | ) | (15,972 | ) | ||||||||||
|
Invesco Treasury Obligations Portfolio |
1,495,740,416 | - | (23,691 | ) | (23,691 | ) | ||||||||||
| * |
For Invesco Treasury Portfolio and Invesco Treasury Obligations Portfolio, cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end. For Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Government & Agency Portfolio and Invesco Tax-Free Cash Reserve Portfolio, cost of investments are the same for tax and financial reporting purposes. |
NOTE 9–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of distributions and taxable income, on August 31, 2020, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and shares of beneficial interest. These reclassifications had no effect on the net assets.
| Undistributed Net | Undistributed Net | Shares of | ||||||||||
| Investment Income (Loss) | Realized Gain (Loss) | Beneficial Interest | ||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 29,559 | $ | (29,559 | ) | $ | - | |||||
|
Invesco STIC Prime Portfolio |
2,359 | (2,359 | ) | - | ||||||||
|
Invesco Treasury Portfolio |
114,461 | (153,462 | ) | 39,001 | ||||||||
|
Invesco Government & Agency Portfolio |
(1,417 | ) | 1,417 | - | ||||||||
|
Invesco Treasury Obligations Portfolio |
- | - | - | |||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | - | - | |||||||||
44 Short-Term Investments Trust
NOTE 10–Share Information
Invesco Liquid Assets Portfolio
| Summary of Share Activity | ||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
15,429,264,962 | $ | 15,436,049,996 | 11,115,059,561 | $ | 11,118,203,826 | ||||||||||
|
Private Investment Class |
556,769 | 556,939 | 286,881 | 286,945 | ||||||||||||
|
Cash Management Class |
57,447,877 | 57,471,129 | 183,906,129 | 183,953,776 | ||||||||||||
|
Reserve Class |
64,898 | 64,918 | 8,652 | 8,654 | ||||||||||||
|
Resource Class |
601 | 601 | 5,100 | 5,102 | ||||||||||||
|
Corporate Class |
172,360 | 172,517 | 396,987 | 397,046 | ||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
6,416,422 | 6,418,790 | 10,250,841 | 10,253,316 | ||||||||||||
|
Private Investment Class |
32,532 | 32,543 | 86,006 | 86,026 | ||||||||||||
|
Personal Investment Class |
- | - | 15 | 15 | ||||||||||||
|
Cash Management Class |
81,549 | 81,575 | 175,461 | 175,508 | ||||||||||||
|
Reserve Class |
1,504 | 1,504 | 5,870 | 5,872 | ||||||||||||
|
Resource Class |
3,570 | 3,570 | 20,583 | 20,589 | ||||||||||||
|
Corporate Class |
2,984 | 2,984 | 24,289 | 24,294 | ||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(15,321,899,211 | ) | (15,328,325,818 | ) | (11,024,583,994 | ) | (11,027,657,351 | ) | ||||||||
|
Private Investment Class |
(1,765,341 | ) | (1,765,827 | ) | (1,517,171 | ) | (1,517,553 | ) | ||||||||
|
Personal Investment Class |
- | - | (999 | ) | (999 | ) | ||||||||||
|
Cash Management Class |
(63,868,033 | ) | (63,888,213 | ) | (180,975,556 | ) | (181,024,536 | ) | ||||||||
|
Reserve Class |
(90,719 | ) | (90,751 | ) | (130,254 | ) | (130,300 | ) | ||||||||
|
Resource Class |
(1,265 | ) | (1,265 | ) | (658,263 | ) | (658,510 | ) | ||||||||
|
Corporate Class |
(463,261 | ) | (463,480 | ) | (2,019,990 | ) | (2,020,536 | ) | ||||||||
|
Net increase in share activity |
105,958,198 | $ | 106,321,712 | 100,340,148 | $ | 100,411,184 | ||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% 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, 75% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
45 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco STIC Prime Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) |
|
2019 | ||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
1,515,191,563 | $ | 1,515,273,645 | 1,752,564,099 | $ | 1,752,564,558 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
46,700 | 46,700 | 106,492 | 106,492 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
561 | 561 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
- | - | 32,538 | 32,538 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
281 | 281 | 342 | 342 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
182 | 182 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
36 | 36 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
4,489,681 | 4,489,681 | 7,389,194 | 7,389,194 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
11,032 | 11,032 | 25,796 | 25,796 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,832 | 2,832 | 199 | 199 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
3,278 | 3,278 | 9,022 | 9,022 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,098 | 1,098 | 3,751 | 3,751 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,140 | 1,140 | 2,606 | 2,606 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
215 | 215 | 457 | 457 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(1,851,039,089 | ) | (1,851,119,477 | ) | (1,632,583,978 | ) | (1,632,584,885 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(129,157 | ) | (129,168 | ) | (374,081 | ) | (374,082 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(48,590 | ) | (48,594 | ) | (175,789 | ) | (175,789 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(99,534 | ) | (99,535 | ) | (220,468 | ) | (220,468 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(169,247 | ) | (169,262 | ) | (377 | ) | (377 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,996 | ) | (1,996 | ) | (65,248 | ) | (65,248 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
(331,739,014 | ) | $ | (331,737,351 | ) | 126,714,555 | $ | 126,714,106 | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 97% 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. |
46 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco Treasury Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
182,665,163,108 | $ | 182,665,163,108 | 187,978,433,067 | $ | 187,978,433,067 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
1,486,970,970 | 1,486,970,970 | 1,261,646,363 | 1,261,646,363 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,422,880,087 | 2,422,880,087 | 1,630,224,829 | 1,630,224,829 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
861,417,932 | 861,417,932 | 2,148,188,357 | 2,148,188,357 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,819,500,275 | 1,819,500,275 | 847,847,187 | 847,847,187 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
333,477,473 | 333,477,473 | 883,852,393 | 883,852,393 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
6,641,915,581 | 6,641,915,581 | 7,123,495,519 | 7,123,495,519 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
45,062,613 | 45,062,613 | 115,324,756 | 115,324,756 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
1,524,217 | 1,524,217 | 3,080,285 | 3,080,285 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,137,800 | 2,137,800 | 2,964,198 | 2,964,198 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
3,199,903 | 3,199,903 | 8,004,739 | 8,004,739 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,117,598 | 1,117,598 | 2,800,991 | 2,800,991 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
377,525 | 377,525 | 2,341,092 | 2,341,092 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
2,642,981 | 2,642,981 | 6,377,933 | 6,377,933 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(182,211,645,772 | ) | (182,211,645,772 | ) | (189,608,509,223 | ) | (189,608,509,223 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(1,571,686,549 | ) | (1,571,686,549 | ) | (1,276,434,403 | ) | (1,276,434,403 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(2,503,448,761 | ) | (2,503,448,761 | ) | (1,390,826,499 | ) | (1,390,826,499 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(889,341,613 | ) | (889,341,613 | ) | (2,206,261,774 | ) | (2,206,261,774 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(1,528,574,340 | ) | (1,528,574,340 | ) | (789,550,639 | ) | (789,550,639 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(330,736,076 | ) | (330,736,076 | ) | (779,027,591 | ) | (779,027,591 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(5,940,044,504 | ) | (5,940,044,504 | ) | (7,168,113,590 | ) | (7,168,113,590 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
1,311,910,448 | $ | 1,311,910,448 | (1,204,142,010 | ) | $ | (1,204,142,010 | ) | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% 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, 14% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
47 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco Government & Agency Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
262,928,153,701 | $ | 262,928,153,701 | 201,304,629,047 | $ | 201,304,629,047 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
2,584,479,157 | 2,584,479,157 | 2,057,789,705 | 2,057,789,705 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
62,737,197 | 62,737,197 | 33,910,046 | 33,910,046 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
657,577,573 | 657,577,573 | 970,595,900 | 970,595,900 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,172,921,187 | 1,172,921,187 | 1,378,739,399 | 1,378,739,399 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,825,896,962 | 1,825,896,962 | 2,554,982,650 | 2,554,982,650 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
820,373,313 | 820,373,313 | 573,841,827 | 573,841,827 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
73,415,945 | 73,415,945 | 126,914,764 | 126,914,764 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
3,046,192 | 3,046,192 | 4,227,798 | 4,227,798 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
89,620 | 89,620 | 168,914 | 168,914 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
2,363,772 | 2,363,772 | 5,327,428 | 5,327,428 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,290,595 | 1,290,595 | 3,618,437 | 3,618,437 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,403,826 | 1,403,826 | 3,149,980 | 3,149,980 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
26,956 | 26,956 | 346,829 | 346,829 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(262,745,539,103 | ) | (262,745,539,103 | ) | (193,758,410,817 | ) | (193,758,410,817 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(2,538,024,638 | ) | (2,538,024,638 | ) | (1,955,184,767 | ) | (1,955,184,767 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(65,288,286 | ) | (65,288,286 | ) | (26,408,192 | ) | (26,408,192 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(593,465,577 | ) | (593,465,577 | ) | (944,272,368 | ) | (944,272,368 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(1,070,559,836 | ) | (1,070,559,836 | ) | (1,294,201,876 | ) | (1,294,201,876 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,864,768,437 | ) | (1,864,768,437 | ) | (2,609,810,219 | ) | (2,609,810,219 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(829,480,994 | ) | (829,480,994 | ) | (680,116,245 | ) | (680,116,245 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase in share activity |
426,649,125 | $ | 426,649,125 | 7,749,838,240 | $ | 7,749,838,240 | ||||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% 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, 10% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
48 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco Treasury Obligations Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
2,007,630,177 | $ | 2,007,630,177 | 902,898,047 | $ | 902,898,047 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
17,752,712 | 17,752,712 | 17,567,905 | 17,567,905 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
12,396,845 | 12,396,845 | 1,755,557 | 1,755,557 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
38,202,008 | 38,202,008 | 1,001,917 | 1,001,917 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
108,199,892 | 108,199,892 | 120,013,835 | 120,013,835 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
2,952,538 | 2,952,538 | 2,115,950 | 2,115,950 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
16,000,000 | 16,000,000 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
1,687,442 | 1,687,442 | 2,012,405 | 2,012,405 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
65,930 | 65,930 | 107,684 | 107,684 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
282 | 282 | 2,574 | 2,574 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
16,009 | 16,009 | 41,719 | 41,719 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
212,244 | 212,244 | 513,925 | 513,925 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
424 | 424 | 1,002 | 1,002 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
11,998 | 11,998 | 216 | 216 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(1,684,099,423 | ) | (1,684,099,423 | ) | (1,140,217,292 | ) | (1,140,217,292 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(12,877,560 | ) | (12,877,560 | ) | (14,276,606 | ) | (14,276,606 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(11,767,016 | ) | (11,767,016 | ) | (2,041,284 | ) | (2,041,284 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(39,771,691 | ) | (39,771,691 | ) | (2,314,616 | ) | (2,314,616 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(108,535,845 | ) | (108,535,845 | ) | (99,213,748 | ) | (99,213,748 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(2,936,447 | ) | (2,936,447 | ) | (2,078,666 | ) | (2,078,666 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(5,580,000 | ) | (5,580,000 | ) | - | - | ||||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
339,560,519 | $ | 339,560,519 | (212,109,476 | ) | $ | (212,109,476 | ) | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% 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, 49% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
49 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco Tax-Free Cash Reserve Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
310,891,005 | $ | 310,891,005 | 205,082,518 | $ | 205,082,518 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
11,295,911 | 11,295,911 | 57,208,640 | 57,208,640 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
11,189,176 | 11,189,176 | 5,818,771 | 5,818,771 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
7,389,500 | 7,389,500 | 49,844,196 | 49,844,196 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
58,297,928 | 58,297,928 | 52,342,069 | 52,342,069 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
4,102,971 | 4,102,971 | 31,003,313 | 31,003,313 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
10 | 10 | 110,000 | 110,000 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
770,263 | 770,263 | 919,230 | 919,230 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
106,524 | 106,524 | 281,127 | 281,127 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
7,119 | 7,119 | 385 | 385 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
164,121 | 164,121 | 309,533 | 309,533 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
50,307 | 50,307 | 79,513 | 79,513 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
21,121 | 21,121 | 51,611 | 51,611 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
75 | 75 | 135 | 135 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(321,704,515 | ) | (321,704,515 | ) | (172,627,076 | ) | (172,627,076 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(21,755,886 | ) | (21,755,886 | ) | (65,060,440 | ) | (65,060,440 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(10,154,592 | ) | (10,154,592 | ) | (3,287,500 | ) | (3,287,500 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(29,359,631 | ) | (29,359,631 | ) | (54,739,582 | ) | (54,739,582 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(51,528,118 | ) | (51,528,118 | ) | (46,570,715 | ) | (46,570,715 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(2,237,435 | ) | (2,237,435 | ) | (32,436,884 | ) | (32,436,884 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
- | - | (110,000 | ) | (110,000 | ) | ||||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
(32,454,146 | ) | $ | (32,454,146 | ) | 28,218,844 | $ | 28,218,844 | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% 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. |
NOTE 11–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
50 Short-Term Investments Trust
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Short-Term Investments Trust and Personal Investment Class Shareholders of Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (six of the funds constituting Short-Term Investments Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. 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 Funds 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 audits 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 audits 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 audits 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 August 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Houston, Texas
October 29, 2020
We have served as the auditor of one or more of the 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.
51 Short-Term Investments Trust
Calculating your ongoing Fund expenses
Example
As a shareholder in the Personal Investment Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each 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 Funds and other funds. To do so, compare this 5% hypothetical example 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. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| 1 |
The actual ending account value is based on the actual total return of the Funds for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
| 2 |
Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year. |
52 Short-Term Investments Trust
Approval of Investment Advisory and Sub-Advisory Contracts
(Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio)
At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of Short-Term Investments Trust as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of each series portfolio of Short-Term Investments Trust listed above (each, a Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and 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. and, with respect to Invesco Government & Agency Portfolio, Invesco Tax-Free Cash Reserve Portfolio and Invesco Treasury Obligations Portfolio only, separate Sub-Advisory Contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by each Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers 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 receives comparative investment performance
and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each 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 during the course of the year and in prior years 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 June 3, 2020.
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 provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and
its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board 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 also reviewed and considered information regarding the benefits to each Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to each 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 each Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit each Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing each 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 considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for each Fund, as no Affiliated Sub-Adviser currently manages assets of each Fund.
53 Short-Term Investments Trust
Invesco Liquid Assets Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the first quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco STIC Prime Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Treasury Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class
shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Government & Agency Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Treasury Obligations Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Tax-Free Cash Reserve Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of
funds in the Broadridge performance universe and against the iMoneyNet Tax-Free National Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the second quintile of its performance universe for the one and five year periods and the first quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was below the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
| C. |
Advisory and Sub-Advisory Fees and Fund Expenses |
Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio
The Board compared each Fund’s contractual management fee rate to the contractual management fee rates of funds in each Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Institutional Class shares of each Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding each Fund’s total expense ratio and its various components. The Board noted that each Fund’s total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of each Fund for the term disclosed in each Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of each Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it
54 Short-Term Investments Trust
provides to the Invesco Funds relative to certain other types of client accounts, including, among others: 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; 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.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio
The Board compared each Fund’s contractual management fee rate to the contractual management fee rates of funds in each Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Institutional Class shares of each Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding each 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 each Fund for the term disclosed in each Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of each Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. 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, among others: 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; 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.
| D. |
Economies of Scale and Breakpoints |
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Tax-Free Cash Reserve Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to each Fund. The Board noted that each Fund does not benefit from economies of scale through contractual breakpoints, but does 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 each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.
Invesco Treasury Obligations Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits 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 shares 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. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.
| E. |
Profitability and Financial Resources |
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to each Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net
profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services 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 received by Invesco Advisers and its affiliates from the relationship with each Fund, including the fees received for providing administrative, transfer agency and distribution services to each Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to each 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 each Fund.
55 Short-Term Investments Trust
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended August 31, 2020:
| Federal and State | ||||||||||||
|
Income Tax |
||||||||||||
|
Long Term Capital
Gain Distributions |
Business Interest
Income* |
Qualified Dividend
Income* |
Corporate Dividends
Received Deduction* |
U.S. Treasury
Obligations* |
Tax-Exempt
Interest Dividend* |
|||||||
|
|
||||||||||||
| Invesco Liquid Assets Portfolio | $ - | 99.19% | 0.00% | 0.00% | 0.13% | 0.00% | ||||||
|
|
||||||||||||
| Invesco STIC Prime Portfolio | - | 95.76% | 0.00% | 0.00% | 0.07% | 0.00% | ||||||
|
|
||||||||||||
| Invesco Treasury Portfolio | 198,121 | 99.91% | 0.00% | 0.00% | 62.25% | 0.00% | ||||||
|
|
||||||||||||
| Invesco Government & Agency Portfolio | 31,696 | 100.00% | 0.00% | 0.00% | 24.37% | 0.00% | ||||||
|
|
||||||||||||
| Invesco Treasury Obligations Portfolio | - | 100.00% | 0.00% | 0.00% | 100.00% | 0.00% | ||||||
|
|
||||||||||||
| Invesco Tax-Free Cash Reserve Portfolio | - | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | ||||||
|
|
||||||||||||
| * |
The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year. |
|
Non-Resident Alien Shareholders |
||||||||||||||||
| Qualified Short-Term Gains | Qualified Interest Income** | |||||||||||||||
|
|
||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$29,559 | 0.00 | % | |||||||||||||
|
|
||||||||||||||||
|
Invesco STIC Prime Portfolio |
- | 0.00 | % | |||||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Portfolio |
- | 100.00 | % | |||||||||||||
|
|
||||||||||||||||
|
Invesco Government & Agency Portfolio |
- | 100.00 | % | |||||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
- | 100.00 | % | |||||||||||||
|
|
||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 0.00 | % | |||||||||||||
|
|
||||||||||||||||
| ** |
The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year. |
56 Short-Term Investments Trust
The address of each trustee and officer is Short-Term Investments Trust (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
|
Name, Year of Birth and
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 Trustee | ||||||||
|
Martin L. Flanagan1 – 1960
Trustee and Vice Chair |
2007 |
Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business
Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) |
198 | 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. |
T-1 Short-Term Investments Trust
Trustees and Officers–(continued)
|
Name, Year of Birth and
Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of
|
Other
Directorship(s) Held by Trustee During Past 5 Years |
||||
| Independent Trustees | ||||||||
|
Bruce L. Crockett - 1944 Trustee and Chair |
1993 |
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 |
198 |
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 | 198 |
Board member
of the Illinois Manufacturers’ Association |
||||
|
Beth Ann Brown - 1968 Trustee |
2019 |
Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds |
198 |
Director,
Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit) |
||||
|
Jack M. Fields - 1952 Trustee |
1997 |
Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit)
Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle,hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives |
198 |
Member,
Board of Directors of Baylor College of Medicine |
||||
|
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP |
198 |
Resideo
Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization) |
||||
T-2 Short-Term Investments Trust
Trustees and Officers–(continued)
|
Name, Year of Birth and
Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of
|
Other
Directorship(s) Held by Trustee During Past 5 Years |
||||
| Independent Trustees–(continued) | ||||||||
|
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 |
198 |
Insperity, Inc.
(formerly known as Administaff) (human resources provider) |
||||
|
Elizabeth Krentzman - 1959 Trustee |
2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management-Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 198 |
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 |
||||
|
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 | 198 |
Blue Hills Bank;
Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP |
||||
|
Prema Mathai-Davis - 1950
Trustee |
1998 |
Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute |
198 | None | ||||
|
Joel W. Motley - 1952 Trustee |
2019 |
Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of 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)); and Member of the Vestry of Trinity Church Wall Street |
198 |
Member of
Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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: CEO UBS Securities LLC (investment banking); COO Americas UBS AG (investment banking; Sr. Management TeamOlayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury |
198 |
Elucida
Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing) |
||||
T-3 Short-Term Investments Trust
| Trustees and Officers–(continued) | ||||||||
|
Name, Year of Birth and
Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of
|
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 and Federal Reserve Bank of Dallas |
198 | None | ||||
|
Robert C. Troccoli - 1949
Trustee |
2016 |
Retired
Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP |
198 | None | ||||
|
Daniel S. Vandivort -1954
Trustee |
2019 |
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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |
198 | None | ||||
|
James D. Vaughn - 1945
Trustee |
2019 |
Retired
Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds |
198 |
Board
member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit) |
||||
| Christopher L. Wilson - 1957 Trustee, Vice Chair and Chair Designate | 2017 |
Retired
Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments |
198 |
EnAIble, Inc.
(technology) Formerly: ISO New England, Inc. (non- profit organization managing regional electricity market) |
||||
T-4 Short-Term Investments Trust
Trustees and Officers–(continued)
|
Name, Year of Birth and
Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of
|
Other
Directorship(s) Held by Trustee During Past 5 Years |
||||||
|
Officers |
||||||||||
| Sheri Morris - 1964 President, Principal Executive Officer and Treasurer | 1999 |
Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.
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; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, 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 India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC
Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc. |
N/A | N/A | ||||||
| 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.; 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 |
N/A | N/A | ||||||
T-5 Short-Term Investments Trust
Trustees and Officers–(continued)
|
Name, Year of Birth and
Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of
|
Other
Directorship(s) Held by Trustee During Past 5 Years |
||||||
|
Officers–(continued) |
||||||||||
| 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); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings(Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and President, Trimark Investments Ltd./Placements Trimark Ltée
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 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) |
N/A | N/A | ||||||
| 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 and Invesco Managed Accounts, LLC; Chairman and Director, Invesco Private Capital, Inc.
