SHORT-TERM INVESTMENTS TRUST (Form: N-CSR, Received: 11/04/2021 12:15:14)

Annual Report to Shareholders

August 31, 2021

CAVU Securities Class

Short-Term Investments Trust (STIT)

lnvesco Liquid Assets Portfolio

lnvesco Treasury Portfolio

lnvesco Government & Agency Portfolio

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: 8/31/21

ITEM 1.

REPORTS TO STOCKHOLDERS.

(a) The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

(b) Not Applicable



		Annual Report to Shareholders		August 31, 2021

		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

Unless otherwise stated, information presented in this report is as of August 31, 2021, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Table of Contents


Fund Data			3

Fund Objectives and Strategies			4

Fund Composition by Maturity			5

Schedules of Investments			6

Financial Statements			28

Financial Highlights			34

Notes to Financial Statements			35

Report of Independent Registered Public Accounting Firm			48

Fund Expenses			49

Approval of Investment Advisory and Sub-Advisory Contracts			50

Tax Information			54

Trustees and Officers			T-1

Fund Data

Institutional Class data as of 8/31/21

FUND

WEIGHTED

AVERAGE

MATURITY

WEIGHTED

AVERAGE

LIFE

TOTAL

NET

ASSETS

Range

During

Reporting

Period

Reporting

Period

End

Reporting

Period

End

Invesco Liquid Assets¹

33 - 52 days

48 days

68 days

$2.4

billion

Invesco STIC Prime¹

4 - 15 days

11 days

12 days

221.7

million

Invesco Treasury²

25 - 55 days

48 days

116 days

17.1

billion

Invesco Government & Agency²

19 - 57 days

37 days

102 days

49.5

billion

Invesco Treasury Obligations²

37 - 58 days

39 days

108 days

1.1

billion

Invesco Tax-Free Cash Reserve³

7 - 16 days

13 days

118.3

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.

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.

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.

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.


3		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.


4		Short-Term Investments Trust

Fund Composition by Maturity


In days, as of 8/31/21
										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		44.6	%		65.5	%		60.9	%		52.2	%		8.6	%		90.1	%
8 - 30		2.3			16.3			0.0			11.7			48.0			1.6
31 - 60		13.6			18.2			1.2			2.9			2.7			2.0
61 - 90		17.3			0.0			2.3			2.2			6.4			2.6
91 - 180		7.8			0.0			7.6			9.3			15.2			3.7
181+		14.4			0.0			28.0			21.7			19.1			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.


5		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Liquid Assets Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Commercial Paper-44.60%^(a)
Asset-Backed Securities - Fully Supported-3.17%
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.20%		09/02/2021	$	20,000	$ 19,999,913
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.18%		11/08/2021		55,000	54,991,461
							74,991,374

Asset-Backed Securities - Fully Supported Bank-8.49%
Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.08%)^(b)(c)(d)		0.15%		01/26/2022		50,000	50,007,500
Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.06%)^(b)(c)(d)		0.13%		02/18/2022		25,000	25,003,167
Bedford Row Funding Corp. (CEP - Royal Bank of Canada), (3 mo. USD LIBOR + 0.08%)^(b)(c)(d)		0.21%		10/21/2021		10,000	10,001,719
Concord Minutemen Capital Co. LLC (Multi - CEP’s)^(b)(c)		0.13%		10/08/2021		15,000	14,998,496
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.20%		09/03/2021		40,000	39,999,750
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.14%		10/25/2021		10,500	10,498,364
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)^(b)(c)		0.10%		09/02/2021		35,000	34,999,854
Versailles Commercial Paper LLC (CEP - Natixis S.A.), (1 mo. USD LIBOR + 0.09%)^(b)(c)(d)		0.18%		09/01/2021		15,000	15,001,038
							200,509,888

Consumer Finance-2.12%
Toyota Finance Australia Ltd.^(c)		0.14%		11/16/2021		50,000	49,988,771

Diversified Banks-26.13%
Agricultural Bank of China Ltd.^(b)(c)		0.17%		11/22/2021		70,000	69,968,852
ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.17%		04/04/2022		23,700	23,681,941
Barclays Bank PLC^(b)(c)		0.18%		09/10/2021		30,000	29,999,375
Barclays Bank PLC^(b)(c)		0.16%		12/03/2021		5,000	4,998,329
Barclays Bank PLC^(b)(c)		0.18%		01/06/2022		20,000	19,989,476
Barclays Bank PLC^(b)(c)		0.16%		02/10/2022		25,000	24,982,002
DBS Bank Ltd.^(b)(c)		0.16%		10/01/2021		50,000	49,995,910
Dexia Credit Local S.A.^(b)(c)		0.17%		02/28/2022		70,000	69,952,487
DNB Bank ASA^(b)(c)		0.05%		09/07/2021		39,000	38,999,659
HSBC Bank PLC^(b)(c)		0.26%		10/08/2021		25,000	24,995,408
National Australia Bank Ltd. (3 mo. USD LIBOR + 0.06%)^(b)(c)(d)		0.19%		11/10/2021		50,000	50,011,354
Natixis S.A.^(c)		0.20%		10/14/2021		35,000	34,996,792
Nordea Bank Abp^(b)(c)		0.13%		11/18/2021		50,000	49,991,112
Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.19%		10/01/2021		25,000	25,001,831
Royal Bank of Canada^(b)(c)		0.20%		06/16/2022		15,000	14,975,796
Toronto-Dominion Bank (The)^(b)(c)		0.21%		06/22/2022		25,000	24,965,993
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)^(b)(c)(d)		0.16%		07/08/2022		10,000	10,004,440
United Overseas Bank Ltd.^(b)(c)		0.27%		09/28/2021		25,000	24,998,367
United Overseas Bank Ltd.^(b)(c)		0.28%		10/04/2021		25,000	24,997,993
							617,507,117

Diversified Capital Markets-1.69%
UBS AG (3 mo. USD LIBOR + 0.07%)^(b)(c)(d)		0.22%		10/04/2021		10,000	10,000,347
UBS AG^(b)(c)		0.25%		08/18/2022		30,000	29,932,240
							39,932,587

Regional Banks-3.00%
ASB Finance Ltd.^(b)(c)		0.19%		11/10/2021		20,000	19,996,884

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


6		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Regional Banks-(continued)
ASB Finance Ltd.^(b)(c)		0.25%		03/18/2022	$	20,920	$ 20,904,851
ASB Finance Ltd.^(b)(c)		0.21%		07/08/2022		30,000	29,956,460
							70,858,195
Total Commercial Paper (Cost $1,053,659,584)							1,053,787,932

Certificates of Deposit-35.83%
Bank of Montreal^(c)		0.21%		06/24/2022		10,000	10,002,465
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%)^(c)(d)		0.18%		11/09/2021		20,000	20,004,002
Bank of Nova Scotia (The) (SOFR + 0.11%)^(c)(d)		0.16%		04/20/2022		50,000	49,999,380
Canadian Imperial Bank of Commerce^(c)		0.04%		09/01/2021		118,000	118,000,000
China Construction Bank Corp.^(c)		0.16%		11/22/2021		70,000	69,997,901
Credit Agricole Corporate & Investment Bank S.A.^(c)		0.05%		09/01/2021		68,000	68,000,000
Goldman Sachs Bank USA		0.17%		02/04/2022		35,000	35,001,217
Mizuho Bank Ltd.^(c)		0.08%		09/01/2021		64,418	64,418,489
Nordea Bank Abp^(c)		0.04%		09/01/2021		69,000	69,000,000
Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.18%		10/07/2021		25,000	25,001,655
Skandinaviska Enskilda Banken AB^(c)		0.04%		09/01/2021		118,000	118,000,000
Svenska Handelsbanken AB^(c)		0.03%		09/01/2021		105,000	105,000,000
Svenska Handelsbanken AB^(c)		0.21%		01/03/2022		14,300	14,304,959
Toronto-Dominion Bank (The) (SOFR + 0.20%)^(c)(d)		0.25%		02/16/2022		25,000	25,013,293
Westpac Banking Corp. (SOFR + 0.13%)^(c)(d)		0.18%		07/15/2022		55,000	55,007,268
Total Certificates of Deposit (Cost $846,716,057)							846,750,629

Variable Rate Demand Notes-3.97%^(e)

Credit Enhanced-3.97%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)(f)		0.13%		04/01/2047		9,200	9,199,999
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(f)		0.13%		05/01/2037		2,500	2,500,000
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		0.05%		08/01/2045		82,040	82,040,000
Total Variable Rate Demand Notes (Cost $93,739,999)							93,739,999
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-84.40% (Cost $1,994,115,640)							1,994,278,560

					Repurchase Amount

Repurchase Agreements-15.62%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2021, aggregate maturing value of $100,003,111 (collateralized by U.S. Treasury obligations, domestic and foreign corporate obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and domestic and foreign non-agency asset-backed securities valued at $103,174,606; 0.00% - 8.40%; 09/09/2021 - 07/20/2071)^(c)(h)		0.16%		09/07/2021		27,000,840	27,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $10,000,447 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, a domestic corporate obligation and a U.S. Treasury obligation valued at $10,316,976; 0.13% - 5.51%; 02/28/2023 -07/20/2071)^(c)(h)		0.23%		09/01/2021		10,000,447	10,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $20,000,700 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $20,552,976; 0.08% - 6.30%; 10/01/2021 - 07/20/2071)^(c)(h)		0.18%		09/01/2021		20,000,700	20,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Citigroup Global Markets, Inc., joint open agreement dated 01/22/2021 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $203,550,733; 0.00% -7.26%; 09/14/2022 - 12/01/2061)⁽ⁱ⁾		0.54%		09/01/2021	$	8,003,631	$ 8,000,000

Citigroup Global Markets, Inc., joint open agreement dated 10/28/2020 (collateralized by domestic non-agency mortgage-backed securities, domestic non-agency asset-backed securities and domestic and foreign corporate obligations valued at $55,232,635; 0.00% - 7.70%; 10/27/2022 - 06/04/2081)⁽ⁱ⁾		0.54%		09/01/2021		10,004,504	10,000,000

Citigroup Global Markets, Inc., open agreement dated 10/02/2020 (collateralized by domestic and foreign corporate obligations valued at $55,001,324; 1.60% - 9.63%; 09/01/2025 -07/01/2036)⁽ⁱ⁾		0.55%		09/01/2021		50,022,937	50,000,000

Credit Suisse Securities (USA) LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $10,000,000 (collateralized by domestic and foreign non-agency asset-backed securities, foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $10,500,000; 0.04% - 4.70%; 08/21/2028 -05/15/2061)^(c)(d)		0.33%		10/05/2021		2,000,000	2,000,000

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 $31,922,998; 0.00% - 8.75%; 12/01/2021 - 07/25/2059)⁽ⁱ⁾		0.46%		09/01/2021		15,005,697	15,000,000

J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic and foreign corporate obligations valued at $110,000,292; 3.88% - 9.00%; 01/15/2024 - 04/01/2044)⁽ⁱ⁾		0.37%		09/01/2021		65,020,439	65,000,000

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by domestic and foreign equity securities valued at $15,753,648; 0.00% - 8.38%; 01/31/2028 - 06/23/2050)⁽ⁱ⁾		0.27%		09/01/2021		7,001,618	7,000,000

Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by domestic and foreign corporate obligations valued at $52,503,917; 0.45% - 5.01%; 11/01/2024 - 07/01/2051)^(c)(i)		0.20%		09/01/2021		25,004,319	25,000,000

Mizuho Securities (USA) LLC, joint open agreement dated 07/02/2021 (collateralized by domestic and foreign equity securities valued at $52,500,236; 0.00%)^(c)(i)		0.22%		09/01/2021		20,000,122	20,000,000

RBC Capital Markets LLC, joint agreement dated 08/31/2021, aggregate maturing value of $100,000,556 (collateralized by a foreign non-agency asset-backed security, domestic and foreign corporate obligations and foreign commercial paper valued at $105,000,765; 0.00% - 6.75%; 10/15/2021 - 06/01/2070)^(c)		0.20%		09/01/2021		20,000,111	20,000,000

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $63,611,054; 0.23% -13.00%; 11/10/2021 - 08/01/2118)^(c)(i)		0.25%		09/01/2021		25,000,174	25,000,000

Societe Generale, joint open agreement dated 08/20/2021 (collateralized by domestic and foreign corporate obligations valued at $92,242,834; 0.20% - 11.88%; 06/27/2022 -09/14/2077)^(c)(i)		0.18%		09/01/2021		65,000,325	65,000,000

Total Repurchase Agreements (Cost $369,000,000)							369,000,000

TOTAL INVESTMENTS IN SECURITIES^(j)(k)-100.02% (Cost $2,363,115,640)							2,363,278,560

OTHER ASSETS LESS LIABILITIES-(0.02)%							(389,825)

NET ASSETS-100.00%							$2,362,888,735


Investment Abbreviations:

CEP		-Credit Enhancement Provider
FEDL		-Federal Funds Effective Rate
LIBOR		-London Interbank Offered Rate
LOC		-Letter of Credit
OBFR		-Overnight Bank Funding Rate
RB		-Revenue Bonds
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.


8		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)

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)

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, 2021 was $953,000,537, which represented 40.33% 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: Canada: 17.4%; France: 14.1%; Sweden: 10.0%; Australia: 7.4%; Japan: 7.1%; China: 5.9%; United Kingdom: 5.4%; Finland: 5.0%; other countries less than 5% each: 15.9%.

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.

^(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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(j)	Also represents cost for federal income tax purposes.

^(k)

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
Svenska Handelsbanken AB		5.1	%
Nordea Bank Abp		5.0
Credit Agricole S.A.		5.0

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco STIC Prime Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Certificates of Deposit-36.01%
BNP Paribas S.A.^(a)		0.06%		09/01/2021	$	11,000	$ 11,000,000
Canadian Imperial Bank of Commerce^(a)		0.04%		09/01/2021		11,000	11,000,000
Credit Agricole Corporate & Investment Bank S.A.^(a)		0.05%		09/01/2021		5,000	5,000,000
Mizuho Bank Ltd.^(a)		0.08%		09/01/2021		11,000	11,000,000
Nordea Bank Abp^(a)		0.04%		09/01/2021		11,000	11,000,000
Skandinaviska Enskilda Banken AB^(a)		0.04%		09/01/2021		11,000	11,000,000
Societe Generale S.A.^(a)		0.32%		09/17/2021		2,300	2,300,270
Sumitomo Mitsui Trust Bank Ltd.^(a)		0.08%		09/23/2021		7,000	7,000,022
Svenska Handelsbanken AB^(a)		0.03%		09/01/2021		11,000	11,000,000
Total Certificates of Deposit (Cost $80,300,129)							80,300,292

Commercial Paper-29.86%^(b)

Asset-Backed Securities - Fully Supported-3.14%
Ionic Capital III Trust (CEP - UBS AG)^(a)		0.11%		09/17/2021		7,000	6,999,716

Asset-Backed Securities - Fully Supported Bank-16.41%
Anglesea Funding LLC (Multi - CEP’s)^(a)(c)		0.10%		10/01/2021		8,000	7,999,345
Cancara Asset Securitisation LLC (CEP - Lloyds Bank LLC)^(a)(c)		0.10%		09/01/2021		2,000	1,999,996
Concord Minutemen Capital Co. LLC (Multi - CEP’s)^(a)(c)		0.10%		09/17/2021		7,000	6,999,716
Lexington Parker Capital Co. LLC (CEP - Natixis S.A.)^(a)(c)		0.11%		09/10/2021		7,000	6,999,846
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(a)(c)		0.12%		09/23/2021		1,000	999,942
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(a)(c)		0.11%		10/01/2021		4,600	4,599,624
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)^(a)(c)		0.10%		10/13/2021		7,000	6,999,206
							36,597,675

Diversified Banks-10.31%
Agricultural Bank of China Ltd.^(a)(c)		0.13%		10/25/2021		6,000	5,998,304
Banco Santander S.A.^(a)(c)		0.10%		10/22/2021		7,000	6,998,908
Industrial & Commercial Bank of China Ltd.^(a)(c)		0.11%		09/24/2021		5,000	4,999,660
Swedbank AB^(a)		0.06%		09/03/2021		5,000	4,999,986
							22,996,858
Total Commercial Paper (Cost $66,594,646)							66,594,249

Variable Rate Demand Notes-11.77%^(d)

Credit Enhanced-11.77%
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD RB (LOC - FHLB of Indianapolis)^(e)(f)		0.10%		12/01/2039		750	750,000
Jets Stadium Development LLC; Series 2007 A-4, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(a)(c)(f)		0.13%		04/01/2047		7,800	7,800,000
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(f)		0.13%		05/01/2037		3,050	3,050,000
Portland (Port of), OR (Portland International Airport); Subseries 2008 18-A, Ref. VRD RB (LOC - Industrial & Commercial Bank of China Ltd.)^(a)(e)(f)		0.04%		07/01/2026		570	570,000
Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB (CEP - FHLMC)^(e)		0.08%		06/01/2041		890	890,000
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		0.05%		08/01/2045		8,200	8,200,000
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)^(c)(f)		0.08%		01/01/2033		5,000	5,000,000
Total Variable Rate Demand Notes (Cost $26,260,000)							26,260,000
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-77.64% (Cost $173,154,775)							173,154,541

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco STIC Prime Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Repurchase Agreements-22.33%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2021, aggregate maturing value of $100,003,111 (collateralized by U.S. Treasury obligations, domestic and foreign corporate obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and domestic and foreign non-agency asset-backed securities valued at $103,174,606; 0.00% - 8.40%; 09/09/2021 - 07/20/2071)^(a)(h)		0.16%		09/07/2021	$	3,000,093	$ 3,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $3,000,105 (collateralized by domestic agency and non-agency mortgage-backed securites and foreign corporate obligations valued at $3,131,412; 0.95% - 6.21%; 09/11/2022 -07/20/2051)^(a)(h)		0.18%		09/01/2021		3,000,105	3,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $3,000,134 (collateralized by a domestic non-agency mortgage-backed security and a foreign corporate obligation valued at $3,150,455; 0.95% - 3.33%; 01/22/2027 - 05/15/2062)^(a)(h)		0.23%		09/01/2021		3,000,134	3,000,000
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $10,000,000 (collateralized by domestic and foreign non-agency asset-backed securities, foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $10,500,000; 0.04% - 4.70%; 08/21/2028 - 05/15/2061)^(a)(i)		0.33%		10/05/2021		8,000,000	8,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by domestic and foreign equity securities valued at $15,753,648; 0.00% - 8.38%; 01/31/2028 -06/23/2050)^(j)		0.27%		09/01/2021		8,001,849	8,000,000
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by domestic and foreign corporate obligations valued at $52,503,917; 0.45% - 5.01%; 11/01/2024 - 07/01/2051)^(a)(j)		0.20%		09/01/2021		7,001,209	7,000,000
RBC Capital Markets LLC, joint agreement dated 08/31/2021, aggregate maturing value of $100,000,556 (collateralized by a foreign non-agency asset-backed security, domestic and foreign corporate obligations and foreign commercial paper valued at $105,000,765; 0.00% -6.75%; 10/15/2021 - 06/01/2070)^(a)		0.20%		09/01/2021		8,000,044	8,000,000
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $63,611,054; 0.23% - 13.00%; 11/10/2021 - 08/01/2118)^(a)(j)		0.25%		09/01/2021		5,000,035	5,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06%		09/01/2021		4,802,665	4,802,657
Total Repurchase Agreements (Cost $49,802,657)							49,802,657
TOTAL INVESTMENTS IN SECURITIES^(k)(l)-99.97% (Cost $222,957,432)							222,957,198
OTHER ASSETS LESS LIABILITIES-0.03%							63,148
NET ASSETS-100.00%							$223,020,346


Investment Abbreviations:

CEP		-Credit Enhancement Provider
FHLB		-Federal Home Loan Bank
FHLMC		-Federal Home Loan Mortgage Corp.
LOC		-Letter of Credit
RB		-Revenue Bonds
Ref.		-Refunding
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)

August 31, 2021

Invesco STIC Prime Portfolio–(continued)

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: Japan: 14.7%; Switzerland: 13.0%; France: 13.0%; Canada: 12.6%; Sweden: 12.1%; Netherlands: 6.7%; China: 5.2%; other countries less than 5% each: 9.0%.

^(b)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(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, 2021 was $67,394,547, which represented 30.22% of the Fund’s Net Assets.

^(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, 2021.

^(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, 2021.

^(j)	Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(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.


12		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Treasury Portfolio


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
U.S. Treasury Securities-39.07%
U.S. Treasury Bills-3.43%^(a)
U.S. Treasury Bills		0.04%-0.05	%		10/07/2021	$	230,335	$ 230,314,483
U.S. Treasury Bills		0.11	%		12/02/2021		150,000	149,957,834
U.S. Treasury Bills		0.07	%		06/16/2022		150,000	149,916,000
U.S. Treasury Bills		0.08	%		07/14/2022		150,000	149,901,250
								680,089,567

U.S. Treasury Notes-35.64%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35	%		10/31/2021		450,000	450,057,692
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20	%		01/31/2022		500,000	499,930,751
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16	%		04/30/2022		744,000	744,295,573
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10	%		07/31/2022		450,000	450,007,504
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10	%		10/31/2022		605,000	604,987,984
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09	%		01/31/2023		100,000	100,000,000
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08	%		04/30/2023		250,500	250,513,490
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07	%		07/31/2023		627,000	627,026,147
U.S. Treasury Notes		1.38	%		01/31/2022		200,000	201,076,487
U.S. Treasury Notes		1.50	%		01/31/2022		165,000	165,974,159
U.S. Treasury Notes		1.88	%		01/31/2022		200,000	201,493,851
U.S. Treasury Notes		2.50	%		02/15/2022		300,000	303,305,676
U.S. Treasury Notes		1.13	%		02/28/2022		100,000	100,515,124
U.S. Treasury Notes		2.38	%		03/15/2022		250,000	253,064,728
U.S. Treasury Notes		1.75	%		03/31/2022		300,000	302,897,976
U.S. Treasury Notes		1.88	%		03/31/2022		100,000	101,024,476
U.S. Treasury Notes		1.75	%		04/30/2022		200,000	202,206,942
U.S. Treasury Notes		1.75	%		06/15/2022		200,000	202,607,488
U.S. Treasury Notes		0.13	%		06/30/2022		200,000	200,058,176
U.S. Treasury Notes		1.75	%		06/30/2022		100,000	101,367,436
U.S. Treasury Notes		2.13	%		06/30/2022		200,000	203,367,765
U.S. Treasury Notes		1.75	%		07/15/2022		200,000	202,868,812
U.S. Treasury Notes		0.13	%		07/31/2022		200,000	200,073,756
U.S. Treasury Notes		1.88	%		07/31/2022		250,000	254,067,706
U.S. Treasury Notes		1.50	%		09/15/2022		150,000	152,203,664
								7,074,993,363
Total U.S. Treasury Securities (Cost $7,755,082,930)								7,755,082,930
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-39.07% (Cost $7,755,082,930)								7,755,082,930

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Portfolio–(continued)


	Interest Rate			Maturity Date		Repurchase Amount		Value
Repurchase Agreements-60.87%^(c)
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05	%		09/01/2021	$	250,000,347	$ 250,000,000
Citigroup Global Markets, Inc., joint term agreement dated 08/26/2021, aggregate maturing value of $300,003,208 (collateralized by U.S. Treasury obligations valued at $306,000,020; 0.00%; 02/15/2046 - 11/15/2047)^(d)		0.06	%		09/02/2021		120,001,283	120,000,000
Credit Agricole Corporate & Investment Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,001; 3.00% - 4.38%; 05/15/2040 - 08/15/2048)		0.05	%		09/01/2021		250,000,347	250,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(d)		0.05	%		09/01/2021		100,004,722	100,000,000
DNB Bank ASA, agreement dated 08/31/2021, maturing value of $300,000,417 (collateralized by U.S. Treasury obligations valued at $306,000,080; 0.13% -4.38%; 07/15/2026 - 05/15/2041)		0.05	%		09/01/2021		300,000,417	300,000,000
Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $6,000,008,333 (collateralized by U.S. Treasury obligations valued at $6,000,008,395; 0.13% - 2.75%; 12/31/2022 - 05/15/2046)		0.05	%		09/01/2021		6,000,008,333	6,000,000,000
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06	%		09/01/2021		335,000,512	335,000,000
Goldman Sachs & Co., agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,000; 0.00% - 1.50%; 08/15/2022 - 02/15/2042)		0.05	%		09/01/2021		250,000,347	250,000,000
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% -1.88%; 09/16/2021 - 07/31/2023)^(e)		0.05	%		09/01/2021		630,026,250	630,000,000
Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(d)		0.07	%		09/01/2021		100,001,767	100,000,406
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(d)		0.07	%		09/01/2021		299,629,078	299,625,000
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/25/2021, maturing value of $100,001,167 (collateralized by U.S. Treasury obligations valued at $102,001,248; 0.50% - 0.63%; 03/31/2025 - 08/15/2030)^(d)		0.06	%		09/01/2021		100,001,167	100,000,000
Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $271,875,453 (collateralized by U.S. Treasury obligations valued at $276,195,250; 0.00%; 08/15/2027 - 08/15/2037)		0.06	%		09/01/2021		271,875,453	271,875,000
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $340,563,068 (collateralized by U.S. Treasury obligations valued at $347,231,500; 0.00%; 08/15/2033 - 02/15/2045)		0.06	%		09/01/2021		340,563,068	340,562,500
RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,038; 0.00% - 3.00%; 09/30/2021 - 08/15/2051)^(d)		0.05	%		11/17/2021		250,029,514	250,000,000
Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(e)		0.05	%		09/01/2021		1,205,001,674	1,205,000,000
Societe Generale, joint term agreement dated 08/25/2021, aggregate maturing value of $250,002,431 (collateralized by U.S. Treasury obligations valued at $255,000,001; 0.00% - 6.88%; 09/09/2021 - 02/15/2049)^(d)		0.05	%		09/01/2021		40,000,389	40,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Portfolio–(continued)


	Interest Rate			Maturity Date		Repurchase Amount		Value
Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(d)		0.05	%		09/07/2021	$	200,001,944	$ 200,000,000
Standard Chartered Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,405; 0.09% - 3.88%; 02/15/2022 - 05/15/2051)		0.05	%		09/01/2021		250,000,347	250,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 -08/31/2024)		0.05	%		09/01/2021		290,327,546	290,327,143
Wells Fargo Securities, LLC, agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by a U.S. Treasury obligation valued at $510,000,001; 2.00%; 02/15/2050)		0.05	%		09/01/2021		500,000,694	500,000,000
Total Repurchase Agreements (Cost $12,082,390,049)								12,082,390,049
TOTAL INVESTMENTS IN SECURITIES-99.94% (Cost $19,837,472,979)								19,837,472,979
OTHER ASSETS LESS LIABILITIES-0.06%								11,358,146
NET ASSETS-100.00%								$19,848,831,125

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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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, 2021

Invesco Government & Agency Portfolio


	Interest Rate			Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-32.73%
U.S. Treasury Bills-13.99%^(a)
U.S. Treasury Bills		0.02	%		09/09/2021	$	1,000,000	$ 999,994,444
U.S. Treasury Bills		0.02	%		09/16/2021		750,000	749,992,188
U.S. Treasury Bills		0.01	%		09/21/2021		1,530,000	1,529,990,956
U.S. Treasury Bills		0.03%-0.14	%		10/07/2021		380,000	379,978,750
U.S. Treasury Bills		0.05	%		10/12/2021		250,000	249,985,763
U.S. Treasury Bills		0.14	%		11/04/2021		75,000	74,982,000
U.S. Treasury Bills		0.05	%		12/02/2021		1,379,424	1,379,267,091
U.S. Treasury Bills		0.05	%		01/20/2022		200,000	199,960,833
U.S. Treasury Bills		0.06	%		02/03/2022		300,000	299,928,958
U.S. Treasury Bills		0.05	%		02/17/2022		651,866	651,712,992
U.S. Treasury Bills		0.07	%		02/24/2022		50,000	49,982,889
U.S. Treasury Bills		0.06	%		03/24/2022		10,000	9,996,600
U.S. Treasury Bills		0.06	%		04/21/2022		250,000	249,895,278
U.S. Treasury Bills		0.07	%		06/16/2022		400,000	399,777,999
U.S. Treasury Bills		0.08	%		08/11/2022		300,000	299,770,667
								7,525,217,408

U.S. Treasury Notes-18.74%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35	%		10/31/2021		550,000	550,094,508
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20	%		01/31/2022		25,000	24,998,355
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16	%		04/30/2022		107,000	107,059,042
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10	%		07/31/2022		287,000	287,018,002
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10	%		10/31/2022		730,000	730,023,588
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09	%		01/31/2023		412,400	412,544,410
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08	%		04/30/2023		1,330,000	1,330,143,243
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07	%		07/31/2023		1,055,000	1,055,039,361
U.S. Treasury Notes		1.13	%		09/30/2021		62,000	62,053,006
U.S. Treasury Notes		1.50	%		09/30/2021		50,000	50,056,641
U.S. Treasury Notes		2.13	%		09/30/2021		50,000	50,082,360
U.S. Treasury Notes		2.88	%		11/15/2021		100,000	100,574,950
U.S. Treasury Notes		1.38	%		01/31/2022		453,000	455,486,327
U.S. Treasury Notes		1.50	%		01/31/2022		173,000	174,020,051
U.S. Treasury Notes		1.88	%		01/31/2022		633,000	637,728,976
U.S. Treasury Notes		2.50	%		02/15/2022		330,940	334,593,757
U.S. Treasury Notes		1.13	%		02/28/2022		200,000	201,029,333
U.S. Treasury Notes		1.75	%		02/28/2022		100,000	100,830,762
U.S. Treasury Notes		1.88	%		02/28/2022		303,000	305,696,355
U.S. Treasury Notes		2.38	%		03/15/2022		46,000	46,569,385
U.S. Treasury Notes		1.75	%		03/31/2022		650,000	656,301,352
U.S. Treasury Notes		1.88	%		03/31/2022		925,000	934,661,756

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


16		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate			Maturity Date		Principal Amount (000)		Value

U.S. Treasury Notes-(continued)
U.S. Treasury Notes		1.88	%		04/30/2022	$	150,000	$ 151,795,054
U.S. Treasury Notes		1.75	%		05/15/2022		135,000	136,587,761
U.S. Treasury Notes		2.13	%		05/15/2022		190,000	192,740,984
U.S. Treasury Notes		1.75	%		06/30/2022		400,000	405,482,261
U.S. Treasury Notes		2.13	%		06/30/2022		365,000	371,124,912
U.S. Treasury Notes		2.00	%		07/31/2022		210,000	213,658,573
								10,077,995,065
Total U.S. Treasury Securities (Cost $17,603,212,473)								17,603,212,473

U.S. Government Sponsored Agency Securities-14.52%
Federal Farm Credit Bank (FFCB)-4.21%
Federal Farm Credit Bank (SOFR + 0.28%)^(b)		0.33	%		10/01/2021		365,000	365,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11	%		10/15/2021		100,000	100,000,306
Federal Farm Credit Bank		0.07	%		02/09/2022		243,750	243,743,367
Federal Farm Credit Bank (SOFR + 0.10%)^(b)		0.15	%		02/22/2022		16,555	16,555,000
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13	%		03/10/2022		28,000	28,000,000
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14	%		06/17/2022		65,000	65,000,000
Federal Farm Credit Bank (SOFR + 0.20%)^(b)		0.25	%		06/23/2022		12,000	12,012,287
Federal Farm Credit Bank (SOFR + 0.19%)^(b)		0.24	%		07/14/2022		28,000	28,000,000
Federal Farm Credit Bank (SOFR + 0.15%)^(b)		0.20	%		07/28/2022		45,000	45,000,000
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12	%		08/11/2022		108,000	108,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11	%		08/26/2022		97,500	97,495,134
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14	%		10/07/2022		30,000	30,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08	%		10/12/2022		18,000	18,001,014
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11	%		10/21/2022		20,000	20,000,000
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13	%		11/03/2022		35,000	35,000,000
Federal Farm Credit Bank (SOFR + 0.01%)^(b)		0.06	%		11/16/2022		185,000	184,995,466
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12	%		11/18/2022		56,000	56,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11	%		12/01/2022		74,000	74,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11	%		12/28/2022		350,000	350,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11	%		02/09/2023		18,000	18,000,000
Federal Farm Credit Bank (SOFR + 0.05%)^(b)		0.10	%		02/17/2023		165,000	165,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08	%		06/14/2023		58,000	58,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08	%		07/07/2023		143,000	143,000,000
								2,260,802,574

Federal Home Loan Bank (FHLB)-7.82%
Federal Home Loan Bank^(a)		0.05	%		09/01/2021		41,000	41,000,000
Federal Home Loan Bank^(a)		0.02	%		09/10/2021		302,000	301,998,112
Federal Home Loan Bank^(a)		0.02%-0.03	%		09/15/2021		396,675	396,671,120
Federal Home Loan Bank^(a)		0.03	%		09/20/2021		104,500	104,498,345
Federal Home Loan Bank		0.04	%		09/21/2021		85,000	85,000,000
Federal Home Loan Bank		0.04	%		09/28/2021		392,000	391,998,235
Federal Home Loan Bank		0.04	%		09/29/2021		252,110	252,108,842
Federal Home Loan Bank		0.03	%		09/30/2021		350,000	349,995,568
Federal Home Loan Bank		0.04	%		10/08/2021		439,000	438,997,382
Federal Home Loan Bank^(a)		0.01	%		10/08/2021		3,100	3,099,952

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


17		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate			Maturity Date		Principal Amount (000)		Value

Federal Home Loan Bank (FHLB)-(continued)
Federal Home Loan Bank		0.04	%		10/29/2021	$	35,000	$ 34,999,545
Federal Home Loan Bank (SOFR + 0.17%)^(b)		0.22	%		11/12/2021		127,000	127,000,000
Federal Home Loan Bank (SOFR + 0.15%)^(b)		0.20	%		11/15/2021		355,000	355,000,000
Federal Home Loan Bank		0.07	%		02/11/2022		34,560	34,559,065
Federal Home Loan Bank		0.05	%		03/17/2022		200,000	199,985,373
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12	%		04/14/2022		45,000	45,000,000
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12	%		04/28/2022		28,000	28,000,000
Federal Home Loan Bank		0.06	%		05/06/2022		29,000	28,997,847
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11	%		05/12/2022		35,000	35,000,000
Federal Home Loan Bank (SOFR + 0.13%)^(b)		0.18	%		08/05/2022		80,000	80,000,000
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14	%		08/19/2022		380,000	380,006,319
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14	%		10/05/2022		80,000	80,000,000
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11	%		12/08/2022		63,200	63,203,547
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11	%		12/16/2022		3,500	3,501,373
Federal Home Loan Bank (SOFR + 0.04%)^(b)		0.09	%		05/19/2023		221,000	221,000,000
Federal Home Loan Bank (SOFR + 0.03%)^(b)		0.08	%		06/07/2023		125,000	125,000,000
								4,206,620,625

Federal Home Loan Mortgage Corp. (FHLMC)-1.39%
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)^(b)		0.37	%		09/30/2021		412,000	412,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.31%)^(b)		0.36	%		01/03/2022		145,000	145,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.09%)^(b)		0.14	%		09/16/2022		190,000	190,000,000
								747,000,000

Federal National Mortgage Association (FNMA)-0.65%
Federal National Mortgage Association (SOFR + 0.30%)^(b)		0.35	%		01/07/2022		350,000	350,000,000

U.S. International Development Finance Corp. (DFC)-0.45%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		06/15/2025		19,200	19,200,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		07/15/2025		20,889	20,888,891
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		09/15/2025		4,474	4,473,684
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		09/15/2026		13,750	13,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		08/13/2027		12,600	12,600,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		09/30/2027		12,000	12,000,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		02/15/2028		14,444	14,444,445
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		11/15/2028		65,909	65,909,091
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		05/15/2030		7,839	7,839,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		10/15/2030		8,000	8,000,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		07/09/2026		25,500	25,500,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


18		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate			Maturity Date		Principal Amount (000)		Value

U.S. International Development Finance Corp. (DFC)-(continued)
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		03/15/2030	$	39,375	$ 39,375,000
								243,980,111
Total U.S. Government Sponsored Agency Securities (Cost $7,808,403,310)								7,808,403,310
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-47.25% (Cost $25,411,615,783)								25,411,615,783

						Repurchase
						Amount

Repurchase Agreements-55.26%^(d)
ABN AMRO Bank N.V., joint agreement dated 08/31/2021, aggregate maturing value of $450,000,625 (collateralized by U.S. Treasury obligations valued at $459,000,022; 0.13% - 3.38%; 08/15/2022 - 05/15/2047)		0.05	%		09/01/2021		200,000,278	200,000,000
BNP Paribas Securities Corp., joint term agreement dated 08/26/2021, aggregate maturing value of $500,004,861 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0.00% - 7.00%; 11/04/2021 - 07/01/2051)^(e)		0.05	%		09/02/2021		385,003,743	385,000,000
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05	%		09/01/2021		750,001,042	750,000,000
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $895,001,243 (collateralized by domestic agency mortgage-backed securities valued at $912,900,000; 1.50% - 6.00%; 05/01/2025 - 08/01/2059)		0.05	%		09/01/2021		54,000,075	54,000,000
Citigroup Global Markets, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $900,001,250 (collateralized by U.S. Treasury obligations valued at $918,000,025; 0.00%; 08/15/2047 - 02/15/2051)		0.05	%		09/01/2021		395,000,549	395,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(e)		0.05	%		09/01/2021		150,007,083	150,000,000
Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $16,000,022,222 (collateralized by U.S. Treasury obligations valued at $16,000,022,273; 0.13% - 2.75%; 12/31/2022 - 05/15/2046)		0.05	%		09/01/2021		16,000,022,222	16,000,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $50,000,007 (collateralized by a U.S. Treasury obligation valued at $51,000,058; 1.00%; 07/31/2028)		0.01	%		09/01/2021		50,000,007	50,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by U.S. Treasury obligations valued at $510,000,044; 0.13% - 2.88%; 02/28/2025 - 08/15/2028)		0.05	%		09/01/2021		500,000,694	500,000,000
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06	%		09/01/2021		730,001,115	730,000,000
Fixed Income Clearing Corp. - BNP Paribas Securities Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,250,001,736 (collateralized by U.S. Treasury obligations valued at $1,270,427,200; 0.38% - 4.25%; 11/30/2025 - 05/15/2041)		0.05	%		09/01/2021		960,001,333	960,000,000
Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2021, maturing value of $2,000,001,667 (collateralized by U.S. Treasury obligations valued at $2,040,000,068; 1.00% - 1.13%; 07/31/2028 - 08/31/2028)		0.03	%		09/01/2021		2,000,001,667	2,000,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


19		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate			Maturity Date		Repurchase Amount		Value
Goldman Sachs & Co., term agreement dated 08/26/2021, maturing value of $295,003,155 (collateralized by U.S. Treasury obligations valued at $300,900,000; 0.00% - 3.63%; 08/11/2022 - 02/15/2046)^(e)		0.06	%		09/02/2021	$	295,003,155	$ 295,000,000
ING Financial Markets, LLC, joint term agreement dated 08/06/2021, aggregate maturing value of $350,022,118 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 6.00%; 06/01/2027 - 05/01/2058)		0.07	%		09/10/2021		300,018,958	300,000,000
ING Financial Markets, LLC, joint term agreement dated 08/26/2021, aggregate maturing value of $350,018,667 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 5.50%; 10/01/2038 - 01/01/2057)		0.06	%		09/27/2021		275,014,667	275,000,000
J.P. Morgan Securities LLC, agreement dated 08/31/2021, maturing value of $250,000,417 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 0.27% - 7.50%; 11/25/2024 - 10/16/2062)		0.06	%		09/01/2021		250,000,417	250,000,000
J.P. Morgan Securities LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,694 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 1.50% - 7.50%; 07/01/2025 - 09/01/2051)		0.05	%		09/01/2021		44,000,061	44,000,000
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% - 1.88%; 09/16/2021 - 07/31/2023)^(f)		0.05	%		09/01/2021		150,006,250	150,000,000
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $295,800,033; 1.50% - 6.00%; 02/28/2023 - 09/01/2051)^(f)		0.07	%		09/01/2021		240,014,000	240,000,000
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $255,000,016; 0.00% - 7.63%; 09/16/2021 - 04/01/2056)^(f)		0.06	%		09/01/2021		210,010,500	210,000,000
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 $408,000,049; 0.00% - 7.50%; 04/30/2026 - 03/25/2060)^(f)		0.07	%		09/01/2021		275,016,042	275,000,000
Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(e)		0.07	%		09/01/2021		170,004,751	170,002,437
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $500,000,764 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.39% -4.50%; 01/25/2024 - 05/20/2069)		0.06	%		09/01/2021		52,000,079	52,000,000
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(e)		0.07	%		09/01/2021		530,032,214	530,025,000
Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $556,508,428 (collateralized by U.S. Treasury obligations valued at $567,283,180; 0.00%; 02/15/2026 - 11/15/2043)		0.06	%		09/01/2021		556,508,428	556,507,500
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $40,625,068 (collateralized by a U.S. Treasury obligation valued at $41,396,500; 0.00%; 08/15/2033)		0.06	%		09/01/2021		40,625,068	40,625,000
RBC Capital Markets LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $750,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,159; 0.00% - 8.15%; 09/14/2021 - 08/20/2065)^(b)(e)		0.09	%		11/01/2021		600,000,000	600,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


20		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate			Maturity Date		Repurchase Amount		Value

RBC Dominion Securities Inc., joint agreement dated 08/31/2021, aggregate maturing value of $2,000,002,778 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $2,040,000,055; 0.00% - 5.00%; 09/09/2021 - 08/01/2051)		0.05	%		09/01/2021	$	1,544,002,144	$	1,544,000,000

RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,023; 0.13% - 6.25%; 10/15/2021 - 11/15/2050)^(e)		0.05	%		11/17/2021		250,029,514		250,000,000

Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(f)		0.05	%		09/01/2021		320,000,444		320,000,000

Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(e)		0.05	%		09/07/2021		400,003,889		400,000,000

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06	%		09/01/2021		396,231,775		396,231,115

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 - 08/31/2024)		0.05	%		09/01/2021		531,025,137		531,024,399

TD Securities (USA) LLC, term agreement dated 08/25/2021, maturing value of $70,000,749 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $71,400,075; 1.25% - 2.13%; 11/15/2021 - 04/30/2028)^(e)		0.06	%		09/01/2021		70,000,749		70,000,000

Wells Fargo Securities, LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,833 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00% - 4.50%; 01/01/2031 - 08/01/2051)		0.06	%		09/01/2021		44,000,073		44,000,000

Total Repurchase Agreements (Cost $29,717,415,451)									29,717,415,451

TOTAL INVESTMENTS IN SECURITIES-102.51% (Cost $55,129,031,234)									55,129,031,234

OTHER ASSETS LESS LIABILITIES-(2.51)%									(1,351,188,375	)

NET ASSETS-100.00%								$	53,777,842,859

Investment Abbreviations:

SOFR -Secured Overnight Financing Rate

VRD -Variable Rate Demand

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, 2021.

^(c)	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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


21		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Treasury Obligations Portfolio


	Interest Rate			Maturity Date		Principal Amount (000)		Value

U.S. Treasury Securities-105.59%
U.S. Treasury Bills-83.89%^(a)
U.S. Treasury Bills		0.02%-0.06	%		09/02/2021	$	67,700	$	67,699,948

U.S. Treasury Bills		0.01%-0.05	%		09/07/2021		96,800		96,799,429

U.S. Treasury Bills		0.03%-0.14	%		09/09/2021		95,800		95,799,274

U.S. Treasury Bills		0.03%-0.05	%		09/14/2021		85,000		84,998,709

U.S. Treasury Bills		0.03	%		09/16/2021		50,000		49,999,479

U.S. Treasury Bills		0.01%-0.04	%		09/21/2021		92,000		91,998,164

U.S. Treasury Bills		0.04%-0.05	%		09/23/2021		50,000		49,998,652

U.S. Treasury Bills		0.03	%		09/28/2021		100,000		99,997,375

U.S. Treasury Bills		0.02%-0.05	%		09/30/2021		84,500		84,497,259

U.S. Treasury Bills		0.05%-0.14	%		10/07/2021		25,000		24,998,300

U.S. Treasury Bills		0.04	%		10/14/2021		1,100		1,099,951

U.S. Treasury Bills		0.04	%		10/21/2021		5,400		5,399,700

U.S. Treasury Bills		0.05	%		11/02/2021		3,300		3,299,716

U.S. Treasury Bills		0.14	%		11/04/2021		15,000		14,996,400

U.S. Treasury Bills		0.05	%		11/09/2021		10,000		9,999,070

U.S. Treasury Bills		0.04	%		11/12/2021		5,000		4,999,650

U.S. Treasury Bills		0.03	%		11/18/2021		5,000		4,999,675

U.S. Treasury Bills		0.00%-0.04	%		12/02/2021		70,000		69,992,159

U.S. Treasury Bills		0.11	%		12/30/2021		10,000		9,996,333

U.S. Treasury Bills		0.09	%		01/27/2022		3,000		2,998,890

U.S. Treasury Bills		0.06	%		02/03/2022		25,000		24,994,080

U.S. Treasury Bills		0.05%-0.06	%		02/24/2022		38,000		37,990,222

U.S. Treasury Bills		0.07	%		04/21/2022		10,000		9,995,811

U.S. Treasury Bills		0.07	%		06/16/2022		3,000		2,998,320

U.S. Treasury Bills		0.08	%		08/11/2022		24,000		23,981,653

									974,528,219


U.S. Treasury Notes-21.70%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35	%		10/31/2021		36,500		36,502,890

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20	%		01/31/2022		30,000		29,991,690

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16	%		04/30/2022		55,000		55,010,602

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10	%		07/31/2022		22,000		22,001,192

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10	%		10/31/2022		45,000		44,998,575

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09	%		01/31/2023		6,000		6,000,230

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08	%		04/30/2023		24,000		24,001,278

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07	%		07/31/2023		28,500		28,500,813

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


22		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Obligations Portfolio–(continued)


	Interest Rate			Maturity Date		Principal Amount (000)		Value


U.S. Treasury Notes-(continued)
U.S. Treasury Notes		1.88	%		07/31/2022	$	5,000	$	5,081,049

									252,088,319

TOTAL INVESTMENTS IN SECURITIES-105.59% (Cost $ 1,226,616,538)									1,226,616,538

OTHER ASSETS LESS LIABILITIES-(5.59)%									(64,968,347	)

NET ASSETS-100.00%								$	1,161,648,191

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, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


23		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-99.66%
Alabama-4.01%
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)^(a)(b)(c)		0.08%		07/01/2040	$	6,090	$ 6,090,000

Arizona-3.64%
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		0.02%		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)		0.02%		06/15/2031		2,845	2,845,000
							5,530,000

California-1.98%
California (State of); Series 2021 A-1, Commercial Paper Notes		0.05%		10/14/2021		3,000	3,000,000

Colorado-0.67%
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		0.12%		02/01/2031		1,010	1,010,000

Delaware-2.76%
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		09/01/2036		2,655	2,655,000
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.03%		05/01/2036		1,535	1,535,000
							4,190,000

District of Columbia-6.47%
District of Columbia; Series 2019, Commercial Paper Notes		0.08%		11/02/2021		4,000	4,000,000
District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)^(b)(c)		0.02%		08/15/2038		2,820	2,820,000
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		0.01%		10/01/2039		3,005	3,005,000
							9,825,000

Florida-3.03%
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		0.07%		11/01/2036		2,200	2,200,000
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)		0.03%		07/01/2032		2,400	2,400,000
							4,600,000

Georgia-1.58%
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)^(b)(c)		0.03%		11/01/2030		2,395	2,395,000

Illinois-5.60%
Illinois (State of) Development Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)^(b)(c)		0.03%		10/01/2033		2,000	2,000,000
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB^(b)		0.01%		12/01/2046		5,730	5,730,000
Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)^(b)(c)		0.01%		01/01/2041		770	770,000
							8,500,000

Indiana-5.78%
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		0.07%		08/01/2037		2,770	2,770,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


24		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Indiana-(continued)
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)^(a)(b)(c)		0.05%		06/01/2035	$	6,000	$ 6,000,000
							8,770,000

Louisiana-4.07%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)^(b)(c)		0.02%		09/01/2033		1,000	1,000,000
Louisiana (State of) Public Facilities Authority (CHRISTUS Health);
Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		0.02%		07/01/2047		4,085	4,085,000
Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		0.02%		07/01/2047		1,100	1,100,000
							6,185,000

Maryland-3.82%
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008E, VRD RB (LOC - Bank of Montreal)^(b)(c)		0.01%		07/01/2041		4,300	4,300,000
Montgomery (County of), MD; Series 2010 B, Commercial Paper Notes		0.07%		09/23/2021		1,500	1,500,000
							5,800,000

Massachusetts-2.72%
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC - TD Bank N.A.)^(b)(c)		0.02%		10/01/2038		2,625	2,625,000
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank N.A.)^(b)(c)		0.01%		01/01/2037		1,500	1,500,000
							4,125,000

Michigan-3.92%
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)		0.02%		01/15/2026		1,420	1,420,000
Michigan State University Board of Trustees;
Series 2000 A-1, VRD RB^(b)		0.03%		08/15/2030		3,620	3,620,000
Series 2000 A-2, VRD RB^(b)		0.03%		08/15/2030		910	910,000
							5,950,000

Minnesota-5.64%
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)^(b)		0.10%		10/15/2033		1,175	1,175,000
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB^(b)		0.02%		11/01/2035		3,900	3,900,000
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)^(b)		0.02%		10/01/2033		3,485	3,485,000
							8,560,000

Mississippi-3.46%
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.);
Series 2010 C, VRD IDR^(b)		0.02%		12/01/2030		585	585,000
Series 2010 E, VRD IDR^(b)		0.02%		12/01/2030		4,000	4,000,000
Series 2007 E, VRD IDR^(b)		0.01%		12/01/2030		660	660,000
							5,245,000

Missouri-1.01%
Bridgeton (City of), MO Industrial Development Authority (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)^(b)(c)		0.02%		11/01/2037		970	970,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


25		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Missouri-(continued)
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)^(b)(c)		0.08%		08/01/2038	$	560	$ 560,000
							1,530,000

New York-3.39%
Metropolitan Transportation Authority; Subseries 2012 G-1, VRD Ref. RB (LOC - Barclays Bank PLC)^(b)(c)		0.01%		11/01/2032		2,000	2,000,000
New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Series 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)^(b)(c)		0.02%		05/01/2039		3,150	3,150,000
							5,150,000

North Carolina-1.65%
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB^(b)		0.01%		06/01/2027		1,285	1,285,000
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB^(b)		0.01%		12/01/2021		1,220	1,220,000
							2,505,000

Ohio-1.87%
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)^(b)(c)		0.02%		08/02/2038		2,835	2,835,000

Pennsylvania-2.36%
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		06/01/2037		1,320	1,320,000
Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)^(b)(c)		0.02%		03/01/2030		1,885	1,885,000
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		10/15/2025		380	380,000
							3,585,000

Rhode Island-2.96%
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB^(b)		0.02%		09/01/2043		4,500	4,500,000

Texas-14.48%
Garland (City of), TX; Series 2021, Commercial Paper Notes		0.08%		09/15/2021		1,000	1,000,000
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB^(b)		0.01%		11/01/2041		4,000	4,000,000
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		0.02%		02/15/2042		3,150	3,150,000
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)		0.02%		05/15/2034		2,075	2,075,000
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		0.03%		04/01/2026		1,890	1,890,000
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)^(b)		0.08%		05/01/2042		2,755	2,755,000
Texas A&M University System Board of Regents; Series 2021 B, Commercial Paper Notes		0.10%		01/05/2022		4,500	4,500,000
University of Texas System Board of Regents;
Series 2008 B, VRD RB^(b)		0.01%		08/01/2025		1,615	1,615,000
Series 2021 A, Commercial Paper Notes		0.08%		12/08/2021		1,000	1,000,000
							21,985,000

Virginia-2.83%
Norfolk (City of), VA; Series 2007, VRD GO Bonds^(b)		0.02%		08/01/2037		4,300	4,300,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


26		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Washington-3.64%
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		0.02%		09/01/2049	$	3,375	$ 3,375,000
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		0.02%		11/01/2047		2,145	2,145,000
							5,520,000

West Virginia-4.15%
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)^(b)(c)		0.03%		07/01/2039		845	845,000
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Branch Banking & Trust Co.)^(b)(c)		0.09%		01/01/2034		5,460	5,460,000
							6,305,000

Wisconsin-2.17%
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)^(b)(c)		0.03%		10/01/2042		3,300	3,300,000
TOTAL INVESTMENTS IN SECURITIES^(d)(e)-99.66% (Cost $151,290,000)							151,290,000
OTHER ASSETS LESS LIABILITIES-0.34%							518,219
NET ASSETS-100.00%							$151,808,219


Investment Abbreviations:

CEP		- Credit Enhancement Provider
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
RB		- Revenue Bonds
Ref.		- Refunding
VRD		- Variable Rate Demand

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: other countries less than 5% each: 9.9%.