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds |
N/A | N/A | ||||||
| Kelli Gallegos - 1970 Vice President, Principal Financial Officer and Assistant Treasurer | 2008 |
Principal Financial and Accounting Officer – Investments Pool, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer – Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Vice President, Invesco Advisers, Inc.
Formerly: Assistant Treasurer, Invesco Specialized Products, LLC; Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds |
N/A | N/A | ||||||
T-6 Short-Term Investments Trust
Trustees and Officers–(continued)
|
Name, Year of Birth and
Held with the Trust |
Trustee and/or Officer Since |
Principal Occupation(s) During Past 5 Years |
Number of
|
Other
Directorship(s) Held by Trustee During Past 5 Years |
||||||
|
Officers–(continued) |
||||||||||
| Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||||
| Todd F. Kuehl - 1969 Chief Compliance Officer | 2020 |
Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds);Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) |
N/A | N/A | ||||||
| Michael McMaster - 1962 Chief Tax Officer, Vice President and Assistant Treasurer | 2020 |
Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, 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: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) |
N/A | N/A | ||||||
T-7 Short-Term Investments Trust
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 in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
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 Cash Management Alliance Services department at 800 659 1005, option 1, 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. This 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. |
|
| SEC file numbers: 811-02729 and 002-58287 | Invesco Distributors, Inc. | CM-STIT-AR-6 |
|
|
||||
|
Annual Report to Shareholders
|
August 31, 2020 | ||
|
|
||||
| Reserve Class | ||||
| Short-Term Investments Trust (STIT) | ||||
| Invesco Liquid Assets Portfolio | ||||
| Invesco STIC Prime Portfolio | ||||
| Invesco Treasury Portfolio | ||||
| Invesco Government & Agency Portfolio | ||||
| Invesco Treasury Obligations Portfolio | ||||
| Invesco Tax-Free Cash Reserve Portfolio | ||||
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank).
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) 659-1005 (option1) 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.
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.
Unless otherwise stated, information presented in this report is as of August 31, 2020, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
| 3 | ||||
| 5 | ||||
| 6 | ||||
| 7 | ||||
| 8 | ||||
| 32 | ||||
| 38 | ||||
| 39 | ||||
| 51 | ||||
| 52 | ||||
| 53 | ||||
| 56 | ||||
| T-1 | ||||
2
|
Dear Shareholders: This annual report covers the fiscal year ended August 31, 2020. As always, we thank you for investing with us. By investing in a combination of short-term securities and securities with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns during the fiscal year.
Market conditions affecting money market funds The fiscal year was a tale of two markets, bifurcated in terms of overall US economic growth and financial market returns. During the first half of the fiscal year, investors witnessed a resilient US economy, solid corporate earnings and a newly accommodative US Federal Reserve (the Fed), which helped propel risk assets higher, particularly equities. The second half of the fiscal year moved in the opposite direction with the onset of the coronavirus (COVID-19) disrupting travel and suppressing consumer activity. Investors became increasingly concerned about the global economy and the abrupt economic stoppage causing mass unemployment and negative GDP growth. |
Against this backdrop, the Fed acted swiftly to help buffer the negative economic impact of quarantine and shelter-in-place policies and to limit the potential for permanent damage to the US economy. The Fed cut interest rates twice in March 2020, first by 0.50% and then by 1.00% to a target range of 0.00% to 0.25%.1 The central bank cited dysfunctional short-term funding markets and the possibility of greater longer-term damage to capital markets and the broader economy. Similar to its role in the 2008-2009 financial crisis, the Fed created lending facilities within the commercial paper market, supported prime money market funds directly, and purchased US Treasury bonds and agency mortgage-backed securities across the maturity spectrum. It later engaged in corporate bond purchases of both investment grade and speculative grade quality corporate debt to solidify the proper functioning of markets.
Short-term yields decreased as a result of the Fed cutting rates and adopting a Zero Interest Rate Policy (ZIRP). The ICE BofA 0-3 months US Treasury Bill Index yielded 0.10% on August 31, 2020, down 180 basis points from a year earlier.2 (A basis point is one one-hundredth of a percentage point.) The three-month US dollar LIBOR also declined 190 basis points to 0.24% over the fiscal year.2 Ten-year US Treasury yields declined 80 basis points to 0.70%.2
During the Jackson Hole Economic Symposium on August 27, 2020, the Federal Open Markets Committee and Jay Powell announced a formal strategy shift to flexible average inflation targeting. As a result, it is likely the Fed will be more tolerant of inflation above the 2% threshold while maintaining its maximum employment objective as “a broad-based and inclusive goal” and that policy decisions will be dictated by “shortfalls” from maximum employment, not just deviations.1 Powell emphasized that the latter change “reflects our view that a robust job market can be sustained without causing an outbreak of inflation” and that “employment can run at or above real-time estimates of its maximum level without causing concern.“1
Invesco Global Liquidity
For more than 35 years, Invesco Global Liquidity has worked to gain and keep the trust of our investors through our deep industry knowledge and our investment expertise. Invesco Global Liquidity’s goal is to provide our investors with a full suite of liquidity management solutions to meet their investing needs through our disciplined investment process. For Invesco Global Liquidity, safety is of paramount importance in the investment process for all our money market funds. Our conservative investment philosophy has always focused on providing safety, liquidity, and yield – in that order – to our money market fund investors. Invesco Global Liquidity is dedicated to the future of this industry – and to yours.
Again, thank you for investing with us.
Sincerely,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.
| 1 |
Source: US Federal Reserve |
| 2 |
Source: US Treasury Department |
3 Short-Term Investments Trust
|
Dear Fellow Shareholders:
As independent chair of the Invesco
Funds Board, I can assure you that the members
|
We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
4 Short-Term Investments Trust
|
Reserve Class data as of 8/31/20 |
||||||||||||||||
| FUND | WEIGHTED | WEIGHTED | TOTAL | |||||||||||||
| AVERAGE | AVERAGE | NET | ||||||||||||||
| MATURITY | LIFE | ASSETS | ||||||||||||||
| Range | At | At | ||||||||||||||
| During | Reporting | Reporting | ||||||||||||||
| Reporting | Period | Period | ||||||||||||||
| Period | End | End | ||||||||||||||
|
Invesco Liquid Assets1 |
19 - 49 days | 39 days | 56 days | $278.2 thousand | ||||||||||||
|
Invesco STIC Prime1 |
7 - 20 days | 9 days | 10 days | 105.4 thousand | ||||||||||||
|
Invesco Treasury2 |
14 - 59 days | 38 days | 103 days | 581.7 million | ||||||||||||
|
Invesco Government & Agency2 |
7 - 44 days | 22 days | 112 days | 401.4 million | ||||||||||||
|
Invesco Treasury Obligations2 |
28 - 59 days | 54 days | 109 days | 54.6 million | ||||||||||||
|
Invesco Tax-Free Cash Reserve3 |
7 - 15 days | 8 days | 8 days | 26.8 million | ||||||||||||
|
Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes. Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. |
|
|||||||||||||||
| 1 |
You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. 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. |
| 2 |
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. |
| 3 |
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. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. 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. |
5 Short-Term Investments Trust
Fund Objectives and Strategies
Invesco Liquid Assets Portfolio
Invesco Liquid Assets Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests primarily in high-quality US dollar-denominated short-term debt obligations, including: (i) securities issued by the US government or its agencies; (ii) certificates of deposit and time deposits from US or foreign banks; (iii) repurchase agreements; (iv) commercial paper; and (v) municipal securities.
Invesco STIC Prime Portfolio
Invesco STIC Prime Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests in high-quality US dollar denominated obligations with maturities of 60 calendar days or less, including: (i) securities issued by the US government or its agencies; (ii) certificates of deposit and time deposits from US or foreign banks; (iii) repurchase agreements; (iv) commercial paper; and (v) municipal securities.
Invesco Treasury Portfolio
Invesco Treasury Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash, government securities, and repurchase agreements collateralized by cash or government securities. In addition, the Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in direct obligations of the US Treasury including bills, notes and bonds, and repurchase agreements secured by those obligations. In contrast to the Fund’s 99.5% policy, the Funds 80% policy does not include cash or repurchase agreements collateralized by cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government or certain of its agencies or instrumentalities; or any certificate of deposit for any of the foregoing. The Fund considers repurchase agreements with the Federal Reserve Bank of New York to be US government securities for purposes of the Fund’s investment policies.
Invesco Government & Agency Portfolio
Invesco Government & Agency Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash, government securities and repurchase agreements collateralized by cash or government securities. In addition, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested, under normal circumstances, in direct obligations of the US Treasury and other securities issued or guaranteed as to principal and interest by the US government or its agencies and instrumentalities, as well as repurchase agreements secured by those obligations. Direct obligations of the US Treasury generally include bills, notes and bonds. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash or repurchase agreements collateralized by cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government or certain of its agencies or instrumentalities, or any certificate of deposit for any
of the foregoing. The Fund considers repurchase agreements with the Federal Reserve Bank of New York to be US government securities for purposes of the Fund’s investment policies.
Invesco Treasury Obligations Portfolio
Invesco Treasury Obligations Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund invests at least 99.5% of its total assets in cash and government securities. In addition, the Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in direct obligations of the US Treasury, which include Treasury bills, notes and bonds. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash. Government security generally means any security issued or guaranteed as to principal or interest by the US government. At the present time, the Fund has no current intention to invest in securities other than direct obligations of the US Treasury.
Invesco Tax-Free Cash Reserve Portfolio
Invesco Tax-Free Cash Reserve Portfolio’s investment objective is to provide tax-exempt income consistent with preservation of capital and liquidity.
The Fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities that (i) pay interest that is excluded from gross income for federal income tax purposes, and (ii) do not produce income that will be considered to be an item of preference for purposes of the alternative minimum tax. While the Fund’s distributions are primarily exempt from federal income tax, a portion of the Fund’s distributions may be subject to the federal alternative minimum tax and state and local taxes.
6 Short-Term Investments Trust
|
In days, as of 8/31/20 |
||||||||||||||||||||
|
Invesco Liquid
Assets Portfolio |
Invesco STIC
Prime Portfolio |
Invesco
Treasury Portfolio |
Invesco
Government & Agency Portfolio |
Invesco Treasury
Obligations Portfolio |
Invesco Tax-Free
Cash Reserve Portfolio |
|||||||||||||||
|
1 - 7 |
41.1% | 52.9% | 37.6% | 25.9% | 3.6% | 0.9% | ||||||||||||||
|
8 - 30 |
13.2 | 30.4 | 12.4 | 16.6 | 26.0 | 95.6 | ||||||||||||||
|
31 - 60 |
10.4 | 16.7 | 9.9 | 13.6 | 21.1 | 3.3 | ||||||||||||||
|
61 - 90 |
9.6 | 0.0 | 5.1 | 9.9 | 15.6 | 0.2 | ||||||||||||||
|
91 - 180 |
17.9 | 0.0 | 18.4 | 9.9 | 20.4 | 0.0 | ||||||||||||||
|
181+ |
7.8 | 0.0 | 16.6 | 24.1 | 13.3 | 0.0 | ||||||||||||||
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the
Investment Company Act of 1940.
7 Short-Term Investments Trust
August 31, 2020
Invesco Liquid Assets Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Commercial Paper-41.89%(a) |
||||||||||||||||
|
Asset-Backed Securities - Fully Supported Bank-14.49% |
||||||||||||||||
|
Cancara Asset Securitisation LLC (CEP - Lloyds Bank LLC)(b) |
0.21 | % | 11/24/2020 | $ | 30,000 | $ | 29,988,100 | |||||||||
|
|
||||||||||||||||
|
Concord Minutemen Capital Co. LLC (Multi - CEP’s)(b)(c) |
0.16 | % | 09/14/2020 | 50,000 | 49,999,028 | |||||||||||
|
|
||||||||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.40 | % | 12/01/2020 | 25,000 | 25,011,673 | |||||||||||
|
|
||||||||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.39 | % | 01/05/2021 | 16,500 | 16,508,425 | |||||||||||
|
|
||||||||||||||||
|
Crown Point Capital Co. LLC (CEP - Credit Suisse AG)(b)(c) |
0.35 | % | 01/22/2021 | 5,000 | 5,002,096 | |||||||||||
|
|
||||||||||||||||
|
Great Bridge Capital Co. LLC (CEP - Standard Chartered)(b)(c) |
0.24 | % | 11/09/2020 | 30,000 | 29,992,708 | |||||||||||
|
|
||||||||||||||||
|
Great Bridge Capital Co. LLC (CEP - Standard Chartered)(b)(c) |
0.22 | % | 11/20/2020 | 25,000 | 24,992,350 | |||||||||||
|
|
||||||||||||||||
|
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.33 | % | 02/03/2021 | 40,000 | 39,950,600 | |||||||||||
|
|
||||||||||||||||
|
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) |
0.25 | % | 09/14/2020 | 30,000 | 29,998,320 | |||||||||||
|
|
||||||||||||||||
|
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) |
0.27 | % | 11/03/2020 | 25,759 | 25,750,345 | |||||||||||
|
|
||||||||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.31 | % | 09/02/2020 | 21,000 | 20,999,849 | |||||||||||
|
|
||||||||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.37%-0.40 | % | 11/05/2020 | 55,000 | 54,984,774 | |||||||||||
|
|
||||||||||||||||
|
Versailles Commercial Paper LLC (CEP - Natixis S.A.)(b)(c) |
0.22 | % | 01/05/2021 | 18,750 | 18,736,308 | |||||||||||
|
|
||||||||||||||||
| 371,914,576 | ||||||||||||||||
|
|
||||||||||||||||
|
Diversified Banks-10.72% |
||||||||||||||||
|
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.07%) (Australia)(b)(c)(d) |
0.37 | % | 10/06/2020 | 10,000 | 10,001,179 | |||||||||||
|
|
||||||||||||||||
|
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.12%) (Australia)(b)(c)(d) |
0.36 | % | 11/09/2020 | 20,000 | 20,006,229 | |||||||||||
|
|
||||||||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.57 | % | 10/27/2020 | 25,000 | 24,995,487 | |||||||||||
|
|
||||||||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.22 | % | 02/25/2021 | 30,000 | 29,978,492 | |||||||||||
|
|
||||||||||||||||
|
HSBC Bank PLC (3 mo. USD LIBOR + 0.20%) (United Kingdom)(b)(c)(d) |
0.76 | % | 11/02/2020 | 20,000 | 20,007,281 | |||||||||||
|
|
||||||||||||||||
|
Natixis S.A.(b) |
0.35 | % | 11/30/2020 | 5,000 | 4,997,915 | |||||||||||
|
|
||||||||||||||||
|
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) |
0.21 | % | 02/16/2021 | 50,000 | 49,963,618 | |||||||||||
|
|
||||||||||||||||
|
NRW Bank (Germany)(b)(c) |
0.11 | % | 09/04/2020 | 50,000 | 49,999,472 | |||||||||||
|
|
||||||||||||||||
|
Royal Bank of Canada (SOFR + 0.40%) (Canada)(b)(c)(d) |
0.49 | % | 10/07/2020 | 35,000 | 35,012,225 | |||||||||||
|
|
||||||||||||||||
|
Royal Bank of Canada (3 mo. USD LIBOR + 0.11%)(b)(c)(d) |
0.43 | % | 06/11/2021 | 15,000 | 15,012,191 | |||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.10%)
|
0.41 | % | 09/15/2020 | 5,000 | 5,000,298 | |||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.09%)
|
0.36 | % | 07/20/2021 | 10,000 | 10,003,086 | |||||||||||
|
|
||||||||||||||||
| 274,977,473 | ||||||||||||||||
|
|
||||||||||||||||
|
Diversified Capital Markets-2.92% |
||||||||||||||||
|
Longship Funding LLC (CEP - Nordea Bank AB)(b)(c) |
0.17 | % | 10/19/2020 | 50,000 | 49,981,285 | |||||||||||
|
|
||||||||||||||||
|
UBS AG(b)(c) |
1.85 | % | 01/15/2021 | 25,000 | 24,973,742 | |||||||||||
|
|
||||||||||||||||
| 74,955,027 | ||||||||||||||||
|
|
||||||||||||||||
|
Other Diversified Financial Services-2.92% |
||||||||||||||||
|
Anglesea Funding LLC (1 mo. OBFR + 0.10%)(b)(c)(d) |
0.18 | % | 11/05/2020 | 25,000 | 25,000,000 | |||||||||||
|
|
||||||||||||||||
|
Erste Abwicklungsanstalt (Germany)(b)(c) |
0.00 | % | 03/01/2021 | 50,000 | 49,962,589 | |||||||||||
|
|
||||||||||||||||
| 74,962,589 | ||||||||||||||||
|
|
||||||||||||||||
|
Regional Banks-7.41% |
||||||||||||||||
|
Banque et Caisse d’Epargne de l’Etat (Luxembourg)(b) |
1.45 | % | 09/10/2020 | 25,000 | 24,999,549 | |||||||||||
|
|
||||||||||||||||
|
BNZ International Funding Ltd. (1 mo. USD LIBOR + 0.30%) (United Kingdom)(b)(c)(d) |
0.46 | % | 09/11/2020 | 25,000 | 25,002,485 | |||||||||||
|
|
||||||||||||||||
|
BNZ International Funding Ltd. (1 mo. USD LIBOR + 0.27%) (United Kingdom)(b)(c)(d) |
0.44 | % | 10/27/2020 | 40,000 | 40,016,979 | |||||||||||
|
|
||||||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp.(b)(c) |
0.15 | % | 09/03/2020 | 50,000 | 49,999,683 | |||||||||||
|
|
||||||||||||||||
|
Svenska Handelsbanken AB (3 mo. USD LIBOR +
0.10%)
|
0.41 | % | 12/30/2020 | 50,000 | 50,022,297 | |||||||||||
|
|
||||||||||||||||
| 190,040,993 | ||||||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Specialized Finance-3.43% |
||||||||||||||||
|
FMS Wertmanagement (Germany)(b)(c) |
0.25 | % | 12/14/2020 | $ | 50,000 | $ | 49,980,312 | |||||||||
|
|
||||||||||||||||
|
FMS Wertmanagement (Germany)(b)(c) |
0.20 | % | 03/04/2021 | 25,000 | 24,976,618 | |||||||||||
|
|
||||||||||||||||
|
Pacific Life Short Term Funding LLC(c) |
0.22 | % | 10/16/2020 | 13,000 | 12,997,409 | |||||||||||
|
|
||||||||||||||||
| 87,954,339 | ||||||||||||||||
|
|
||||||||||||||||
|
Total Commercial Paper (Cost $1,074,442,925) |
1,074,804,997 | |||||||||||||||
|
|
||||||||||||||||
|
Certificates of Deposit-16.96% |
||||||||||||||||
|
Bank of Nova Scotia (The) (Federal Funds Rate + 0.37%)(b)(d) |
0.46 | % | 09/09/2020 | 15,000 | 15,000,743 | |||||||||||
|
|
||||||||||||||||
|
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(b)(d) |
0.38 | % | 11/13/2020 | 20,000 | 20,007,396 | |||||||||||
|
|
||||||||||||||||
|
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(b)(d) |
0.45 | % | 09/18/2020 | 20,000 | 20,002,088 | |||||||||||
|
|
||||||||||||||||
|
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.16%)(b)(d) |
0.34 | % | 01/22/2021 | 15,000 | 15,010,086 | |||||||||||
|
|
||||||||||||||||
|
KBC Bank N.V.(b) |
0.10 | % | 09/03/2020 | 50,000 | 50,000,025 | |||||||||||
|
|
||||||||||||||||
|
Natixis S.A. (3 mo. USD LIBOR + 0.11%)(b)(d) |
0.41 | % | 10/02/2020 | 35,000 | 35,005,684 | |||||||||||
|
|
||||||||||||||||
|
Rabobank Nederland (Netherlands)(b) |
0.08 | % | 09/01/2020 | 120,000 | 120,000,000 | |||||||||||
|
|
||||||||||||||||
|
Sumitomo Mitsui Trust Bank Ltd.(b) |
0.10 | % | 09/03/2020 | 50,000 | 50,000,004 | |||||||||||
|
|
||||||||||||||||
|
Svenska Handelsbanken AB (3 mo. USD LIBOR + 0.10%)(b)(d) |
0.36 | % | 11/24/2020 | 20,000 | 20,007,144 | |||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (SOFR + 0.42%)(b)(d) |
0.51 | % | 09/30/2020 | 25,000 | 25,007,497 | |||||||||||
|
|
||||||||||||||||
|
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.11%)(b)(d) |
0.43 | % | 06/10/2021 | 15,000 | 15,007,518 | |||||||||||
|
|
||||||||||||||||
|
Westpac Banking Corp. (3 mo. USD LIBOR + 0.12%)(b)(d) |
0.40 | % | 07/08/2021 | 50,000 | 50,048,806 | |||||||||||
|
|
||||||||||||||||
|
Total Certificates of Deposit (Cost $435,000,000) |
435,096,991 | |||||||||||||||
|
|
||||||||||||||||
|
U.S. Dollar Denominated Bonds & Notes-6.08% |
||||||||||||||||
|
Diversified Banks-3.96% |
||||||||||||||||
|
Australia & New Zealand Banking Group Ltd. (3 mo. USD LIBOR + 0.99%) (Australia)(b)(c)(d) |
1.24 | % | 06/01/2021 | 33,400 | 33,637,550 | |||||||||||
|
|
||||||||||||||||
|
Bank of Nova Scotia (The) (Canada)(b) |
2.50 | % | 01/08/2021 | 10,103 | 10,184,337 | |||||||||||
|
|
||||||||||||||||
|
HSBC Bank PLC (United Kingdom)(b)(c) |
4.75 | % | 01/19/2021 | 47,285 | 48,085,599 | |||||||||||
|
|
||||||||||||||||
|
U.S. Bank N.A. |
2.05 | % | 10/23/2020 | 9,550 | 9,561,469 | |||||||||||
|
|
||||||||||||||||
| 101,468,955 | ||||||||||||||||
|
|
||||||||||||||||
|
Diversified Capital Markets-1.18% |
||||||||||||||||
|
UBS AG (Switzerland)(b)(c) |
2.45 | % | 12/01/2020 | 30,260 | 30,372,098 | |||||||||||
|
|
||||||||||||||||
|
Technology Hardware, Storage & Peripherals-0.94% |
||||||||||||||||
|
Apple, Inc. |
2.25 | % | 02/23/2021 | 23,971 | 24,162,301 | |||||||||||
|
|
||||||||||||||||
|
Total U.S. Dollar Denominated Bonds & Notes (Cost $155,802,618) |
156,003,354 | |||||||||||||||
|
|
||||||||||||||||
|
Variable Rate Demand Notes-2.68%(e) |
||||||||||||||||
|
Credit Enhanced-2.68% |
||||||||||||||||
|
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.28 | % | 04/01/2047 | 9,300 | 9,299,999 | |||||||||||
|
|
||||||||||||||||
|
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) |
0.18 | % | 05/01/2037 | 2,600 | 2,600,000 | |||||||||||
|
|
||||||||||||||||
|