^(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, 2021.

^(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)


Entities				Percentage
Federal Home Loan Mortgage Corporation				7.2%
Federal Home Loan Banks				6.8

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


27		Short-Term Investments Trust

Statements of Assets and Liabilities

August 31, 2021


												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 unaffiliated securities, at value	$	1,994,278,560		$	173,154,541		$	7,755,082,930		$	25,411,615,783	$	1,226,616,538		$	151,290,000

Repurchase agreements, at value and cost		369,000,000			49,802,657			12,082,390,049			29,717,415,451		-			-

Cash		-			-			577,336			6,677,836		-			5,066

Receivable for:
Investments sold		-			-			-			-		-			430,000

Interest		148,594			12,725			12,374,635			24,570,252		44,708			5,567

Fund expenses absorbed		170,952			40,334			2,460,098			5,082,215		200,022			113,016

Investment for trustee deferred compensation and retirement plans		3,992,585			1,088,300			2,389,618			1,085,979		121,585			379,290

Other assets		-			133,352			306,493			-		2,435			29,203

Total assets		2,367,590,691			224,231,909			19,855,581,159			55,166,447,516		1,226,985,288			152,252,142


Liabilities:
Payable for:
Investments purchased		-			-			-			1,379,267,090		64,992,606			-

Amount due custodian		1,414			-			-			-		-			-

Dividends		13,727			1,978			179,381			1,104,647		8,171			1,292

Accrued fees to affiliates		415,265			38,105			3,558,150			6,465,959		175,464			31,800

Accrued trustees’ and officers’ fees and benefits		6,795			3,723			31,547			56,731		5,117			3,626

Accrued operating expenses		22,512			19,371			283,544			339,183		18,224			6,706

Trustee deferred compensation and retirement plans		4,242,243			1,148,386			2,697,412			1,371,047		137,515			400,499

Total liabilities		4,701,956			1,211,563			6,750,034			1,388,604,657		65,337,097			443,923

Net assets applicable to shares outstanding	$	2,362,888,735		$	223,020,346		$	19,848,831,125		$	53,777,842,859	$	1,161,648,191		$	151,808,219


Net assets consist of:
Shares of beneficial interest	$	2,365,347,369		$	223,766,836		$	19,850,036,171		$	53,777,282,283	$	1,161,696,627		$	152,087,607

Distributable earnings (loss)		(2,458,634	)		(746,490	)		(1,205,046	)		560,576		(48,436	)		(279,388	)

	$	2,362,888,735		$	223,020,346		$	19,848,831,125		$	53,777,842,859	$	1,161,648,191		$	151,808,219


Net Assets:
Institutional Class	$	2,356,363,228		$	221,717,748		$	17,093,039,313		$	49,464,205,401	$	1,063,311,616		$	118,266,650

Private Investment Class	$	2,892,211		$	605,175		$	303,847,586		$	505,970,104	$	14,644,841		$	9,554,669

Personal Investment Class	$	10,250		$	92,853		$	265,106,098		$	9,360,221	$	3,812,664		$	1,677,129

Cash Management Class	$	2,922,067		$	496,042		$	452,222,119		$	747,955,590	$	252,997		$	4,596,658

Reserve Class	$	215,606		$	87,037		$	867,766,514		$	408,499,951	$	74,494,612		$	16,226,010

Resource Class	$	362,237		$	385		$	53,210,214		$	117,901,903	$	98,108		$	1,476,824

Corporate Class	$	23,138		$	21,106		$	266,547,880		$	1,082,096,274	$	5,033,353		$	10,279

CAVU Securities Class	$	99,998		$	-		$	547,091,401		$	1,441,853,415	$	-		$	-

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


28		Short-Term Investments Trust

Statements of Assets and Liabilities–(continued)

August 31, 2021


									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, unlimited number of shares authorized:
Institutional Class		2,355,507,320		221,714,110		17,091,834,561		49,463,570,063		1,063,304,332		118,246,855

Private Investment Class		2,891,165		605,163		303,825,357		505,958,454		14,644,769		9,553,027

Personal Investment Class		10,246		92,850		265,087,709		9,360,026		3,812,673		1,676,778

Cash Management Class		2,921,011		496,034		452,190,570		747,945,735		252,996		4,595,842

Reserve Class		215,528		87,035		867,713,579		408,490,685		74,493,505		16,223,286

Resource Class		362,106		385		53,207,288		117,898,770		98,107		1,476,569

Corporate Class		23,129		21,106		266,528,645		1,082,095,578		5,033,318		10,277

CAVU Securities Class		99,962		-		547,040,941		1,441,849,681		-		-

Net asset value, offering and redemption price per share for each class	$	1.0004	$	1.0000	$	1.00	$	1.00	$	1.00	$	1.00

Cost of Investments	$	2,363,115,640	$	222,957,432	$	19,837,472,979	$	55,129,031,234	$	1,226,616,538	$	151,290,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


29		Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2021


											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	$	5,304,722		$	347,608	$	22,906,414		$	39,213,423	$	1,359,111	$	141,719


Expenses:
Advisory fees		3,682,808			362,050		30,842,557			39,069,697		1,651,651		338,636

Administrative services fees		1,077,307			106,317		9,078,072			17,147,659		565,687		74,910

Custodian fees		20,349			11,653		880,897			2,355,252		17,559		4,401

Distribution fees:
Private Investment Class		9,354			2,693		1,048,044			1,598,160		38,315		25,535

Personal Investment Class		55			1,581		1,560,536			51,413		6,801		10,493

Cash Management Class		2,345			400		337,881			433,409		211		3,846

Reserve Class		2,367			757		5,315,780			3,943,150		636,492		195,443

Resource Class		724			100		298,448			224,545		227		3,251

Corporate Class		11			6		123,740			60,512		2,286		3

Transfer agent fees		220,968			21,723		1,850,553			3,516,273		114,899		15,239

Trustees’ and officers’ fees and benefits		60,736			26,698		360,492			579,772		45,166		25,687

Registration and filing fees		101,698			94,236		281,389			268,282		99,375		103,928

Reports to shareholders		26,084			20,895		78,111			231,219		22,870		49,806

Professional services fees		47,979			38,739		141,772			360,693		42,598		35,900

Other		128,322			51,770		327,756			779,472		99,236		33,770

Total expenses		5,381,107			739,618		52,526,028			70,619,508		3,343,373		920,848

Less: Fees waived		(1,111,003	)		(416,484)		(31,868,399	)		(41,370,765)		(2,117,448)		(796,323)

Net expenses		4,270,104			323,134		20,657,629			29,248,743		1,225,925		124,525

Net investment income		1,034,618			24,474		2,248,785			9,964,680		133,186		17,194

Realized and unrealized gain (loss) from:
Net realized gain from unaffiliated investment securities		2,613			552		30,818			542,485		47,304		-

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(496,709	)		(2,800)		-			-		-		-

Net realized and unrealized gain (loss)		(494,096	)		(2,248)		30,818			542,485		47,304		-

Net increase in net assets resulting from operations	$	540,522		$	22,226	$	2,279,603		$	10,507,165	$	180,490	$	17,194

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


30		Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2021 and 2020


	Invesco Liquid Assets Portfolio						Invesco STIC Prime Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	1,034,618		$	29,970,218		$	24,474		$	5,414,497

Net realized gain (loss)		2,613			(15,623	)		552			78

Change in net unrealized appreciation (depreciation)		(496,709	)		45,074			(2,800	)		(41,714	)

Net increase in net assets resulting from operations		540,522			29,999,669			22,226			5,372,861


Distributions to shareholders from distributable earnings:
Institutional Class		(1,033,839	)		(29,817,713	)		(24,275	)		(5,392,900	)

Private Investment Class		(318	)		(36,868	)		(92	)		(11,032	)

Personal Investment Class		(4	)		(74	)		(31	)		(2,832	)

Cash Management Class		(359	)		(107,505	)		(52	)		(5,280	)

Reserve Class		(29	)		(1,504	)		(11	)		(1,098	)

Resource Class		(40	)		(3,570	)		(9	)		(1,140	)

Corporate Class		(13	)		(2,984	)		(4	)		(215	)

CAVU Securities Class		(16	)		-			-			-

Total distributions from distributable earnings		(1,034,618	)		(29,970,218	)		(24,474	)		(5,414,497	)


Share transactions-net:
Institutional Class		(201,574,311	)		114,142,968			(99,033,118	)		(331,356,151	)

Private Investment Class		(648,893	)		(1,176,345	)		(671,036	)		(71,436	)

Personal Investment Class		-			-			(302,491	)		(45,201	)

Cash Management Class		(24,434	)		(6,335,509	)		(7,793	)		(96,257	)

Reserve Class		(62,582	)		(24,329	)		(18,402	)		(167,883	)

Resource Class		(3,337	)		2,906			(122,205	)		(674	)

Corporate Class		(15,522	)		(287,979	)		4			251

CAVU Securities Class		100,002			-			-			-

Net increase (decrease) in net assets resulting from share transactions		(202,229,077	)		106,321,712			(100,155,041	)		(331,737,351	)

Net increase (decrease) in net assets		(202,723,173	)		106,351,163			(100,157,289	)		(331,778,987	)


Net assets:
Beginning of year		2,565,611,908			2,459,260,745			323,177,635			654,956,622

End of year	$	2,362,888,735		$	2,565,611,908		$	223,020,346		$	323,177,635

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


31		Short-Term Investments Trust

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco Treasury Portfolio						Invesco Government & Agency Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	2,248,785		$	163,580,411		$	9,964,680		$	264,467,683

Net realized gain (loss)		30,818			139,394			542,485			(189,477	)

Net increase in net assets resulting from operations		2,279,603			163,719,805			10,507,165			264,278,206


Distributions to shareholders from distributable earnings:
Institutional Class		(2,005,555	)		(146,246,982	)		(9,402,663	)		(254,196,609	)

Private Investment Class		(35,458	)		(3,446,279	)		(120,583	)		(4,200,784	)

Personal Investment Class		(28,813	)		(2,137,800	)		(2,025	)		(89,620	)

Cash Management Class		(42,921	)		(3,199,903	)		(128,425	)		(2,683,953	)

Reserve Class		(62,101	)		(1,117,598	)		(105,814	)		(1,290,595	)

Resource Class		(18,705	)		(4,967,684	)		(32,727	)		(1,599,458	)

Corporate Class		(41,758	)		(2,664,191	)		(52,287	)		(439,777	)

CAVU Securities Class		(13,474	)		-			(120,156	)		-

Total distributions from distributable earnings		(2,248,785	)		(163,780,437	)		(9,964,680	)		(264,500,796	)


Share transactions-net:
Institutional Class		(2,122,806,791	)		498,579,949			19,204,558,855			256,030,543

Private Investment Class		(118,976,592	)		(83,191,362	)		(76,121,055	)		49,500,711

Personal Investment Class		(16,713,545	)		(78,430,874	)		(4,169,839	)		(2,461,469	)

Cash Management Class		80,255,547			(24,723,778	)		316,471,282			66,475,768

Reserve Class		286,064,751			292,043,533			7,054,623			103,651,946

Resource Class		(582,467,587	)		3,118,922			(25,248,184	)		(37,467,649	)

Corporate Class		(867,085,822	)		704,514,058			1,050,827,823			(9,080,725	)

CAVU Securities Class		547,040,941			-			1,441,849,681			-

Net increase (decrease) in net assets resulting from share transactions		(2,794,689,098	)		1,311,910,448			21,915,223,186			426,649,125

Net increase (decrease) in net assets		(2,794,658,280	)		1,311,849,816			21,915,765,671			426,426,535


Net assets:
Beginning of year		22,643,489,405			21,331,639,589			31,862,077,188			31,435,650,653

End of year	$	19,848,831,125		$	22,643,489,405		$	53,777,842,859		$	31,862,077,188

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


32		Short-Term Investments Trust

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco Treasury Obligations Portfolio						Invesco Tax-Free Cash Reserve Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	133,186		$	10,091,353		$	17,194		$	1,534,657

Net realized gain (loss)		47,304			(57,411	)		-			-

Net increase in net assets resulting from operations		180,490			10,033,942			17,194			1,534,657


Distributions to shareholders from distributable earnings:

Institutional Class		(123,225	)		(9,782,969	)		(12,978	)		(1,172,112	)

Private Investment Class		(1,559	)		(65,930	)		(1,039	)		(106,524	)

Personal Investment Class		(128	)		(898	)		(195	)		(7,119	)

Cash Management Class		(29	)		(16,009	)		(490	)		(177,298	)

Reserve Class		(7,454	)		(212,244	)		(2,280	)		(50,307	)

Resource Class		(17	)		(1,150	)		(208	)		(21,222	)

Corporate Class		(774	)		(12,153	)		(4	)		(75	)

Total distributions from distributable earnings		(133,186	)		(10,091,353	)		(17,194	)		(1,534,657	)


Share transactions-net:

Institutional Class		(306,942,642	)		325,218,196			(32,730,801	)		(10,043,247	)

Private Investment Class		220,502			4,941,082			(580,210	)		(10,353,451	)

Personal Investment Class		3,070,903			630,111			(1,906,614	)		1,041,703

Cash Management Class		(87,640	)		(1,553,674	)		(893,331	)		(21,806,010	)

Reserve Class		19,907,010			(123,709	)		(10,596,705	)		6,820,117

Resource Class		(51,953	)		16,515			(1,527,247	)		1,886,657

Corporate Class		(5,409,097	)		10,431,998			-			85

Net increase (decrease) in net assets resulting from share transactions		(289,292,917	)		339,560,519			(48,234,908	)		(32,454,146	)

Net increase (decrease) in net assets		(289,245,613	)		339,503,108			(48,234,908	)		(32,454,146	)


Net assets:

Beginning of year		1,450,893,804			1,111,390,696			200,043,127			232,497,273

End of year	$	1,161,648,191		$	1,450,893,804		$	151,808,219		$	200,043,127

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


33		Short-Term Investments Trust

Financial Highlights

The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.

Institutional 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 absorbed			Ratio of expenses to average net assets without fee waivers and/or expense absorbed			Ratio of net investment income to average net assets
Invesco Liquid Assets Portfolio
Year ended 08/31/21		$	1.0006		$	0.0004		$	(0.0002	)		$	0.0002		$	(0.0004	)		$	-			$	(0.0004	)		$	1.0004		0.02	%		$	2,356,363		0.17	%		0.22	%		0.05	%
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			0.22			1.26
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
Invesco STIC Prime Portfolio
Year ended 08/31/21			1.0000			0.0001			(0.0000	)			0.0001			(0.0001	)			-				(0.0001	)			1.0000		0.01				221,718		0.13			0.30			0.01
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			0.26			1.16
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
Invesco Treasury Portfolio
Year ended 08/31/21			1.00			0.00			0.00				0.00			(0.00	)			-				(0.00	)			1.00		0.01				17,093,039		0.10			0.21			0.01
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			0.21			0.86
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
Invesco Government & Agency Portfolio
Year ended 08/31/21			1.00			0.00			0.00				0.00			(0.00	)			-				(0.00	)			1.00		0.03				49,464,205		0.07			0.16			0.03
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			0.15			0.85
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
Invesco Treasury Obligations Portfolio
Year ended 08/31/21			1.00			0.00			0.00				0.00			(0.00	)			-				(0.00	)			1.00		0.01				1,063,312		0.10			0.21			0.01
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			0.20			0.84
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
Invesco Tax-Free Cash Reserve Portfolio
Year ended 08/31/21			1.00			0.00			-				0.00			(0.00	)			-				(0.00	)			1.00		0.01				118,267		0.07			0.40			0.01
Year ended 08/31/20			1.00			0.01			-				0.01			(0.01	)			-				(0.01	)			1.00		0.76				150,997		0.19			0.34			0.76
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

^(a)	Calculated using average shares outstanding.

^(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


34		Short-Term Investments Trust

Notes to Financial Statements

August 31, 2021

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.

Invesco Liquid Assets Portfolio, Invesco Treasury Portfolio and Invesco Government & Agency Portfolio currently offer eight different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class, Corporate Class and CAVU Securities Class. On December 18, 2020, Invesco Liquid Assets Portfolio, Invesco Treasury Portfolio and Invesco Government & Agency Portfolio began offering CAVU Securities class shares. Invesco STIC Prime Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio currently offer 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.

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


35		Short-Term Investments Trust

recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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) 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.

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.

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.

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

Accounting Estimates - The 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.

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. The risk of material loss as a result of such indemnification claims is considered remote.

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.


36		Short-Term Investments Trust

be determined. There is no assurance that the composition or characteristics of any 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. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to a Fund.

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

COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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, 2021, 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).


37		Short-Term Investments Trust

Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class, Corporate Class and CAVU Securities Class shares for each Fund as shown in the following table (the “expense limits”):


		Private	Personal	Cash				CAVU
	Institutional	Investment	Investment	Management	Reserve	Resource	Corporate	Securities
	Class	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%	0.18%
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%	0.18%
Invesco Government & Agency Portfolio	0.18%	0.48%	0.73%	0.26%	1.05%	0.34%	0.21%	0.18%
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.

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, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended August 31, 2021, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


	Expense Limitation
Invesco Liquid Assets Portfolio	$	946,890
Invesco STIC Prime Portfolio		299,622
Invesco Treasury Portfolio		6,830,582
Invesco Government & Agency Portfolio		-
Invesco Treasury Obligations Portfolio		361,074
Invesco Tax-Free Cash Reserve Portfolio		342,621

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, 2021 are shown below:


			Private		Personal		Cash
			Investment		Investment		Management		Reserve		Resource		Corporate
	Fund Level		Class		Class		Class		Class		Class		Class
Invesco Liquid Assets Portfolio	$	151,393	$	8,295	$	53	$	1,475	$	2,280	$	611	$	6
Invesco STIC Prime Portfolio		111,324		2,693		1,582		401		756		99		7
Invesco Treasury Portfolio		16,380,981		1,044,600		1,557,907		334,641		5,311,227		292,921		115,540
Invesco Government & Agency Portfolio		35,089,442		1,587,507		51,169		425,384		3,935,502		221,813		59,948
Invesco Treasury Obligations Portfolio		1,072,242		38,278		6,799		209		636,358		227		2,261
Invesco Tax-Free Cash Reserve Portfolio		215,131		25,535		10,493		3,846		195,443		3,251		3

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, 2021, 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, 2021, 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


38		Short-Term Investments Trust

Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). Each Fund, pursuant to the Plans, pays IDI compensation 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 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, 2021, 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, 2021, each Fund engaged in transactions with affiliates as listed below:


	Securities Purchases		Securities Sales		Net Realized Gains
Invesco Liquid Assets Portfolio		$ 65,476,811		$102,280,976	$-
Invesco STIC Prime Portfolio		9,575,329		21,370,331	-
Invesco Tax-Free Cash Reserve Portfolio		171,264,956		187,032,086	-

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.


39		Short-Term Investments Trust

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, 2021 and 2020


	2021				2020
			Ordinary				Ordinary
	Ordinary		Income-Tax-		Ordinary		Income-Tax-		Long-Term
	Income*		Exempt		Income*		Exempt		Capital Gains
Invesco Liquid Assets Portfolio	$	1,034,618	$	-	$	29,970,218	$	-	$	-
Invesco STIC Prime Portfolio		24,474		-		5,414,497		-		-
Invesco Treasury Portfolio		2,248,785		-		163,582,316		-		198,121
Invesco Government & Agency Portfolio		9,964,680		-		264,469,100		-		31,696
Invesco Treasury Obligations Portfolio		133,186		-		10,091,353		-		-
Invesco Tax-Free Cash Reserve Portfolio		5,579		11,615		-		1,534,657		-

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
Invesco Liquid Assets Portfolio		$	173,842		$	-		$	(2,782,386	)		$	162,920			$	(13,010	)		$	2,365,347,369		$	2,362,888,735
Invesco STIC Prime Portfolio			-			-			(746,256	)			(234	)			-				223,766,836			223,020,346
Invesco Treasury Portfolio			649,173			2,727			(1,824,934	)			(32,012	)			-				19,850,036,171			19,848,831,125
Invesco Government & Agency Portfolio			1,536,646			-			(974,903	)			(1,167	)			-				53,777,282,283			53,777,842,859
Invesco Treasury Obligations Portfolio			79,762			-			(92,306	)			(22,651	)			(13,241	)			1,161,696,627			1,161,648,191
Invesco Tax-Free Cash Reserve Portfolio			-			-			(260,296	)			-				(19,092	)			152,087,607			151,808,219

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.


40		Short-Term Investments Trust

The Funds have a capital loss carryforward as of August 31, 2021, as follows:


	Not Subject to
Fund	Expiration		Total*
Invesco Liquid Assets Portfolio		$13,010	$	13,010

Invesco Treasury Obligations Portfolio		13,241		13,241

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, 2021
							Net
							Unrealized
	Federal		Unrealized		Unrealized		Appreciation
	Tax Cost*		Appreciation		(Depreciation)		(Depreciation)
Invesco Liquid Assets Portfolio	$	2,363,115,640		$169,949		$ (7,029)		$162,920

Invesco STIC Prime Portfolio		222,957,432		396		(630)		(234)

Invesco Treasury Portfolio		19,837,504,991		-		(32,012)		(32,012)

Invesco Government & Agency Portfolio		55,129,032,401		-		(1,167)		(1,167)

Invesco Treasury Obligations Portfolio		1,226,639,189		-		(22,651)		(22,651)

For Invesco Treasury Portfolio, Invesco Government & Agency 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 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 equalization utilization, on August 31, 2021, 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 of each Fund.


	Undistributed Net			Undistributed Net				Shares of
	Investment Income (Loss)			Realized Gain (Loss)				Beneficial Interest
Invesco Liquid Assets Portfolio		$	(2,780,000)		$	-			$	2,780,000
Invesco STIC Prime Portfolio			(1,517,829)			(552	)			1,518,381
Invesco Treasury Portfolio			(1,819,350)			-				1,819,350
Invesco Government & Agency Portfolio			354,175			(354,175	)			-
Invesco Treasury Obligations Portfolio			-			-				-
Invesco Tax-Free Cash Reserve Portfolio			(155,342)			-				155,342

NOTE 10—Share Information

Invesco Liquid Assets Portfolio


	Summary of Share Activity
	Years ended August 31,
	2021^(a)				2020
	Shares		Amount		Shares		Amount
Sold:

Institutional Class		17,486,805,323	$	17,494,025,296		15,429,264,962	$	15,436,049,996

Private Investment Class		371,715		371,900		556,769		556,939

Cash Management Class		6,058		6,061		57,447,877		57,471,129

Reserve Class		79,579		79,611		64,898		64,918

Resource Class		-		-		601		601

Corporate Class		1,001		1,001		172,360		172,517

CAVU Securities Class^(b)		99,962		100,002		-		-


41		Short-Term Investments Trust

NOTE 10—Share Information–(continued)


	Summary of Share Activity
	Years ended August 31,
	2021^(a)					2020
	Shares		Amount			Shares			Amount

Issued as reinvestment of dividends:

Institutional Class		182,613	$	182,698			6,416,422		$	6,418,790

Private Investment Class		207		207			32,532			32,543

Cash Management Class		359		359			81,549			81,575

Reserve Class		28		28			1,504			1,504

Resource Class		37		37			3,570			3,570

Corporate Class		13		13			2,984			2,984


Reacquired:

Institutional Class		(17,688,475,913)		(17,695,782,305	)		(15,321,899,211	)		(15,328,325,818	)

Private Investment Class		(1,020,552)		(1,021,000	)		(1,765,341	)		(1,765,827	)

Cash Management Class		(30,840)		(30,854	)		(63,868,033	)		(63,888,213	)

Reserve Class		(142,165)		(142,221	)		(90,719	)		(90,751	)

Resource Class		(3,373)		(3,374	)		(1,265	)		(1,265	)

Corporate Class		(16,529)		(16,536	)		(463,261	)		(463,480	)

Net increase (decrease) in share activity		(202,142,477)	$	(202,229,077	)		105,958,198		$	106,321,712

^(a)	57% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	Commencement date of December 18, 2020.


42		Short-Term Investments Trust

NOTE 10—Share Information–(continued)

Invesco STIC Prime Portfolio


	Summary of Share Activity
	Years ended August 31,
	2021^(a)					2020
	Shares		Amount			Shares			Amount
Sold:

Institutional Class		1,439,605,312	$	1,439,605,312			1,515,191,563		$	1,515,273,645

Private Investment Class		17,500		17,500			46,700			46,700

Personal Investment Class		-		-			561			561

Cash Management Class		7,472		7,472			-			-

Reserve Class		4		4			281			281

Resource Class		-		-			182			182

Corporate Class		1,000		1,000			36			36


Issued as reinvestment of dividends:

Institutional Class		14,063		14,063			4,489,681			4,489,681

Private Investment Class		91		91			11,032			11,032

Personal Investment Class		27		27			2,832			2,832

Cash Management Class		15		15			3,278			3,278

Reserve Class		7		7			1,098			1,098

Resource Class		7		7			1,140			1,140

Corporate Class		4		4			215			215


Reacquired:

Institutional Class		(1,538,652,493)		(1,538,652,493	)		(1,851,039,089	)		(1,851,119,477	)

Private Investment Class		(688,627)		(688,627	)		(129,157	)		(129,168	)

Personal Investment Class		(302,518)		(302,518	)		(48,590	)		(48,594	)

Cash Management Class		(15,280)		(15,280	)		(99,534	)		(99,535	)

Reserve Class		(18,413)		(18,413	)		(169,247	)		(169,262	)

Resource Class		(122,212)		(122,212	)		(1,996	)		(1,996	)

Corporate Class		(1,000)		(1,000	)		-			-

Net increase (decrease) in share activity		(100,155,041)	$	(100,155,041	)		(331,739,014	)	$	(331,737,351	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 98% 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.


43		Short-Term Investments Trust

NOTE 10—Share Information–(continued)

Invesco Treasury Portfolio


	Summary of Share Activity
	Years ended August 31,
	2021^(a)					2020
	Shares		Amount			Shares			Amount

Sold:

Institutional Class		209,389,908,080	$	209,389,908,080			182,665,163,108		$	182,665,163,108

Private Investment Class		564,708,648		564,708,648			1,486,970,970			1,486,970,970

Personal Investment Class		1,460,181,973		1,460,181,973			2,422,880,087			2,422,880,087

Cash Management Class		834,202,437		834,202,437			861,417,932			861,417,932

Reserve Class		2,267,218,779		2,267,218,779			1,819,500,275			1,819,500,275

Resource Class		271,542,723		271,542,723			333,477,473			333,477,473

Corporate Class		4,259,846,179		4,259,846,179			6,641,915,581			6,641,915,581

CAVU Securities Class^(b)		1,619,862,326		1,619,862,326			-			-


Issued as reinvestment of dividends:

Institutional Class		497,496		497,496			45,062,613			45,062,613

Private Investment Class		11,961		11,961			1,524,217			1,524,217

Personal Investment Class		28,558		28,558			2,137,800			2,137,800

Cash Management Class		39,490		39,490			3,199,903			3,199,903

Reserve Class		56,643		56,643			1,117,598			1,117,598

Resource Class		4,380		4,380			377,525			377,525

Corporate Class		26,745		26,745			2,642,981			2,642,981


Reacquired:

Institutional Class		(211,513,212,367)		(211,513,212,367	)		(182,211,645,772	)		(182,211,645,772	)

Private Investment Class		(683,697,201)		(683,697,201	)		(1,571,686,549	)		(1,571,686,549	)

Personal Investment Class		(1,476,924,076)		(1,476,924,076	)		(2,503,448,761	)		(2,503,448,761	)

Cash Management Class		(753,986,380)		(753,986,380	)		(889,341,613	)		(889,341,613	)

Reserve Class		(1,981,210,671)		(1,981,210,671	)		(1,528,574,340	)		(1,528,574,340	)

Resource Class		(854,014,690)		(854,014,690	)		(330,736,076	)		(330,736,076	)

Corporate Class		(5,126,958,746)		(5,126,958,746	)		(5,940,044,504	)		(5,940,044,504	)

CAVU Securities Class		(1,072,821,385)		(1,072,821,385	)		-			-

Net increase (decrease) in share activity		(2,794,689,098)	$	(2,794,689,098	)		1,311,910,448		$	1,311,910,448

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 18% 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.

^(b)	Commencement date of December 18, 2020.


44		Short-Term Investments Trust

NOTE 10—Share Information–(continued)

Invesco Government & Agency Portfolio


	Summary of Share Activity
	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount
Sold:

Institutional Class		287,998,117,369		$	287,998,117,369			262,928,153,701		$	262,928,153,701

Private Investment Class		1,566,476,737			1,566,476,737			2,584,479,157			2,584,479,157

Personal Investment Class		8,460,874			8,460,874			62,737,197			62,737,197

Cash Management Class		1,020,500,616			1,020,500,616			657,577,573			657,577,573

Reserve Class		1,184,114,517			1,184,114,517			1,172,921,187			1,172,921,187

Resource Class		1,448,949,173			1,448,949,173			1,825,896,962			1,825,896,962

Corporate Class		2,472,495,311			2,472,495,311			820,373,313			820,373,313

CAVU Securities Class^(b)		11,182,358,336			11,182,358,336			-			-


Issued as reinvestment of dividends:

Institutional Class		2,364,199			2,364,199			73,415,945			73,415,945

Private Investment Class		77,027			77,027			3,046,192			3,046,192

Personal Investment Class		1,664			1,664			89,620			89,620

Cash Management Class		62,947			62,947			2,363,772			2,363,772

Reserve Class		96,732			96,732			1,290,595			1,290,595

Resource Class		22,306			22,306			1,403,826			1,403,826

Corporate Class		20,996			20,996			26,956			26,956

CAVU Securities Class		68,987			68,987			-			-


Reacquired:

Institutional Class		(268,795,922,713	)		(268,795,922,713	)		(262,745,539,103	)		(262,745,539,103	)

Private Investment Class		(1,642,674,819	)		(1,642,674,819	)		(2,538,024,638	)		(2,538,024,638	)

Personal Investment Class		(12,632,377	)		(12,632,377	)		(65,288,286	)		(65,288,286	)

Cash Management Class		(704,092,281	)		(704,092,281	)		(593,465,577	)		(593,465,577	)

Reserve Class		(1,177,156,626	)		(1,177,156,626	)		(1,070,559,836	)		(1,070,559,836	)

Resource Class		(1,474,219,663	)		(1,474,219,663	)		(1,864,768,437	)		(1,864,768,437	)

Corporate Class		(1,421,688,484	)		(1,421,688,484	)		(829,480,994	)		(829,480,994	)

CAVU Securities Class		(9,740,577,642	)		(9,740,577,642	)		-			-

Net increase in share activity		21,915,223,186		$	21,915,223,186			426,649,125		$	426,649,125

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 41% 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.

^(b)	Commencement date of December 18, 2020.


45		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Obligations Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:

Institutional Class		1,758,486,047		$	1,758,486,047			2,007,630,177		$	2,007,630,177

Private Investment Class		8,037,650			8,037,650			17,752,712			17,752,712

Personal Investment Class		6,051,798			6,051,798			12,396,845			12,396,845

Cash Management Class		-			-			38,202,008			38,202,008

Reserve Class		332,356,357			332,356,357			108,199,892			108,199,892

Resource Class		52,034			52,034			2,952,538			2,952,538

Corporate Class		129			129			16,000,000			16,000,000


Issued as reinvestment of dividends:

Institutional Class		69,137			69,137			1,687,442			1,687,442

Private Investment Class		1,543			1,543			65,930			65,930

Personal Investment Class		102			102			282			282

Cash Management Class		27			27			16,009			16,009

Reserve Class		7,165			7,165			212,244			212,244

Resource Class		3			3			424			424

Corporate Class		774			774			11,998			11,998


Reacquired:

Institutional Class		(2,065,497,826	)		(2,065,497,826	)		(1,684,099,423	)		(1,684,099,423	)

Private Investment Class		(7,818,691	)		(7,818,691	)		(12,877,560	)		(12,877,560	)

Personal Investment Class		(2,980,997	)		(2,980,997	)		(11,767,016	)		(11,767,016	)

Cash Management Class		(87,667	)		(87,667	)		(39,771,691	)		(39,771,691	)

Reserve Class		(312,456,512	)		(312,456,512	)		(108,535,845	)		(108,535,845	)

Resource Class		(103,990	)		(103,990	)		(2,936,447	)		(2,936,447	)

Corporate Class		(5,410,000	)		(5,410,000	)		(5,580,000	)		(5,580,000	)

Net increase (decrease) in share activity		(289,292,917	)	$	(289,292,917	)		339,560,519		$	339,560,519

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% 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, 60% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


46		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)					2020
	Shares		Amount			Shares			Amount

Sold:

Institutional Class		147,021,640	$	147,021,640			310,891,005		$	310,891,005

Private Investment Class		2,274,008		2,274,008			11,295,911			11,295,911

Personal Investment Class		7,107,975		7,107,975			11,189,176			11,189,176

Cash Management Class		6,420,817		6,420,817			7,389,500			7,389,500

Reserve Class		28,135,345		28,135,345			58,297,928			58,297,928

Resource Class		394,392		394,392			4,102,971			4,102,971

Corporate Class		-		-			10			10


Issued as reinvestment of dividends:

Institutional Class		7,749		7,749			770,263			770,263

Private Investment Class		832		832			106,524			106,524

Personal Investment Class		195		195			7,119			7,119

Cash Management Class		230		230			164,121			164,121

Reserve Class		2,280		2,280			50,307			50,307

Resource Class		205		205			21,121			21,121

Corporate Class		-		-			75			75


Reacquired:

Institutional Class		(179,760,190)		(179,760,190	)		(321,704,515	)		(321,704,515	)

Private Investment Class		(2,855,050)		(2,855,050	)		(21,755,886	)		(21,755,886	)

Personal Investment Class		(9,014,784)		(9,014,784	)		(10,154,592	)		(10,154,592	)

Cash Management Class		(7,314,378)		(7,314,378	)		(29,359,631	)		(29,359,631	)

Reserve Class		(38,734,330)		(38,734,330	)		(51,528,118	)		(51,528,118	)

Resource Class		(1,921,844)		(1,921,844	)		(2,237,435	)		(2,237,435	)

Net increase (decrease) in share activity		(48,234,908)	$	(48,234,908	)		(32,454,146	)	$	(32,454,146	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 79% 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.


47		Short-Term Investments Trust

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Short-Term Investments Trust and 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 (constituting Short-Term Investments Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2021, including the related notes, and the financial highlights of the Institutional Class for each of the five years in the period ended August 31, 2021 (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, 2021, 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, 2021 and each of the financial highlights of the Institutional Class for each of the five years in the period ended August 31, 2021 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, 2021 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 25, 2021

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


48		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, 2021 through August 31, 2021.

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 (03/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Institutional Class	Beginning Account Value (03/01/21)	Ending Account Value (08/31/21)¹	Expenses Paid During Period²	Ending Account Value (08/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Invesco Liquid Assets Portfolio	$1,000.00	$1,000.10	$0.86	$1,024.35	$0.87	0.17%
Invesco STIC Prime Portfolio	1,000.00	1,000.10	0.55	1,024.65	0.56	0.11
Invesco Treasury Portfolio	1,000.00	1,000.10	0.30	1,024.90	0.31	0.06
Invesco Government & Agency Portfolio	1,000.00	1,000.10	0.20	1,025.00	0.20	0.04
Invesco Treasury Obligations Portfolio	1,000.00	1,000.10	0.30	1,024.90	0.31	0.06
Invesco Tax-Free Cash Reserve Portfolio	1,000.00	1,000.10	0.25	1,024.95	0.26	0.05

The actual ending account value is based on the actual total return of the Funds for the period March 1, 2021 through August 31, 2021, 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 184/365 to reflect the most recent fiscal half year.


49		Short-Term Investments Trust

Approval of Investment Advisory and Sub-Advisory Contracts

(Invesco Government & Agency Portfolio, Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Tax-Free Cash Reserve Portfolio, Invesco Treasury Obligations Portfolio and Invesco Treasury Portfolio)

At meetings held on June 10, 2021, 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, 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, 2021. 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 has established an Investments Committee, which in turn has established Sub-Committees that 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 has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees 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 and expense data regarding the Invesco Funds prepared by 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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed 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 and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

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 and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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


50		Short-Term Investments Trust

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 to each Fund 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.

Invesco Government & Agency Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Government Institutional Funds Category (Index). 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, which did not change its conclusions.

Invesco Liquid Assets Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the second 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, which did not change its conclusions.

Invesco STIC Prime Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the third 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 reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. 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, which did not change its conclusions

Invesco Tax-Free Cash Reserve Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Tax-Free National Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the second 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 reasonably comparable to the Index for the one and five year periods and the same as the three year period. 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, which did not change its conclusions.

Invesco Treasury Obligations Portfolio

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, which did not change its conclusions.

Invesco Treasury Portfolio

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio, Invesco STIC Prime Portfolio and Invesco Treasury 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 is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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


51		Short-Term Investments Trust

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 its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates 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. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

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 Liquid Assets Portfolio and Invesco Treasury Obligations Portfolio

management reasons for such relative total expenses.

Invesco Tax-Free Cash Reserve Portfolio

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Institutional Class shares of the Fund was reasonably comparable to 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 is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit

expenses of the Fund for the term disclosed in the 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 the Fund.

D.	Economies of Scale and Breakpoints

Invesco Government & Agency Portfolio, Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Tax-Free Cash Reserve Portfolio and Invesco Treasury Portfolio

The Board considered the extent to which there may be economies of scale in the provision of advisory services to each Fund and the Invesco Funds, and the extent to which such economies of scale are shared with each Fund and the Invesco Funds. The Board noted that each Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce


52		Short-Term Investments Trust

the Fund’s expense ratio as it grows in size. The Board requested and received additional information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 that such methodology had recently been reviewed and enhanced. 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 most Funds individually. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the 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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to each Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of each Fund.


53		Short-Term Investments Trust

Tax Information

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, 2021:


Federal and State Income Tax

	Business Interest			Qualified Dividend			Corporate Dividends			U.S. Treasury			Tax-Exempt
	Income*			Income*			Received Deduction*			Obligations*			Interest Dividend*
Invesco Liquid Assets Portfolio		99.55	%		0.00	%		0.00	%		1.79	%		0.00	%
Invesco STIC Prime Portfolio		58.31	%		0.00	%		0.00	%		0.05	%		0.00	%
Invesco Treasury Portfolio		99.85	%		0.00	%		0.00	%		87.39	%		0.00	%
Invesco Government & Agency Portfolio		99.21	%		0.00	%		0.00	%		91.17	%		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	%		67.55	%

*	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		$	-		0.00	%
Invesco STIC Prime Portfolio			-		0.00	%
Invesco Treasury Portfolio			-		100.00	%
Invesco Government & Agency Portfolio			354,175		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.


54		Short-Term Investments Trust

Trustees and Officers

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)	184	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		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
Christopher L. Wilson - 1957 Trustee and Chair	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	184	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	184	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 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	184	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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	184	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	184	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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; and Trustee of certain Oppenheimer Funds	184	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	184	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP


T-2		Short-Term Investments Trust

Trustees and Officers–(continued)


			Number of
			Funds	Other
	Trustee		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)
Prema Mathai-Davis - 1950 Trustee	1997	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	184	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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	184	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); 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 Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel - 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	184	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern - 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	184	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	184	None
Daniel S. Vandivort -1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	184	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds


T-3		Short-Term Investments Trust

Trustees and Officers–(continued)


			Number of
			Funds	Other
	Trustee		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)
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	184	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


T-4		Short-Term Investments Trust

Trustees and Officers–(continued)


	Trustee		Number of Funds in	Other 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 and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; 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, Treasurer 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.; 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 and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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.)	N/A	N/A
		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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation
		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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC


T-5		Short-Term Investments Trust

Trustees and Officers–(continued)


	Trustee		Number of Funds in	Other 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)
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, President and Chairman, Invesco Insurance Agency, Inc.; 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
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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; 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	N/A	N/A
		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)


T-6		Short-Term Investments Trust

Trustees and Officers–(continued)


	Trustee		Number of Funds in	Other 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)
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.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes - 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd F. Kuehl - 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President 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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC 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

(This page intentionally left blank)

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 portfolio 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, respectively, 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/corporate/about-us/esg. 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.

LOGO


SEC file numbers: 811-02729 and 002-58287		Invesco Distributors, Inc.		CM-STIT-AR-1



		Annual Report to Shareholders		August 31, 2021
		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

Unless otherwise stated, information presented in this report is as of August 31, 2021, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Table of Contents


Fund Data			3

Fund Objectives and Strategies			4

Fund Composition by Maturity			5

Schedules of Investments			6

Financial Statements			28

Financial Highlights			34

Notes to Financial Statements			35

Report of Independent Registered Public Accounting Firm			48

Fund Expenses			49

Approval of Investment Advisory and Sub-Advisory Contracts			50

Tax Information			54

Trustees and Officers			T-1

Fund Data

Corporate Class data as of 8/31/21

FUND

WEIGHTED

AVERAGE

MATURITY

WEIGHTED

AVERAGE

LIFE

TOTAL

NET

ASSETS

Range

During

Reporting

Period

End

Invesco Liquid Assets¹

33 - 52 days

48 days

68 days

$23.1

thousand

Invesco STIC Prime¹

4 - 15 days

11 days

12 days

21.1

thousand

Invesco Treasury²

25 - 55 days

48 days

116 days

266.5

million

Invesco Government & Agency²

19 - 57 days

37 days

102 days

1.1

billion

Invesco Treasury Obligations²

37 - 58 days

39 days

108 days

5.0

million

Invesco Tax-Free Cash Reserve³

7 - 16 days

13 days

10.3

thousand


3		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.

Invesco STIC Prime Portfolio

Invesco STIC Prime Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

Invesco Treasury Portfolio

Invesco Treasury Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

Invesco Government & Agency Portfolio

Invesco Government & Agency Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

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.

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.


4		Short-Term Investments Trust

Fund Composition by Maturity


In days, as of 8/31/21
										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		44.6	%		65.5	%		60.9	%		52.2	%		8.6	%		90.1	%
8 - 30		2.3			16.3			0.0			11.7			48.0			1.6
31 - 60		13.6			18.2			1.2			2.9			2.7			2.0
61 - 90		17.3			0.0			2.3			2.2			6.4			2.6
91 - 180		7.8			0.0			7.6			9.3			15.2			3.7
181+		14.4			0.0			28.0			21.7			19.1			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.


5		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Liquid Assets Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Commercial Paper-44.60%^(a)
Asset-Backed Securities - Fully Supported-3.17%
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.20%		09/02/2021	$	20,000	$ 19,999,913
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.18%		11/08/2021		55,000	54,991,461
							74,991,374

Asset-Backed Securities - Fully Supported Bank-8.49%
Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.08%)^(b)(c)(d)		0.15%		01/26/2022		50,000	50,007,500
Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.06%)^(b)(c)(d)		0.13%		02/18/2022		25,000	25,003,167
Bedford Row Funding Corp. (CEP - Royal Bank of Canada), (3 mo. USD LIBOR + 0.08%)^(b)(c)(d)		0.21%		10/21/2021		10,000	10,001,719
Concord Minutemen Capital Co. LLC (Multi - CEP’s)^(b)(c)		0.13%		10/08/2021		15,000	14,998,496
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.20%		09/03/2021		40,000	39,999,750
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.14%		10/25/2021		10,500	10,498,364
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)^(b)(c)		0.10%		09/02/2021		35,000	34,999,854
Versailles Commercial Paper LLC (CEP - Natixis S.A.), (1 mo. USD LIBOR + 0.09%)^(b)(c)(d)		0.18%		09/01/2021		15,000	15,001,038
							200,509,888

Consumer Finance-2.12%
Toyota Finance Australia Ltd.^(c)		0.14%		11/16/2021		50,000	49,988,771

Diversified Banks-26.13%
Agricultural Bank of China Ltd.^(b)(c)		0.17%		11/22/2021		70,000	69,968,852
ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.17%		04/04/2022		23,700	23,681,941
Barclays Bank PLC^(b)(c)		0.18%		09/10/2021		30,000	29,999,375
Barclays Bank PLC^(b)(c)		0.16%		12/03/2021		5,000	4,998,329
Barclays Bank PLC^(b)(c)		0.18%		01/06/2022		20,000	19,989,476
Barclays Bank PLC^(b)(c)		0.16%		02/10/2022		25,000	24,982,002
DBS Bank Ltd.^(b)(c)		0.16%		10/01/2021		50,000	49,995,910
Dexia Credit Local S.A.^(b)(c)		0.17%		02/28/2022		70,000	69,952,487
DNB Bank ASA^(b)(c)		0.05%		09/07/2021		39,000	38,999,659
HSBC Bank PLC^(b)(c)		0.26%		10/08/2021		25,000	24,995,408
National Australia Bank Ltd. (3 mo. USD LIBOR + 0.06%)^(b)(c)(d)		0.19%		11/10/2021		50,000	50,011,354
Natixis S.A.^(c)		0.20%		10/14/2021		35,000	34,996,792
Nordea Bank Abp^(b)(c)		0.13%		11/18/2021		50,000	49,991,112
Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.19%		10/01/2021		25,000	25,001,831
Royal Bank of Canada^(b)(c)		0.20%		06/16/2022		15,000	14,975,796
Toronto-Dominion Bank (The)^(b)(c)		0.21%		06/22/2022		25,000	24,965,993
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)^(b)(c)(d)		0.16%		07/08/2022		10,000	10,004,440
United Overseas Bank Ltd.^(b)(c)		0.27%		09/28/2021		25,000	24,998,367
United Overseas Bank Ltd.^(b)(c)		0.28%		10/04/2021		25,000	24,997,993
							617,507,117

Diversified Capital Markets-1.69%
UBS AG (3 mo. USD LIBOR + 0.07%)^(b)(c)(d)		0.22%		10/04/2021		10,000	10,000,347
UBS AG^(b)(c)		0.25%		08/18/2022		30,000	29,932,240
							39,932,587

Regional Banks-3.00%
ASB Finance Ltd.^(b)(c)		0.19%		11/10/2021		20,000	19,996,884

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


6		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Regional Banks-(continued)
ASB Finance Ltd.^(b)(c)		0.25%		03/18/2022	$	20,920	$ 20,904,851
ASB Finance Ltd.^(b)(c)		0.21%		07/08/2022		30,000	29,956,460
							70,858,195
Total Commercial Paper (Cost $1,053,659,584)							1,053,787,932

Certificates of Deposit-35.83%
Bank of Montreal^(c)		0.21%		06/24/2022		10,000	10,002,465
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%)^(c)(d)		0.18%		11/09/2021		20,000	20,004,002
Bank of Nova Scotia (The) (SOFR + 0.11%)^(c)(d)		0.16%		04/20/2022		50,000	49,999,380
Canadian Imperial Bank of Commerce^(c)		0.04%		09/01/2021		118,000	118,000,000
China Construction Bank Corp.^(c)		0.16%		11/22/2021		70,000	69,997,901
Credit Agricole Corporate & Investment Bank S.A.^(c)		0.05%		09/01/2021		68,000	68,000,000
Goldman Sachs Bank USA		0.17%		02/04/2022		35,000	35,001,217
Mizuho Bank Ltd.^(c)		0.08%		09/01/2021		64,418	64,418,489
Nordea Bank Abp^(c)		0.04%		09/01/2021		69,000	69,000,000
Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.18%		10/07/2021		25,000	25,001,655
Skandinaviska Enskilda Banken AB^(c)		0.04%		09/01/2021		118,000	118,000,000
Svenska Handelsbanken AB^(c)		0.03%		09/01/2021		105,000	105,000,000
Svenska Handelsbanken AB^(c)		0.21%		01/03/2022		14,300	14,304,959
Toronto-Dominion Bank (The) (SOFR + 0.20%)^(c)(d)		0.25%		02/16/2022		25,000	25,013,293
Westpac Banking Corp. (SOFR + 0.13%)^(c)(d)		0.18%		07/15/2022		55,000	55,007,268
Total Certificates of Deposit (Cost $846,716,057)							846,750,629

Variable Rate Demand Notes-3.97%^(e)
Credit Enhanced-3.97%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)(f)		0.13%		04/01/2047		9,200	9,199,999
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(f)		0.13%		05/01/2037		2,500	2,500,000
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		0.05%		08/01/2045		82,040	82,040,000
Total Variable Rate Demand Notes (Cost $93,739,999)							93,739,999
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-84.40% (Cost $1,994,115,640)							1,994,278,560

					Repurchase Amount
Repurchase Agreements-15.62%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2021, aggregate maturing value of $100,003,111 (collateralized by U.S. Treasury obligations, domestic and foreign corporate obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and domestic and foreign non-agency asset-backed securities valued at $103,174,606; 0.00% - 8.40%; 09/09/2021 - 07/20/2071)^(c)(h)		0.16%		09/07/2021		27,000,840	27,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $10,000,447 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, a domestic corporate obligation and a U.S. Treasury obligation valued at $10,316,976; 0.13% - 5.51%; 02/28/2023 - 07/20/2071)^(c)(h)		0.23%		09/01/2021		10,000,447	10,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $20,000,700 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $20,552,976; 0.08% - 6.30%; 10/01/2021 - 07/20/2071)^(c)(h)		0.18%		09/01/2021		20,000,700	20,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value

Citigroup Global Markets, Inc., joint open agreement dated 01/22/2021 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $203,550,733; 0.00% - 7.26%; 09/14/2022 - 12/01/2061)⁽ⁱ⁾		0.54%		09/01/2021	$	8,003,631	$	8,000,000

Citigroup Global Markets, Inc., joint open agreement dated 10/28/2020 (collateralized by domestic non-agency mortgage-backed securities, domestic non-agency asset-backed securities and domestic and foreign corporate obligations valued at $55,232,635; 0.00% - 7.70%; 10/27/2022 - 06/04/2081)⁽ⁱ⁾		0.54%		09/01/2021		10,004,504		10,000,000

Citigroup Global Markets, Inc., open agreement dated 10/02/2020 (collateralized by domestic and foreign corporate obligations valued at $55,001,324; 1.60% - 9.63%; 09/01/2025 - 07/01/2036)⁽ⁱ⁾		0.55%		09/01/2021		50,022,937		50,000,000

Credit Suisse Securities (USA) LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $10,000,000 (collateralized by domestic and foreign non-agency asset-backed securities, foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $10,500,000; 0.04% - 4.70%; 08/21/2028 - 05/15/2061)^(c)(d)		0.33%		10/05/2021		2,000,000		2,000,000

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 $31,922,998; 0.00% - 8.75%; 12/01/2021 - 07/25/2059)⁽ⁱ⁾		0.46%		09/01/2021		15,005,697		15,000,000

J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic and foreign corporate obligations valued at $110,000,292; 3.88% - 9.00%; 01/15/2024 - 04/01/2044)⁽ⁱ⁾		0.37%		09/01/2021		65,020,439		65,000,000

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by domestic and foreign equity securities valued at $15,753,648; 0.00% - 8.38%; 01/31/2028 - 06/23/2050)⁽ⁱ⁾		0.27%		09/01/2021		7,001,618		7,000,000

Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by domestic and foreign corporate obligations valued at $52,503,917; 0.45% - 5.01%; 11/01/2024 - 07/01/2051)^(c)(i)		0.20%		09/01/2021		25,004,319		25,000,000

Mizuho Securities (USA) LLC, joint open agreement dated 07/02/2021 (collateralized by domestic and foreign equity securities valued at $52,500,236; 0.00%)^(c)(i)		0.22%		09/01/2021		20,000,122		20,000,000

RBC Capital Markets LLC, joint agreement dated 08/31/2021, aggregate maturing value of $100,000,556 (collateralized by a foreign non-agency asset-backed security, domestic and foreign corporate obligations and foreign commercial paper valued at $105,000,765; 0.00% - 6.75%; 10/15/2021 - 06/01/2070)^(c)		0.20%		09/01/2021		20,000,111		20,000,000

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $63,611,054; 0.23% - 13.00%; 11/10/2021 - 08/01/2118)^(c)(i)		0.25%		09/01/2021		25,000,174		25,000,000

Societe Generale, joint open agreement dated 08/20/2021 (collateralized by domestic and foreign corporate obligations valued at $92,242,834; 0.20% - 11.88%; 06/27/2022 - 09/14/2077)^(c)(i)		0.18%		09/01/2021		65,000,325		65,000,000

Total Repurchase Agreements (Cost $369,000,000)								369,000,000

TOTAL INVESTMENTS IN SECURITIES^(j)(k)-100.02% (Cost $2,363,115,640)								2,363,278,560

OTHER ASSETS LESS LIABILITIES-(0.02)%								(389,825	)

NET ASSETS-100.00%							$	2,362,888,735


Investment Abbreviations:

CEP		-Credit Enhancement Provider
FEDL		-Federal Funds Effective Rate
LIBOR		-London Interbank Offered Rate
LOC		-Letter of Credit
OBFR		-Overnight Bank Funding Rate
RB		-Revenue Bonds
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.