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.05 | % | 11/01/2035 | 18,225 | 18,225,000 | |||||||||||
|
|
||||||||||||||||
|
New York (State of) Housing Finance Agency (160 Madison); Series 2013 B, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.07 | % | 11/01/2046 | 3,400 | 3,400,000 | |||||||||||
|
|
||||||||||||||||
|
New York (State of) Housing Finance Agency (455 West 37th Street Housing); Series 2007 B, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(b)(f) |
0.07 | % | 05/01/2041 | 2,400 | 2,400,000 | |||||||||||
|
|
||||||||||||||||
|
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC) |
0.08 | % | 11/01/2035 | 2,900 | 2,900,000 | |||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Credit Enhanced-(continued) |
||||||||||||||||
|
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB |
0.10% | 08/01/2045 | $ | 30,000 | $ | 30,000,000 | ||||||||||
|
|
||||||||||||||||
|
Total Variable Rate Demand Notes (Cost $68,824,999) |
68,824,999 | |||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Securities-1.95% |
||||||||||||||||
|
U.S. Treasury Bills-1.95%(a) |
||||||||||||||||
|
U.S. Treasury Bills (Cost $49,993,875) |
0.09% | 10/20/2020 | 50,000 | 49,993,705 | ||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-69.56% |
||||||||||||||||
|
(Cost $1,784,064,417) |
1,784,724,046 | |||||||||||||||
|
|
||||||||||||||||
| Repurchase | ||||||||||||||||
| Amount | ||||||||||||||||
|
Repurchase Agreements-32.38%(g) |
||||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $100,000,556 (collateralized by U.S. government sponsored agency obligations, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic agency and non-agency asset-backed securities valued at $104,622,809; 0.00% - 7.75%; 10/14/2020 - 06/20/2070)(b) |
0.20% | 09/01/2020 | 30,000,167 | 30,000,000 | ||||||||||||
|
|
||||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $75,000,479 (collateralized by domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $78,964,787; 0.00% - 6.69%; 10/22/2021 - 06/20/2070)(b) |
0.23% | 09/01/2020 | 15,000,096 | 15,000,000 | ||||||||||||
|
|
||||||||||||||||
|
BMO Capital Markets Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,458 (collateralized by domestic agency and non-agency asset-backed securities, domestic and foreign corporate obligations,domestic and foreign agency and non-agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $26,041,717; 0.00% - 6.30%; 07/20/2021 - 06/20/2070)(b)(h) |
0.30% | 09/03/2020 | 10,000,583 | 10,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/31/2020,aggregate maturing value of $200,001,111 (collateralized by foreign corporate obligations valued at $204,001,511; 0.38% - 7.69%; 01/29/2021 - 01/23/2050)(b) |
0.20% | 09/01/2020 | 35,000,194 | 35,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/24/2020, aggregate maturing value of $155,031,000 (collateralized by foreign corporate obligations valued at $158,100,742; 0.63% - 7.69%; 01/29/2021 - 01/23/2050)(b)(h) |
0.24% | 09/23/2020 | 35,007,000 | 35,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020,aggregate maturing value of $25,001,069 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic and foreign non-agency mortgage-backed securities valued at $27,500,000; 0.00% - 12.00%; 10/01/2020 - 05/25/2065)(b)(h) |
0.22% | 09/03/2020 | 5,000,214 | 5,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020,aggregate maturing value of $60,002,333 (collateralized by domestic and foreign agency and non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $63,000,000; 0.60% - 7.00%; 01/25/2030 - 08/16/2060)(b)(h) |
0.20% | 09/03/2020 | 15,000,583 | 15,000,000 | ||||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,139 (collateralized by domestic and foreign corporate obligations valued at $26,250,001; 1.38% - 4.49%; 09/15/2020 - 04/01/2050)(b) |
0.20% | 09/01/2020 | 15,000,083 | 15,000,000 | ||||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,174 (collateralized by foreign corporate obligations and domestic agency mortgage-backed securities valued at $27,492,047; 3.00% - 7.00%; 03/17/2024 - 06/03/2050)(b) |
0.25% | 09/01/2020 | 10,000,069 | 10,000,000 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
Investment Abbreviations:
| CEP | -Credit Enhancement Provider | |
| FHLMC | -Federal Home Loan Mortgage Corp. | |
| LIBOR | -London Interbank Offered Rate | |
| LOC | -Letter of Credit | |
| OBFR | -Overnight Bank Funding Rate | |
| RB | -Revenue Bonds | |
| Ref. | -Refunding | |
| SOFR | -Secured Overnight Financing Rate | |
| USD | -U.S. Dollar | |
| VRD | -Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Liquid Assets Portfolio
Notes to Schedule of Investments:
| (a) |
Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: France: 12.7%; Netherlands: 10.8%; Canada: 10.5%; Germany: 7.8%; Japan: 7.6%; United Kingdom: 6.0%; other countries less than 5% each: 21.5%. |
| (c) |
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 August 31, 2020 was $1,136,214,679, which represented 44.29% of the Fund’s Net Assets. |
| (d) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (e) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (f) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (g) |
Principal amount equals value at period end. See Note 1I. |
| (h) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (i) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (j) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (k) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco STIC Prime Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
Commercial Paper-22.90%(a) |
||||||||||||||||
|
Asset-Backed Securities - Fully Supported Bank-13.62% |
||||||||||||||||
|
Concord Minutemen Capital Co. LLC (Multi - CEP’s)(b)(c) |
0.16 | % | 09/16/2020 | $ | 10,000 | $ | 9,999,751 | |||||||||
|
LMA Americas LLC (CEP - Credit Agricole Corporate &
Investment Bank
|
0.20 | % | 09/14/2020 | 5,000 | 4,999,728 | |||||||||||
|
Nieuw Amsterdam Receivables Corp. (Multi - CEP’s)(b)(c) |
0.15 | % | 09/17/2020 | 10,000 | 9,999,310 | |||||||||||
|
Regency Markets No. 1 LLC (CEP - HSBC Bank PLC)(b)(c) |
0.15 | % | 09/08/2020 | 10,000 | 9,999,698 | |||||||||||
|
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) |
0.20 | % | 09/04/2020 | 9,000 | 8,999,876 | |||||||||||
| 43,998,363 | ||||||||||||||||
|
Diversified Banks-9.28% |
||||||||||||||||
|
BNG Bank N.V. (Netherlands)(b)(c) |
0.15 | % | 09/14/2020 | 10,000 | 9,999,728 | |||||||||||
|
Dexia Credit Local S.A. (France)(b)(c) |
0.15 | % | 10/20/2020 | 10,000 | 9,998,445 | |||||||||||
|
NRW Bank (Germany)(b)(c) |
0.17 | % | 10/13/2020 | 10,000 | 9,998,399 | |||||||||||
| 29,996,572 | ||||||||||||||||
|
Total Commercial Paper (Cost $73,993,356) |
73,994,935 | |||||||||||||||
|
Variable Rate Demand Notes-11.33%(d) |
||||||||||||||||
|
Credit Enhanced-11.33% |
||||||||||||||||
|
Capital Area Housing Finance Corp. (Cypress Creek at River Apartments); Series 2006, VRD RB (LOC - Citibank N.A.)(e)(f) |
0.12 | % | 10/01/2039 | 9,300 | 9,300,000 | |||||||||||
|
Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.28 | % | 04/01/2047 | 7,800 | 7,800,000 | |||||||||||
|
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) |
0.18 | % | 05/01/2037 | 3,160 | 3,160,000 | |||||||||||
|
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2016 B, VRD RB (LOC - Bank of China Ltd.)(c)(f) |
0.21 | % | 05/01/2050 | 2,100 | 2,100,000 | |||||||||||
|
San Francisco (City & County of), CA (Transbay Block); Series 2016 H, VRD RB (LOC - Bank of China Ltd.)(c)(f) |
0.20 | % | 11/01/2056 | 2,975 | 2,975,000 | |||||||||||
|
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB |
0.10 | % | 08/01/2045 | 6,000 | 6,000,000 | |||||||||||
|
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo
Bank
|
0.16 | % | 01/01/2033 | 5,300 | 5,300,000 | |||||||||||
|
Total Variable Rate Demand Notes (Cost $36,635,000) |
36,635,000 | |||||||||||||||
|
Certificates of Deposit-10.12% |
||||||||||||||||
|
Industrial & Commercial Bank of China Ltd.(c) |
0.24 | % | 10/09/2020 | 12,000 | 12,000,429 | |||||||||||
|
Oversea Chinese Banking Corp. Ltd.(c) |
0.26 | % | 09/16/2020 | 3,700 | 3,700,220 | |||||||||||
|
Rabobank Nederland (Netherlands)(c) |
0.08 | % | 09/01/2020 | 5,000 | 5,000,000 | |||||||||||
|
Skandinaviska Enskilda Banken AB(c) |
0.24 | % | 10/01/2020 | 12,000 | 12,001,291 | |||||||||||
|
Total Certificates of Deposit (Cost $32,700,953) |
32,701,940 | |||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-44.35% (Cost $143,329,309) |
143,331,875 | |||||||||||||||
| Repurchase | ||||||||||||||||
| Amount | ||||||||||||||||
|
Repurchase Agreements-55.35%(g) |
||||||||||||||||
|
BMO Capital Markets Corp., joint agreement dated 08/31/2020, aggregate maturing value of $100,000,556 (collateralized by U.S. government sponsored agency obligations, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities and domestic agency and non-agency asset-backed securities valued at $104,622,809; 0.00% - 7.75%; 10/14/2020 - 06/20/2070)(c) |
0.20 | % | 09/01/2020 | 5,000,027 | 5,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco STIC Prime Portfolio
| Interest | Maturity | Repurchase | ||||||||||||||
| Rate | Date | Amount | Value | |||||||||||||
|
BMO Capital Markets Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $25,001,458 (collateralized by domestic agency and non-agency asset-backed securities,domestic and foreign corporate obligations, domestic and foreign agency and non-agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $26,041,717; 0.00% - 6.30%; 07/20/2021 - 06/20/2070)(c)(h) |
0.30 | % | 09/03/2020 | $ | 5,000,292 | $ | 5,000,000 | |||||||||
|
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/31/2020, aggregate maturing value of $200,001,111 (collateralized by foreign corporate obligations valued at $204,001,511; 0.38% - 7.69%; 01/29/2021 - 01/23/2050)(c) |
0.20 | % | 09/01/2020 | 5,000,028 | 5,000,000 | |||||||||||
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/27/2020, aggregate maturing value of $60,002,333 (collateralized by domestic and foreign agency and non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $63,000,000; 0.60% - 7.00%; 01/25/2030 - 08/16/2060)(c)(h) |
0.20 | % | 09/03/2020 | 5,000,194 | 5,000,000 | |||||||||||
|
Credit Suisse Securities (USA) LLC, term agreement dated 08/31/2020, maturing value of $10,000,000 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations, domestic agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $10,498,122; 0.00% - 10.23%; 09/17/2020 - 09/15/2072)(c)(i) |
0.41 | % | 10/05/2020 | 10,000,000 | 10,000,000 | |||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $25,000,174 (collateralized by foreign corporate obligations and domestic agency mortgage-backed securities valued at $27,492,047; 3.00% - 7.00%; 03/17/2024 - 06/03/2050)(c) |
0.25 | % | 09/01/2020 | 5,000,035 | 5,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09 | % | 09/01/2020 | 28,878,759 | 28,878,687 | |||||||||||
|
J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,753,628; 0.00% - 8.38%; 11/01/2024 - 07/30/2076)(j) |
0.28 | % | - | - | 15,000,000 | |||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 10/21/2019 (collateralized by foreign corporate obligations valued at $20,400,002; 2.38% - 2.88%; 10/17/2024 - 10/17/2029)(c)(j) |
0.21 | % | - | - | 10,000,000 | |||||||||||
|
Mizuho Securities (USA) LLC, joint open agreement dated 06/22/2020 (collateralized by domestic and foreign equity securities valued at $82,750,005; 0.00% - 6.13%; 01/15/2022 - 12/01/2048)(c)(j) |
0.23 | % | - | - | 15,000,000 | |||||||||||
|
RBC Capital Markets LLC, joint agreement dated 08/31/2020, aggregate maturing value of $100,000,639 (collateralized by domestic and foreign corporate obligations valued at $105,000,777; 0.77% - 10.20%; 09/18/2020 - 02/15/2060)(c) |
0.23 | % | 09/01/2020 | 10,000,064 | 10,000,000 | |||||||||||
|
RBC Dominion Securities Inc., joint agreement dated 08/31/2020, aggregate maturing value of $1,000,002,500 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,020,000,000; 0.00% - 3.00%; 05/15/2045 - 09/01/2050) |
0.09 | % | 09/01/2020 | 30,000,075 | 30,000,000 | |||||||||||
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, and domestic and foreign corporate obligations valued at $63,603,481; 0.28% - 12.25%; 03/09/2021 - 12/15/2072)(c)(j) |
0.26 | % | - | - | 5,000,000 | |||||||||||
|
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 2.00% - 4.00%; 12/01/2046 - 06/01/2050) |
0.09 | % | 09/01/2020 | 30,000,075 | 30,000,000 | |||||||||||
|
Total Repurchase Agreements (Cost $178,878,687) |
178,878,687 | |||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(k)(l) -99.70% (Cost $322,207,996) |
322,210,562 | |||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-0.30% |
967,073 | |||||||||||||||
|
NET ASSETS-100.00% |
$ | 323,177,635 | ||||||||||||||
|
Investment Abbreviations: |
||
| CEP | -Credit Enhancement Provider | |
| LOC | -Letter of Credit | |
| RB | -Revenue Bonds | |
| VRD | -Variable Rate Demand | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco STIC Prime Portfolio
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
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 August 31, 2020 was $87,094,935, which represented 26.95% of the Fund’s Net Assets. |
| (c) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Japan: 10.2%; Netherlands: 9.3%; Switzerland: 7.7%; France: 7.4%; Canada: 6.2%; China: 5.3%; other countries less than 5% each: 14.1%. |
| (d) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (e) |
Security subject to the alternative minimum tax. |
| (f) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (g) |
Principal amount equals value at period end. See Note 1I. |
| (h) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (i) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (j) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (k) |
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
| (l) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Treasury Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Securities-59.83% |
||||||||||||||||
|
U.S. Treasury Bills-35.54%(a) |
||||||||||||||||
|
U.S. Treasury Bills |
0.13%-1.02 | % | 09/03/2020 | $ | 650,000 | $ | 649,985,306 | |||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14 | % | 09/08/2020 | 250,000 | 249,993,194 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15%-1.77 | % | 09/10/2020 | 450,000 | 449,923,875 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.09%-0.14 | % | 09/17/2020 | 600,000 | 599,970,000 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17 | % | 09/22/2020 | 250,000 | 249,975,208 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14 | % | 09/29/2020 | 250,000 | 249,973,750 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.19 | % | 10/08/2020 | 250,000 | 249,952,465 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15 | % | 10/13/2020 | 200,000 | 199,965,000 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18 | % | 10/15/2020 | 250,000 | 249,945,000 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.09%-0.16 | % | 10/20/2020 | 550,000 | 549,910,507 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.16 | % | 10/29/2020 | 250,000 | 249,937,570 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.12%-0.18 | % | 11/10/2020 | 350,000 | 349,889,167 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.19 | % | 11/17/2020 | 250,000 | 249,898,403 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.19 | % | 11/24/2020 | 250,000 | 249,892,083 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.10%-0.11 | % | 11/27/2020 | 300,000 | 299,925,083 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17 | % | 12/03/2020 | 200,000 | 199,912,167 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.16 | % | 12/08/2020 | 250,000 | 249,894,514 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.19 | % | 12/10/2020 | 250,000 | 249,871,528 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.16 | % | 12/15/2020 | 350,000 | 349,873,854 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15 | % | 12/22/2020 | 150,000 | 149,932,333 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.11%-0.18 | % | 12/24/2020 | 400,000 | 399,819,500 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17 | % | 12/31/2020 | 200,000 | 199,889,083 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.00 | % | 02/02/2021 | 200,000 | 199,905,889 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.12%-0.26 | % | 02/25/2021 | 400,000 | 399,631,250 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18%-0.26 | % | 03/25/2021 | 400,000 | 399,476,111 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14 | % | 08/12/2021 | 150,000 | 149,798,749 | |||||||||||
|
|
||||||||||||||||
| 8,047,141,589 | ||||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes-24.29% |
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) |
0.22 | % | 01/31/2021 | 781,000 | 780,884,897 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) |
0.24 | % | 04/30/2021 | 638,500 | 638,393,038 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) |
0.33 | % | 07/31/2021 | 500,000 | 499,984,043 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b) |
0.41 | % | 10/31/2021 | 450,000 | 450,408,650 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b) |
0.26 | % | 01/31/2022 | 500,000 | 499,763,324 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b) |
0.22 | % | 04/30/2022 | 544,000 | 544,467,361 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b) |
0.16 | % | 07/31/2022 | 400,000 | 400,010,889 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.38 | % | 09/30/2020 | 163,000 | 163,044,631 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.75 | % | 09/30/2020 | 200,000 | 200,206,633 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.63 | % | 10/15/2020 | 150,000 | 150,108,373 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.88 | % | 12/15/2020 | 155,000 | 155,432,435 | |||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Treasury Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes-(continued) |
||||||||||||||||
|
U.S. Treasury Notes |
2.38 | % | 12/31/2020 | $ | 100,000 | $ | 100,271,557 | |||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.50 | % | 12/31/2020 | 15,000 | 15,103,869 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.00 | % | 01/15/2021 | 185,000 | 185,712,060 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.13 | % | 01/31/2021 | 254,000 | 255,858,954 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
3.63 | % | 02/15/2021 | 255,000 | 258,796,530 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.00 | % | 02/28/2021 | 25,000 | 25,202,199 | |||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.25 | % | 03/31/2021 | 175,000 | 176,878,541 | |||||||||||
|
|
||||||||||||||||
| 5,500,527,984 | ||||||||||||||||
|
|
||||||||||||||||
|
Total U.S. Treasury Securities (Cost $13,547,669,573) |
13,547,669,573 | |||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-59.83% (Cost $13,547,669,573) |
13,547,669,573 | |||||||||||||||
|
|
||||||||||||||||
| Repurchase | ||||||||||||||||
| Amount | ||||||||||||||||
|
Repurchase Agreements-41.92%(c) |
||||||||||||||||
|
ABN AMRO Bank N.V., agreement dated 08/31/2020, maturing value of $400,000,778 (collateralized by U.S. Treasury obligations valued at $408,000,096; 0.13% - 5.50%; 12/31/2021 - 11/15/2044) |
0.07 | % | 09/01/2020 | 400,000,778 | 400,000,000 | |||||||||||
|
|
||||||||||||||||
|
Bank of Nova Scotia, agreement dated 08/31/2020, maturing value of $500,000,972 (collateralized by U.S. Treasury obligations valued at $510,000,006; 0.00% - 8.00%; 09/01/2020 - 05/15/2048) |
0.07 | % | 09/01/2020 | 500,000,972 | 500,000,000 | |||||||||||
|
|
||||||||||||||||
|
BNP Paribas Securities Corp., joint agreement dated 08/31/2020, aggregate maturing value of $1,350,002,625 (collateralized by U.S. Treasury obligations valued at $1,377,000,001; 0.13% - 6.75%; 10/31/2021 - 02/15/2050) |
0.07 | % | 09/01/2020 | 747,966,219 | 747,964,765 | |||||||||||
|
|
||||||||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $1,000,091,667 (collateralized by U.S. Treasury obligations valued at $1,020,000,058; 0.00% - 3.88%; 09/08/2020 - 11/15/2048)(d) |
0.11 | % | 09/04/2020 | 300,027,500 | 300,000,000 | |||||||||||
|
|
||||||||||||||||
|
Citigroup Global Markets, Inc., term agreement dated 08/25/2020, maturing value of $300,004,083 (collateralized by U.S. Treasury obligations valued at $306,000,000; 0.00%; 02/15/2032 - 02/15/2045)(d) |
0.07 | % | 09/01/2020 | 300,004,083 | 300,000,000 | |||||||||||
|
|
||||||||||||||||
|
DNB Bank ASA, agreement dated 08/31/2020, maturing value of $750,001,458 (collateralized by U.S. Treasury obligations valued at $765,000,002; 0.13% - 2.88%; 01/15/2021 - 08/15/2028) |
0.07 | % | 09/01/2020 | 750,001,458 | 750,000,000 | |||||||||||
|
|
||||||||||||||||
|
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2020, maturing value of $100,000,250 (collateralized by a U.S. Treasury obligation valued at $102,000,043; 2.13%; 05/15/2022) |
0.09 | % | 09/01/2020 | 100,000,250 | 100,000,000 | |||||||||||
|
|
||||||||||||||||
|
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2020, aggregate maturing value of $250,000,625 (collateralized by U.S. Treasury obligations valued at $255,138,487; 2.88%; 11/30/2023) |
0.09 | % | 09/01/2020 | 100,000,250 | 100,000,000 | |||||||||||
|
|
||||||||||||||||
|
Goldman Sachs & Co., agreement dated 08/31/2020, maturing value of $250,000,486 (collateralized by U.S. Treasury obligations valued at $255,000,021; 0.00% - 3.13%; 09/30/2020 - 08/15/2049) |
0.07 | % | 09/01/2020 | 250,000,486 | 250,000,000 | |||||||||||
|
|
||||||||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,026,258 (collateralized by U.S. Treasury obligations valued at $516,550,660; 2.88% - 3.75%; 08/15/2043 - 05/15/2048) |
0.09 | % | 09/01/2020 | 100,012,839 | 100,012,589 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,002,946 (collateralized by U.S. Treasury obligations valued at $509,939,386; 0.13% - 0.25%; 06/30/2022 - 07/15/2030) |
0.09 | % | 09/01/2020 | 250,001,591 | 250,000,966 | |||||||||||
|
|
||||||||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,195; 0.13% - 2.75%; 04/30/2021 - 11/15/2023)(e) |
0.07 | % | - | - | 630,000,000 | |||||||||||
|
|
||||||||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,230,000 (collateralized by U.S. Treasury obligations valued at $504,122,044; 2.00% - 2.63%; 12/31/2023 - 01/31/2026) |