8		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)

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)

^(c)

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.

^(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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(j)	Also represents cost for federal income tax purposes.

^(k)


Entities	Percentage
Svenska Handelsbanken AB		5.1	%
Nordea Bank Abp		5.0
Credit Agricole S.A.		5.0

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco STIC Prime Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Certificates of Deposit-36.01%
BNP Paribas S.A.^(a)		0.06%		09/01/2021	$	11,000	$ 11,000,000
Canadian Imperial Bank of Commerce^(a)		0.04%		09/01/2021		11,000	11,000,000
Credit Agricole Corporate & Investment Bank S.A.^(a)		0.05%		09/01/2021		5,000	5,000,000
Mizuho Bank Ltd.^(a)		0.08%		09/01/2021		11,000	11,000,000
Nordea Bank Abp^(a)		0.04%		09/01/2021		11,000	11,000,000
Skandinaviska Enskilda Banken AB^(a)		0.04%		09/01/2021		11,000	11,000,000
Societe Generale S.A.^(a)		0.32%		09/17/2021		2,300	2,300,270
Sumitomo Mitsui Trust Bank Ltd.^(a)		0.08%		09/23/2021		7,000	7,000,022
Svenska Handelsbanken AB^(a)		0.03%		09/01/2021		11,000	11,000,000
Total Certificates of Deposit (Cost $80,300,129)							80,300,292

Commercial Paper-29.86%^(b)
Asset-Backed Securities - Fully Supported-3.14%
Ionic Capital III Trust (CEP - UBS AG)^(a)		0.11%		09/17/2021		7,000	6,999,716

Asset-Backed Securities - Fully Supported Bank-16.41%
Anglesea Funding LLC (Multi - CEP’s)^(a)(c)		0.10%		10/01/2021		8,000	7,999,345
Cancara Asset Securitisation LLC (CEP - Lloyds Bank LLC)^(a)(c)		0.10%		09/01/2021		2,000	1,999,996
Concord Minutemen Capital Co. LLC (Multi - CEP’s)^(a)(c)		0.10%		09/17/2021		7,000	6,999,716
Lexington Parker Capital Co. LLC (CEP - Natixis S.A.)^(a)(c)		0.11%		09/10/2021		7,000	6,999,846
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(a)(c)		0.12%		09/23/2021		1,000	999,942
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(a)(c)		0.11%		10/01/2021		4,600	4,599,624
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)^(a)(c)		0.10%		10/13/2021		7,000	6,999,206
							36,597,675

Diversified Banks-10.31%
Agricultural Bank of China Ltd.^(a)(c)		0.13%		10/25/2021		6,000	5,998,304
Banco Santander S.A.^(a)(c)		0.10%		10/22/2021		7,000	6,998,908
Industrial & Commercial Bank of China Ltd.^(a)(c)		0.11%		09/24/2021		5,000	4,999,660
Swedbank AB^(a)		0.06%		09/03/2021		5,000	4,999,986
							22,996,858
Total Commercial Paper (Cost $66,594,646)							66,594,249

Variable Rate Demand Notes-11.77%^(d)
Credit Enhanced-11.77%
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD RB (LOC - FHLB of Indianapolis)^(e)(f)		0.10%		12/01/2039		750	750,000
Jets Stadium Development LLC; Series 2007 A-4, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(a)(c)(f)		0.13%		04/01/2047		7,800	7,800,000
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(f)		0.13%		05/01/2037		3,050	3,050,000
Portland (Port of), OR (Portland International Airport); Subseries 2008 18-A, Ref. VRD RB (LOC - Industrial & Commercial Bank of China Ltd.)^(a)(e)(f)		0.04%		07/01/2026		570	570,000
Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB (CEP - FHLMC)^(e)		0.08%		06/01/2041		890	890,000
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		0.05%		08/01/2045		8,200	8,200,000
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)^(c)(f)		0.08%		01/01/2033		5,000	5,000,000
Total Variable Rate Demand Notes (Cost $26,260,000)							26,260,000
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-77.64% (Cost $173,154,775)							173,154,541

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco STIC Prime Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Repurchase Agreements-22.33%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2021, aggregate maturing value of $100,003,111 (collateralized by U.S. Treasury obligations, domestic and foreign corporate obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and domestic and foreign non-agency asset-backed securities valued at $103,174,606; 0.00% - 8.40%; 09/09/2021 - 07/20/2071)^(a)(h)		0.16%		09/07/2021	$	3,000,093	$ 3,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $3,000,105 (collateralized by domestic agency and non-agency mortgage-backed securities and foreign corporate obligations valued at $3,131,412; 0.95% - 6.21%; 09/11/2022 - 07/20/2051)^(a)(h)		0.18%		09/01/2021		3,000,105	3,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $3,000,134 (collateralized by a domestic non-agency mortgage-backed security and a foreign corporate obligation valued at $3,150,455; 0.95% - 3.33%; 01/22/2027 - 05/15/2062)^(a)(h)		0.23%		09/01/2021		3,000,134	3,000,000
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $10,000,000 (collateralized by domestic and foreign non-agency asset-backed securities, foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $10,500,000; 0.04% - 4.70%; 08/21/2028 - 05/15/2061)^(a)(i)		0.33%		10/05/2021		8,000,000	8,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by domestic and foreign equity securities valued at $15,753,648; 0.00% - 8.38%; 01/31/2028 - 06/23/2050)^(j)		0.27%		09/01/2021		8,001,849	8,000,000
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by domestic and foreign corporate obligations valued at $52,503,917; 0.45% - 5.01%; 11/01/2024 - 07/01/2051)^(a)(j)		0.20%		09/01/2021		7,001,209	7,000,000
RBC Capital Markets LLC, joint agreement dated 08/31/2021, aggregate maturing value of $100,000,556 (collateralized by a foreign non-agency asset-backed security, domestic and foreign corporate obligations and foreign commercial paper valued at $105,000,765; 0.00% - 6.75%; 10/15/2021 - 06/01/2070)^(a)		0.20%		09/01/2021		8,000,044	8,000,000
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $63,611,054; 0.23% - 13.00%; 11/10/2021 - 08/01/2118)^(a)(j)		0.25%		09/01/2021		5,000,035	5,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06%		09/01/2021		4,802,665	4,802,657
Total Repurchase Agreements (Cost $49,802,657)							49,802,657
TOTAL INVESTMENTS IN SECURITIES^(k)(l)-99.97% (Cost $222,957,432)							222,957,198
OTHER ASSETS LESS LIABILITIES-0.03%							63,148
NET ASSETS-100.00%							$223,020,346


Investment Abbreviations:

CEP		-Credit Enhancement Provider
FHLB		-Federal Home Loan Bank
FHLMC		-Federal Home Loan Mortgage Corp.
LOC		-Letter of Credit
RB		-Revenue Bonds
Ref.		-Refunding
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)

August 31, 2021

Invesco STIC Prime Portfolio–(continued)

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: Japan: 14.7%; Switzerland: 13.0%; France: 13.0%; Canada: 12.6%; Sweden: 12.1%; Netherlands: 6.7%; China: 5.2%; other countries less than 5% each: 9.0%.

^(b)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(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, 2021 was $67,394,547, which represented 30.22% of the Fund’s Net Assets.

^(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, 2021.

^(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, 2021.

^(j)	Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(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.


12		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Treasury Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-39.07%
U.S. Treasury Bills-3.43%^(a)
U.S. Treasury Bills		0.04%-0.05%		10/07/2021	$	230,335	$ 230,314,483
U.S. Treasury Bills		0.11%		12/02/2021		150,000	149,957,834
U.S. Treasury Bills		0.07%		06/16/2022		150,000	149,916,000
U.S. Treasury Bills		0.08%		07/14/2022		150,000	149,901,250
							680,089,567

U.S. Treasury Notes-35.64%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		450,000	450,057,692
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		500,000	499,930,751
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		744,000	744,295,573
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		450,000	450,007,504
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		605,000	604,987,984
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		100,000	100,000,000
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		250,500	250,513,490
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		627,000	627,026,147
U.S. Treasury Notes		1.38%		01/31/2022		200,000	201,076,487
U.S. Treasury Notes		1.50%		01/31/2022		165,000	165,974,159
U.S. Treasury Notes		1.88%		01/31/2022		200,000	201,493,851
U.S. Treasury Notes		2.50%		02/15/2022		300,000	303,305,676
U.S. Treasury Notes		1.13%		02/28/2022		100,000	100,515,124
U.S. Treasury Notes		2.38%		03/15/2022		250,000	253,064,728
U.S. Treasury Notes		1.75%		03/31/2022		300,000	302,897,976
U.S. Treasury Notes		1.88%		03/31/2022		100,000	101,024,476
U.S. Treasury Notes		1.75%		04/30/2022		200,000	202,206,942
U.S. Treasury Notes		1.75%		06/15/2022		200,000	202,607,488
U.S. Treasury Notes		0.13%		06/30/2022		200,000	200,058,176
U.S. Treasury Notes		1.75%		06/30/2022		100,000	101,367,436
U.S. Treasury Notes		2.13%		06/30/2022		200,000	203,367,765
U.S. Treasury Notes		1.75%		07/15/2022		200,000	202,868,812
U.S. Treasury Notes		0.13%		07/31/2022		200,000	200,073,756
U.S. Treasury Notes		1.88%		07/31/2022		250,000	254,067,706
U.S. Treasury Notes		1.50%		09/15/2022		150,000	152,203,664
							7,074,993,363
Total U.S. Treasury Securities (Cost $7,755,082,930)							7,755,082,930
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-39.07% (Cost $7,755,082,930)							7,755,082,930

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Repurchase Agreements-60.87%^(c)
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05%		09/01/2021	$	250,000,347	$ 250,000,000
Citigroup Global Markets, Inc., joint term agreement dated 08/26/2021, aggregate maturing value of $300,003,208 (collateralized by U.S. Treasury obligations valued at $306,000,020; 0.00%; 02/15/2046 - 11/15/2047)^(d)		0.06%		09/02/2021		120,001,283	120,000,000
Credit Agricole Corporate & Investment Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,001; 3.00% - 4.38%; 05/15/2040 - 08/15/2048)		0.05%		09/01/2021		250,000,347	250,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(d)		0.05%		09/01/2021		100,004,722	100,000,000
DNB Bank ASA, agreement dated 08/31/2021, maturing value of $300,000,417 (collateralized by U.S. Treasury obligations valued at $306,000,080; 0.13% - 4.38%; 07/15/2026 - 05/15/2041)		0.05%		09/01/2021		300,000,417	300,000,000
Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $6,000,008,333 (collateralized by U.S. Treasury obligations valued at $6,000,008,395; 0.13% - 2.75%; 12/31/2022 - 05/15/2046)		0.05%		09/01/2021		6,000,008,333	6,000,000,000
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06%		09/01/2021		335,000,512	335,000,000
Goldman Sachs & Co., agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,000; 0.00% - 1.50%; 08/15/2022 - 02/15/2042)		0.05%		09/01/2021		250,000,347	250,000,000
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% - 1.88%; 09/16/2021 - 07/31/2023)^(e)		0.05%		09/01/2021		630,026,250	630,000,000
Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(d)		0.07%		09/01/2021		100,001,767	100,000,406
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(d)		0.07%		09/01/2021		299,629,078	299,625,000
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/25/2021, maturing value of $100,001,167 (collateralized by U.S. Treasury obligations valued at $102,001,248; 0.50% - 0.63%; 03/31/2025 - 08/15/2030)^(d)		0.06%		09/01/2021		100,001,167	100,000,000
Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $271,875,453 (collateralized by U.S. Treasury obligations valued at $276,195,250; 0.00%; 08/15/2027 - 08/15/2037)		0.06%		09/01/2021		271,875,453	271,875,000
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $340,563,068 (collateralized by U.S. Treasury obligations valued at $347,231,500; 0.00%; 08/15/2033 - 02/15/2045)		0.06%		09/01/2021		340,563,068	340,562,500
RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,038; 0.00% - 3.00%; 09/30/2021 - 08/15/2051)^(d)		0.05%		11/17/2021		250,029,514	250,000,000
Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(e)		0.05%		09/01/2021		1,205,001,674	1,205,000,000
Societe Generale, joint term agreement dated 08/25/2021, aggregate maturing value of $250,002,431 (collateralized by U.S. Treasury obligations valued at $255,000,001; 0.00% - 6.88%; 09/09/2021 - 02/15/2049)^(d)		0.05%		09/01/2021		40,000,389	40,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(d)		0.05%		09/07/2021	$	200,001,944	$ 200,000,000
Standard Chartered Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,405; 0.09% - 3.88%; 02/15/2022 - 05/15/2051)		0.05%		09/01/2021		250,000,347	250,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 - 08/31/2024)		0.05%		09/01/2021		290,327,546	290,327,143
Wells Fargo Securities, LLC, agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by a U.S. Treasury obligation valued at $510,000,001; 2.00%; 02/15/2050)		0.05%		09/01/2021		500,000,694	500,000,000
Total Repurchase Agreements (Cost $12,082,390,049)							12,082,390,049
TOTAL INVESTMENTS IN SECURITIES-99.94% (Cost $19,837,472,979)							19,837,472,979
OTHER ASSETS LESS LIABILITIES-0.06%							11,358,146
NET ASSETS-100.00%							$19,848,831,125

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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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, 2021

Invesco Government & Agency Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-32.73%
U.S. Treasury Bills-13.99%^(a)
U.S. Treasury Bills		0.02%		09/09/2021	$	1,000,000	$ 999,994,444
U.S. Treasury Bills		0.02%		09/16/2021		750,000	749,992,188
U.S. Treasury Bills		0.01%		09/21/2021		1,530,000	1,529,990,956
U.S. Treasury Bills		0.03%-0.14%		10/07/2021		380,000	379,978,750
U.S. Treasury Bills		0.05%		10/12/2021		250,000	249,985,763
U.S. Treasury Bills		0.14%		11/04/2021		75,000	74,982,000
U.S. Treasury Bills		0.05%		12/02/2021		1,379,424	1,379,267,091
U.S. Treasury Bills		0.05%		01/20/2022		200,000	199,960,833
U.S. Treasury Bills		0.06%		02/03/2022		300,000	299,928,958
U.S. Treasury Bills		0.05%		02/17/2022		651,866	651,712,992
U.S. Treasury Bills		0.07%		02/24/2022		50,000	49,982,889
U.S. Treasury Bills		0.06%		03/24/2022		10,000	9,996,600
U.S. Treasury Bills		0.06%		04/21/2022		250,000	249,895,278
U.S. Treasury Bills		0.07%		06/16/2022		400,000	399,777,999
U.S. Treasury Bills		0.08%		08/11/2022		300,000	299,770,667
							7,525,217,408

U.S. Treasury Notes-18.74%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		550,000	550,094,508
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		25,000	24,998,355
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		107,000	107,059,042
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		287,000	287,018,002
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		730,000	730,023,588
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		412,400	412,544,410
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		1,330,000	1,330,143,243
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		1,055,000	1,055,039,361
U.S. Treasury Notes		1.13%		09/30/2021		62,000	62,053,006
U.S. Treasury Notes		1.50%		09/30/2021		50,000	50,056,641
U.S. Treasury Notes		2.13%		09/30/2021		50,000	50,082,360
U.S. Treasury Notes		2.88%		11/15/2021		100,000	100,574,950
U.S. Treasury Notes		1.38%		01/31/2022		453,000	455,486,327
U.S. Treasury Notes		1.50%		01/31/2022		173,000	174,020,051
U.S. Treasury Notes		1.88%		01/31/2022		633,000	637,728,976
U.S. Treasury Notes		2.50%		02/15/2022		330,940	334,593,757
U.S. Treasury Notes		1.13%		02/28/2022		200,000	201,029,333
U.S. Treasury Notes		1.75%		02/28/2022		100,000	100,830,762
U.S. Treasury Notes		1.88%		02/28/2022		303,000	305,696,355
U.S. Treasury Notes		2.38%		03/15/2022		46,000	46,569,385
U.S. Treasury Notes		1.75%		03/31/2022		650,000	656,301,352
U.S. Treasury Notes		1.88%		03/31/2022		925,000	934,661,756

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


16		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. Treasury Notes-(continued)
U.S. Treasury Notes		1.88%		04/30/2022	$	150,000	$ 151,795,054
U.S. Treasury Notes		1.75%		05/15/2022		135,000	136,587,761
U.S. Treasury Notes		2.13%		05/15/2022		190,000	192,740,984
U.S. Treasury Notes		1.75%		06/30/2022		400,000	405,482,261
U.S. Treasury Notes		2.13%		06/30/2022		365,000	371,124,912
U.S. Treasury Notes		2.00%		07/31/2022		210,000	213,658,573
							10,077,995,065
Total U.S. Treasury Securities (Cost $17,603,212,473)							17,603,212,473

U.S. Government Sponsored Agency Securities-14.52%
Federal Farm Credit Bank (FFCB)-4.21%
Federal Farm Credit Bank (SOFR + 0.28%)^(b)		0.33%		10/01/2021		365,000	365,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		10/15/2021		100,000	100,000,306
Federal Farm Credit Bank		0.07%		02/09/2022		243,750	243,743,367
Federal Farm Credit Bank (SOFR + 0.10%)^(b)		0.15%		02/22/2022		16,555	16,555,000
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		03/10/2022		28,000	28,000,000
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14%		06/17/2022		65,000	65,000,000
Federal Farm Credit Bank (SOFR + 0.20%)^(b)		0.25%		06/23/2022		12,000	12,012,287
Federal Farm Credit Bank (SOFR + 0.19%)^(b)		0.24%		07/14/2022		28,000	28,000,000
Federal Farm Credit Bank (SOFR + 0.15%)^(b)		0.20%		07/28/2022		45,000	45,000,000
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		08/11/2022		108,000	108,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		08/26/2022		97,500	97,495,134
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14%		10/07/2022		30,000	30,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		10/12/2022		18,000	18,001,014
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		10/21/2022		20,000	20,000,000
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		11/03/2022		35,000	35,000,000
Federal Farm Credit Bank (SOFR + 0.01%)^(b)		0.06%		11/16/2022		185,000	184,995,466
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		11/18/2022		56,000	56,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		12/01/2022		74,000	74,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		12/28/2022		350,000	350,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		02/09/2023		18,000	18,000,000
Federal Farm Credit Bank (SOFR + 0.05%)^(b)		0.10%		02/17/2023		165,000	165,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		06/14/2023		58,000	58,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		07/07/2023		143,000	143,000,000
							2,260,802,574

Federal Home Loan Bank (FHLB)-7.82%
Federal Home Loan Bank^(a)		0.05%		09/01/2021		41,000	41,000,000
Federal Home Loan Bank^(a)		0.02%		09/10/2021		302,000	301,998,112
Federal Home Loan Bank^(a)		0.02%-0.03%		09/15/2021		396,675	396,671,120
Federal Home Loan Bank^(a)		0.03%		09/20/2021		104,500	104,498,345
Federal Home Loan Bank		0.04%		09/21/2021		85,000	85,000,000
Federal Home Loan Bank		0.04%		09/28/2021		392,000	391,998,235
Federal Home Loan Bank		0.04%		09/29/2021		252,110	252,108,842
Federal Home Loan Bank		0.03%		09/30/2021		350,000	349,995,568
Federal Home Loan Bank		0.04%		10/08/2021		439,000	438,997,382
Federal Home Loan Bank^(a)		0.01%		10/08/2021		3,100	3,099,952

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


17		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Federal Home Loan Bank (FHLB)-(continued)
Federal Home Loan Bank		0.04%		10/29/2021	$	35,000	$ 34,999,545
Federal Home Loan Bank (SOFR + 0.17%)^(b)		0.22%		11/12/2021		127,000	127,000,000
Federal Home Loan Bank (SOFR + 0.15%)^(b)		0.20%		11/15/2021		355,000	355,000,000
Federal Home Loan Bank		0.07%		02/11/2022		34,560	34,559,065
Federal Home Loan Bank		0.05%		03/17/2022		200,000	199,985,373
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12%		04/14/2022		45,000	45,000,000
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12%		04/28/2022		28,000	28,000,000
Federal Home Loan Bank		0.06%		05/06/2022		29,000	28,997,847
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		05/12/2022		35,000	35,000,000
Federal Home Loan Bank (SOFR + 0.13%)^(b)		0.18%		08/05/2022		80,000	80,000,000
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14%		08/19/2022		380,000	380,006,319
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14%		10/05/2022		80,000	80,000,000
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		12/08/2022		63,200	63,203,547
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		12/16/2022		3,500	3,501,373
Federal Home Loan Bank (SOFR + 0.04%)^(b)		0.09%		05/19/2023		221,000	221,000,000
Federal Home Loan Bank (SOFR + 0.03%)^(b)		0.08%		06/07/2023		125,000	125,000,000
							4,206,620,625

Federal Home Loan Mortgage Corp. (FHLMC)-1.39%
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)^(b)		0.37%		09/30/2021		412,000	412,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.31%)^(b)		0.36%		01/03/2022		145,000	145,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.09%)^(b)		0.14%		09/16/2022		190,000	190,000,000
							747,000,000

Federal National Mortgage Association (FNMA)-0.65%
Federal National Mortgage Association (SOFR + 0.30%)^(b)		0.35%		01/07/2022		350,000	350,000,000

U.S. International Development Finance Corp. (DFC)-0.45%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		06/15/2025		19,200	19,200,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		07/15/2025		20,889	20,888,891
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/15/2025		4,474	4,473,684
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/15/2026		13,750	13,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		08/13/2027		12,600	12,600,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/30/2027		12,000	12,000,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		02/15/2028		14,444	14,444,445
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		11/15/2028		65,909	65,909,091
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		05/15/2030		7,839	7,839,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		10/15/2030		8,000	8,000,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		07/09/2026		25,500	25,500,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


18		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. International Development Finance Corp. (DFC)-(continued)
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		03/15/2030	$	39,375	$ 39,375,000
							243,980,111
Total U.S. Government Sponsored Agency Securities (Cost $7,808,403,310)							7,808,403,310
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-47.25% (Cost $25,411,615,783)							25,411,615,783

					Repurchase Amount

Repurchase Agreements-55.26%^(d)
ABN AMRO Bank N.V., joint agreement dated 08/31/2021, aggregate maturing value of $450,000,625 (collateralized by U.S. Treasury obligations valued at $459,000,022; 0.13% - 3.38%; 08/15/2022 - 05/15/2047)		0.05%		09/01/2021		200,000,278	200,000,000
BNP Paribas Securities Corp., joint term agreement dated 08/26/2021, aggregate maturing value of $500,004,861 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0.00% - 7.00%; 11/04/2021 - 07/01/2051)^(e)		0.05%		09/02/2021		385,003,743	385,000,000
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05%		09/01/2021		750,001,042	750,000,000
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $895,001,243 (collateralized by domestic agency mortgage-backed securities valued at $912,900,000; 1.50% - 6.00%; 05/01/2025 - 08/01/2059)		0.05%		09/01/2021		54,000,075	54,000,000
Citigroup Global Markets, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $900,001,250 (collateralized by U.S. Treasury obligations valued at $918,000,025; 0.00%; 08/15/2047 - 02/15/2051)		0.05%		09/01/2021		395,000,549	395,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(e)		0.05%		09/01/2021		150,007,083	150,000,000
Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $16,000,022,222 (collateralized by U.S. Treasury obligations valued at $16,000,022,273; 0.13% - 2.75%; 12/31/2022 - 05/15/2046)		0.05%		09/01/2021		16,000,022,222	16,000,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $50,000,007 (collateralized by a U.S. Treasury obligation valued at $51,000,058; 1.00%; 07/31/2028)		0.01%		09/01/2021		50,000,007	50,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by U.S. Treasury obligations valued at $510,000,044; 0.13% - 2.88%; 02/28/2025 - 08/15/2028)		0.05%		09/01/2021		500,000,694	500,000,000
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06%		09/01/2021		730,001,115	730,000,000
Fixed Income Clearing Corp. - BNP Paribas Securities Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,250,001,736 (collateralized by U.S. Treasury obligations valued at $1,270,427,200; 0.38% - 4.25%; 11/30/2025 - 05/15/2041)		0.05%		09/01/2021		960,001,333	960,000,000
Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2021,maturing value of $2,000,001,667 (collateralized by U.S. Treasury obligations valued at $2,040,000,068; 1.00% - 1.13%; 07/31/2028 - 08/31/2028)		0.03%		09/01/2021		2,000,001,667	2,000,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


19		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Goldman Sachs & Co., term agreement dated 08/26/2021, maturing value of $295,003,155 (collateralized by U.S. Treasury obligations valued at $300,900,000; 0.00% - 3.63%; 08/11/2022 - 02/15/2046)^(e)		0.06%		09/02/2021	$	295,003,155	$ 295,000,000
ING Financial Markets, LLC, joint term agreement dated 08/06/2021, aggregate maturing value of $350,022,118 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 6.00%; 06/01/2027 - 05/01/2058)		0.07%		09/10/2021		300,018,958	300,000,000
ING Financial Markets, LLC, joint term agreement dated 08/26/2021, aggregate maturing value of $350,018,667 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 5.50%; 10/01/2038 - 01/01/2057)		0.06%		09/27/2021		275,014,667	275,000,000
J.P. Morgan Securities LLC, agreement dated 08/31/2021, maturing value of $250,000,417 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 0.27% - 7.50%; 11/25/2024 - 10/16/2062)		0.06%		09/01/2021		250,000,417	250,000,000
J.P. Morgan Securities LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,694 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 1.50% - 7.50%; 07/01/2025 - 09/01/2051)		0.05%		09/01/2021		44,000,061	44,000,000
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% - 1.88%; 09/16/2021 - 07/31/2023)^(f)		0.05%		09/01/2021		150,006,250	150,000,000
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $295,800,033; 1.50% - 6.00%; 02/28/2023 - 09/01/2051)^(f)		0.07%		09/01/2021		240,014,000	240,000,000
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $255,000,016; 0.00% - 7.63%; 09/16/2021 - 04/01/2056)^(f)		0.06%		09/01/2021		210,010,500	210,000,000
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 $408,000,049; 0.00% - 7.50%; 04/30/2026 - 03/25/2060)^(f)		0.07%		09/01/2021		275,016,042	275,000,000
Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021,aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(e)		0.07%		09/01/2021		170,004,751	170,002,437
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2021,aggregate maturing value of $500,000,764 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.39% - 4.50%; 01/25/2024 - 05/20/2069)		0.06%		09/01/2021		52,000,079	52,000,000
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021,aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(e)		0.07%		09/01/2021		530,032,214	530,025,000
Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $556,508,428 (collateralized by U.S. Treasury obligations valued at $567,283,180; 0.00%; 02/15/2026 - 11/15/2043)		0.06%		09/01/2021		556,508,428	556,507,500
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $40,625,068 (collateralized by a U.S. Treasury obligation valued at $41,396,500; 0.00%; 08/15/2033)		0.06%		09/01/2021		40,625,068	40,625,000
RBC Capital Markets LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $750,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,159; 0.00% - 8.15%; 09/14/2021 - 08/20/2065)^(b)(e)		0.09%		11/01/2021		600,000,000	600,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


20		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value

RBC Dominion Securities Inc., joint agreement dated 08/31/2021, aggregate maturing value of $2,000,002,778 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $2,040,000,055; 0.00% - 5.00%; 09/09/2021 - 08/01/2051)		0.05%		09/01/2021	$	1,544,002,144	$	1,544,000,000

RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,023; 0.13% - 6.25%; 10/15/2021 - 11/15/2050)^(e)		0.05%		11/17/2021		250,029,514		250,000,000

Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(f)		0.05%		09/01/2021		320,000,444		320,000,000

Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(e)		0.05%		09/07/2021		400,003,889		400,000,000

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06%		09/01/2021		396,231,775		396,231,115

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 - 08/31/2024)		0.05%		09/01/2021		531,025,137		531,024,399

TD Securities (USA) LLC, term agreement dated 08/25/2021, maturing value of $70,000,749 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $71,400,075; 1.25% - 2.13%; 11/15/2021 - 04/30/2028)^(e)		0.06%		09/01/2021		70,000,749		70,000,000

Wells Fargo Securities, LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,833 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00% - 4.50%; 01/01/2031 - 08/01/2051)		0.06%		09/01/2021		44,000,073		44,000,000

Total Repurchase Agreements (Cost $29,717,415,451)								29,717,415,451

TOTAL INVESTMENTS IN SECURITIES-102.51% (Cost $55,129,031,234)								55,129,031,234

OTHER ASSETS LESS LIABILITIES-(2.51)%								(1,351,188,375	)

NET ASSETS-100.00%							$	53,777,842,859


Investment Abbreviations:

SOFR		-Secured Overnight Financing Rate
VRD		-Variable Rate Demand

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, 2021.

^(c)	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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


21		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Treasury Obligations Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-105.59%
U.S. Treasury Bills-83.89%^(a)
U.S. Treasury Bills		0.02%-0.06%		09/02/2021	$	67,700	$ 67,699,948
U.S. Treasury Bills		0.01%-0.05%		09/07/2021		96,800	96,799,429
U.S. Treasury Bills		0.03%-0.14%		09/09/2021		95,800	95,799,274
U.S. Treasury Bills		0.03%-0.05%		09/14/2021		85,000	84,998,709
U.S. Treasury Bills		0.03%		09/16/2021		50,000	49,999,479
U.S. Treasury Bills		0.01%-0.04%		09/21/2021		92,000	91,998,164
U.S. Treasury Bills		0.04%-0.05%		09/23/2021		50,000	49,998,652
U.S. Treasury Bills		0.03%		09/28/2021		100,000	99,997,375
U.S. Treasury Bills		0.02%-0.05%		09/30/2021		84,500	84,497,259
U.S. Treasury Bills		0.05%-0.14%		10/07/2021		25,000	24,998,300
U.S. Treasury Bills		0.04%		10/14/2021		1,100	1,099,951
U.S. Treasury Bills		0.04%		10/21/2021		5,400	5,399,700
U.S. Treasury Bills		0.05%		11/02/2021		3,300	3,299,716
U.S. Treasury Bills		0.14%		11/04/2021		15,000	14,996,400
U.S. Treasury Bills		0.05%		11/09/2021		10,000	9,999,070
U.S. Treasury Bills		0.04%		11/12/2021		5,000	4,999,650
U.S. Treasury Bills		0.03%		11/18/2021		5,000	4,999,675
U.S. Treasury Bills		0.00%-0.04%		12/02/2021		70,000	69,992,159
U.S. Treasury Bills		0.11%		12/30/2021		10,000	9,996,333
U.S. Treasury Bills		0.09%		01/27/2022		3,000	2,998,890
U.S. Treasury Bills		0.06%		02/03/2022		25,000	24,994,080
U.S. Treasury Bills		0.05%-0.06%		02/24/2022		38,000	37,990,222
U.S. Treasury Bills		0.07%		04/21/2022		10,000	9,995,811
U.S. Treasury Bills		0.07%		06/16/2022		3,000	2,998,320
U.S. Treasury Bills		0.08%		08/11/2022		24,000	23,981,653
							974,528,219

U.S. Treasury Notes-21.70%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		36,500	36,502,890
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		30,000	29,991,690
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		55,000	55,010,602
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		22,000	22,001,192
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		45,000	44,998,575
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		6,000	6,000,230
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		24,000	24,001,278
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		28,500	28,500,813

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


22		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Obligations Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Notes-(continued)
U.S. Treasury Notes		1.88%		07/31/2022	$	5,000	$	5,081,049

								252,088,319

TOTAL INVESTMENTS IN SECURITIES-105.59% (Cost $ 1,226,616,538)								1,226,616,538

OTHER ASSETS LESS LIABILITIES-(5.59)%								(64,968,347	)

NET ASSETS-100.00%							$	1,161,648,191

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, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


23		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-99.66%
Alabama-4.01%
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)^(a)(b)(c)		0.08%		07/01/2040		$6,090	$ 6,090,000

Arizona-3.64%
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		0.02%		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)		0.02%		06/15/2031		2,845	2,845,000
							5,530,000

California-1.98%
California (State of); Series 2021 A-1, Commercial Paper Notes		0.05%		10/14/2021		3,000	3,000,000

Colorado-0.67%
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		0.12%		02/01/2031		1,010	1,010,000

Delaware-2.76%
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		09/01/2036		2,655	2,655,000
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.03%		05/01/2036		1,535	1,535,000
							4,190,000

District of Columbia-6.47%
District of Columbia; Series 2019, Commercial Paper Notes		0.08%		11/02/2021		4,000	4,000,000
District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)^(b)(c)		0.02%		08/15/2038		2,820	2,820,000
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		0.01%		10/01/2039		3,005	3,005,000
							9,825,000

Florida-3.03%
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		0.07%		11/01/2036		2,200	2,200,000
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)		0.03%		07/01/2032		2,400	2,400,000
							4,600,000

Georgia-1.58%
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)^(b)(c)		0.03%		11/01/2030		2,395	2,395,000

Illinois-5.60%
Illinois (State of) Development Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)^(b)(c)		0.03%		10/01/2033		2,000	2,000,000
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB^(b)		0.01%		12/01/2046		5,730	5,730,000
Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)^(b)(c)		0.01%		01/01/2041		770	770,000
							8,500,000

Indiana-5.78%
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		0.07%		08/01/2037		2,770	2,770,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


24		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Indiana-(continued)
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)^(a)(b)(c)		0.05%		06/01/2035		$6,000	$ 6,000,000
							8,770,000

Louisiana-4.07%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)^(b)(c)		0.02%		09/01/2033		1,000	1,000,000
Louisiana (State of) Public Facilities Authority (CHRISTUS Health);
Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		0.02%		07/01/2047		4,085	4,085,000
Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		0.02%		07/01/2047		1,100	1,100,000
							6,185,000

Maryland-3.82%
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008E, VRD RB (LOC - Bank of Montreal)^(b)(c)		0.01%		07/01/2041		4,300	4,300,000
Montgomery (County of), MD; Series 2010 B, Commercial Paper Notes		0.07%		09/23/2021		1,500	1,500,000
							5,800,000

Massachusetts-2.72%
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC - TD Bank N.A.)^(b)(c)		0.02%		10/01/2038		2,625	2,625,000
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank N.A.)^(b)(c)		0.01%		01/01/2037		1,500	1,500,000
							4,125,000

Michigan-3.92%
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)		0.02%		01/15/2026		1,420	1,420,000
Michigan State University Board of Trustees;
Series 2000 A-1, VRD RB^(b)		0.03%		08/15/2030		3,620	3,620,000
Series 2000 A-2, VRD RB^(b)		0.03%		08/15/2030		910	910,000
							5,950,000

Minnesota-5.64%
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)^(b)		0.10%		10/15/2033		1,175	1,175,000
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB^(b)		0.02%		11/01/2035		3,900	3,900,000
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)^(b)		0.02%		10/01/2033		3,485	3,485,000
							8,560,000

Mississippi-3.46%
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.);
Series 2010 C, VRD IDR^(b)		0.02%		12/01/2030		585	585,000
Series 2010 E, VRD IDR^(b)		0.02%		12/01/2030		4,000	4,000,000
Series 2007 E, VRD IDR^(b)		0.01%		12/01/2030		660	660,000
							5,245,000

Missouri-1.01%
Bridgeton (City of), MO Industrial Development Authority (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)^(b)(c)		0.02%		11/01/2037		970	970,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


25		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Missouri-(continued)
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)^(b)(c)		0.08%		08/01/2038		$ 560	$ 560,000
							1,530,000

New York-3.39%
Metropolitan Transportation Authority; Subseries 2012 G-1, VRD Ref. RB (LOC - Barclays Bank PLC)^(b)(c)		0.01%		11/01/2032		2,000	2,000,000
New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Series 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)^(b)(c)		0.02%		05/01/2039		3,150	3,150,000
							5,150,000

North Carolina-1.65%
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB^(b)		0.01%		06/01/2027		1,285	1,285,000
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB^(b)		0.01%		12/01/2021		1,220	1,220,000
							2,505,000

Ohio-1.87%
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)^(b)(c)		0.02%		08/02/2038		2,835	2,835,000

Pennsylvania-2.36%
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		06/01/2037		1,320	1,320,000
Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)^(b)(c)		0.02%		03/01/2030		1,885	1,885,000
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		10/15/2025		380	380,000
							3,585,000

Rhode Island-2.96%
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB^(b)		0.02%		09/01/2043		4,500	4,500,000

Texas-14.48%
Garland (City of), TX; Series 2021, Commercial Paper Notes		0.08%		09/15/2021		1,000	1,000,000
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB^(b)		0.01%		11/01/2041		4,000	4,000,000
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		0.02%		02/15/2042		3,150	3,150,000
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)		0.02%		05/15/2034		2,075	2,075,000
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		0.03%		04/01/2026		1,890	1,890,000
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)^(b)		0.08%		05/01/2042		2,755	2,755,000
Texas A&M University System Board of Regents; Series 2021 B, Commercial Paper Notes		0.10%		01/05/2022		4,500	4,500,000
University of Texas System Board of Regents;
Series 2008 B, VRD RB^(b)		0.01%		08/01/2025		1,615	1,615,000
Series 2021 A, Commercial Paper Notes		0.08%		12/08/2021		1,000	1,000,000
							21,985,000

Virginia-2.83%
Norfolk (City of), VA; Series 2007, VRD GO Bonds^(b)		0.02%		08/01/2037		4,300	4,300,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


26		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Washington-3.64%
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		0.02%		09/01/2049		$3,375	$ 3,375,000
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		0.02%		11/01/2047		2,145	2,145,000
							5,520,000

West Virginia-4.15%
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)^(b)(c)		0.03%		07/01/2039		845	845,000
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Branch Banking & Trust Co.)^(b)(c)		0.09%		01/01/2034		5,460	5,460,000
							6,305,000

Wisconsin-2.17%
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)^(b)(c)		0.03%		10/01/2042		3,300	3,300,000
TOTAL INVESTMENTS IN SECURITIES^(d)(e)-99.66% (Cost $151,290,000)							151,290,000
OTHER ASSETS LESS LIABILITIES-0.34%							518,219
NET ASSETS-100.00%							$151,808,219


Investment Abbreviations:

CEP		- Credit Enhancement Provider
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
RB		- Revenue Bonds
Ref.		- Refunding
VRD		- Variable Rate Demand

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: other countries less than 5% each: 9.9%.

^(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, 2021.

^(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)


Entities		Percentage
Federal Home Loan Mortgage Corporation		7.2%
Federal Home Loan Banks		6.8

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


27		Short-Term Investments Trust

Statements of Assets and Liabilities

August 31, 2021


	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 unaffiliated securities, at value		$	1,994,278,560			$	173,154,541			$	7,755,082,930			$	25,411,615,783		$	1,226,616,538			$	151,290,000

Repurchase agreements, at value and cost			369,000,000				49,802,657				12,082,390,049				29,717,415,451			-				-

Cash			-				-				577,336				6,677,836			-				5,066

Receivable for:
Investments sold			-				-				-				-			-				430,000

Interest			148,594				12,725				12,374,635				24,570,252			44,708				5,567

Fund expenses absorbed			170,952				40,334				2,460,098				5,082,215			200,022				113,016

Investment for trustee deferred compensation and retirement plans			3,992,585				1,088,300				2,389,618				1,085,979			121,585				379,290

Other assets			-				133,352				306,493				-			2,435				29,203

Total assets			2,367,590,691				224,231,909				19,855,581,159				55,166,447,516			1,226,985,288				152,252,142


Liabilities:
Payable for:
Investments purchased			-				-				-				1,379,267,090			64,992,606				-

Amount due custodian			1,414				-				-				-			-				-

Dividends			13,727				1,978				179,381				1,104,647			8,171				1,292

Accrued fees to affiliates			415,265				38,105				3,558,150				6,465,959			175,464				31,800

Accrued trustees’ and officers’ fees and benefits			6,795				3,723				31,547				56,731			5,117				3,626

Accrued operating expenses			22,512				19,371				283,544				339,183			18,224				6,706

Trustee deferred compensation and retirement plans			4,242,243				1,148,386				2,697,412				1,371,047			137,515				400,499

Total liabilities			4,701,956				1,211,563				6,750,034				1,388,604,657			65,337,097				443,923

Net assets applicable to shares outstanding		$	2,362,888,735			$	223,020,346			$	19,848,831,125			$	53,777,842,859		$	1,161,648,191			$	151,808,219


Net assets consist of:
Shares of beneficial interest		$	2,365,347,369			$	223,766,836			$	19,850,036,171			$	53,777,282,283		$	1,161,696,627			$	152,087,607

Distributable earnings (loss)			(2,458,634	)			(746,490	)			(1,205,046	)			560,576			(48,436	)			(279,388	)

		$	2,362,888,735			$	223,020,346			$	19,848,831,125			$	53,777,842,859		$	1,161,648,191			$	151,808,219


Net Assets:
Institutional Class		$	2,356,363,228			$	221,717,748			$	17,093,039,313			$	49,464,205,401		$	1,063,311,616			$	118,266,650

Private Investment Class		$	2,892,211			$	605,175			$	303,847,586			$	505,970,104		$	14,644,841			$	9,554,669

Personal Investment Class		$	10,250			$	92,853			$	265,106,098			$	9,360,221		$	3,812,664			$	1,677,129

Cash Management Class		$	2,922,067			$	496,042			$	452,222,119			$	747,955,590		$	252,997			$	4,596,658

Reserve Class		$	215,606			$	87,037			$	867,766,514			$	408,499,951		$	74,494,612			$	16,226,010

Resource Class		$	362,237			$	385			$	53,210,214			$	117,901,903		$	98,108			$	1,476,824

Corporate Class		$	23,138			$	21,106			$	266,547,880			$	1,082,096,274		$	5,033,353			$	10,279

CAVU Securities Class		$	99,998			$	-			$	547,091,401			$	1,441,853,415		$	-			$	-

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


28		Short-Term Investments Trust

Statements of Assets and Liabilities–(continued)

August 31, 2021


	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			2,355,507,320			221,714,110			17,091,834,561			49,463,570,063			1,063,304,332			118,246,855

Private Investment Class			2,891,165			605,163			303,825,357			505,958,454			14,644,769			9,553,027

Personal Investment Class			10,246			92,850			265,087,709			9,360,026			3,812,673			1,676,778

Cash Management Class			2,921,011			496,034			452,190,570			747,945,735			252,996			4,595,842

Reserve Class			215,528			87,035			867,713,579			408,490,685			74,493,505			16,223,286

Resource Class			362,106			385			53,207,288			117,898,770			98,107			1,476,569

Corporate Class			23,129			21,106			266,528,645			1,082,095,578			5,033,318			10,277

CAVU Securities Class			99,962			-			547,040,941			1,441,849,681			-			-

Net asset value, offering and redemption price per share for each class		$	1.0004		$	1.0000		$	1.00		$	1.00		$	1.00		$	1.00

Cost of Investments		$	2,363,115,640		$	222,957,432		$	19,837,472,979		$	55,129,031,234		$	1,226,616,538		$	151,290,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


29		Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2021


	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		$	5,304,722		$	347,608		$	22,906,414		$	39,213,423		$	1,359,111		$	141,719


Expenses:
Advisory fees			3,682,808			362,050			30,842,557			39,069,697			1,651,651			338,636

Administrative services fees			1,077,307			106,317			9,078,072			17,147,659			565,687			74,910

Custodian fees			20,349			11,653			880,897			2,355,252			17,559			4,401

Distribution fees:
Private Investment Class			9,354			2,693			1,048,044			1,598,160			38,315			25,535

Personal Investment Class			55			1,581			1,560,536			51,413			6,801			10,493

Cash Management Class			2,345			400			337,881			433,409			211			3,846

Reserve Class			2,367			757			5,315,780			3,943,150			636,492			195,443

Resource Class			724			100			298,448			224,545			227			3,251

Corporate Class			11			6			123,740			60,512			2,286			3

Transfer agent fees			220,968			21,723			1,850,553			3,516,273			114,899			15,239

Trustees’ and officers’ fees and benefits			60,736			26,698			360,492			579,772			45,166			25,687

Registration and filing fees			101,698			94,236			281,389			268,282			99,375			103,928

Reports to shareholders			26,084			20,895			78,111			231,219			22,870			49,806

Professional services fees			47,979			38,739			141,772			360,693			42,598			35,900

Other			128,322			51,770			327,756			779,472			99,236			33,770

Total expenses			5,381,107			739,618			52,526,028			70,619,508			3,343,373			920,848

Less: Fees waived			(1,111,003)			(416,484)			(31,868,399)			(41,370,765)			(2,117,448)			(796,323)

Net expenses			4,270,104			323,134			20,657,629			29,248,743			1,225,925			124,525

Net investment income			1,034,618			24,474			2,248,785			9,964,680			133,186			17,194

Realized and unrealized gain (loss) from:
Net realized gain from unaffiliated investment securities			2,613			552			30,818			542,485			47,304			-

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities			(496,709)			(2,800)			-			-			-			-

Net realized and unrealized gain (loss)			(494,096)			(2,248)			30,818			542,485			47,304			-

Net increase in net assets resulting from operations		$	540,522		$	22,226		$	2,279,603		$	10,507,165		$	180,490		$	17,194

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


30		Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2021 and 2020


	Invesco Liquid Assets Portfolio						Invesco STIC Prime Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	1,034,618		$	29,970,218		$	24,474		$	5,414,497

Net realized gain (loss)		2,613			(15,623	)		552			78

Change in net unrealized appreciation (depreciation)		(496,709	)		45,074			(2,800	)		(41,714	)

Net increase in net assets resulting from operations		540,522			29,999,669			22,226			5,372,861


Distributions to shareholders from distributable earnings:
Institutional Class		(1,033,839	)		(29,817,713	)		(24,275	)		(5,392,900	)

Private Investment Class		(318	)		(36,868	)		(92	)		(11,032	)

Personal Investment Class		(4	)		(74	)		(31	)		(2,832	)

Cash Management Class		(359	)		(107,505	)		(52	)		(5,280	)

Reserve Class		(29	)		(1,504	)		(11	)		(1,098	)

Resource Class		(40	)		(3,570	)		(9	)		(1,140	)

Corporate Class		(13	)		(2,984	)		(4	)		(215	)

CAVU Securities Class		(16	)		-			-			-

Total distributions from distributable earnings		(1,034,618	)		(29,970,218	)		(24,474	)		(5,414,497	)


Share transactions-net:
Institutional Class		(201,574,311	)		114,142,968			(99,033,118	)		(331,356,151	)

Private Investment Class		(648,893	)		(1,176,345	)		(671,036	)		(71,436	)

Personal Investment Class		-			-			(302,491	)		(45,201	)

Cash Management Class		(24,434	)		(6,335,509	)		(7,793	)		(96,257	)

Reserve Class		(62,582	)		(24,329	)		(18,402	)		(167,883	)

Resource Class		(3,337	)		2,906			(122,205	)		(674	)

Corporate Class		(15,522	)		(287,979	)		4			251

CAVU Securities Class		100,002			-			-			-

Net increase (decrease) in net assets resulting from share transactions		(202,229,077	)		106,321,712			(100,155,041	)		(331,737,351	)

Net increase (decrease) in net assets		(202,723,173	)		106,351,163			(100,157,289	)		(331,778,987	)


Net assets:
Beginning of year		2,565,611,908			2,459,260,745			323,177,635			654,956,622

End of year	$	2,362,888,735		$	2,565,611,908		$	223,020,346		$	323,177,635

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


31		Short-Term Investments Trust

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco Treasury Portfolio						Invesco Government & Agency Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	2,248,785		$	163,580,411		$	9,964,680		$	264,467,683

Net realized gain (loss)		30,818			139,394			542,485			(189,477	)

Net increase in net assets resulting from operations		2,279,603			163,719,805			10,507,165			264,278,206


Distributions to shareholders from distributable earnings:
Institutional Class		(2,005,555	)		(146,246,982	)		(9,402,663	)		(254,196,609	)

Private Investment Class		(35,458	)		(3,446,279	)		(120,583	)		(4,200,784	)

Personal Investment Class		(28,813	)		(2,137,800	)		(2,025	)		(89,620	)

Cash Management Class		(42,921	)		(3,199,903	)		(128,425	)		(2,683,953	)

Reserve Class		(62,101	)		(1,117,598	)		(105,814	)		(1,290,595	)

Resource Class		(18,705	)		(4,967,684	)		(32,727	)		(1,599,458	)

Corporate Class		(41,758	)		(2,664,191	)		(52,287	)		(439,777	)

CAVU Securities Class		(13,474	)		-			(120,156	)		-

Total distributions from distributable earnings		(2,248,785	)		(163,780,437	)		(9,964,680	)		(264,500,796	)


Share transactions-net:
Institutional Class		(2,122,806,791	)		498,579,949			19,204,558,855			256,030,543

Private Investment Class		(118,976,592	)		(83,191,362	)		(76,121,055	)		49,500,711

Personal Investment Class		(16,713,545	)		(78,430,874	)		(4,169,839	)		(2,461,469	)

Cash Management Class		80,255,547			(24,723,778	)		316,471,282			66,475,768

Reserve Class		286,064,751			292,043,533			7,054,623			103,651,946

Resource Class		(582,467,587	)		3,118,922			(25,248,184	)		(37,467,649	)

Corporate Class		(867,085,822	)		704,514,058			1,050,827,823			(9,080,725	)

CAVU Securities Class		547,040,941			-			1,441,849,681			-

Net increase (decrease) in net assets resulting from share transactions		(2,794,689,098	)		1,311,910,448			21,915,223,186			426,649,125

Net increase (decrease) in net assets		(2,794,658,280	)		1,311,849,816			21,915,765,671			426,426,535


Net assets:
Beginning of year		22,643,489,405			21,331,639,589			31,862,077,188			31,435,650,653

End of year	$	19,848,831,125		$	22,643,489,405		$	53,777,842,859		$	31,862,077,188

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


32		Short-Term Investments Trust

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco Treasury Obligations Portfolio								Invesco Tax-Free Cash Reserve Portfolio
	2021				2020				2021				2020
Operations:
Net investment income		$	133,186			$	10,091,353			$	17,194			$	1,534,657

Net realized gain (loss)			47,304				(57,411	)			-				-

Net increase in net assets resulting from operations			180,490				10,033,942				17,194				1,534,657


Distributions to shareholders from distributable earnings:
Institutional Class			(123,225	)			(9,782,969	)			(12,978	)			(1,172,112	)

Private Investment Class			(1,559	)			(65,930	)			(1,039	)			(106,524	)

Personal Investment Class			(128	)			(898	)			(195	)			(7,119	)

Cash Management Class			(29	)			(16,009	)			(490	)			(177,298	)

Reserve Class			(7,454	)			(212,244	)			(2,280	)			(50,307	)

Resource Class			(17	)			(1,150	)			(208	)			(21,222	)

Corporate Class			(774	)			(12,153	)			(4	)			(75	)

Total distributions from distributable earnings			(133,186	)			(10,091,353	)			(17,194	)			(1,534,657	)


Share transactions-net:
Institutional Class			(306,942,642	)			325,218,196				(32,730,801	)			(10,043,247	)

Private Investment Class			220,502				4,941,082				(580,210	)			(10,353,451	)

Personal Investment Class			3,070,903				630,111				(1,906,614	)			1,041,703

Cash Management Class			(87,640	)			(1,553,674	)			(893,331	)			(21,806,010	)

Reserve Class			19,907,010				(123,709	)			(10,596,705	)			6,820,117

Resource Class			(51,953	)			16,515				(1,527,247	)			1,886,657

Corporate Class			(5,409,097	)			10,431,998				-				85

Net increase (decrease) in net assets resulting from share transactions			(289,292,917	)			339,560,519				(48,234,908	)			(32,454,146	)

Net increase (decrease) in net assets			(289,245,613	)			339,503,108				(48,234,908	)			(32,454,146	)


Net assets:
Beginning of year			1,450,893,804				1,111,390,696				200,043,127				232,497,273

End of year		$	1,161,648,191			$	1,450,893,804			$	151,808,219			$	200,043,127

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


33		Short-Term Investments Trust

Financial Highlights

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 (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 investment income to average net assets
Invesco Liquid Assets Portfolio
Year ended 08/31/21		$	1.0006		$	0.0003		$	(0.0002	)		$	0.0001		$	(0.0003	)		$	-			$	(0.0003	)		$	1.0004		0.01	%		$	23		0.19	%		0.25	%		0.03	%
Year ended 08/31/20			1.0004			0.0123			(0.0006	)			0.0117			(0.0115	)			-				(0.0115	)			1.0006		1.17				39		0.21			0.25			1.23
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
Invesco STIC Prime Portfolio
Year ended 08/31/21			1.0000			0.0001			(0.0000	)			0.0001			(0.0001	)			-				(0.0001	)			1.0000		0.01				21		0.13			0.33			0.01
Year ended 08/31/20			1.0001			0.0114			(0.0013	)			0.0101			(0.0102	)			-				(0.0102	)			1.0000		1.03				21		0.21			0.29			1.13
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
Invesco Treasury Portfolio
Year ended 08/31/21			1.00			0.00			0.00				0.00			(0.00	)			-				(0.00	)			1.00		0.01				266,548		0.10			0.24			0.01
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			0.24			0.83
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
Invesco Government & Agency Portfolio
Year ended 08/31/21			1.00			0.00			0.00				0.00			(0.00	)			-				(0.00	)			1.00		0.02				1,082,096		0.08			0.19			0.02
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			0.18			0.82
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
Invesco Treasury Obligations Portfolio
Year ended 08/31/21			1.00			0.00			0.00				0.00			(0.00	)			-				(0.00	)			1.00		0.01				5,033		0.10			0.24			0.01
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			0.23			0.81
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
Invesco Tax-Free Cash Reserve Portfolio
Year ended 08/31/21			1.00			0.00			-				0.00			(0.00	)			-				(0.00	)			1.00		0.01				10		0.07			0.43			0.01
Year ended 08/31/20			1.00			0.01			-				0.01			(0.01	)			-				(0.01	)			1.00		0.74				10		0.20			0.37			0.75
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

^(a)	Calculated using average shares outstanding.