0.18 | % | 10/23/2020 | 300,138,000 | 300,000,000 | |||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Treasury Portfolio
| Interest | Maturity | Repurchase | ||||||||||||||
| Rate | Date | Amount | Value | |||||||||||||
|
|
||||||||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,245,000 (collateralized by U.S. Treasury obligations valued at $505,508,022; 1.63% - 2.88%; 11/15/2022 - 08/15/2028) |
0.18 | % | 10/30/2020 | $ | 300,147,000 | $ | 300,000,000 | |||||||||
|
|
||||||||||||||||
|
Metropolitan Life Insurance Co., joint term agreement dated 08/27/2020, aggregate maturing value of $350,014,288 (collateralized by U.S. Treasury obligations valued at $354,295,526; 0.00%; 11/15/2027 - 05/15/2046)(d) |
0.09 | % | 09/03/2020 | 100,002,156 | 100,000,406 | |||||||||||
|
|
||||||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., agreement dated 08/31/2020, maturing value of $850,001,653 (collateralized by U.S. Treasury obligations valued at $867,000,078; 0.13% - 4.63%; 09/30/2021 - 11/15/2049) |
0.07 | % | 09/01/2020 | 850,001,653 | 850,000,000 | |||||||||||
|
|
||||||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $1,051,268,397 (collateralized by U.S. Treasury obligations valued at $1,072,650,430; 2.00%; 04/30/2024)(d) |
0.09 | % | 09/03/2020 | 315,380,519 | 315,375,000 | |||||||||||
|
|
||||||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/27/2020, maturing value of $100,001,556 (collateralized by a U.S. Treasury obligation valued at $102,001,065; 2.63%; 02/15/2029)(d) |
0.08 | % | 09/03/2020 | 100,001,555 | 100,000,000 | |||||||||||
|
|
||||||||||||||||
|
Prudential Insurance Co. of America, agreement dated 08/31/2020, maturing value of $282,688,285 (collateralized by U.S. Treasury obligations valued at $289,170,000; 0.00%; 11/15/2027 - 08/15/2037) |
0.10 | % | 09/01/2020 | 282,688,285 | 282,687,500 | |||||||||||
|
|
||||||||||||||||
|
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2020, maturing value of $365,438,515 (collateralized by U.S. Treasury obligations valued at $376,135,000; 0.00%; 08/15/2033 - 02/15/2045) |
0.10 | % | 09/01/2020 | 365,438,515 | 365,437,500 | |||||||||||
|
|
||||||||||||||||
|
RBC Dominion Securities Inc., agreement dated 08/31/2020, maturing value of $400,000,778 (collateralized by U.S. Treasury obligations valued at $408,000,002; 0.13% - 3.75%; 04/15/2022 - 08/15/2050) |
0.07 | % | 09/01/2020 | 400,000,778 | 400,000,000 | |||||||||||
|
|
||||||||||||||||
|
Royal Bank of Canada, agreement dated 08/31/2020, maturing value of $250,000,486 (collateralized by U.S. Treasury obligations valued at $255,000,098; 1.75% - 3.88%; 04/30/2022 - 02/15/2046) |
0.07 | % | 09/01/2020 | 250,000,486 | 250,000,000 | |||||||||||
|
|
||||||||||||||||
|
Societe Generale, joint open agreement dated 08/05/2020 (collateralized by U.S. Treasury obligations valued at $1,530,000,000; 0.00% - 8.13%; 09/10/2020 - 02/15/2050)(e) |
0.07 | % | - | - | 1,000,000,000 | |||||||||||
|
|
||||||||||||||||
|
Sumitomo Mitsui Banking Corp., agreement dated 08/31/2020, maturing value of $300,000,583 (collateralized by U.S. Treasury obligations valued at $306,000,054; 0.00% - 2.63%; 10/08/2020 - 02/28/2023) |
0.07 | % | 09/01/2020 | 300,000,583 | 300,000,000 | |||||||||||
|
|
||||||||||||||||
|
Wells Fargo Securities, LLC, agreement dated 08/31/2020, maturing value of $500,000,972 (collateralized by U.S. Treasury obligations valued at $510,000,022; 2.38% - 3.38%; 05/15/2028 - 11/15/2048) |
0.07 | % | 09/01/2020 | 500,000,972 | 500,000,000 | |||||||||||
|
|
||||||||||||||||
|
Total Repurchase Agreements (Cost $9,491,478,726) |
9,491,478,726 | |||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(f) -101.75%
|
23,039,148,299 | |||||||||||||||
|
|
||||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(1.75)% |
(395,658,894 | ) | ||||||||||||||
|
|
||||||||||||||||
|
NET ASSETS-100.00% |
$ | 22,643,489,405 | ||||||||||||||
|
|
||||||||||||||||
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Principal amount equals value at period end. See Note 1I. |
| (d) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (e) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (f) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Government Sponsored Agency Securities-40.74% |
||||||||||||||||
|
Federal Farm Credit Bank (FFCB)-4.07% |
||||||||||||||||
|
Federal Farm Credit Bank |
0.25% | 09/01/2020 | $ | 68,000 | $ | 68,000,000 | ||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.25% | 09/21/2020 | 200,000 | 199,972,222 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.50% | 10/20/2020 | 35,000 | 34,976,181 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.15% | 11/16/2020 | 25,000 | 24,992,083 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.17% | 11/27/2020 | 150,000 | 149,938,375 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.40% | 01/19/2021 | 15,000 | 14,976,667 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank |
0.44% | 03/24/2021 | 150,000 | 149,626,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.10%)(a) |
0.19% | 05/07/2021 | 23,000 | 23,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.16%)(a) |
0.25% | 05/07/2021 | 55,000 | 55,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.08%)(a) |
0.17% | 06/10/2021 | 14,000 | 14,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.28%)(a) |
0.37% | 10/01/2021 | 365,000 | 365,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.10%)(a) |
0.19% | 02/22/2022 | 16,555 | 16,555,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.19%)(a) |
0.28% | 07/14/2022 | 28,000 | 28,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.15%)(a) |
0.24% | 07/28/2022 | 45,000 | 45,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Farm Credit Bank (SOFR + 0.07%)(a) |
0.16% | 08/11/2022 | 108,000 | 108,000,000 | ||||||||||||
|
|
||||||||||||||||
| 1,297,036,528 | ||||||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (FHLB)-29.01% |
||||||||||||||||
|
Federal Home Loan Bank |
0.20% | 09/09/2020 | 4,659 | 4,658,793 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.16% | 09/18/2020 | 150,000 | 149,979,458 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.08%)(a) |
0.17% | 09/22/2020 | 100,000 | 100,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 09/28/2020 | 621,500 | 621,500,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
2.63% | 10/01/2020 | 15,000 | 15,027,699 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.32% | 10/02/2020 | 25,000 | 24,993,111 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 10/05/2020 | 300,000 | 299,915,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.29%-0.30% | 10/09/2020 | 350,000 | 349,891,278 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 10/15/2020 | 39,000 | 38,985,700 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) |
0.07% | 10/16/2020 | 20,000 | 20,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19% | 10/19/2020 | 10,000 | 10,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) |
0.07% | 10/20/2020 | 150,000 | 150,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12% | 10/22/2020 | 115,000 | 115,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.02%)(a) |
0.11% | 10/23/2020 | 290,000 | 290,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 10/26/2020 | 250,000 | 249,885,417 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.01%)(a) |
0.10% | 11/06/2020 | 240,000 | 240,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12% | 11/06/2020 | 90,000 | 89,999,180 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.52% | 11/09/2020 | 100,000 | 99,900,333 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.16% | 11/12/2020 | 100,000 | 99,968,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 11/13/2020 | 265,000 | 265,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.26% | 11/13/2020 | 50,000 | 49,983,778 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 11/16/2020 | 88,000 | 87,944,267 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30% | 11/17/2020 | 160,000 | 159,897,333 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.02%)(a) |
0.11% | 11/25/2020 | 645,000 | 645,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.34% | 11/25/2020 | 304,329 | 304,084,691 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.01%)(a) |
0.10% | 12/04/2020 | 250,000 | 250,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14% | 12/15/2020 | 185,000 | 185,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19% | 12/24/2020 | 85,000 | 85,000,000 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (FHLB)-(continued) |
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14 | % | 01/22/2021 | $ | 109,000 | $ | 109,000,000 | |||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14 | % | 01/28/2021 | 173,000 | 173,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
1.50 | % | 02/10/2021 | 5,600 | 5,598,775 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
1.38 | % | 02/18/2021 | 10,410 | 10,452,989 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.03%)(a) |
0.12 | % | 02/19/2021 | 145,000 | 145,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.04%)(a) |
0.13 | % | 02/25/2021 | 46,000 | 46,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16 | % | 02/26/2021 | 198,000 | 198,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.45 | % | 03/08/2021 | 290,000 | 289,318,500 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.13%)(a) |
0.22 | % | 03/11/2021 | 150,000 | 150,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16 | % | 03/12/2021 | 345,000 | 345,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.30 | % | 03/17/2021 | 100,000 | 99,835,833 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.11%)(a) |
0.20 | % | 03/25/2021 | 40,000 | 40,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank |
0.18 | % | 03/26/2021 | 35,500 | 35,505,652 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) |
0.16 | % | 04/09/2021 | 15,000 | 15,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) |
0.16 | % | 04/13/2021 | 77,000 | 77,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) |
0.13 | % | 04/14/2021 | 550,000 | 550,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) |
0.13 | % | 04/19/2021 | 150,000 | 150,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.07%)(a) |
0.16 | % | 04/21/2021 | 75,000 | 75,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.05%)(a) |
0.14 | % | 06/24/2021 | 240,000 | 240,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.10%)(a) |
0.19 | % | 07/09/2021 | 190,000 | 190,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.08%)(a) |
0.17 | % | 07/23/2021 | 321,000 | 321,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.06%)(a) |
0.15 | % | 08/24/2021 | 100,000 | 100,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.17%)(a) |
0.26 | % | 11/12/2021 | 127,000 | 127,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.15%)(a) |
0.24 | % | 11/15/2021 | 355,000 | 355,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.13%)(a) |
0.22 | % | 08/05/2022 | 80,000 | 80,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Bank (SOFR + 0.09%)(a) |
0.18 | % | 08/19/2022 | 315,000 | 315,000,000 | |||||||||||
|
|
||||||||||||||||
| 9,243,325,787 | ||||||||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (FHLMC)-2.62% |
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) |
0.12 | % | 09/08/2020 | 24,100 | 24,100,023 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. |
1.88 | % | 11/17/2020 | 4,215 | 4,227,482 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) |
0.13 | % | 12/14/2020 | 150,000 | 150,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) |
0.12 | % | 02/19/2021 | 55,000 | 55,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.30%)(a) |
0.39 | % | 06/30/2021 | 45,000 | 45,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)(a) |
0.41 | % | 09/30/2021 | 412,000 | 412,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal Home Loan Mortgage Corp. (SOFR + 0.31%)(a) |
0.40 | % | 01/03/2022 | 145,000 | 145,000,000 | |||||||||||
|
|
||||||||||||||||
| 835,327,505 | ||||||||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (FNMA)-3.84% |
||||||||||||||||
|
Federal National Mortgage Association |
0.25 | % | 09/23/2020 | 120,000 | 119,981,740 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association |
2.88 | % | 10/30/2020 | 12,500 | 12,548,550 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.04%)(a) |
0.13 | % | 01/29/2021 | 25,000 | 24,979,009 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.25%)(a) |
0.34 | % | 03/24/2021 | 185,000 | 185,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.21%)(a) |
0.30 | % | 07/01/2021 | 150,000 | 150,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.23%)(a) |
0.32 | % | 07/06/2021 | 156,000 | 156,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.28%)(a) |
0.37 | % | 07/06/2021 | 225,000 | 225,000,000 | |||||||||||
|
|
||||||||||||||||
|
Federal National Mortgage Association (SOFR + 0.30%)(a) |
0.39 | % | 01/07/2022 | 350,000 | 350,000,000 | |||||||||||
|
|
||||||||||||||||
| 1,223,509,299 | ||||||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest
Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. (DFC)-1.20% |
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2020 | $ | 116,000 | $ | 116,000,000 | ||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 06/15/2025 | 24,000 | 24,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 07/15/2025 | 26,111 | 26,111,112 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2025 | 5,000 | 5,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2026 | 5,000 | 5,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 09/15/2026 | 10,000 | 10,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 08/13/2027 | 8,000 | 8,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 08/13/2027 | 4,600 | 4,600,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 02/15/2028 | 16,667 | 16,666,667 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 11/15/2028 | 75,000 | 75,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 05/15/2030 | 8,541 | 8,541,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 10/15/2030 | 8,000 | 8,000,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) |
0.16% | 07/09/2026 | 30,600 | 30,600,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) |
0.18% | 03/15/2030 | 43,875 | 43,875,000 | ||||||||||||
|
|
||||||||||||||||
| 381,393,779 | ||||||||||||||||
|
|
||||||||||||||||
|
Total U.S. Government Sponsored Agency Securities (Cost $12,980,592,898) |
|
12,980,592,898 | ||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Securities-24.86% |
||||||||||||||||
|
U.S. Treasury Bills-17.19%(c) |
||||||||||||||||
|
U.S. Treasury Bills |
0.12%-0.14% | 09/08/2020 | 700,000 | 699,981,722 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.20% | 09/10/2020 | 200,000 | 199,989,900 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 09/17/2020 | 100,000 | 99,993,778 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 09/29/2020 | 150,000 | 149,984,250 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 10/01/2020 | 135,000 | 134,981,437 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.14% | 10/06/2020 | 200,000 | 199,972,778 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.16%-0.19% | 10/08/2020 | 250,000 | 249,955,035 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/13/2020 | 670,000 | 669,884,850 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18% | 10/15/2020 | 100,000 | 99,978,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/27/2020 | 300,000 | 299,930,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 10/29/2020 | 800,000 | 799,806,667 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.17% | 11/03/2020 | 100,000 | 99,970,250 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 11/05/2020 | 375,000 | 374,898,438 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18% | 11/10/2020 | 250,000 | 249,912,500 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.15% | 11/12/2020 | 100,000 | 99,971,000 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.10% | 12/03/2020 | 150,000 | 149,961,249 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
0.18%-0.19% | 12/10/2020 | 250,000 | 249,872,222 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills |
1.47% | 12/31/2020 | 100,000 | 99,511,799 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
U.S. Treasury Bills(c)-(continued) |
||||||||||||||||
|
U.S. Treasury Bills |
0.17 | % | 01/07/2021 | $ | 300,000 | $ | 299,823,999 | |||||||||
|
U.S. Treasury Bills |
0.18 | % | 02/25/2021 | 150,000 | 149,867,250 | |||||||||||
|
U.S. Treasury Bills |
0.17 | % | 04/22/2021 | 100,000 | 99,893,208 | |||||||||||
| 5,478,140,332 | ||||||||||||||||
|
U.S. Treasury Notes-7.67% |
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(a) |
0.22 | % | 01/31/2021 | 445,000 | 444,928,230 | |||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(a) |
0.24 | % | 04/30/2021 | 720,000 | 719,899,522 | |||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(a) |
0.33 | % | 07/31/2021 | 170,000 | 170,109,131 | |||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(a) |
0.41 | % | 10/31/2021 | 550,000 | 550,669,433 | |||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(a) |
0.26 | % | 01/31/2022 | 25,000 | 24,994,371 | |||||||||||
|
U.S. Treasury Notes |
1.38 | % | 09/15/2020 | 100,000 | 99,995,609 | |||||||||||
|
U.S. Treasury Notes |
2.75 | % | 09/30/2020 | 190,000 | 190,170,394 | |||||||||||
|
U.S. Treasury Notes |
1.75 | % | 10/31/2020 | 95,000 | 95,019,624 | |||||||||||
|
U.S. Treasury Notes |
2.50 | % | 12/31/2020 | 25,000 | 25,173,115 | |||||||||||
|
U.S. Treasury Notes |
2.13 | % | 01/31/2021 | 25,000 | 25,182,968 | |||||||||||
|
U.S. Treasury Notes |
3.63 | % | 02/15/2021 | 25,000 | 25,371,676 | |||||||||||
|
U.S. Treasury Notes |
2.00 | % | 02/28/2021 | 34,000 | 34,274,991 | |||||||||||
|
U.S. Treasury Notes |
2.50 | % | 02/28/2021 | 37,000 | 37,389,483 | |||||||||||
| 2,443,178,547 | ||||||||||||||||
|
Total U.S. Treasury Securities (Cost $7,921,318,879) |
7,921,318,879 | |||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase
Agreements)- 65.60%
|
|
20,901,911,777 | ||||||||||||||
| Repurchase | ||||||||||||||||
| Amount | ||||||||||||||||
|
Repurchase Agreements-34.50%(d) |
||||||||||||||||
|
ABN AMRO Bank N.V., joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities and and U.S. Treasury obligations valued at $510,000,010; 2.00% - 5.65%; 01/01/2021 - 08/20/2050) |
0.09 | % | 09/01/2020 | 142,806,355 | 142,805,998 | |||||||||||
|
BNP Paribas Securities Corp., agreement dated 08/31/2020, maturing value of $500,001,250 (collateralized by U.S. Treasury obligations, a U.S. government sponsored agency obligation and domestic agency mortgage-backed securities valued at $510,000,000; 0.00% - 7.00%; 09/08/2020 - 10/20/2067) |
0.09 | % | 09/01/2020 | 500,001,250 | 500,000,000 | |||||||||||
|
BNP Paribas Securities Corp., joint agreement dated 08/31/2020, aggregate maturing value of $1,350,002,625 (collateralized by U.S. Treasury obligations valued at $1,377,000,001; 0.13% - 6.75%; 10/31/2021 - 02/15/2050) |
0.07 | % | 09/01/2020 | 547,107,491 | 547,106,427 | |||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $1,000,091,667 (collateralized by U.S. Treasury obligations valued at $1,020,000,058; 0.00% - 3.88%; 09/08/2020 - 11/15/2048)(e) |
0.11 | % | 09/04/2020 | 450,041,250 | 450,000,000 | |||||||||||
|
BNP Paribas Securities Corp., joint term agreement dated 08/05/2020, aggregate maturing value of $2,355,215,875 (collateralized by domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $2,402,100,000; 0.00% - 7.63%; 09/10/2020 - 10/20/2067)(e) |
0.11 | % | 09/04/2020 | 1,640,150,333 | 1,640,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
| Interest | Maturity | Repurchase | ||||||||||||||
| Rate | Date | Amount | Value | |||||||||||||
|
Citigroup Global Markets, Inc., agreement dated 08/31/2020, maturing value of $650,001,264 (collateralized by U.S. Treasury obligations valued at $663,000,000; 0.00%; 11/15/2020 - 08/15/2050) |
0.07 | % | 09/01/2020 | $ | 650,001,264 | $ | 650,000,000 | |||||||||
|
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2020, aggregate maturing value of $250,000,625 (collateralized by U.S. Treasury obligations valued at $255,138,487; 2.88%; 11/30/2023) |
0.09 | % | 09/01/2020 | 100,000,250 | 100,000,000 | |||||||||||
|
ING Financial Markets, LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,026,258 (collateralized by U.S. Treasury obligations valued at $516,550,660; 2.88% - 3.75%; 08/15/2043 - 05/15/2048) |
0.09 | % | 09/01/2020 | 200,009,092 | 200,008,592 | |||||||||||
|
ING Financial Markets, LLC, joint term agreement dated 07/23/2020, aggregate maturing value of $150,041,875 (collateralized by domestic agency mortgage-backed securities valued at $153,000,002; 2.50% -4.50%; 04/01/2038 - 01/01/2057) |
0.15 | % | 09/28/2020 | 87,024,288 | 87,000,000 | |||||||||||
|
ING Financial Markets, LLC, joint term agreement dated 08/20/2020, aggregate maturing value of $300,026,667 (collateralized by domestic agency mortgage-backed securities valued at $306,000,000; 3.00% -5.00%; 09/01/2042 - 06/01/2056) |
0.10 | % | 09/21/2020 | 205,018,222 | 205,000,000 | |||||||||||
|
ING Financial Markets, LLC, term agreement dated 08/05/2020, maturing value of $250,025,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 2.50% - 4.50%; 08/01/2040 - 01/01/2057)(e) |
0.12 | % | 09/04/2020 | 250,025,000 | 250,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.81% - 5.50%; 04/01/2026 - 07/01/2056) |
0.09 | % | 09/01/2020 | 228,564,957 | 228,564,386 | |||||||||||
|
J.P. Morgan Securities LLC, joint agreement dated 08/31/2020, aggregate maturing value of $500,002,946 (collateralized by U.S. Treasury obligations valued at $509,939,386; 0.13% - 0.25%; 06/30/2022 - 07/15/2030) |
0.09 | % | 09/01/2020 | 250,001,355 | 250,000,730 | |||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,195; 0.13% - 2.75%; 04/30/2021 - 11/15/2023)(f) |
0.07 | % | - | - | 150,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by domestic agency mortgage-backed securities and a U.S.treasury obligation valued at $510,000,087; 0.00% - 7.50%; 12/03/2020 - 09/01/2050)(f) |
0.08 | % | - | - | 350,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by domestic agency mortgage-backed securities and a U.S.treasury obligation valued at $295,800,007; 0.00% - 8.13%; 08/15/2021 - 09/01/2057)(f) |