^(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


34		Short-Term Investments Trust

Notes to Financial Statements

August 31, 2021

NOTE 1–Significant Accounting Policies

Invesco Liquid Assets Portfolio determines its NAV per share multiple times each day.

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

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.

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

B.	Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is


35		Short-Term Investments Trust

recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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.


36		Short-Term Investments Trust

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

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.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


	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, 2021, 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%


37		Short-Term Investments Trust


		Private	Personal	Cash				CAVU
	Institutional	Investment	Investment	Management	Reserve	Resource	Corporate	Securities
	Class	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%	0.18%
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%	0.18%
Invesco Government & Agency Portfolio	0.18%	0.48%	0.73%	0.26%	1.05%	0.34%	0.21%	0.18%
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%	-

For the year ended August 31, 2021, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


		Expense Limitation
Invesco Liquid Assets Portfolio		$ 946,890
Invesco STIC Prime Portfolio		299,622
Invesco Treasury Portfolio		6,830,582
Invesco Government & Agency Portfolio		-
Invesco Treasury Obligations Portfolio		361,074
Invesco Tax-Free Cash Reserve Portfolio		342,621

Voluntary fee waivers for the year ended August 31, 2021 are shown below:


			Private		Personal		Cash
			Investment		Investment		Management		Reserve		Resource		Corporate
	Fund Level		Class		Class		Class		Class		Class		Class
Invesco Liquid Assets Portfolio	$	151,393	$	8,295	$	53	$	1,475	$	2,280	$	611	$ 6
Invesco STIC Prime Portfolio		111,324		2,693		1,582		401		756		99	7
Invesco Treasury Portfolio		16,380,981		1,044,600		1,557,907		334,641		5,311,227		292,921	115,540
Invesco Government & Agency Portfolio		35,089,442		1,587,507		51,169		425,384		3,935,502		221,813	59,948
Invesco Treasury Obligations Portfolio		1,072,242		38,278		6,799		209		636,358		227	2,261
Invesco Tax-Free Cash Reserve Portfolio		215,131		25,535		10,493		3,846		195,443		3,251	3


38		Short-Term Investments Trust


	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%

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

NOTE 3–Additional Valuation Information


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

NOTE 4–Security Transactions with Affiliated Funds


	Securities Purchases			Securities Sales		Net Realized Gains
Invesco Liquid Assets Portfolio		$	65,476,811		$102,280,976		$	-
Invesco STIC Prime Portfolio			9,575,329		21,370,331			-
Invesco Tax-Free Cash Reserve Portfolio			171,264,956		187,032,086			-

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.


39		Short-Term Investments Trust

NOTE 6–Cash Balances

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, 2021 and 2020


	2021						2020
	Ordinary Income*			Ordinary Income-Tax- Exempt			Ordinary Income*			Ordinary Income-Tax- Exempt			Long-Term Capital Gains
Invesco Liquid Assets Portfolio		$	1,034,618		$	-		$	29,970,218		$	-		$	-
Invesco STIC Prime Portfolio			24,474			-			5,414,497			-			-
Invesco Treasury Portfolio			2,248,785			-			163,582,316			-			198,121
Invesco Government & Agency Portfolio			9,964,680			-			264,469,100			-			31,696
Invesco Treasury Obligations Portfolio			133,186			-			10,091,353			-			-
Invesco Tax-Free Cash Reserve Portfolio			5,579			11,615			-			1,534,657			-

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
Invesco Liquid Assets Portfolio		$	173,842		$	-		$	(2,782,386	)		$	162,920			$	(13,010	)		$	2,365,347,369		$	2,362,888,735
Invesco STIC Prime Portfolio			-			-			(746,256	)			(234	)			-				223,766,836			223,020,346
Invesco Treasury Portfolio			649,173			2,727			(1,824,934	)			(32,012	)			-				19,850,036,171			19,848,831,125
Invesco Government & Agency Portfolio			1,536,646			-			(974,903	)			(1,167	)			-				53,777,282,283			53,777,842,859
Invesco Treasury Obligations Portfolio			79,762			-			(92,306	)			(22,651	)			(13,241	)			1,161,696,627			1,161,648,191
Invesco Tax-Free Cash Reserve Portfolio			-			-			(260,296	)			-				(19,092	)			152,087,607			151,808,219


40		Short-Term Investments Trust

The Funds have a capital loss carryforward as of August 31, 2021, as follows:


Fund	Not Subject to Expiration			Total*
Invesco Liquid Assets Portfolio		$	13,010		$	13,010
Invesco Treasury Obligations Portfolio			13,241			13,241
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, 2021
	Federal Tax Cost*			Unrealized Appreciation			Unrealized (Depreciation)				Net Unrealized Appreciation (Depreciation)
Invesco Liquid Assets Portfolio		$	2,363,115,640		$	169,949		$	(7,029	)		$	162,920
Invesco STIC Prime Portfolio			222,957,432			396			(630	)			(234	)
Invesco Treasury Portfolio			19,837,504,991			-			(32,012	)			(32,012	)
Invesco Government & Agency Portfolio			55,129,032,401			-			(1,167	)			(1,167	)
Invesco Treasury Obligations Portfolio			1,226,639,189			-			(22,651	)			(22,651	)

NOTE 9–Reclassification of Permanent Differences


	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
Invesco Liquid Assets Portfolio		$	(2,780,000	)		$	-			$	2,780,000
Invesco STIC Prime Portfolio			(1,517,829	)			(552	)			1,518,381
Invesco Treasury Portfolio			(1,819,350	)			-				1,819,350
Invesco Government & Agency Portfolio			354,175				(354,175	)			-
Invesco Treasury Obligations Portfolio			-				-				-
Invesco Tax-Free Cash Reserve Portfolio			(155,342	)			-				155,342

NOTE 10–Share Information

Invesco Liquid Assets Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)				2020
	Shares		Amount		Shares		Amount

Sold:
Institutional Class		17,486,805,323	$	17,494,025,296		15,429,264,962	$	15,436,049,996

Private Investment Class		371,715		371,900		556,769		556,939

Cash Management Class		6,058		6,061		57,447,877		57,471,129

Reserve Class		79,579		79,611		64,898		64,918

Resource Class		-		-		601		601

Corporate Class		1,001		1,001		172,360		172,517

CAVU Securities Class^(b)		99,962		100,002		-		-


41		Short-Term Investments Trust

NOTE 10–Share Information–(continued)


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:
Institutional Class		182,613		$	182,698			6,416,422		$	6,418,790

Private Investment Class		207			207			32,532			32,543

Cash Management Class		359			359			81,549			81,575

Reserve Class		28			28			1,504			1,504

Resource Class		37			37			3,570			3,570

Corporate Class		13			13			2,984			2,984


Reacquired:
Institutional Class		(17,688,475,913	)		(17,695,782,305	)		(15,321,899,211	)		(15,328,325,818	)

Private Investment Class		(1,020,552	)		(1,021,000	)		(1,765,341	)		(1,765,827	)

Cash Management Class		(30,840	)		(30,854	)		(63,868,033	)		(63,888,213	)

Reserve Class		(142,165	)		(142,221	)		(90,719	)		(90,751	)

Resource Class		(3,373	)		(3,374	)		(1,265	)		(1,265	)

Corporate Class		(16,529	)		(16,536	)		(463,261	)		(463,480	)

Net increase (decrease) in share activity		(202,142,477	)	$	(202,229,077	)		105,958,198		$	106,321,712

^(a)	57% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	Commencement date of December 18, 2020.


42		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco STIC Prime Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		1,439,605,312		$	1,439,605,312			1,515,191,563		$	1,515,273,645

Private Investment Class		17,500			17,500			46,700			46,700

Personal Investment Class		-			-			561			561

Cash Management Class		7,472			7,472			-			-

Reserve Class		4			4			281			281

Resource Class		-			-			182			182

Corporate Class		1,000			1,000			36			36


Issued as reinvestment of dividends:

Institutional Class		14,063			14,063			4,489,681			4,489,681

Private Investment Class		91			91			11,032			11,032

Personal Investment Class		27			27			2,832			2,832

Cash Management Class		15			15			3,278			3,278

Reserve Class		7			7			1,098			1,098

Resource Class		7			7			1,140			1,140

Corporate Class		4			4			215			215


Reacquired:

Institutional Class		(1,538,652,493	)		(1,538,652,493	)		(1,851,039,089	)		(1,851,119,477	)

Private Investment Class		(688,627	)		(688,627	)		(129,157	)		(129,168	)

Personal Investment Class		(302,518	)		(302,518	)		(48,590	)		(48,594	)

Cash Management Class		(15,280	)		(15,280	)		(99,534	)		(99,535	)

Reserve Class		(18,413	)		(18,413	)		(169,247	)		(169,262	)

Resource Class		(122,212	)		(122,212	)		(1,996	)		(1,996	)

Corporate Class		(1,000	)		(1,000	)		-			-

Net increase (decrease) in share activity		(100,155,041	)	$	(100,155,041	)		(331,739,014	)	$	(331,737,351	)

^(a)


43		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		209,389,908,080		$	209,389,908,080			182,665,163,108		$	182,665,163,108

Private Investment Class		564,708,648			564,708,648			1,486,970,970			1,486,970,970

Personal Investment Class		1,460,181,973			1,460,181,973			2,422,880,087			2,422,880,087

Cash Management Class		834,202,437			834,202,437			861,417,932			861,417,932

Reserve Class		2,267,218,779			2,267,218,779			1,819,500,275			1,819,500,275

Resource Class		271,542,723			271,542,723			333,477,473			333,477,473

Corporate Class		4,259,846,179			4,259,846,179			6,641,915,581			6,641,915,581

CAVU Securities Class^(b)		1,619,862,326			1,619,862,326			-			-


Issued as reinvestment of dividends:
Institutional Class		497,496			497,496			45,062,613			45,062,613

Private Investment Class		11,961			11,961			1,524,217			1,524,217

Personal Investment Class		28,558			28,558			2,137,800			2,137,800

Cash Management Class		39,490			39,490			3,199,903			3,199,903

Reserve Class		56,643			56,643			1,117,598			1,117,598

Resource Class		4,380			4,380			377,525			377,525

Corporate Class		26,745			26,745			2,642,981			2,642,981


Reacquired:
Institutional Class		(211,513,212,367	)		(211,513,212,367	)		(182,211,645,772	)		(182,211,645,772	)

Private Investment Class		(683,697,201	)		(683,697,201	)		(1,571,686,549	)		(1,571,686,549	)

Personal Investment Class		(1,476,924,076	)		(1,476,924,076	)		(2,503,448,761	)		(2,503,448,761	)

Cash Management Class		(753,986,380	)		(753,986,380	)		(889,341,613	)		(889,341,613	)

Reserve Class		(1,981,210,671	)		(1,981,210,671	)		(1,528,574,340	)		(1,528,574,340	)

Resource Class		(854,014,690	)		(854,014,690	)		(330,736,076	)		(330,736,076	)

Corporate Class		(5,126,958,746	)		(5,126,958,746	)		(5,940,044,504	)		(5,940,044,504	)

CAVU Securities Class		(1,072,821,385	)		(1,072,821,385	)		-			-

Net increase (decrease) in share activity		(2,794,689,098	)	$	(2,794,689,098	)		1,311,910,448		$	1,311,910,448

^(a)

^(b)	Commencement date of December 18, 2020.


44		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Government & Agency Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		287,998,117,369		$	287,998,117,369			262,928,153,701		$	262,928,153,701

Private Investment Class		1,566,476,737			1,566,476,737			2,584,479,157			2,584,479,157

Personal Investment Class		8,460,874			8,460,874			62,737,197			62,737,197

Cash Management Class		1,020,500,616			1,020,500,616			657,577,573			657,577,573

Reserve Class		1,184,114,517			1,184,114,517			1,172,921,187			1,172,921,187

Resource Class		1,448,949,173			1,448,949,173			1,825,896,962			1,825,896,962

Corporate Class		2,472,495,311			2,472,495,311			820,373,313			820,373,313

CAVU Securities Class^(b)		11,182,358,336			11,182,358,336			-			-


Issued as reinvestment of dividends:
Institutional Class		2,364,199			2,364,199			73,415,945			73,415,945

Private Investment Class		77,027			77,027			3,046,192			3,046,192

Personal Investment Class		1,664			1,664			89,620			89,620

Cash Management Class		62,947			62,947			2,363,772			2,363,772

Reserve Class		96,732			96,732			1,290,595			1,290,595

Resource Class		22,306			22,306			1,403,826			1,403,826

Corporate Class		20,996			20,996			26,956			26,956

CAVU Securities Class		68,987			68,987			-			-


Reacquired:
Institutional Class		(268,795,922,713	)		(268,795,922,713	)		(262,745,539,103	)		(262,745,539,103	)

Private Investment Class		(1,642,674,819	)		(1,642,674,819	)		(2,538,024,638	)		(2,538,024,638	)

Personal Investment Class		(12,632,377	)		(12,632,377	)		(65,288,286	)		(65,288,286	)

Cash Management Class		(704,092,281	)		(704,092,281	)		(593,465,577	)		(593,465,577	)

Reserve Class		(1,177,156,626	)		(1,177,156,626	)		(1,070,559,836	)		(1,070,559,836	)

Resource Class		(1,474,219,663	)		(1,474,219,663	)		(1,864,768,437	)		(1,864,768,437	)

Corporate Class		(1,421,688,484	)		(1,421,688,484	)		(829,480,994	)		(829,480,994	)

CAVU Securities Class		(9,740,577,642	)		(9,740,577,642	)		-			-

Net increase in share activity		21,915,223,186		$	21,915,223,186			426,649,125		$	426,649,125

^(a)

^(b)	Commencement date of December 18, 2020.


45		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Obligations Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		1,758,486,047		$	1,758,486,047			2,007,630,177		$	2,007,630,177

Private Investment Class		8,037,650			8,037,650			17,752,712			17,752,712

Personal Investment Class		6,051,798			6,051,798			12,396,845			12,396,845

Cash Management Class		-			-			38,202,008			38,202,008

Reserve Class		332,356,357			332,356,357			108,199,892			108,199,892

Resource Class		52,034			52,034			2,952,538			2,952,538

Corporate Class		129			129			16,000,000			16,000,000


Issued as reinvestment of dividends:
Institutional Class		69,137			69,137			1,687,442			1,687,442

Private Investment Class		1,543			1,543			65,930			65,930

Personal Investment Class		102			102			282			282

Cash Management Class		27			27			16,009			16,009

Reserve Class		7,165			7,165			212,244			212,244

Resource Class		3			3			424			424

Corporate Class		774			774			11,998			11,998


Reacquired:
Institutional Class		(2,065,497,826	)		(2,065,497,826	)		(1,684,099,423	)		(1,684,099,423	)

Private Investment Class		(7,818,691	)		(7,818,691	)		(12,877,560	)		(12,877,560	)

Personal Investment Class		(2,980,997	)		(2,980,997	)		(11,767,016	)		(11,767,016	)

Cash Management Class		(87,667	)		(87,667	)		(39,771,691	)		(39,771,691	)

Reserve Class		(312,456,512	)		(312,456,512	)		(108,535,845	)		(108,535,845	)

Resource Class		(103,990	)		(103,990	)		(2,936,447	)		(2,936,447	)

Corporate Class		(5,410,000	)		(5,410,000	)		(5,580,000	)		(5,580,000	)

Net increase (decrease) in share activity		(289,292,917	)	$	(289,292,917	)		339,560,519		$	339,560,519

^(a)

In addition, 60% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


46		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		147,021,640		$	147,021,640			310,891,005		$	310,891,005

Private Investment Class		2,274,008			2,274,008			11,295,911			11,295,911

Personal Investment Class		7,107,975			7,107,975			11,189,176			11,189,176

Cash Management Class		6,420,817			6,420,817			7,389,500			7,389,500

Reserve Class		28,135,345			28,135,345			58,297,928			58,297,928

Resource Class		394,392			394,392			4,102,971			4,102,971

Corporate Class		-			-			10			10


Issued as reinvestment of dividends:
Institutional Class		7,749			7,749			770,263			770,263

Private Investment Class		832			832			106,524			106,524

Personal Investment Class		195			195			7,119			7,119

Cash Management Class		230			230			164,121			164,121

Reserve Class		2,280			2,280			50,307			50,307

Resource Class		205			205			21,121			21,121

Corporate Class		-			-			75			75


Reacquired:
Institutional Class		(179,760,190	)		(179,760,190	)		(321,704,515	)		(321,704,515	)

Private Investment Class		(2,855,050	)		(2,855,050	)		(21,755,886	)		(21,755,886	)

Personal Investment Class		(9,014,784	)		(9,014,784	)		(10,154,592	)		(10,154,592	)

Cash Management Class		(7,314,378	)		(7,314,378	)		(29,359,631	)		(29,359,631	)

Reserve Class		(38,734,330	)		(38,734,330	)		(51,528,118	)		(51,528,118	)

Resource Class		(1,921,844	)		(1,921,844	)		(2,237,435	)		(2,237,435	)

Net increase (decrease) in share activity		(48,234,908	)	$	(48,234,908	)		(32,454,146	)	$	(32,454,146	)

^(a)


47		Short-Term Investments Trust

Report of Independent Registered Public Accounting Firm

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 (constituting Short-Term Investments Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2021, including the related notes, and the financial highlights of the Corporate Class for each of the five years in the period ended August 31, 2021 (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, 2021, 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, 2021 and each of the financial highlights of the Corporate Class for each of the five years in the period ended August 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 25, 2021


48		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, 2021 through August 31, 2021.

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
		ACTUAL		(5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
Corporate Class	(03/01/21)	(08/31/21)¹	Period²	(08/31/21)	Period²	Ratio
Invesco Liquid Assets Portfolio	$1,000.00	$1,000.10	$0.86	$1,024.35	$0.87	0.17%
Invesco STIC Prime Portfolio	1,000.00	1,000.10	0.55	1,024.65	0.56	0.11
Invesco Treasury Portfolio	1,000.00	1,000.10	0.30	1,024.90	0.31	0.06
Invesco Government & Agency Portfolio	1,000.00	1,000.10	0.20	1,025.00	0.20	0.04
Invesco Treasury Obligations Portfolio	1,000.00	1,000.10	0.30	1,024.90	0.31	0.06
Invesco Tax-Free Cash Reserve Portfolio	1,000.00	1,000.10	0.25	1,024.95	0.26	0.05

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 184/365 to reflect the most recent fiscal half year.


49		Short-Term Investments Trust

Approval of Investment Advisory and Sub-Advisory Contracts

The Board’s Evaluation Process

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for

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


50		Short-Term Investments Trust

B.	Fund Investment Performance

Invesco Government & Agency Portfolio

Invesco Liquid Assets Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the second 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, which did not change its conclusions.

Invesco STIC Prime Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the third 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 reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. 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, which did not change its conclusions

Invesco Tax-Free Cash Reserve Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Tax-Free National Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the second 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 reasonably comparable to the Index for the one and five year periods and the same as the three year period. 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, which did not change its conclusions.

Invesco Treasury Obligations Portfolio

Invesco Treasury Portfolio

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio, Invesco STIC Prime Portfolio and Invesco Treasury Portfolio


51		Short-Term Investments Trust

each Fund’s total expense ratio and its various components.

Invesco Liquid Assets Portfolio and Invesco Treasury Obligations Portfolio

management reasons for such relative total expenses.

Invesco Tax-Free Cash Reserve Portfolio

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit

D.	Economies of Scale and Breakpoints

Invesco Government & Agency Portfolio, Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Tax-Free Cash Reserve Portfolio and Invesco Treasury Portfolio

Invesco Treasury Obligations Portfolio


52		Short-Term Investments Trust

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates


53		Short-Term Investments Trust

Tax Information

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, 2021:

Federal and State Income Tax


	Business Interest Income*		Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Tax-Exempt Interest Dividend*
Invesco Liquid Assets Portfolio		99.55%		0.00	%		0.00	%		1.79	%		0.00	%
Invesco STIC Prime Portfolio		58.31%		0.00	%		0.00	%		0.05	%		0.00	%
Invesco Treasury Portfolio		99.85%		0.00	%		0.00	%		87.39	%		0.00	%
Invesco Government & Agency Portfolio		99.21%		0.00	%		0.00	%		91.17	%		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	%		67.55	%

*	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		$	-		0.00	%
Invesco STIC Prime Portfolio			-		0.00	%
Invesco Treasury Portfolio			-		100.00	%
Invesco Government & Agency Portfolio			354,175		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.


54		Short-Term Investments Trust

Trustees and Officers


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)	184	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
Christopher L. Wilson – 1957 Trustee and Chair	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	184	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	184	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 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	184	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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	184	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	184	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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; and Trustee of certain Oppenheimer Funds	184	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	184	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP


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)
Prema Mathai-Davis – 1950 Trustee	1997	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	184	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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	184	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); 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 Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	184	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	184	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	184	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	184	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds


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)
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	184	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


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 and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; 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, Treasurer 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.; 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 and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., 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)
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, President and Chairman, Invesco Insurance Agency, Inc.; 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
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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; 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


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)
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.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President 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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


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

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


SEC file numbers: 811-02729 and 002-58287		Invesco Distributors, Inc.		CM-STIT-AR-2



		Annual Report to Shareholders		August 31, 2021

		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

Unless otherwise stated, information presented in this report is as of August 31, 2021, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Table of Contents


Fund Data			3

Fund Objectives and Strategies			4

Fund Composition by Maturity			5

Schedules of Investments			6

Financial Statements			28

Financial Highlights			34

Notes to Financial Statements			35

Report of Independent Registered Public Accounting Firm			48

Fund Expenses			49

Approval of Investment Advisory and Sub-Advisory Contracts			50

Tax Information			54

Trustees and Officers			T-1

Fund Data



Cash Management Class data as of 8/31/21

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	33 - 52 days	48 days	68 days	$2.9 million
Invesco STIC Prime¹	4 - 15 days	11 days	12 days	496.0 thousand
Invesco Treasury²	25 - 55 days	48 days	116 days	452.2 million
Invesco Government & Agency²	19 - 57 days	37 days	102 days	748.0 million
Invesco Treasury Obligations²	37 - 58 days	39 days	108 days	253.0 thousand
Invesco Tax-Free Cash Reserve³	7 - 16 days	13 days	13 days	4.6 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.

3 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.

Invesco STIC Prime Portfolio

Invesco STIC Prime Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

Invesco Treasury Portfolio

Invesco Treasury Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

Invesco Government & Agency Portfolio

Invesco Government & Agency Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

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.

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.

4 Short-Term Investments Trust

Fund Composition by Maturity



In days, as of 8/31/21
	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	44.6%	65.5%		60.9%		52.2%		8.6%		90.1%

8 - 30	2.3	16.3		0.0		11.7		48.0		1.6

31 - 60	13.6	18.2		1.2		2.9		2.7		2.0

61 - 90	17.3	0.0		2.3		2.2		6.4		2.6

91 - 180	7.8	0.0		7.6		9.3		15.2		3.7

181+	14.4	0.0		28.0		21.7		19.1		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.