0.12 | % | - | - | 240,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by domestic agency mortgage-backed securities and a U.S.treasury obligation valued at $408,000,043; 0.61% - 8.50%; 12/01/2020 - 02/16/2058)(f) |
0.09 | % | - | - | 275,000,000 | |||||||||||
|
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 0.00% - 6.00%; 09/01/2026 - 06/01/2050)(f) |
0.80 | % | - | - | 250,000,000 | |||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,230,000 (collateralized by U.S. Treasury obligations valued at $504,122,044; 2.00% - 2.63%; 12/31/2023 - 01/31/2026) |
0.18 | % | 10/23/2020 | 140,064,400 | 140,000,000 | |||||||||||
|
Lloyds Bank PLC, joint term agreement dated 07/22/2020, aggregate maturing value of $500,245,000 (collateralized by U.S. Treasury obligations valued at $505,508,022; 1.63% - 2.88%; 11/15/2022 - 08/15/2028) |
0.18 | % | 10/30/2020 | 130,063,700 | 130,000,000 | |||||||||||
|
Metropolitan Life Insurance Co., joint term agreement dated 08/27/2020, aggregate maturing value of $350,014,288 (collateralized by U.S. Treasury obligations valued at $354,295,526; 0.00%; 11/15/2027 - 05/15/2046)(e) |
0.09 | % | 09/03/2020 | 170,006,094 | 170,003,119 | |||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 0.44% - 0.88%; 10/25/2035 - 04/20/2050) |
0.09 | % | 09/01/2020 | 500,001,250 | 500,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Government & Agency Portfolio
|
Interest
Rate |
Maturity
Date |
Repurchase
Amount |
Value | |||||||||||||
|
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/27/2020, aggregate maturing value of $1,051,268,397 (collateralized by U.S. Treasury obligations valued at $1,072,650,430; 2.00%; 04/30/2024)(e) |
0.09 | % | 09/03/2020 | $ | 452,045,411 | $ | 452,037,500 | |||||||||
|
Prudential Insurance Co. of America, agreement dated 08/31/2020, maturing value of $592,485,396 (collateralized by U.S. Treasury obligations valued at $609,319,750; 0.00%; 02/15/2026 - 11/15/2043) |
0.10 | % | 09/01/2020 | 592,485,396 | 592,483,750 | |||||||||||
|
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2020, maturing value of $42,500,118 (collateralized by a U.S. Treasury obligation valued at $43,521,000; 0.00%; 08/15/2033) |
0.10 | % | 09/01/2020 | 42,500,118 | 42,500,000 | |||||||||||
|
RBC Capital Markets LLC, joint term agreement dated 08/31/2020, aggregate maturing value of $1,250,000,000 (collateralized by U.S. Treasury obligations, U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and a foreign corporate obligation valued at $1,275,000,249; 0.00% - 8.00%; 09/01/2020 - 08/20/2065)(a)(e) |
0.14 | % | 11/02/2020 | 920,000,000 | 920,000,000 | |||||||||||
|
RBC Dominion Securities Inc., joint agreement dated 08/31/2020, aggregate maturing value of $1,000,002,500 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,020,000,000; 0.00% - 3.00%; 05/15/2045 - 09/01/2050) |
0.09 | % | 09/01/2020 | 534,963,985 | 534,962,648 | |||||||||||
|
Societe Generale, joint open agreement dated 08/05/2020 (collateralized by U.S. Treasury obligations valued at $1,530,000,000; 0.00% - 8.13%; 09/10/2020 - 02/15/2050)(f) |
0.07 | % | - | - | 320,000,000 | |||||||||||
|
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2020, aggregate maturing value of $750,001,875 (collateralized by domestic agency mortgage-backed securities valued at $765,000,000; 2.00% - 4.00%; 12/01/2046 - 06/01/2050) |
0.09 | % | 09/01/2020 | 173,100,767 | 173,100,334 | |||||||||||
|
Wells Fargo Securities, LLC, agreement dated 08/31/2020, maturing value of $500,001,250 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50% - 3.00%; 12/20/2049 - 01/20/2050) |
0.09 | % | 09/01/2020 | 500,001,250 | 500,000,000 | |||||||||||
|
Total Repurchase Agreements (Cost $10,990,573,484) |
10,990,573,484 | |||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES(g)-100.10% (Cost $31,892,485,261) |
31,892,485,261 | |||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-( 0.10)% |
(30,408,073 | ) | ||||||||||||||
|
NET ASSETS-100.00% |
$ | 31,862,077,188 | ||||||||||||||
Investment Abbreviations:
|
LIBOR |
-London Interbank Offered Rate | |
|
SOFR |
-Secured Overnight Financing Rate | |
|
USD |
-U.S. Dollar | |
|
VRD |
-Variable Rate Demand |
Notes to Schedule of Investments:
| (a) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
| (b) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (d) |
Principal amount equals value at period end. See Note 1I. |
| (e) |
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (f) |
Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (g) |
Also represents cost for federal income tax purposes. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Treasury Obligations Portfolio
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Treasury Obligations Portfolio
|
Interest Rate |
Maturity
Date |
Principal
(000) |
Value | |||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Bills(a)-(continued) |
|
|||||||||||||||
|
U.S. Treasury Bills |
0.16% | 07/15/2021 | $ 7,000 | $ 6,990,446 | ||||||||||||
|
|
||||||||||||||||
| 1,282,071,955 | ||||||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes-14.73% |
|
|||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) |
0.22% | 01/31/2021 | 17,000 | 16,996,155 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) |
0.24% | 04/30/2021 | 7,000 | 6,999,931 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) |
0.33% | 07/31/2021 | 15,000 | 14,996,429 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)(b) |
0.41% | 10/31/2021 | 36,500 | 36,520,468 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)(b) |
0.26% | 01/31/2022 | 30,000 | 29,971,602 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b) |
0.22% | 04/30/2022 | 55,000 | 55,026,658 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b) |
0.16% | 07/31/2022 | 12,000 | 12,000,271 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.00% | 09/30/2020 | 15,000 | 15,004,363 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
1.75% | 10/31/2020 | 13,000 | 13,002,685 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.00% | 01/15/2021 | 3,000 | 3,018,863 | ||||||||||||
|
|
||||||||||||||||
|
U.S. Treasury Notes |
2.25% | 03/31/2021 | 10,000 | 10,107,345 | ||||||||||||
|
|
||||||||||||||||
| 213,644,770 | ||||||||||||||||
|
|
||||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES-103.09%
|
|
1,495,716,725 | ||||||||||||||
|
|
||||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(3.09)% |
|
(44,822,921 | ) | |||||||||||||
|
|
||||||||||||||||
|
NET ASSETS-100.00% |
|
$1,450,893,804 | ||||||||||||||
|
|
||||||||||||||||
Notes to Schedule of Investments:
| (a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Short-Term Investments Trust
Schedule of Investments
August 31, 2020
Invesco Tax-Free Cash Reserve Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Municipal Obligations-99.85% |
||||||||||||||||
|
Alabama-4.40% |
||||||||||||||||
|
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(a)(b)(c) |
0.12% | 07/01/2040 | $8,805 | $ 8,805,000 | ||||||||||||
|
|
||||||||||||||||
|
Arizona-2.81% |
||||||||||||||||
|
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)(b) |
0.08% | 06/15/2031 | 2,685 | 2,685,000 | ||||||||||||
|
|
||||||||||||||||
|
Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD RB (CEP - FNMA)(b) |
0.08% | 06/15/2031 | 2,945 | 2,945,000 | ||||||||||||
|
|
||||||||||||||||
| 5,630,000 | ||||||||||||||||
|
|
||||||||||||||||
|
California-1.30% |
||||||||||||||||
|
California (State of) Educational Facilities Authority; Series 2020, Commercial Paper Notes |
0.11% | 10/01/2020 | 2,600 | 2,600,000 | ||||||||||||
|
|
||||||||||||||||
|
Colorado-0.60% |
||||||||||||||||
|
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.19% | 02/01/2031 | 1,190 | 1,190,000 | ||||||||||||
|
|
||||||||||||||||
|
Delaware-2.03% |
||||||||||||||||
|
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware
County); Series 2006, VRD RB (LOC - PNC Bank
|
0.09% | 09/01/2036 | 2,780 | 2,780,000 | ||||||||||||
|
|
||||||||||||||||
|
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.10% | 05/01/2036 | 1,280 | 1,280,000 | ||||||||||||
|
|
||||||||||||||||
| 4,060,000 | ||||||||||||||||
|
|
||||||||||||||||
|
District of Columbia-3.38% |
||||||||||||||||
|
District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 08/15/2038 | 245 | 245,000 | ||||||||||||
|
|
||||||||||||||||
|
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.07% | 10/01/2039 | 6,525 | 6,525,000 | ||||||||||||
|
|
||||||||||||||||
| 6,770,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Florida-5.16% |
||||||||||||||||
|
Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.09% | 06/01/2048 | 910 | 910,000 | ||||||||||||
|
|
||||||||||||||||
|
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.16% | 11/01/2036 | 2,725 | 2,725,000 | ||||||||||||
|
|
||||||||||||||||
|
Palm Beach (County of), FL (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.09% | 07/01/2032 | 2,400 | 2,400,000 | ||||||||||||
|
|
||||||||||||||||
|
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.07% | 07/01/2037 | 4,280 | 4,280,000 | ||||||||||||
|
|
||||||||||||||||
| 10,315,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Georgia-4.20% |
||||||||||||||||
|
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)(a)(b)(c) |
0.08% | 11/01/2030 | 2,590 | 2,590,000 | ||||||||||||
|
|
||||||||||||||||
|
Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer); Series 2009 A, VRD PCR (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.08% | 01/01/2030 | 2,420 | 2,420,000 | ||||||||||||
|
|
||||||||||||||||
|
Series 2010 A, Ref. VRD PCR (LOC - Bank of Montreal)(b)(c) |
0.14% | 01/01/2036 | 3,000 | 3,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000,VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.19% | 09/01/2020 | 400 | 400,000 | ||||||||||||
|
|
||||||||||||||||
| 8,410,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Illinois-4.49% |
||||||||||||||||
|
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) |
0.07 | % | 12/01/2046 | 5,755 | 5,755,000 | |||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Illinois-(continued) |
||||||||||||||||
|
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(b)(c) |
0.08% | 01/01/2037 | $ | 2,230 | $ | 2,230,000 | ||||||||||
|
|
||||||||||||||||
|
Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)(b)(c) |
0.08% | 10/01/2033 | 1,000 | 1,000,000 | ||||||||||||
|
|
||||||||||||||||
| 8,985,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Indiana-8.69% |
||||||||||||||||
|
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.14% | 08/01/2037 | 5,750 | 5,750,000 | ||||||||||||
|
|
||||||||||||||||
|
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)(a)(b)(c) |
0.18% | 06/01/2035 | 8,000 | 8,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Purdue University; Series 2011 A, VRD COP(b) |
0.06% | 07/01/2035 | 3,635 | 3,635,000 | ||||||||||||
|
|
||||||||||||||||
| 17,385,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Louisiana-1.75% |
||||||||||||||||
|
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c) |
0.08% | 07/01/2047 | 3,505 | 3,505,000 | ||||||||||||
|
|
||||||||||||||||
|
Maryland-4.71% |
||||||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority; Series 2020 B, Commercial Paper Notes |
0.22% | 09/09/2020 | 4,800 | 4,800,000 | ||||||||||||
|
|
||||||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 04/01/2035 | 2,015 | 2,015,000 | ||||||||||||
|
|
||||||||||||||||
|
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical); Series 2008E, VRD RB (LOC - Bank of Montreal)(a)(b)(c) |
0.03% | 07/01/2041 | 2,600 | 2,600,000 | ||||||||||||
|
|
||||||||||||||||
| 9,415,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Massachusetts-2.17% |
||||||||||||||||
|
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 10/01/2038 | 2,830 | 2,830,000 | ||||||||||||
|
|
||||||||||||||||
|
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank N.A.)(b)(c) |
0.07% | 01/01/2037 | 1,500 | 1,500,000 | ||||||||||||
|
|
||||||||||||||||
| 4,330,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Michigan-4.51% |
||||||||||||||||
|
Kent (County of), MI Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c) |
0.10% | 01/15/2026 | 2,005 | 2,005,000 | ||||||||||||
|
|
||||||||||||||||
|
Michigan State University Board of Trustees; Series 2000 A-1, VRD RB(b) |
0.10% | 08/15/2030 | 3,000 | 3,000,000 | ||||||||||||
|
|
||||||||||||||||
|
Series 2001 A-2, VRD RB(b) |
0.10% | 08/15/2030 | 1,010 | 1,010,000 | ||||||||||||
|
|
||||||||||||||||
|
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.08% | 03/01/2031 | 3,000 | 3,000,000 | ||||||||||||
|
|
||||||||||||||||
| 9,015,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Minnesota-5.48% |
||||||||||||||||
|
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)(b) |
0.16% | 10/15/2033 | 1,175 | 1,175,000 | ||||||||||||
|
|
||||||||||||||||
|
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(b) |
0.08% | 11/01/2035 | 6,505 | 6,505,000 | ||||||||||||
|
|
||||||||||||||||
|
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)(b) |
0.08% | 10/01/2033 | 3,285 | 3,285,000 | ||||||||||||
|
|
||||||||||||||||
| 10,965,000 | ||||||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
| Principal | ||||||||||||||||
| Interest | Maturity | Amount | ||||||||||||||
| Rate | Date | (000) | Value | |||||||||||||
|
|
||||||||||||||||
|
Mississippi-3.95% |
||||||||||||||||
|
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); Series 2007 A, VRD IDR(b) |
0.03% | 12/01/2030 | $ | 60 | $ | 60,000 | ||||||||||
|
|
||||||||||||||||
|
Series 2010 C, VRD IDR(b) |
0.08% | 12/01/2030 | 585 | 585,000 | ||||||||||||
|
|
||||||||||||||||
|
Series 2010 E, VRD IDR(b) |
0.08% | 12/01/2030 | 6,250 | 6,250,000 | ||||||||||||
|
|
||||||||||||||||
|
Series 2010 C, VRD IDR(b) |
0.08% | 12/01/2030 | 1,000 | 1,000,000 | ||||||||||||
|
|
||||||||||||||||
| 7,895,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Missouri-0.59% |
||||||||||||||||
|
Bridgeton (City of), MO IDA (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)(b)(c) |
0.08% | 11/01/2037 | 615 | 615,000 | ||||||||||||
|
|
||||||||||||||||
|
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)(b)(c) |
0.14% | 08/01/2038 | 565 | 565,000 | ||||||||||||
|
|
||||||||||||||||
| 1,180,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Nevada-0.75% |
||||||||||||||||
|
Reno (City of), NV (Renown Regional Medical Center); Series 2009 A, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(b)(c) |
0.08% | 06/01/2039 | 1,500 | 1,500,000 | ||||||||||||
|
|
||||||||||||||||
|
New York-4.46% |
||||||||||||||||
|
New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)(a)(b)(c) |
0.06% | 05/01/2039 | 2,500 | 2,500,000 | ||||||||||||
|
|
||||||||||||||||
|
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2015 A, VRD RB (LOC - Bank of China Ltd.)(a)(b)(c) |
0.10% | 05/01/2050 | 6,100 | 6,100,000 | ||||||||||||
|
|
||||||||||||||||
|
Series 2016 A, VRD RB (LOC - Bank of China Ltd.)(a)(b)(c) |
0.09% | 05/01/2050 | 330 | 330,000 | ||||||||||||
|
|
||||||||||||||||
| 8,930,000 | ||||||||||||||||
|
|
||||||||||||||||
|
North Carolina-4.39% |
||||||||||||||||
|
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB(b) |
0.05% | 06/01/2027 | 1,285 | 1,285,000 | ||||||||||||
|
|
||||||||||||||||
|
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(b) |
0.07% | 12/01/2021 | 2,520 | 2,520,000 | ||||||||||||
|
|
||||||||||||||||
|
Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank N.A.)(a)(b)(c) |
0.04% | 05/01/2036 | 4,970 | 4,970,000 | ||||||||||||
|
|
||||||||||||||||
| 8,775,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Ohio-1.46% |
||||||||||||||||
|
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)(b)(c) |
0.09% | 08/02/2038 | 2,925 | 2,925,000 | ||||||||||||
|
|
||||||||||||||||
|
Pennsylvania-4.85% |
||||||||||||||||
|
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 06/01/2037 | 4,305 | 4,305,000 | ||||||||||||
|
|
||||||||||||||||
|
Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)(a)(b)(c) |
0.07% | 03/01/2030 | 1,990 | 1,990,000 | ||||||||||||
|
|
||||||||||||||||
|
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 10/15/2025 | 385 | 385,000 | ||||||||||||
|
|
||||||||||||||||
|
Ridley School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)(a)(b)(c) |
0.08% | 11/01/2029 | 305 | 305,000 | ||||||||||||
|
|
||||||||||||||||
|
Westmoreland (County of), PA Industrial Development Authority (Excela Health); Series 2005 A, VRD RB (LOC - PNC Bank N.A.)(b)(c) |
0.09% | 07/01/2027 | 2,725 | 2,725,000 | ||||||||||||
|
|
||||||||||||||||
| 9,710,000 | ||||||||||||||||
|
|
||||||||||||||||
|
Rhode Island-2.10% |
||||||||||||||||
|
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB(b) |
0.07% | 09/01/2043 | 4,200 | 4,200,000 | ||||||||||||
|
|
||||||||||||||||
|
Texas-10.73% |
||||||||||||||||
|
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(b)(c) |
0.12% | 02/15/2042 | 4,720 | 4,720,000 | ||||||||||||
|
|
||||||||||||||||
|
Houston (City of), TX; Series 2020 E-2, Commercial Paper Notes |
0.16% | 10/02/2020 | 4,000 | 4,000,000 | ||||||||||||
|
|
||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
|
Investment Abbreviations: |
||
|
CEP |
- Credit Enhancement Provider | |
|
COP |
- Certificates of Participation | |
|
FHLB |
- Federal Home Loan Bank | |
|
FHLMC |
- Federal Home Loan Mortgage Corp. | |
|
FNMA |
- Federal National Mortgage Association | |
|
GO |
- General Obligation | |
|
IDR |
- Industrial Development Revenue Bonds | |
|
LOC |
- Letter of Credit | |
|
PCR |
- Pollution Control Revenue Bonds | |
|
RB |
- Revenue Bonds | |
|
Ref. |
- Refunding | |
|
VRD |
- Variable Rate Demand | |
|
YMCA |
- Young Men’s Christian Association | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 Short-Term Investments Trust
Schedule of Investments–(continued)
Invesco Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
| (a) |
The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 8.8%; Japan: 5.3%; other countries less than 5% each: 11.6%. |
| (b) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2020. |
| (c) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (d) |
Also represents cost for federal income tax purposes. |
| (e) |
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
| Entities | Percentage | |
|
|
||
|
JPMorgan Chase Bank N.A. |
6.7% | |
|
|
||
|
Wells Fargo Bank N.A. |
6.6 | |
|
|
||
|
Federal Home Loan Bank |
6.4 | |
|
|
||
|
Federal Home Loan Mortgage Corp. |
6.3 | |
|
|
||
|
TD Bank N.A. |
6.2 | |
|
|
||
|
PNC Bank N.A. |
5.7 | |
|
|
||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 Short-Term Investments Trust
Statements of Assets and Liabilities
August 31, 2020
| Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco Treasury | Invesco Government | Obligations | Cash Reserve | |||||||||||||||||||
| Assets Portfolio | Prime Portfolio | Portfolio | & Agency Portfolio | Portfolio | Portfolio | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Assets: |
||||||||||||||||||||||||
|
Investments in securities, at value |
$ | 1,784,724,046 | $ | 143,331,875 | $ | 13,547,669,573 | $ | 20,901,911,777 | $ | 1,495,716,725 | $ | 199,735,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Repurchase agreements, at value and cost |
830,572,324 | 178,878,687 | 9,491,478,726 | 10,990,573,484 | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash |
33,603,197 | - | - | - | 37,054 | 61,208 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Receivable for: |
||||||||||||||||||||||||
|
Investments sold |
- | 900,000 | - | - | - | 315,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest |
1,056,194 | 20,964 | 9,417,821 | 7,237,160 | 346,690 | 23,497 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Fund expenses absorbed |
- | 5,056 | - | 115,182 | 5,041 | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Investment for trustee deferred compensation and retirement plans |
3,644,669 | 1,008,721 | 2,164,080 | 987,082 | 118,706 | 356,729 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Other assets |
124,772 | 219,614 | 217,359 | 1,247,838 | 37,133 | 91,265 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total assets |
2,653,725,202 | 324,364,917 | 23,050,947,559 | 31,902,072,523 | 1,496,261,349 | 200,582,699 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Liabilities: |
||||||||||||||||||||||||
|
Payable for: |
||||||||||||||||||||||||
|
Investments purchased |
83,707,955 | - | 399,847,556 | - | 44,984,634 | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Amount due custodian |
- | 12,463 | 1,795,459 | 35,860,836 | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Dividends |
254,769 | 4,367 | 843,269 | 1,321,007 | 48,847 | 1,671 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Accrued fees to affiliates |
131,522 | 32,780 | 2,066,942 | 1,515,523 | 140,517 | 101,988 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Accrued trustees’ and officers’ fees and benefits |
14,771 | 7,700 | 62,856 | 97,276 | 9,975 | 7,064 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Accrued operating expenses |
73,996 | 50,032 | 426,940 | 44,482 | 53,713 | 47,638 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Trustee deferred compensation and retirement plans |
3,930,281 | 1,079,940 | 2,415,132 | 1,156,211 | 129,859 | 381,211 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total liabilities |
88,113,294 | 1,187,282 | 407,458,154 | 39,995,335 | 45,367,545 | 539,572 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net assets applicable to shares outstanding |
$ | 2,565,611,908 | $ | 323,177,635 | $ | 22,643,489,405 | $ | 31,862,077,188 | $ | 1,450,893,804 | $ | 200,043,127 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net assets consist of: |
||||||||||||||||||||||||
|
Shares of beneficial interest |
$ | 2,564,796,446 | $ | 322,403,496 | $ | 22,642,905,919 | $ | 31,862,059,097 | $ | 1,450,989,544 | $ | 200,167,173 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Distributable earnings (loss) |
815,462 | 774,139 | 583,486 | 18,091 | (95,740 | ) | (124,046 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
| $ | 2,565,611,908 | $ | 323,177,635 | $ | 22,643,489,405 | $ | 31,862,077,188 | $ | 1,450,893,804 | $ | 200,043,127 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net Assets: |
||||||||||||||||||||||||
|
Institutional Class |
$ | 2,558,430,270 | $ | 320,753,104 | $ | 19,215,805,324 | $ | 30,259,135,986 | $ | 1,370,210,399 | $ | 150,996,969 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
$ | 3,541,763 | $ | 1,276,217 | $ | 422,827,568 | $ | 582,081,907 | $ | 14,423,866 | $ | 10,134,533 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
$ | 10,252 | $ | 395,347 | $ | 281,818,329 | $ | 13,529,921 | $ | 741,749 | $ | 3,583,850 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
$ | 2,947,071 | $ | 503,834 | $ | 371,957,560 | $ | 431,476,231 | $ | 340,627 | $ | 5,489,875 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
$ | 278,241 | $ | 105,438 | $ | 581,684,073 | $ | 401,437,716 | $ | 54,584,982 | $ | 26,823,422 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Resource Class |
$ | 365,645 | $ | 122,593 | $ | 635,713,393 | $ | 143,147,544 | $ | 150,056 | $ | 3,004,200 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
$ | 38,666 | $ | 21,102 | $ | 1,133,683,158 | $ | 31,267,883 | $ | 10,442,125 | $ | 10,278 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 Short-Term Investments Trust
Statements of Assets and Liabilities–(continued)
August 31, 2020
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 Short-Term Investments Trust
Statements of Operations
For the year ended August 31, 2020
| Invesco Treasury | Invesco Tax-Free | |||||||||||||||||||||||
| Invesco Liquid | Invesco STIC | Invesco Treasury | Invesco Government | Obligations | Cash Reserve | |||||||||||||||||||
| Assets Portfolio | Prime Portfolio | Portfolio | & Agency Portfolio | Portfolio | Portfolio | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Investment income: |
||||||||||||||||||||||||
|
Interest |
$34,284,787 | $6,257,216 | $203,953,802 | $316,385,027 | $12,665,627 | $2,133,528 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Expenses: |
||||||||||||||||||||||||
|
Advisory fees |
3,579,174 | 698,375 | 29,385,396 | 31,594,396 | 1,616,131 | 450,697 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Administrative services fees |
1,063,769 | 209,751 | 8,705,596 | 14,279,270 | 553,117 | 100,713 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Custodian fees |
39,456 | 10,394 | 684,345 | (696,813 | ) | 6,675 | 4,469 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Distribution fees: |
||||||||||||||||||||||||
|
Private Investment Class |
11,697 | 3,966 | 1,423,815 | 1,818,484 | 27,185 | 37,931 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
56 | 2,327 | 1,943,548 | 114,195 | 1,812 | 12,104 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
5,877 | 418 | 298,824 | 265,250 | 4,655 | 16,154 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
2,496 | 1,632 | 3,330,130 | 3,232,492 | 474,354 | 218,276 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Resource Class |
729 | 197 | 1,016,902 | 300,798 | 643 | 5,138 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
68 | 6 | 92,017 | 19,425 | 1,901 | 3 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Transfer agent fees |
214,750 | 41,902 | 1,763,124 | 2,843,496 | 111,702 | 20,281 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Trustees’ and officers’ fees and benefits |
52,165 | 26,612 | 246,372 | 353,199 | 33,779 | 23,278 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Registration and filing fees |
85,059 | 89,032 | 158,643 | 223,526 | 82,407 | 98,838 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Reports to shareholders |
23,125 | 16,105 | 71,876 | (81,108 | ) | 18,221 | 15,403 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Professional services fees |
44,905 | 37,263 | 110,574 | (141,868 | ) | 39,486 | 36,199 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Other |
109,541 | 63,375 | 266,443 | (198,642 | ) | 47,091 | 14,246 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total expenses |
5,232,867 | 1,201,355 | 49,497,605 | 53,926,100 | 3,019,159 | 1,053,730 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Less: Fees waived |
(918,298 | ) | (358,636 | ) | (9,124,214 | ) | (2,008,756 | ) | (444,885 | ) | (454,859 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net expenses |
4,314,569 | 842,719 | 40,373,391 | 51,917,344 | 2,574,274 | 598,871 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net investment income |
29,970,218 | 5,414,497 | 163,580,411 | 264,467,683 | 10,091,353 | 1,534,657 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Realized and unrealized gain (loss) from: |
||||||||||||||||||||||||
|
Net realized gain (loss) from investment securities |
(15,623 | ) | 78 | 139,394 | (189,477 | ) | (57,411 | ) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Change in net unrealized appreciation (depreciation) of investment securities |
45,074 | (41,714 | ) | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net realized and unrealized gain (loss) |
29,451 | (41,636 | ) | 139,394 | (189,477 | ) | (57,411 | ) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
$29,999,669 | $5,372,861 | $163,719,805 | $264,278,206 | $10,033,942 | $1,534,657 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 Short-Term Investments Trust
Statements of Changes in Net Assets
For the years ended August 31, 2020 and 2019
| Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | |||||||||||||||
|
|
|
|
|
|||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 29,970,218 | $ | 54,795,839 | $ | 5,414,497 | $ | 12,099,439 | ||||||||
|
|
|
|
|
|
||||||||||||
|
Net realized gain (loss) |
(15,623 | ) | 29,559 | 78 | 723 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Change in net unrealized appreciation (depreciation) |
45,074 | (26,913 | ) | (41,714 | ) | (10,820 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
29,999,669 | 54,798,485 | 5,372,861 | 12,089,342 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(29,817,713 | ) | (54,388,381 | ) | (5,392,900 | ) | (12,042,840 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(36,868 | ) | (107,595 | ) | (11,032 | ) | (26,438 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(74 | ) | (199 | ) | (2,832 | ) | (8,858 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(107,505 | ) | (248,909 | ) | (5,280 | ) | (14,390 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(1,504 | ) | (5,872 | ) | (1,098 | ) | (3,794 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
(3,570 | ) | (20,589 | ) | (1,140 | ) | (2,658 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(2,984 | ) | (24,294 | ) | (215 | ) | (461 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Total distributions from distributable earnings |
(29,970,218 | ) | (54,795,839 | ) | (5,414,497 | ) | (12,099,439 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
114,142,968 | 100,799,791 | (331,356,151 | ) | 127,368,867 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(1,176,345 | ) | (1,144,582 | ) | (71,436 | ) | (241,794 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
- | (984 | ) | (45,201 | ) | (175,590 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(6,335,509 | ) | 3,104,748 | (96,257 | ) | (178,908 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(24,329 | ) | (115,774 | ) | (167,883 | ) | 3,716 | |||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
2,906 | (632,819 | ) | (674 | ) | (62,642 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(287,979 | ) | (1,599,196 | ) | 251 | 457 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
106,321,712 | 100,411,184 | (331,737,351 | ) | 126,714,106 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets |
106,351,163 | 100,413,830 | (331,778,987 | ) | 126,704,009 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
2,459,260,745 | 2,358,846,915 | 654,956,622 | 528,252,613 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
End of year |
$ | 2,565,611,908 | $ | 2,459,260,745 | $ | 323,177,635 | $ | 654,956,622 | ||||||||
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 Short-Term Investments Trust
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
| Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | |||||||||||||||
|
|
|
|
|
|||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operations: |
||||||||||||||||
|
Net investment income |
$ | 163,580,411 | $ | 484,811,474 | $ | 264,467,683 | $ | 518,471,634 | ||||||||
|
|
|
|
|
|
||||||||||||
|
Net realized gain (loss) |
139,394 | 204,798 | (189,477 | ) | 224,974 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase in net assets resulting from operations |
163,719,805 | 485,016,272 | 264,278,206 | 518,696,608 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Distributions to shareholders from distributable earnings: |
||||||||||||||||
|
Institutional Class |
(146,246,982 | ) | (438,858,990 | ) | (254,196,609 | ) | (491,630,206 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(3,446,279 | ) | (9,738,598 | ) | (4,200,784 | ) | (8,737,051 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(2,137,800 | ) | (3,312,891 | ) | (89,620 | ) | (207,870 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(3,199,903 | ) | (8,499,805 | ) | (2,683,953 | ) | (7,669,515 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
(1,117,598 | ) | (3,008,307 | ) | (1,290,595 | ) | (3,929,202 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
(4,967,684 | ) | (13,201,572 | ) | (1,599,458 | ) | (4,570,537 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
(2,664,191 | ) | (8,191,311 | ) | (439,777 | ) | (1,727,253 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Total distributions from distributable earnings |
(163,780,437 | ) | (484,811,474 | ) | (264,500,796 | ) | (518,471,634 | ) | ||||||||
|
|
|
|
|
|
||||||||||||
|
Share transactions-net: |
||||||||||||||||
|
Institutional Class |
498,579,949 | (1,514,751,400 | ) | 256,030,543 | 7,673,132,994 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Private Investment Class |
(83,191,362 | ) | (11,707,755 | ) | 49,500,711 | 106,832,736 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Personal Investment Class |
(78,430,874 | ) | 242,362,528 | (2,461,469 | ) | 7,670,768 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Cash Management Class |
(24,723,778 | ) | (50,068,678 | ) | 66,475,768 | 31,650,960 | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Reserve Class |
292,043,533 | 61,097,539 | 103,651,946 | 88,155,960 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
Resource Class |
3,118,922 | 107,165,894 | (37,467,649 | ) | (51,677,589 | ) | ||||||||||
|
|
|
|
|
|
||||||||||||
|
Corporate Class |
704,514,058 | (38,240,138 | ) | (9,080,725 | ) | (105,927,589 | ) | |||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets resulting from share transactions |
1,311,910,448 | (1,204,142,010 | ) | 426,649,125 | 7,749,838,240 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net increase (decrease) in net assets |
1,311,849,816 | (1,203,937,212 | ) | 426,426,535 | 7,750,063,214 | |||||||||||
|
|
|
|
|
|
||||||||||||
|
Net assets: |
||||||||||||||||
|
Beginning of year |
21,331,639,589 | 22,535,576,801 | 31,435,650,653 | 23,685,587,439 | ||||||||||||
|
|
|
|
|
|
||||||||||||
|
End of year |
$ | 22,643,489,405 | $ | 21,331,639,589 | $ | 31,862,077,188 | $ | 31,435,650,653 | ||||||||
|
|
|
|
|
|
||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 Short-Term Investments Trust
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
| Invesco Treasury Obligations Portfolio | InvescoTax-Free Cash Reserve Portfolio | |||||||||||||||
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| 2020 | 2019 | 2020 | 2019 | |||||||||||||
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Operations: |
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Net investment income |
$ 10,091,353 | $ 25,841,669 | $ 1,534,657 | $ 2,660,015 | ||||||||||||
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Net realized gain (loss) |
(57,411 | ) | 17,726 | - | - | |||||||||||
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Net increase in net assets resulting from operations |
10,033,942 | 25,859,395 | 1,534,657 | 2,660,015 | ||||||||||||
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Distributions to shareholders from distributable earnings: |
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Institutional Class |
(9,782,969 | ) | (25,123,428 | ) | (1,172,112 | ) | (1,816,364 | ) | ||||||||
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Private Investment Class |
(65,930 | ) | (111,394 | ) | (106,524 | ) | (305,352 | ) | ||||||||
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Personal Investment Class |
(898 | ) | (3,844 | ) | (7,119 | ) | (2,466 | ) | ||||||||
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Cash Management Class |
(16,009 | ) | (41,719 | ) | (177,298 | ) | (395,402 | ) | ||||||||
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Reserve Class |
(212,244 | ) | (557,964 | ) | (50,307 | ) | (80,976 | ) | ||||||||
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Resource Class |
(1,150 | ) | (3,101 | ) | (21,222 | ) | (59,305 | ) | ||||||||
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Corporate Class |
(12,153 | ) | (219 | ) | (75 | ) | (150 | ) | ||||||||
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Total distributions from distributable earnings |
(10,091,353 | ) | (25,841,669 | ) | (1,534,657 | ) | (2,660,015 | ) | ||||||||
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Share transactions-net: |
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Institutional Class |
325,218,196 | (235,306,840 | ) | (10,043,247 | ) | 33,374,672 | ||||||||||
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Private Investment Class |
4,941,082 | 3,398,983 | (10,353,451 | ) | (7,570,673 | ) | ||||||||||
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Personal Investment Class |
630,111 | (283,153 | ) | 1,041,703 | 2,531,656 | |||||||||||
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Cash Management Class |
(1,553,674 | ) | (1,270,980 | ) | (21,806,010 | ) | (4,585,853 | ) | ||||||||
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Reserve Class |
(123,709 | ) | 21,314,012 | 6,820,117 | 5,850,867 | |||||||||||
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Resource Class |
16,515 | 38,286 | 1,886,657 | (1,381,960 | ) | |||||||||||
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Corporate Class |
10,431,998 | 216 | 85 | 135 | ||||||||||||
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Net increase (decrease) in net assets resulting from share transactions |
339,560,519 | (212,109,476 | ) | (32,454,146 | ) | 28,218,844 | ||||||||||
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Net increase (decrease) in net assets |
339,503,108 | (212,091,750 | ) | (32,454,146 | ) | 28,218,844 | ||||||||||
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Net assets: |
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Beginning of year |
1,111,390,696 | 1,323,482,446 | 232,497,273 | 204,278,429 | ||||||||||||
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End of year |
$1,450,893,804 | $1,111,390,696 | $200,043,127 | $232,497,273 | ||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37 Short-Term Investments Trust
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
Reserve Class
|
Net asset
value,
|
Net
investment
|
Net gains (losses)
on securities
|
Total from
investment
|
Dividends
from net
|
Distributions
from net
|
Total distributions |
Net asset
value, end
|
Total
return(b) |
Net assets, end of period (000’s omitted) |
Ratio of
expenses to
|
Ratio of expenses
to average net
and/or expense
|
Ratio of net
investment
to average
|
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|
Invesco Liquid Assets Portfolio |
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Year ended 08/31/20 |
$1.0004 | $0.0059 | $(0.0006 | ) | $0.0053 | $(0.0051 | ) | $ - | $(0.0051 | ) | $1.0006 | 0.53 | % | $ 278 | 0.85%(c) | 1.09%(c) | 0.59%(c) | |||||||||||||||||||||||||||||||||||
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Year ended 08/31/19 |
1.0004 | 0.0150 | 0.0000 | 0.0150 | (0.0150 | ) | - | (0.0150 | ) | 1.0004 | 1.51 | 303 | 1.05 | 1.09 | 1.50 | |||||||||||||||||||||||||||||||||||||
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Year ended 08/31/18 |
1.0002 | 0.0092 | (0.0012 | ) | 0.0080 | (0.0078 | ) | - | (0.0078 | ) | 1.0004 | 0.80 | 418 | 0.99 | 1.10 | 0.92 | ||||||||||||||||||||||||||||||||||||
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Year ended 08/31/17 |
1.00 | 0.0016 | 0.0015 | 0.0031 | (0.0024 | ) | (0.0005 | ) | (0.0029 | ) | 1.0002 | 0.30 | 944 | 0.53 | 1.13 | 0.16 | ||||||||||||||||||||||||||||||||||||
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Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.07 | 100,187 | 0.41 | 1.16 | 0.08 | |||||||||||||||||||||||||||||||||||||
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Invesco STIC Prime Portfolio |
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Year ended 08/31/20 |
1.0001 | 0.0045 | (0.0001 | ) | 0.0044 | (0.0045 | ) | - | (0.0045 | ) | 1.0000 | 0.45 | 105 | 0.90(c) | 1.13(c) | 0.44(c) | ||||||||||||||||||||||||||||||||||||
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Year ended 08/31/19 |
1.0001 | 0.0139 | 0.0001 | 0.0140 | (0.0140 | ) | - | (0.0140 | ) | 1.0001 | 1.41 | 273 | 1.05 | 1.12 | 1.39 | |||||||||||||||||||||||||||||||||||||
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Year ended 08/31/18 |
1.0000 | 0.0083 | (0.0005 | ) | 0.0078 | (0.0077 | ) | - | (0.0077 | ) | 1.0001 | 0.78 | 270 | 0.90 | 1.14 | 0.83 | ||||||||||||||||||||||||||||||||||||
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Year ended 08/31/17 |
1.00 | 0.0040 | (0.0008 | ) | 0.0032 | (0.0032 | ) | - | (0.0032 | ) | 1.0000 | 0.32 | 501 | 0.40 | 1.14 | 0.40 | ||||||||||||||||||||||||||||||||||||
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Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.15 | 21,474 | 0.25 | 1.19 | 0.15 | |||||||||||||||||||||||||||||||||||||
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Invesco Treasury Portfolio |
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Year ended 08/31/20 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.39 | 581,684 | 0.60(c) | 1.08(c) | 0.44(c) | ||||||||||||||||||||||||||||||||||||
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Year ended 08/31/19 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.32 | 289,625 | 1.05 | 1.08 | 1.31 | |||||||||||||||||||||||||||||||||||||
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Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.64 | 228,520 | 0.88 | 1.07 | 0.67 | |||||||||||||||||||||||||||||||||||||
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Year ended 08/31/17 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.20 | 250,728 | 0.50 | 1.07 | 0.20 | |||||||||||||||||||||||||||||||||||||
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Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.07 | 159,126 | 0.27 | 1.14 | 0.04 | |||||||||||||||||||||||||||||||||||||
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Invesco Government & Agency Portfolio |
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Year ended 08/31/20 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.40 | 401,438 | 0.63(c) | 1.02(c) | 0.37(c) | |||||||||||||||||||||||||||||||||||
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Year ended 08/31/19 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.34 | 297,787 | 1.03 | 1.03 | 1.33 | |||||||||||||||||||||||||||||||||||||
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Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.66 | 209,629 | 0.86 | 1.02 | 0.64 | |||||||||||||||||||||||||||||||||||||
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Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.23 | 170,955 | 0.45 | 1.02 | 0.28 | ||||||||||||||||||||||||||||||||||||
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Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.09 | 315,886 | 0.23 | 1.12 | 0.10 | |||||||||||||||||||||||||||||||||||||
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Invesco Treasury Obligations Portfolio |
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Year ended 08/31/20 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.38 | 54,585 | 0.75(c) | 1.07(c) | 0.27(c) | ||||||||||||||||||||||||||||||||||||
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Year ended 08/31/19 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 1.29 | 54,711 | 1.05 | 1.08 | 1.28 | |||||||||||||||||||||||||||||||||||||
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Year ended 08/31/18 |
1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.65 | 33,396 | 0.88 | 1.08 | 0.64 | |||||||||||||||||||||||||||||||||||||
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Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.21 | 35,625 | 0.40 | 1.09 | 0.26 | ||||||||||||||||||||||||||||||||||||
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Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.09 | 36,641 | 0.18 | 1.34 | 0.07 | |||||||||||||||||||||||||||||||||||||
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Invesco Tax-Free Cash Reserve Portfolio |
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Year ended 08/31/20 |
1.00 | 0.00 | - | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.23 | 26,823 | 0.69(c) | 1.21(c) | 0.26(c) | |||||||||||||||||||||||||||||||||||||
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Year ended 08/31/19 |
1.00 | 0.01 | - | 0.01 | (0.01 | ) | - | (0.01 | ) | 1.00 | 0.52 | 20,002 | 1.07 | 1.22 | 0.51 | |||||||||||||||||||||||||||||||||||||
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Year ended 08/31/18 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.42 | 14,151 | 0.77 | 1.25 | 0.44 | ||||||||||||||||||||||||||||||||||||
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Year ended 08/31/17 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.33 | 13,658 | 0.43 | 1.24 | 0.33 | ||||||||||||||||||||||||||||||||||||
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Year ended 08/31/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | - | (0.00 | ) | 1.00 | 0.05 | 21,535 | 0.15 | 1.29 | 0.07 | |||||||||||||||||||||||||||||||||||||
| (a) |
Calculated using average shares outstanding. |
| (b) |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
| (c) |
Ratios are based on average daily net assets (000’s omitted) of $287, $188, $382,774, $371,551, $54,523 and $25,089 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 Short-Term Investments Trust
August 31, 2020
NOTE 1–Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.
Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.
Each 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.
Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio, both institutional money market funds, price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).
Invesco Liquid Assets Portfolio determines its NAV per share multiple times each day.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, seek 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. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
| A. |
Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments. |
Securities for which market quotations 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.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’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.
Each 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 of each Fund’s investments.
| B. |
Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements 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 gain
39 Short-Term Investments Trust
(loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements 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 Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.
| C. |
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. |
Distributions - It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
| E. |
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, Invesco Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt interest dividends”, as defined in the Internal Revenue Code.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. |
Expenses - Fees provided for under the 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. |
| G. |
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) 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, each 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. |
| H. |
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote. |
| I. |
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
| J. |
LIBOR Risk - Certain Funds may invest in instruments that use or may use a floating reference rate based on LIBOR. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As a result, any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. Industry initiatives are underway to identify alternative reference rates; however, there is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; and/or costs incurred in connection with closing out positions and entering into new agreements. These effects could occur prior to the end of 2021 as the utility of LIBOR as a reference rate could deteriorate during the transition period. |
| K. |
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 |
40 Short-Term Investments Trust
|
instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Funds may not be able to recover its investment in such issuer from the U.S. Government. |
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund’s investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.
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, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:
| First | Next | Over | ||||
| $250 million | $250 million | $500 million | ||||
|
|
||||||
|
Invesco Liquid Assets Portfolio |
0.15% | 0.15% | 0.15% | |||
|
|
||||||
|
Invesco STIC Prime Portfolio |
0.15% | 0.15% | 0.15% | |||
|
|
||||||
|
Invesco Treasury Portfolio |
0.15% | 0.15% | 0.15% | |||
|
|
||||||
|
Invesco Government & Agency Portfolio |
0.10% | 0.10% | 0.10% | |||
|
|
||||||
|
Invesco Treasury Obligations Portfolio |
0.20% | 0.15% | 0.10% | |||
|
|
||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% | 0.20% | 0.20% | |||
|
|
||||||
For the year ended August 31, 2020, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:
|
Invesco Liquid Assets Portfolio |
0.15% | |||
|
|
||||
|
Invesco STIC Prime Portfolio |
0.15% | |||
|
|
||||
|
Invesco Treasury Portfolio |
0.15% | |||
|
|
||||
|
Invesco Government & Agency Portfolio |
0.10% | |||
|
|
||||
|
Invesco Treasury Obligations Portfolio |
0.13% | |||
|
|
||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% | |||
|
|
||||
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, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, 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 Funds, 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 each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least December 31, 2020, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Private | Personal | Cash | ||||||||||||
| Institutional | Investment | Investment | Management | Reserve | Resource | Corporate | ||||||||
| Class | Class | Class | Class | Class | Class | Class | ||||||||
|
|
||||||||||||||
|
Invesco Liquid Assets Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.38% | 0.21% | |||||||
|
|
||||||||||||||
|
Invesco STIC Prime Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
|
||||||||||||||
|
Invesco Treasury Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
|
||||||||||||||
|
Invesco Government & Agency Portfolio |
0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
|
||||||||||||||
|
Invesco Treasury Obligations Portfolio |
0.18% | 0.43% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% | |||||||
|
|
||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.20% | 0.45% | 0.75% | 0.28% | 1.07% | 0.36% | 0.23% | |||||||
|
|
||||||||||||||
The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.
41 Short-Term Investments Trust
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 the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2020. 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 August 31, 2020, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:
| Expense | ||||
| Limitation | ||||
|
|
||||
|
Invesco Liquid Assets Portfolio |
$ 916,953 | |||
|
|
||||
|
Invesco STIC Prime Portfolio |
354,758 | |||
|
|
||||
|
Invesco Treasury Portfolio |
6,130,127 | |||
|
|
||||
|
Invesco Government & Agency Portfolio |
- | |||
|
|
||||
|
Invesco Treasury Obligations Portfolio |
274,586 | |||
|
|
||||
|
Invesco Tax-Free Cash Reserve Portfolio |
311,174 | |||
|
|
||||
Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.
Voluntary fee waivers for the year ended August 31, 2020 are shown below:
| Private | Personal | Cash | ||||||||||||||||||||||||||
| Investment | Investment | Management | Reserve | Resource | Corporate | |||||||||||||||||||||||
| Fund Level | Class | Class | Class | Class | Class | Class | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | - | $ | 733 | $ | 9 | $ | - | $ | 582 | $ | 21 | $ | - | ||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
2,018 | 887 | 573 | 71 | 287 | 41 | 1 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
- | 417,235 | 624,782 | 18,501 | 1,713,928 | 216,249 | 3,392 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
- | 456,411 | 41,926 | 18,079 | 1,450,150 | 42,117 | 73 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
- | 7,598 | 1,200 | 217 | 161,180 | 41 | 63 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
33,144 | 8,664 | 5,729 | 2,215 | 92,327 | 1,605 | 1 | |||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the year ended August 31, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the year ended August 31, 2020, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.
| Private | Personal | Cash | ||||||||||
| Investment | Investment | Management | Reserve | Resource | Corporate | |||||||
| Class | Class | Class | Class | Class | Class | |||||||
|
|
||||||||||||
|
Invesco Liquid Assets Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.20% | 0.03% | ||||||
|
|
||||||||||||
|
Invesco STIC Prime Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
|
||||||||||||
|
Invesco Treasury Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
|
||||||||||||
|
Invesco Government & Agency Portfolio |
0.30% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
|
||||||||||||
|
Invesco Treasury Obligations Portfolio |
0.25% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
|
||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
0.25% | 0.55% | 0.08% | 0.87% | 0.16% | 0.03% | ||||||
|
|
||||||||||||
The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
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
42 Short-Term Investments Trust
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 each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of August 31, 2020, all of the securities in each 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–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the year ended August 31, 2020, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains | ||||||||
|
|
||||||||||
|
Invesco Liquid Assets Portfolio |
$93,743,593 | $149,731,882 | $- | |||||||
|
|
||||||||||
|
Invesco STIC Prime Portfolio |
49,203,977 | 45,363,263 | - | |||||||
|
|
||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
248,610,783 | 242,669,996 | - | |||||||
|
|
||||||||||
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
NOTE 6–Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.
NOTE 7–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2020 and 2019
| 2020 | 2019 | |||||||||||||||||||
| Ordinary | Ordinary | |||||||||||||||||||
| Ordinary | Income-Tax- | Long-Term | Ordinary | Income-Tax- | ||||||||||||||||
| Income* | Exempt | Capital Gains | Income* | Exempt | ||||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 29,970,218 | $ | - | $ | - | $ | 54,795,839 | $ | - | ||||||||||
|
|
||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
5,414,497 | - | - | 12,099,439 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Treasury Portfolio |
163,582,316 | - | 198,121 | 484,811,474 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
264,469,100 | - | 31,696 | 518,471,634 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
10,091,353 | - | - | 25,841,669 | - | |||||||||||||||
|
|
||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 1,534,657 | - | - | 2,660,015 | |||||||||||||||
|
|
||||||||||||||||||||
| * |
Includes short-term capital gain distributions, if any. |
43 Short-Term Investments Trust
Tax Components of Net Assets at Period-End:
|
Net Unrealized |
||||||||||||||||||||||||||||
| Undistributed | Undistributed | Temporary | Appreciation | Shares of | ||||||||||||||||||||||||
| Ordinary | Tax-Exempt | Book/Tax | (Depreciation)- | Capital Loss | Beneficial | Total | ||||||||||||||||||||||
| Income | Income | Differences | Investments | Carryforwards | Interest | Net Assets | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$ | 3,354,188 | $ | - | $ | (3,182,732 | ) | $ | 659,629 | $ | (15,623 | ) | $ | 2,564,796,446 | $ | 2,565,611,908 | ||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco STIC Prime Portfolio |
1,639,256 | - | (867,683 | ) | 2,566 | - | 322,403,496 | 323,177,635 | ||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Portfolio |
2,573,305 | - | (1,973,847 | ) | (15,972 | ) | - | 22,642,905,919 | 22,643,489,405 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Government & Agency Portfolio |
1,162,580 | - | (955,013 | ) | - | (189,476 | ) | 31,862,059,097 | 31,862,077,188 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
91,628 | - | (104,172 | ) | (23,691 | ) | (59,505 | ) | 1,450,989,544 | 1,450,893,804 | ||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 200,772 | (305,726 | ) | - | (19,092 | ) | 200,167,173 | 200,043,127 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds’ net unrealized appreciation (depreciation) differences are attributable primarily to wash sales.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Funds’ temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have a capital loss carryforward as of August 31, 2020, as follows:
| Not Subject to | ||||||||
| Fund | Expiration | Total* | ||||||
|
|
||||||||
|
Invesco Liquid Assets Portfolio |
$ | 15,623 | $ | 15,623 | ||||
|
|
||||||||
|
Invesco Government & Agency Portfolio |
189,476 | 189,476 | ||||||
|
|
||||||||
|
Invesco Treasury Obligations Portfolio |
59,505 | 59,505 | ||||||
|
|
||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
19,092 | 19,092 | ||||||
|
|
||||||||
| * |
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 8–Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:
| At August 31, 2020 | ||||||||||||||||
| Net | ||||||||||||||||
| Unrealized | ||||||||||||||||
| Federal | Unrealized | Unrealized | Appreciation | |||||||||||||
| Tax Cost* | Appreciation | (Depreciation) | (Depreciation) | |||||||||||||
|
|
||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$2,614,636,741 | $676,866 | $(17,237) | $659,629 | ||||||||||||
|
|
||||||||||||||||
|
Invesco STIC Prime Portfolio |
322,207,996 | 2,599 | (33) | 2,566 | ||||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Portfolio |
23,039,164,271 | - | (15,972) | (15,972) | ||||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
1,495,740,416 | - | (23,691) | (23,691) | ||||||||||||
|
|
||||||||||||||||
| * |
For Invesco Treasury Portfolio and Invesco Treasury Obligations Portfolio, cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end. For Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Government & Agency Portfolio and Invesco Tax-Free Cash Reserve Portfolio, cost of investments are the same for tax and financial reporting purposes. |
NOTE 9–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of distributions and taxable income, on August 31, 2020, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and shares of beneficial interest. These reclassifications had no effect on the net assets.
| Undistributed Net | Undistributed Net | Shares of | ||||||||||
| Investment Income (Loss) | Realized Gain (Loss) | Beneficial Interest | ||||||||||
|
|
||||||||||||
|
Invesco Liquid Assets Portfolio |
$ 29,559 | $ (29,559) | $ - | |||||||||
|
|
||||||||||||
|
Invesco STIC Prime Portfolio |
2,359 | (2,359) | - | |||||||||
|
|
||||||||||||
|
Invesco Treasury Portfolio |
114,461 | (153,462) | 39,001 | |||||||||
|
|
||||||||||||
|
Invesco Government & Agency Portfolio |
(1,417) | 1,417 | - | |||||||||
|
|
||||||||||||
|
Invesco Treasury Obligations Portfolio |
- | - | - | |||||||||
|
|
||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | - | - | |||||||||
|
|
||||||||||||
44 Short-Term Investments Trust
NOTE 10–Share Information
Invesco Liquid Assets Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
15,429,264,962 | $ | 15,436,049,996 | 11,115,059,561 | $ | 11,118,203,826 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
556,769 | 556,939 | 286,881 | 286,945 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
57,447,877 | 57,471,129 | 183,906,129 | 183,953,776 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
64,898 | 64,918 | 8,652 | 8,654 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
601 | 601 | 5,100 | 5,102 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
172,360 | 172,517 | 396,987 | 397,046 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
6,416,422 | 6,418,790 | 10,250,841 | 10,253,316 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
32,532 | 32,543 | 86,006 | 86,026 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
- | - | 15 | 15 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
81,549 | 81,575 | 175,461 | 175,508 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,504 | 1,504 | 5,870 | 5,872 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
3,570 | 3,570 | 20,583 | 20,589 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
2,984 | 2,984 | 24,289 | 24,294 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(15,321,899,211 | ) | (15,328,325,818 | ) | (11,024,583,994 | ) | (11,027,657,351 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(1,765,341 | ) | (1,765,827 | ) | (1,517,171 | ) | (1,517,553 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
- | - | (999 | ) | (999 | ) | ||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(63,868,033 | ) | (63,888,213 | ) | (180,975,556 | ) | (181,024,536 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(90,719 | ) | (90,751 | ) | (130,254 | ) | (130,300 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,265 | ) | (1,265 | ) | (658,263 | ) | (658,510 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(463,261 | ) | (463,480 | ) | (2,019,990 | ) | (2,020,536 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase in share activity |
105,958,198 | $ | 106,321,712 | 100,340,148 | $ | 100,411,184 | ||||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% 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, 75% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
45 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco STIC Prime Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
1,515,191,563 | $ | 1,515,273,645 | 1,752,564,099 | $ | 1,752,564,558 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
46,700 | 46,700 | 106,492 | 106,492 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
561 | 561 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
- | - | 32,538 | 32,538 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
281 | 281 | 342 | 342 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
182 | 182 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
36 | 36 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
|
|||||||||||||||
|
Institutional Class |
4,489,681 | 4,489,681 | 7,389,194 | 7,389,194 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
11,032 | 11,032 | 25,796 | 25,796 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,832 | 2,832 | 199 | 199 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
3,278 | 3,278 | 9,022 | 9,022 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,098 | 1,098 | 3,751 | 3,751 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,140 | 1,140 | 2,606 | 2,606 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
215 | 215 | 457 | 457 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(1,851,039,089 | ) | (1,851,119,477 | ) | (1,632,583,978 | ) | (1,632,584,885 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(129,157 | ) | (129,168 | ) | (374,081 | ) | (374,082 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(48,590 | ) | (48,594 | ) | (175,789 | ) | (175,789 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(99,534 | ) | (99,535 | ) | (220,468 | ) | (220,468 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(169,247 | ) | (169,262 | ) | (377 | ) | (377 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,996 | ) | (1,996 | ) | (65,248 | ) | (65,248 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
(331,739,014 | ) | $ | (331,737,351 | ) | 126,714,555 | $ | 126,714,106 | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 97% 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. |
46 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco Treasury Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
182,665,163,108 | $ | 182,665,163,108 | 187,978,433,067 | $ | 187,978,433,067 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
1,486,970,970 | 1,486,970,970 | 1,261,646,363 | 1,261,646,363 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,422,880,087 | 2,422,880,087 | 1,630,224,829 | 1,630,224,829 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
861,417,932 | 861,417,932 | 2,148,188,357 | 2,148,188,357 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,819,500,275 | 1,819,500,275 | 847,847,187 | 847,847,187 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
333,477,473 | 333,477,473 | 883,852,393 | 883,852,393 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
6,641,915,581 | 6,641,915,581 | 7,123,495,519 | 7,123,495,519 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
|
|||||||||||||||
|
Institutional Class |
45,062,613 | 45,062,613 | 115,324,756 | 115,324,756 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
1,524,217 | 1,524,217 | 3,080,285 | 3,080,285 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
2,137,800 | 2,137,800 | 2,964,198 | 2,964,198 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
3,199,903 | 3,199,903 | 8,004,739 | 8,004,739 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,117,598 | 1,117,598 | 2,800,991 | 2,800,991 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
377,525 | 377,525 | 2,341,092 | 2,341,092 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
2,642,981 | 2,642,981 | 6,377,933 | 6,377,933 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(182,211,645,772 | ) | (182,211,645,772 | ) | (189,608,509,223 | ) | (189,608,509,223 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(1,571,686,549 | ) | (1,571,686,549 | ) | (1,276,434,403 | ) | (1,276,434,403 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(2,503,448,761 | ) | (2,503,448,761 | ) | (1,390,826,499 | ) | (1,390,826,499 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(889,341,613 | ) | (889,341,613 | ) | (2,206,261,774 | ) | (2,206,261,774 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(1,528,574,340 | ) | (1,528,574,340 | ) | (789,550,639 | ) | (789,550,639 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(330,736,076 | ) | (330,736,076 | ) | (779,027,591 | ) | (779,027,591 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(5,940,044,504 | ) | (5,940,044,504 | ) | (7,168,113,590 | ) | (7,168,113,590 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
1,311,910,448 | $ | 1,311,910,448 | (1,204,142,010 | ) | $ | (1,204,142,010 | ) | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% 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, 14% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
47 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
Invesco Government & Agency Portfolio
| Summary of Share Activity | ||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
262,928,153,701 | $ | 262,928,153,701 | 201,304,629,047 | $ | 201,304,629,047 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
2,584,479,157 | 2,584,479,157 | 2,057,789,705 | 2,057,789,705 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
62,737,197 | 62,737,197 | 33,910,046 | 33,910,046 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
657,577,573 | 657,577,573 | 970,595,900 | 970,595,900 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,172,921,187 | 1,172,921,187 | 1,378,739,399 | 1,378,739,399 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,825,896,962 | 1,825,896,962 | 2,554,982,650 | 2,554,982,650 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
820,373,313 | 820,373,313 | 573,841,827 | 573,841,827 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
|
|||||||||||||||
|
Institutional Class |
73,415,945 | 73,415,945 | 126,914,764 | 126,914,764 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
3,046,192 | 3,046,192 | 4,227,798 | 4,227,798 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
89,620 | 89,620 | 168,914 | 168,914 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
2,363,772 | 2,363,772 | 5,327,428 | 5,327,428 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
1,290,595 | 1,290,595 | 3,618,437 | 3,618,437 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
1,403,826 | 1,403,826 | 3,149,980 | 3,149,980 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
26,956 | 26,956 | 346,829 | 346,829 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(262,745,539,103 | ) | (262,745,539,103 | ) | (193,758,410,817 | ) | (193,758,410,817 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(2,538,024,638 | ) | (2,538,024,638 | ) | (1,955,184,767 | ) | (1,955,184,767 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(65,288,286 | ) | (65,288,286 | ) | (26,408,192 | ) | (26,408,192 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(593,465,577 | ) | (593,465,577 | ) | (944,272,368 | ) | (944,272,368 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(1,070,559,836 | ) | (1,070,559,836 | ) | (1,294,201,876 | ) | (1,294,201,876 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(1,864,768,437 | ) | (1,864,768,437 | ) | (2,609,810,219 | ) | (2,609,810,219 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(829,480,994 | ) | (829,480,994 | ) | (680,116,245 | ) | (680,116,245 | ) | ||||||||
|
|
||||||||||||||||
|
Net increase in share activity |
426,649,125 | $ | 426,649,125 | 7,749,838,240 | $ | 7,749,838,240 | ||||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% 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, 10% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
48 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
|
Invesco Treasury Obligations Portfolio |
|
|||||||||||||||
|
Summary of Share Activity |
||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
2,007,630,177 | $ | 2,007,630,177 | 902,898,047 | $ | 902,898,047 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
17,752,712 | 17,752,712 | 17,567,905 | 17,567,905 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
12,396,845 | 12,396,845 | 1,755,557 | 1,755,557 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
38,202,008 | 38,202,008 | 1,001,917 | 1,001,917 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
108,199,892 | 108,199,892 | 120,013,835 | 120,013,835 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
2,952,538 | 2,952,538 | 2,115,950 | 2,115,950 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
16,000,000 | 16,000,000 | - | - | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
1,687,442 | 1,687,442 | 2,012,405 | 2,012,405 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
65,930 | 65,930 | 107,684 | 107,684 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
282 | 282 | 2,574 | 2,574 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
16,009 | 16,009 | 41,719 | 41,719 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
212,244 | 212,244 | 513,925 | 513,925 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
424 | 424 | 1,002 | 1,002 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
11,998 | 11,998 | 216 | 216 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(1,684,099,423 | ) | (1,684,099,423 | ) | (1,140,217,292 | ) | (1,140,217,292 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(12,877,560 | ) | (12,877,560 | ) | (14,276,606 | ) | (14,276,606 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(11,767,016 | ) | (11,767,016 | ) | (2,041,284 | ) | (2,041,284 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(39,771,691 | ) | (39,771,691 | ) | (2,314,616 | ) | (2,314,616 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(108,535,845 | ) | (108,535,845 | ) | (99,213,748 | ) | (99,213,748 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(2,936,447 | ) | (2,936,447 | ) | (2,078,666 | ) | (2,078,666 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
(5,580,000 | ) | (5,580,000 | ) | - | - | ||||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
339,560,519 | $ | 339,560,519 | (212,109,476 | ) | $ | (212,109,476 | ) | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% 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, 49% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
49 Short-Term Investments Trust
NOTE 10–Share Information–(continued)
|
Invesco Tax-Free Cash Reserve Portfolio |
|
|||||||||||||||
|
Summary of Share Activity |
||||||||||||||||
|
|
||||||||||||||||
| Years ended August 31, | ||||||||||||||||
| 2020(a) | 2019 | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
|
|
||||||||||||||||
|
Sold: |
||||||||||||||||
|
Institutional Class |
310,891,005 | $ | 310,891,005 | 205,082,518 | $ | 205,082,518 | ||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
11,295,911 | 11,295,911 | 57,208,640 | 57,208,640 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
11,189,176 | 11,189,176 | 5,818,771 | 5,818,771 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
7,389,500 | 7,389,500 | 49,844,196 | 49,844,196 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
58,297,928 | 58,297,928 | 52,342,069 | 52,342,069 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
4,102,971 | 4,102,971 | 31,003,313 | 31,003,313 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
10 | 10 | 110,000 | 110,000 | ||||||||||||
|
|
||||||||||||||||
|
Issued as reinvestment of dividends: |
||||||||||||||||
|
Institutional Class |
770,263 | 770,263 | 919,230 | 919,230 | ||||||||||||
|
|
||||||||||||||||
|
Private Investment Class |
106,524 | 106,524 | 281,127 | 281,127 | ||||||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
7,119 | 7,119 | 385 | 385 | ||||||||||||
|
|
||||||||||||||||
|
Cash Management Class |
164,121 | 164,121 | 309,533 | 309,533 | ||||||||||||
|
|
||||||||||||||||
|
Reserve Class |
50,307 | 50,307 | 79,513 | 79,513 | ||||||||||||
|
|
||||||||||||||||
|
Resource Class |
21,121 | 21,121 | 51,611 | 51,611 | ||||||||||||
|
|
||||||||||||||||
|
Corporate Class |
75 | 75 | 135 | 135 | ||||||||||||
|
|
||||||||||||||||
|
Reacquired: |
||||||||||||||||
|
Institutional Class |
(321,704,515 | ) | (321,704,515 | ) | (172,627,076 | ) | (172,627,076 | ) | ||||||||
|
|
||||||||||||||||
|
Private Investment Class |
(21,755,886 | ) | (21,755,886 | ) | (65,060,440 | ) | (65,060,440 | ) | ||||||||
|
|
||||||||||||||||
|
Personal Investment Class |
(10,154,592 | ) | (10,154,592 | ) | (3,287,500 | ) | (3,287,500 | ) | ||||||||
|
|
||||||||||||||||
|
Cash Management Class |
(29,359,631 | ) | (29,359,631 | ) | (54,739,582 | ) | (54,739,582 | ) | ||||||||
|
|
||||||||||||||||
|
Reserve Class |
(51,528,118 | ) | (51,528,118 | ) | (46,570,715 | ) | (46,570,715 | ) | ||||||||
|
|
||||||||||||||||
|
Resource Class |
(2,237,435 | ) | (2,237,435 | ) | (32,436,884 | ) | (32,436,884 | ) | ||||||||
|
|
||||||||||||||||
|
Corporate Class |
- | - | (110,000 | ) | (110,000 | ) | ||||||||||
|
|
||||||||||||||||
|
Net increase (decrease) in share activity |
(32,454,146 | ) | $ | (32,454,146 | ) | 28,218,844 | $ | 28,218,844 | ||||||||
|
|
||||||||||||||||
| (a) |
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% 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. |
NOTE 11–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
50 Short-Term Investments Trust
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Short-Term Investments Trust and Reserve Class Shareholders of Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (six of the funds constituting Short-Term Investments Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. 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 Funds 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 audits 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 audits 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 audits 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 August 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Houston, Texas
October 29, 2020
We have served as the auditor of one or more of the 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.
51 Short-Term Investments Trust
Calculating your ongoing Fund expenses
Example
As a shareholder in the Reserve Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each 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 Funds and other funds. To do so, compare this 5% hypothetical example 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. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| HYPOTHETICAL | ||||||||||||
| ACTUAL | (5% annual return before expenses) | |||||||||||
| Beginning | Ending | Expenses | Ending | Expenses | Annualized | |||||||
| Account Value | Account Value | Paid During | Account Value | Paid During | Expense | |||||||
| Reserve Class | (03/01/20) | (08/31/20)1 | Period2 | (08/31/20) | Period2 | Ratio | ||||||
|
Invesco Liquid Assets
|
$1,000.00 | $1,000.50 | $3.22 | $1,021.92 | $3.25 | 0.64% | ||||||
|
Invesco STIC Prime
|
1,000.00 | 1,000.30 | 3.07 | 1,022.07 | 3.10 | 0.61 | ||||||
|
Invesco Treasury
|
1,000.00 | 1,000.20 | 1.71 | 1,023.43 | 1.73 | 0.34 | ||||||
|
Invesco Government
|
1,000.00 | 1,000.20 | 1.71 | 1,023.43 | 1.73 | 0.34 | ||||||
|
Invesco Treasury
|
1,000.00 | 1,000.20 | 2.21 | 1,022.92 | 2.24 | 0.44 | ||||||
|
Invesco Tax-Free
Cash
|
1,000.00 | 1,001.50 | 1.81 | 1,023.33 | 1.83 | 0.36 | ||||||
| 1 |
The actual ending account value is based on the actual total return of the Funds for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
| 2 |
Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year. |
52 Short-Term Investments Trust
Approval of Investment Advisory and Sub-Advisory Contracts
(Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio)
At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of Short-Term Investments Trust as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of each series portfolio of Short-Term Investments Trust listed above (each, a Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and 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. and, with respect to Invesco Government & Agency Portfolio, Invesco Tax-Free Cash Reserve Portfolio and Invesco Treasury Obligations Portfolio only, separate Sub-Advisory Contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by each Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers 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 receives comparative investment performance
and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each 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 during the course of the year and in prior years 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 June 3, 2020.
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 provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and
its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board 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 also reviewed and considered information regarding the benefits to each Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to each 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 each Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit each Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing each 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 considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for each Fund, as no Affiliated Sub-Adviser currently manages assets of each Fund.
53 Short-Term Investments Trust
Invesco Liquid Assets Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the first quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco STIC Prime Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Treasury Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class
shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Government & Agency Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Treasury Obligations Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
Invesco Tax-Free Cash Reserve Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of
funds in the Broadridge performance universe and against the iMoneyNet Tax-Free National Institutional Funds Category. The Board noted that performance of Institutional Class shares of the Fund was in the second quintile of its performance universe for the one and five year periods and the first quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was below the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.
| C. |
Advisory and Sub-Advisory Fees and Fund Expenses |
Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio
The Board compared each Fund’s contractual management fee rate to the contractual management fee rates of funds in each Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Institutional Class shares of each Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding each Fund’s total expense ratio and its various components. The Board noted that each Fund’s total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of each Fund for the term disclosed in each Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of each Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it
54 Short-Term Investments Trust
provides to the Invesco Funds relative to certain other types of client accounts, including, among others: 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; 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.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio
The Board compared each Fund’s contractual management fee rate to the contractual management fee rates of funds in each Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Institutional Class shares of each Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding
each 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 each Fund for the term disclosed in each Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of each Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. 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, among others: 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; 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.
D. Economies of Scale and Breakpoints
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Tax-Free Cash Reserve Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to each Fund. The Board noted that each Fund does not benefit from economies of scale through contractual breakpoints, but does 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 each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.
Invesco Treasury Obligations Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits 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 shares 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. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.
E. Profitability and Financial Resources
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to each Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net
profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services 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 received by Invesco Advisers and its affiliates from the relationship with each Fund, including the fees received for providing administrative, transfer agency and distribution services to each Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to each 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 each Fund.
55 Short-Term Investments Trust
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended August 31, 2020:
| Federal and State | ||||||||||||
|
Income Tax |
||||||||||||
|
Long Term Capital
Gain Distributions |
Business Interest
Income* |
Qualified Dividend
Income* |
Corporate Dividends
Received Deduction* |
U.S. Treasury
Obligations* |
Tax-Exempt
Interest Dividend* |
|||||||
|
|
||||||||||||
| Invesco Liquid Assets Portfolio | $ - | 99.19% | 0.00% | 0.00% | 0.13% | 0.00% | ||||||
|
|
||||||||||||
| Invesco STIC Prime Portfolio | - | 95.76% | 0.00% | 0.00% | 0.07% | 0.00% | ||||||
|
|
||||||||||||
| Invesco Treasury Portfolio | 198,121 | 99.91% | 0.00% | 0.00% | 62.25% | 0.00% | ||||||
|
|
||||||||||||
| Invesco Government & Agency Portfolio | 31,696 | 100.00% | 0.00% | 0.00% | 24.37% | 0.00% | ||||||
|
|
||||||||||||
| Invesco Treasury Obligations Portfolio | - | 100.00% | 0.00% | 0.00% | 100.00% | 0.00% | ||||||
|
|
||||||||||||
| Invesco Tax-Free Cash Reserve Portfolio | - | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | ||||||
|
|
||||||||||||
| * |
The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year. |
|
Non-Resident Alien Shareholders |
||||||||||||||||
| Qualified Short-Term Gains | Qualified Interest Income** | |||||||||||||||
|
|
||||||||||||||||
|
Invesco Liquid Assets Portfolio |
$29,559 | 0.00 | % | |||||||||||||
|
|
||||||||||||||||
|
Invesco STIC Prime Portfolio |
- | 0.00 | % | |||||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Portfolio |
- | 100.00 | % | |||||||||||||
|
|
||||||||||||||||
|
Invesco Government & Agency Portfolio |
- | 100.00 | % | |||||||||||||
|
|
||||||||||||||||
|
Invesco Treasury Obligations Portfolio |
- | 100.00 | % | |||||||||||||
|
|
||||||||||||||||
|
Invesco Tax-Free Cash Reserve Portfolio |
- | 0.00 | % | |||||||||||||
|
|
||||||||||||||||
| ** |
The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year. |
56 Short-Term Investments Trust
The address of each trustee and officer is Short-Term Investments Trust (the “Trust”), 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.
|
Name, Year of Birth and
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 Trustee | ||||||||
|
Martin L. Flanagan1 - 1960 Trustee and Vice Chair |
2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business | 198 | 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) | ||||||||
| 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. |
T-1 Short-Term Investments Trust
Trustees and Officers–(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
in
|
Other
Directorship(s) Held by Trustee During Past 5 Years |
||||||
|
Independent Trustees |
||||||||||
|
Bruce L. Crockett – 1944 Trustee and Chair |
1993 |
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 |
198 | 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 | 198 | Board member of the Illinois Manufacturers’ Association | ||||||
|
Beth Ann Brown – 1968 Trustee |
2019 |
Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds |
198 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non - profit); and Vice President and Director of Grahamtastic Connection (non-profit) | ||||||
|
Jack M. Fields – 1952 Trustee |
1997 |
Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Board Member, Impact(Ed) (non-profit)
Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives |
198 | Member, Board of Directors of Baylor College of Medicine | ||||||
|
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); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP |
198 | Resideo Technologies, Inc. (Technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Investment Company Institute (professional organization); Independent Directors Council (professional organization) | ||||||
T-2 Short-Term Investments Trust
Trustees and Officers–(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
in
|
Other
Directorship(s) Held by Trustee During Past 5 Years |
||||||
|
Independent Trustees–(continued) |
||||||||||
|
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 |
198 | Insperity, Inc. (formerly known as Administaff) (human resources provider) | ||||||
|
Elizabeth Krentzman – 1959 Trustee |
2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 198 | 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 | ||||||
|
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 | 198 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee KPMG LLP | ||||||
|
Prema Mathai-Davis – 1950 Trustee |
1998 |
Retired
Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor)); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute |
198 | None | ||||||
|
Joel W. Motley – 1952 Trustee |
2019 |
Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of 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)); and Member of the Vestry of Trinity Church Wall Street |
198 | Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); Board Member and Investment Committee Member of Pulizer 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: CEO UBS Securities LLC (investment banking); COO Americas UBS AG (investment banking; Sr. Management TeamOlayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury |
198 | Elucida Oncology (nanotechnology & medical particles company); Atlantic Power Corporation (power generation company); ON Semiconductor Corporation (semiconductor manufacturing) | ||||||
T-3 Short-Term Investments Trust
Trustees and Officers–(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
in
|
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 and Federal Reserve Bank of Dallas |
198 | None | ||||||
|
Robert C. Troccoli – 1949 Trustee |
2016 |
Retired
Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP |
198 | None | ||||||
|
Daniel S. Vandivort –1954 Trustee |
2019 |
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; and Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America |
198 | None | ||||||
|
James D. Vaughn – 1945 Trustee |
2019 |
Retired
Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds |
198 | Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit) | ||||||
|
Christopher L. Wilson – 1957 Trustee, Vice Chair and Chair Designate |
2017 |
Retired
Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments |
198 | EnAIble, Inc. (technology) Formerly: ISO New England, Inc. (non-profit organization managing regional electricity market) | ||||||
T-4 Short-Term Investments Trust
Trustees and Officers–(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 |
||||||
|
Officers |
||||||||||
|
Sheri Morris – 1964
President, Principal Executive Officer and Treasurer |
1999 |
Head of Global Fund Services, Invesco Ltd.; President, Principal Executive Officer and Treasurer, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.
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; Vice President and Assistant Vice President, Invesco Advisers, Inc.,; Assistant Vice President, 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 India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC
Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc. |
N/A | N/A | ||||||
|
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.; 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 |
N/A | N/A | ||||||
T-5 Short-Term Investments Trust
Trustees and Officers–(continued)
T-6 Short-Term Investments Trust
Trustees and Officers–(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 |
||||||
|
Officers–(continued) |
||||||||||
|
Crissie M. Wisdom – 1969
Anti-Money Laundering Compliance Officer |
2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; OppenheimerFunds Distributor, Inc., and Fraud Prevention Manager for Invesco Investment Services, Inc. | N/A | N/A | ||||||
|
Todd F. Kuehl – 1969
Chief Compliance Officer |
2020 |
Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) |
N/A | N/A | ||||||
|
Michael McMaster – 1962
Chief Tax Officer, Vice President and Assistant Treasurer |
2020 |
Head of Global Fund Services Tax; Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco Capital Management LLC, 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: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) |
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, Suite 1000 Houston, TX 77046-1173 |
Invesco Advisers, Inc. 1555 Peachtree Street, N.E. Atlanta, GA 30309 |
Invesco Distributors, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173 |
PricewaterhouseCoopers LLP 1000 Louisiana Street, Suite 5800 Houston, TX 77002-5678 |
|||
| Counsel to the Fund | Counsel to the Independent Trustees | Transfer Agent | Custodian | |||
|
Stradley Ronon Stevens & Young, LLP 2005 Market Street, Suite 2600 Philadelphia, PA 19103-7018 |
Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001 |
Invesco Investment Services, Inc. 11 Greenway Plaza, Suite 1000 Houston, TX 77046-1173 |
Bank of New York Mellon 2 Hanson Place Brooklyn, NY 11217-1431 |
|||
T-7 Short-Term Investments Trust
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 in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
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 Cash Management Alliance Services department at 800 659 1005, option 1, 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. This 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. |
|
| SEC file numbers: 811-02729 and 002-58287 | Invesco Distributors, Inc. | CM-STIT-AR-7 |
| 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, Jr. Robert C. Troccoli and James Vaughn. David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, 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. |
Pursuant to PCAOB Rule 3526, PricewaterhouseCoopers LLC (“PwC”) advised the Registrant’s Audit Committee of the following matters identified between September 1, 2019 to October 29, 2020 that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that five PwC Managers and one PwC Associate each held financial interests either directly or, in the case of two PwC Managers, indirectly through their spouse’s brokerage account, in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X. In reporting the matters to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the individuals either did not provide any audit services (or in the case of one PwC Manager and one PwC Associate, the individual did not have decision-making responsibility for matters that materially affected the audit and their audit work was reviewed by team members at least two levels higher than the individuals), or did not provide services of any kind to the Registrant or its affiliates, and the financial interests were not material to the net worth of each individual or their respective immediate family members and senior leadership of the Funds’ audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions or individuals ceased providing services. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and that it believes it can continue to serve as the independent registered public accounting firm for the Funds in the Registrant.
(a) to (d)
Fees Billed by PwC Related to the Registrant
PwC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.
|
Fees Billed for
Services Rendered to the Registrant for fiscal year end 2020 |
Fees Billed for
Services Rendered to the Registrant for fiscal year end 2019 |
|||||||
|
Audit Fees |
$ | 129,163 | $ | 161,482 | ||||
|
Audit-Related Fees |
$ | 0 | $ | 0 | ||||
|
Tax Fees(1) |
$ | 85,963 | $ | 98,730 | ||||
|
All Other Fees |
$ | 0 | $ | 0 | ||||
|
|
|
|
|
|||||
|
Total Fees |
$ | 215,126 | $ | 260,212 | ||||
| (1) |
Tax Fees for the fiscal years ended August 31, 2020 and 2019 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences. |
Fees Billed by PwC Related to Invesco and Invesco Affiliates
PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Invesco Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Invesco Affiliates that were required to be pre-approved.
|
Fees Billed for Non-Audit
Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2020 That Were Required to be Pre-Approved by the Registrant’s Audit Committee |
Fees Billed for Non-Audit
Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2019 That Were Required to be Pre-Approved by the Registrant’s Audit Committee |
|||||||
|
Audit-Related Fees(1) |
$ | 701,000 | $ | 690,000 | ||||
|
Tax Fees |
$ | 0 | $ | 0 | ||||
|
All Other Fees |
$ | 0 | $ | 0 | ||||
|
Total Fees |
$ | 701,000 | $ | 690,000 | ||||
| (1) |
Audit-Related Fees for the fiscal years ended 2020 and 2019 include fees billed related to reviewing controls at a service organization. |
(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
| I. |
Statement of Principles |
The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to 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.
| 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.
| 1 |
Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE. |
| 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.
| a. |
Audit-Related Services |
“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.
| b. |
Tax Services |
“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.
Each request to provide tax services under either the general or 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.
| c. |
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.
| V. |
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. |
(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) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $5,769,000 for the fiscal year ended August 31, 2020 and $3,211,000 for the fiscal year ended August 31, 2019. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $6,555,963 for the fiscal year ended August 31, 2020 and $3,999,730 for the fiscal year ended August 31, 2019.
PwC provided audit services to the Investment Company complex of approximately $32 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.
| 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 INVESTMENT 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 October 14, 2020, 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 October 14, 2020, 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. |
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: Short-Term Investments Trust
| By: |
/s/ Sheri Morris |
|
| Sheri Morris | ||
| Principal Executive Officer | ||
| Date: | November 6, 2020 | |
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: | November 6, 2020 | |
| By: |
/s/ Kelli Gallegos |
|
| Kelli Gallegos | ||
| Principal Financial Officer | ||
| Date: | November 6, 2020 | |