5 Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Liquid Assets Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Commercial Paper-44.60%^(a)
Asset-Backed Securities - Fully Supported-3.17%
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.20%		09/02/2021	$	20,000	$ 19,999,913
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.18%		11/08/2021		55,000	54,991,461
							74,991,374

Asset-Backed Securities - Fully Supported Bank-8.49%
Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.08%)^(b)(c)(d)		0.15%		01/26/2022		50,000	50,007,500
Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.06%)^(b)(c)(d)		0.13%		02/18/2022		25,000	25,003,167
Bedford Row Funding Corp. (CEP - Royal Bank of Canada), (3 mo. USD LIBOR + 0.08%)^(b)(c)(d)		0.21%		10/21/2021		10,000	10,001,719
Concord Minutemen Capital Co. LLC (Multi - CEP’s)^(b)(c)		0.13%		10/08/2021		15,000	14,998,496
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.20%		09/03/2021		40,000	39,999,750
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.14%		10/25/2021		10,500	10,498,364
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)^(b)(c)		0.10%		09/02/2021		35,000	34,999,854
Versailles Commercial Paper LLC (CEP - Natixis S.A.), (1 mo. USD LIBOR + 0.09%)^(b)(c)(d)		0.18%		09/01/2021		15,000	15,001,038
							200,509,888

Consumer Finance-2.12%
Toyota Finance Australia Ltd.^(c)		0.14%		11/16/2021		50,000	49,988,771

Diversified Banks-26.13%
Agricultural Bank of China Ltd.^(b)(c)		0.17%		11/22/2021		70,000	69,968,852
ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.17%		04/04/2022		23,700	23,681,941
Barclays Bank PLC^(b)(c)		0.18%		09/10/2021		30,000	29,999,375
Barclays Bank PLC^(b)(c)		0.16%		12/03/2021		5,000	4,998,329
Barclays Bank PLC^(b)(c)		0.18%		01/06/2022		20,000	19,989,476
Barclays Bank PLC^(b)(c)		0.16%		02/10/2022		25,000	24,982,002
DBS Bank Ltd.^(b)(c)		0.16%		10/01/2021		50,000	49,995,910
Dexia Credit Local S.A.^(b)(c)		0.17%		02/28/2022		70,000	69,952,487
DNB Bank ASA^(b)(c)		0.05%		09/07/2021		39,000	38,999,659
HSBC Bank PLC^(b)(c)		0.26%		10/08/2021		25,000	24,995,408
National Australia Bank Ltd. (3 mo. USD LIBOR + 0.06%)^(b)(c)(d)		0.19%		11/10/2021		50,000	50,011,354
Natixis S.A.^(c)		0.20%		10/14/2021		35,000	34,996,792
Nordea Bank Abp^(b)(c)		0.13%		11/18/2021		50,000	49,991,112
Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.19%		10/01/2021		25,000	25,001,831
Royal Bank of Canada^(b)(c)		0.20%		06/16/2022		15,000	14,975,796
Toronto-Dominion Bank (The)^(b)(c)		0.21%		06/22/2022		25,000	24,965,993
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)^(b)(c)(d)		0.16%		07/08/2022		10,000	10,004,440
United Overseas Bank Ltd.^(b)(c)		0.27%		09/28/2021		25,000	24,998,367
United Overseas Bank Ltd.^(b)(c)		0.28%		10/04/2021		25,000	24,997,993
							617,507,117

Diversified Capital Markets-1.69%
UBS AG (3 mo. USD LIBOR + 0.07%)^(b)(c)(d)		0.22%		10/04/2021		10,000	10,000,347
UBS AG^(b)(c)		0.25%		08/18/2022		30,000	29,932,240
							39,932,587

Regional Banks-3.00%
ASB Finance Ltd.^(b)(c)		0.19%		11/10/2021		20,000	19,996,884

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Regional Banks-(continued)
ASB Finance Ltd.^(b)(c)		0.25%		03/18/2022	$	20,920	$ 20,904,851
ASB Finance Ltd.^(b)(c)		0.21%		07/08/2022		30,000	29,956,460
							70,858,195
Total Commercial Paper (Cost $1,053,659,584)							1,053,787,932

Certificates of Deposit-35.83%
Bank of Montreal^(c)		0.21%		06/24/2022		10,000	10,002,465
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%)^(c)(d)		0.18%		11/09/2021		20,000	20,004,002
Bank of Nova Scotia (The) (SOFR + 0.11%)^(c)(d)		0.16%		04/20/2022		50,000	49,999,380
Canadian Imperial Bank of Commerce^(c)		0.04%		09/01/2021		118,000	118,000,000
China Construction Bank Corp.^(c)		0.16%		11/22/2021		70,000	69,997,901
Credit Agricole Corporate & Investment Bank S.A.^(c)		0.05%		09/01/2021		68,000	68,000,000
Goldman Sachs Bank USA		0.17%		02/04/2022		35,000	35,001,217
Mizuho Bank Ltd.^(c)		0.08%		09/01/2021		64,418	64,418,489
Nordea Bank Abp^(c)		0.04%		09/01/2021		69,000	69,000,000
Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.18%		10/07/2021		25,000	25,001,655
Skandinaviska Enskilda Banken AB^(c)		0.04%		09/01/2021		118,000	118,000,000
Svenska Handelsbanken AB^(c)		0.03%		09/01/2021		105,000	105,000,000
Svenska Handelsbanken AB^(c)		0.21%		01/03/2022		14,300	14,304,959
Toronto-Dominion Bank (The) (SOFR + 0.20%)^(c)(d)		0.25%		02/16/2022		25,000	25,013,293
Westpac Banking Corp. (SOFR + 0.13%)^(c)(d)		0.18%		07/15/2022		55,000	55,007,268
Total Certificates of Deposit (Cost $846,716,057)							846,750,629

Variable Rate Demand Notes-3.97%^(e)
Credit Enhanced-3.97%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)(f)		0.13%		04/01/2047		9,200	9,199,999
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(f)		0.13%		05/01/2037		2,500	2,500,000
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		0.05%		08/01/2045		82,040	82,040,000
Total Variable Rate Demand Notes (Cost $93,739,999)							93,739,999
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-84.40% (Cost $1,994,115,640)							1,994,278,560

					Repurchase Amount

Repurchase Agreements-15.62%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2021, aggregate maturing value of $100,003,111 (collateralized by U.S. Treasury obligations, domestic and foreign corporate obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and domestic and foreign non-agency asset-backed securities valued at $103,174,606; 0.00% - 8.40%; 09/09/2021 - 07/20/2071)^(c)(h)		0.16%		09/07/2021		27,000,840	27,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $10,000,447 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, a domestic corporate obligation and a U.S. Treasury obligation valued at $10,316,976; 0.13% - 5.51%; 02/28/2023 - 07/20/2071)^(c)(h)		0.23%		09/01/2021		10,000,447	10,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $20,000,700 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $20,552,976; 0.08% - 6.30%; 10/01/2021 - 07/20/2071)^(c)(h)		0.18%		09/01/2021		20,000,700	20,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date	Repurchase Amount		Value
Citigroup Global Markets, Inc., joint open agreement dated 01/22/2021 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $203,550,733; 0.00% - 7.26%; 09/14/2022 - 12/01/2061)⁽ⁱ⁾		0.54%	09/01/2021	$	8,003,631	$	8,000,000


Citigroup Global Markets, Inc., joint open agreement dated 10/28/2020 (collateralized by domestic non-agency mortgage-backed securities, domestic non-agency asset-backed securities and domestic and foreign corporate obligations valued at $55,232,635; 0.00% - 7.70%; 10/27/2022 - 06/04/2081)⁽ⁱ⁾		0.54%	09/01/2021		10,004,504		10,000,000


Citigroup Global Markets, Inc., open agreement dated 10/02/2020 (collateralized by domestic and foreign corporate obligations valued at $55,001,324; 1.60% - 9.63%; 09/01/2025 - 07/01/2036)⁽ⁱ⁾		0.55%	09/01/2021		50,022,937		50,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $10,000,000 (collateralized by domestic and foreign non-agency asset-backed securities, foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $10,500,000; 0.04% - 4.70%; 08/21/2028 - 05/15/2061)^(c)(d)		0.33%	10/05/2021		2,000,000		2,000,000


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 $31,922,998; 0.00% - 8.75%; 12/01/2021 - 07/25/2059)⁽ⁱ⁾		0.46%	09/01/2021		15,005,697		15,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic and foreign corporate obligations valued at $110,000,292; 3.88% - 9.00%; 01/15/2024 - 04/01/2044)⁽ⁱ⁾		0.37%	09/01/2021		65,020,439		65,000,000


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by domestic and foreign equity securities valued at $15,753,648; 0.00% - 8.38%; 01/31/2028 - 06/23/2050)⁽ⁱ⁾		0.27%	09/01/2021		7,001,618		7,000,000


Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by domestic and foreign corporate obligations valued at $52,503,917; 0.45% - 5.01%; 11/01/2024 - 07/01/2051)^(c)(i)		0.20%	09/01/2021		25,004,319		25,000,000


Mizuho Securities (USA) LLC, joint open agreement dated 07/02/2021 (collateralized by domestic and foreign equity securities valued at $52,500,236; 0.00%)^(c)(i)		0.22%	09/01/2021		20,000,122		20,000,000


RBC Capital Markets LLC, joint agreement dated 08/31/2021, aggregate maturing value of $100,000,556 (collateralized by a foreign non-agency asset-backed security, domestic and foreign corporate obligations and foreign commercial paper valued at $105,000,765; 0.00% - 6.75%; 10/15/2021 - 06/01/2070)^(c)		0.20%	09/01/2021		20,000,111		20,000,000


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $63,611,054; 0.23% - 13.00%; 11/10/2021 - 08/01/2118)^(c)(i)		0.25%	09/01/2021		25,000,174		25,000,000


Societe Generale, joint open agreement dated 08/20/2021 (collateralized by domestic and foreign corporate obligations valued at $92,242,834; 0.20% - 11.88%; 06/27/2022 - 09/14/2077)^(c)(i)		0.18%	09/01/2021		65,000,325		65,000,000


Total Repurchase Agreements (Cost $369,000,000)							369,000,000


TOTAL INVESTMENTS IN SECURITIES^(j)(k)-100.02% (Cost $2,363,115,640)							2,363,278,560


OTHER ASSETS LESS LIABILITIES-(0.02)%							(389,825	)


NET ASSETS-100.00%						$	2,362,888,735

Investment Abbreviations:


CEP		-Credit Enhancement Provider
FEDL		-Federal Funds Effective Rate
LIBOR		-London Interbank Offered Rate
LOC		-Letter of Credit
OBFR		-Overnight Bank Funding Rate
RB		-Revenue Bonds
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.

8 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)

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)

^(c)

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.

^(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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(j)	Also represents cost for federal income tax purposes.

^(k)


Entities		Percentage
Svenska Handelsbanken AB		5.1%
Nordea Bank Abp		5.0
Credit Agricole S.A.		5.0

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco STIC Prime Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Certificates of Deposit-36.01%
BNP Paribas S.A.^(a)		0.06%		09/01/2021	$	11,000	$ 11,000,000
Canadian Imperial Bank of Commerce^(a)		0.04%		09/01/2021		11,000	11,000,000
Credit Agricole Corporate & Investment Bank S.A.^(a)		0.05%		09/01/2021		5,000	5,000,000
Mizuho Bank Ltd.^(a)		0.08%		09/01/2021		11,000	11,000,000
Nordea Bank Abp^(a)		0.04%		09/01/2021		11,000	11,000,000
Skandinaviska Enskilda Banken AB^(a)		0.04%		09/01/2021		11,000	11,000,000
Societe Generale S.A.^(a)		0.32%		09/17/2021		2,300	2,300,270
Sumitomo Mitsui Trust Bank Ltd.^(a)		0.08%		09/23/2021		7,000	7,000,022
Svenska Handelsbanken AB^(a)		0.03%		09/01/2021		11,000	11,000,000
Total Certificates of Deposit (Cost $80,300,129)							80,300,292

Commercial Paper-29.86%^(b)
Asset-Backed Securities - Fully Supported-3.14%
Ionic Capital III Trust (CEP - UBS AG)^(a)		0.11%		09/17/2021		7,000	6,999,716

Asset-Backed Securities - Fully Supported Bank-16.41%
Anglesea Funding LLC (Multi - CEP’s)^(a)(c)		0.10%		10/01/2021		8,000	7,999,345
Cancara Asset Securitisation LLC (CEP - Lloyds Bank LLC)^(a)(c)		0.10%		09/01/2021		2,000	1,999,996
Concord Minutemen Capital Co. LLC (Multi - CEP’s)^(a)(c)		0.10%		09/17/2021		7,000	6,999,716
Lexington Parker Capital Co. LLC (CEP - Natixis S.A.)^(a)(c)		0.11%		09/10/2021		7,000	6,999,846
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(a)(c)		0.12%		09/23/2021		1,000	999,942
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(a)(c)		0.11%		10/01/2021		4,600	4,599,624
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)^(a)(c)		0.10%		10/13/2021		7,000	6,999,206
							36,597,675

Diversified Banks-10.31%
Agricultural Bank of China Ltd.^(a)(c)		0.13%		10/25/2021		6,000	5,998,304
Banco Santander S.A.^(a)(c)		0.10%		10/22/2021		7,000	6,998,908
Industrial & Commercial Bank of China Ltd.^(a)(c)		0.11%		09/24/2021		5,000	4,999,660
Swedbank AB^(a)		0.06%		09/03/2021		5,000	4,999,986
							22,996,858
Total Commercial Paper (Cost $66,594,646)							66,594,249

Variable Rate Demand Notes-11.77%^(d)
Credit Enhanced-11.77%
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD RB (LOC - FHLB of Indianapolis)^(e)(f)		0.10%		12/01/2039		750	750,000
Jets Stadium Development LLC; Series 2007 A-4, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(a)(c)(f)		0.13%		04/01/2047		7,800	7,800,000
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(f)		0.13%		05/01/2037		3,050	3,050,000
Portland (Port of), OR (Portland International Airport); Subseries 2008 18-A, Ref. VRD RB (LOC - Industrial & Commercial Bank of China Ltd.)^(a)(e)(f)		0.04%		07/01/2026		570	570,000
Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB (CEP - FHLMC)^(e)		0.08%		06/01/2041		890	890,000
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		0.05%		08/01/2045		8,200	8,200,000
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)^(c)(f)		0.08%		01/01/2033		5,000	5,000,000
Total Variable Rate Demand Notes (Cost $26,260,000)							26,260,000
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-77.64% (Cost $173,154,775)							173,154,541

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco STIC Prime Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Repurchase Agreements-22.33%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2021, aggregate maturing value of $100,003,111 (collateralized by U.S. Treasury obligations, domestic and foreign corporate obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and domestic and foreign non-agency asset-backed securities valued at $103,174,606; 0.00% - 8.40%; 09/09/2021 - 07/20/2071)^(a)(h)		0.16%		09/07/2021	$	3,000,093	$ 3,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $3,000,105 (collateralized by domestic agency and non-agency mortgage-backed securities and foreign corporate obligations valued at $3,131,412; 0.95% - 6.21%; 09/11/2022 - 07/20/2051)^(a)(h)		0.18%		09/01/2021		3,000,105	3,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $3,000,134 (collateralized by a domestic non-agency mortgage-backed security and a foreign corporate obligation valued at $3,150,455; 0.95% - 3.33%; 01/22/2027 - 05/15/2062)^(a)(h)		0.23%		09/01/2021		3,000,134	3,000,000
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $10,000,000 (collateralized by domestic and foreign non-agency asset-backed securities, foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $10,500,000; 0.04% - 4.70%; 08/21/2028 - 05/15/2061)^(a)(i)		0.33%		10/05/2021		8,000,000	8,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by domestic and foreign equity securities valued at $15,753,648; 0.00% - 8.38%; 01/31/2028 - 06/23/2050)^(j)		0.27%		09/01/2021		8,001,849	8,000,000
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by domestic and foreign corporate obligations valued at $52,503,917; 0.45% - 5.01%; 11/01/2024 - 07/01/2051)^(a)(j)		0.20%		09/01/2021		7,001,209	7,000,000
RBC Capital Markets LLC, joint agreement dated 08/31/2021, aggregate maturing value of $100,000,556 (collateralized by a foreign non-agency asset-backed security, domestic and foreign corporate obligations and foreign commercial paper valued at $105,000,765; 0.00% - 6.75%; 10/15/2021 - 06/01/2070)^(a)		0.20%		09/01/2021		8,000,044	8,000,000
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $63,611,054; 0.23% - 13.00%; 11/10/2021 - 08/01/2118)^(a)(j)		0.25%		09/01/2021		5,000,035	5,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06%		09/01/2021		4,802,665	4,802,657
Total Repurchase Agreements (Cost $49,802,657)							49,802,657
TOTAL INVESTMENTS IN SECURITIES^(k)(l)-99.97% (Cost $222,957,432)							222,957,198
OTHER ASSETS LESS LIABILITIES-0.03%							63,148
NET ASSETS-100.00%							$223,020,346

Investment Abbreviations:


CEP		-Credit Enhancement Provider
FHLB		-Federal Home Loan Bank
FHLMC		-Federal Home Loan Mortgage Corp.
LOC		-Letter of Credit
RB		-Revenue Bonds
Ref.		-Refunding
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)

August 31, 2021

Invesco STIC Prime Portfolio–(continued)

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: Japan: 14.7%; Switzerland: 13.0%; France: 13.0%; Canada: 12.6%; Sweden: 12.1%; Netherlands: 6.7%; China: 5.2%; other countries less than 5% each: 9.0%.

^(b)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(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, 2021 was $67,394,547, which represented 30.22% of the Fund’s Net Assets.

^(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, 2021.

^(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, 2021.

^(j)	Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(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.

12 Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Treasury Portfolio


	Interest Rate		Maturity Date	Principal Amount (000)		Value
U.S. Treasury Securities-39.07%
U.S. Treasury Bills-3.43%^(a)
U.S. Treasury Bills		0.04%-0.05%	10/07/2021	$	230,335	$ 230,314,483
U.S. Treasury Bills		0.11%	12/02/2021		150,000	149,957,834
U.S. Treasury Bills		0.07%	06/16/2022		150,000	149,916,000
U.S. Treasury Bills		0.08%	07/14/2022		150,000	149,901,250
						680,089,567

U.S. Treasury Notes-35.64%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%	10/31/2021		450,000	450,057,692
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%	01/31/2022		500,000	499,930,751
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%	04/30/2022		744,000	744,295,573
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%	07/31/2022		450,000	450,007,504
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%	10/31/2022		605,000	604,987,984
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%	01/31/2023		100,000	100,000,000
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%	04/30/2023		250,500	250,513,490
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%	07/31/2023		627,000	627,026,147
U.S. Treasury Notes		1.38%	01/31/2022		200,000	201,076,487
U.S. Treasury Notes		1.50%	01/31/2022		165,000	165,974,159
U.S. Treasury Notes		1.88%	01/31/2022		200,000	201,493,851
U.S. Treasury Notes		2.50%	02/15/2022		300,000	303,305,676
U.S. Treasury Notes		1.13%	02/28/2022		100,000	100,515,124
U.S. Treasury Notes		2.38%	03/15/2022		250,000	253,064,728
U.S. Treasury Notes		1.75%	03/31/2022		300,000	302,897,976
U.S. Treasury Notes		1.88%	03/31/2022		100,000	101,024,476
U.S. Treasury Notes		1.75%	04/30/2022		200,000	202,206,942
U.S. Treasury Notes		1.75%	06/15/2022		200,000	202,607,488
U.S. Treasury Notes		0.13%	06/30/2022		200,000	200,058,176
U.S. Treasury Notes		1.75%	06/30/2022		100,000	101,367,436
U.S. Treasury Notes		2.13%	06/30/2022		200,000	203,367,765
U.S. Treasury Notes		1.75%	07/15/2022		200,000	202,868,812
U.S. Treasury Notes		0.13%	07/31/2022		200,000	200,073,756
U.S. Treasury Notes		1.88%	07/31/2022		250,000	254,067,706
U.S. Treasury Notes		1.50%	09/15/2022		150,000	152,203,664
						7,074,993,363
Total U.S. Treasury Securities (Cost $7,755,082,930)						7,755,082,930
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-39.07% (Cost $7,755,082,930)						7,755,082,930

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Portfolio–(continued)


	Interest Rate		Maturity Date	Repurchase Amount		Value
Repurchase Agreements-60.87%^(c)
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05%	09/01/2021	$	250,000,347	$ 250,000,000


Citigroup Global Markets, Inc., joint term agreement dated 08/26/2021, aggregate maturing value of $300,003,208 (collateralized by U.S. Treasury obligations valued at $306,000,020; 0.00%; 02/15/2046 - 11/15/2047)^(d)		0.06%	09/02/2021		120,001,283	120,000,000


Credit Agricole Corporate & Investment Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,001; 3.00% - 4.38%; 05/15/2040 - 08/15/2048)		0.05%	09/01/2021		250,000,347	250,000,000


Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(d)		0.05%	09/01/2021		100,004,722	100,000,000


DNB Bank ASA, agreement dated 08/31/2021, maturing value of $300,000,417 (collateralized by U.S. Treasury obligations valued at $306,000,080; 0.13% - 4.38%; 07/15/2026 - 05/15/2041)		0.05%	09/01/2021		300,000,417	300,000,000


Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $6,000,008,333 (collateralized by U.S. Treasury obligations valued at $6,000,008,395; 0.13% - 2.75%; 12/31/2022 - 05/15/2046)		0.05%	09/01/2021		6,000,008,333	6,000,000,000


Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06%	09/01/2021		335,000,512	335,000,000


Goldman Sachs & Co., agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,000; 0.00% - 1.50%; 08/15/2022 - 02/15/2042)		0.05%	09/01/2021		250,000,347	250,000,000


J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% - 1.88%; 09/16/2021 - 07/31/2023)^(e)		0.05%	09/01/2021		630,026,250	630,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(d)		0.07%	09/01/2021		100,001,767	100,000,406


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(d)		0.07%	09/01/2021		299,629,078	299,625,000


Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/25/2021, maturing value of $100,001,167 (collateralized by U.S. Treasury obligations valued at $102,001,248; 0.50% - 0.63%; 03/31/2025 - 08/15/2030)^(d)		0.06%	09/01/2021		100,001,167	100,000,000


Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $271,875,453 (collateralized by U.S. Treasury obligations valued at $276,195,250; 0.00%; 08/15/2027 - 08/15/2037)		0.06%	09/01/2021		271,875,453	271,875,000


Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $340,563,068 (collateralized by U.S. Treasury obligations valued at $347,231,500; 0.00%; 08/15/2033 - 02/15/2045)		0.06%	09/01/2021		340,563,068	340,562,500


RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,038; 0.00% - 3.00%; 09/30/2021 - 08/15/2051)^(d)		0.05%	11/17/2021		250,029,514	250,000,000


Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(e)		0.05%	09/01/2021		1,205,001,674	1,205,000,000


Societe Generale, joint term agreement dated 08/25/2021, aggregate maturing value of $250,002,431 (collateralized by U.S. Treasury obligations valued at $255,000,001; 0.00% - 6.88%; 09/09/2021 - 02/15/2049)^(d)		0.05%	09/01/2021		40,000,389	40,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Portfolio–(continued)


	Interest Rate		Maturity Date	Repurchase Amount		Value
Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(d)		0.05%	09/07/2021	$	200,001,944	$ 200,000,000


Standard Chartered Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,405; 0.09% - 3.88%; 02/15/2022 - 05/15/2051)		0.05%	09/01/2021		250,000,347	250,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 - 08/31/2024)		0.05%	09/01/2021		290,327,546	290,327,143


Wells Fargo Securities, LLC, agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by a U.S. Treasury obligation valued at $510,000,001; 2.00%; 02/15/2050)		0.05%	09/01/2021		500,000,694	500,000,000


Total Repurchase Agreements (Cost $12,082,390,049)						12,082,390,049


TOTAL INVESTMENTS IN SECURITIES-99.94% (Cost $19,837,472,979)						19,837,472,979


OTHER ASSETS LESS LIABILITIES-0.06%						11,358,146


NET ASSETS-100.00%						$19,848,831,125

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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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, 2021

Invesco Government & Agency Portfolio


	Interest Rate		Maturity Date	Principal Amount (000)		Value
U.S. Treasury Securities-32.73%
U.S. Treasury Bills-13.99%^(a)
U.S. Treasury Bills		0.02%	09/09/2021	$	1,000,000	$ 999,994,444
U.S. Treasury Bills		0.02%	09/16/2021		750,000	749,992,188
U.S. Treasury Bills		0.01%	09/21/2021		1,530,000	1,529,990,956
U.S. Treasury Bills		0.03%-0.14%	10/07/2021		380,000	379,978,750
U.S. Treasury Bills		0.05%	10/12/2021		250,000	249,985,763
U.S. Treasury Bills		0.14%	11/04/2021		75,000	74,982,000
U.S. Treasury Bills		0.05%	12/02/2021		1,379,424	1,379,267,091
U.S. Treasury Bills		0.05%	01/20/2022		200,000	199,960,833
U.S. Treasury Bills		0.06%	02/03/2022		300,000	299,928,958
U.S. Treasury Bills		0.05%	02/17/2022		651,866	651,712,992
U.S. Treasury Bills		0.07%	02/24/2022		50,000	49,982,889
U.S. Treasury Bills		0.06%	03/24/2022		10,000	9,996,600
U.S. Treasury Bills		0.06%	04/21/2022		250,000	249,895,278
U.S. Treasury Bills		0.07%	06/16/2022		400,000	399,777,999
U.S. Treasury Bills		0.08%	08/11/2022		300,000	299,770,667
						7,525,217,408

U.S. Treasury Notes-18.74%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%	10/31/2021		550,000	550,094,508
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%	01/31/2022		25,000	24,998,355
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%	04/30/2022		107,000	107,059,042
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%	07/31/2022		287,000	287,018,002
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%	10/31/2022		730,000	730,023,588
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%	01/31/2023		412,400	412,544,410
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%	04/30/2023		1,330,000	1,330,143,243
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%	07/31/2023		1,055,000	1,055,039,361
U.S. Treasury Notes		1.13%	09/30/2021		62,000	62,053,006
U.S. Treasury Notes		1.50%	09/30/2021		50,000	50,056,641
U.S. Treasury Notes		2.13%	09/30/2021		50,000	50,082,360
U.S. Treasury Notes		2.88%	11/15/2021		100,000	100,574,950
U.S. Treasury Notes		1.38%	01/31/2022		453,000	455,486,327
U.S. Treasury Notes		1.50%	01/31/2022		173,000	174,020,051
U.S. Treasury Notes		1.88%	01/31/2022		633,000	637,728,976
U.S. Treasury Notes		2.50%	02/15/2022		330,940	334,593,757
U.S. Treasury Notes		1.13%	02/28/2022		200,000	201,029,333
U.S. Treasury Notes		1.75%	02/28/2022		100,000	100,830,762
U.S. Treasury Notes		1.88%	02/28/2022		303,000	305,696,355
U.S. Treasury Notes		2.38%	03/15/2022		46,000	46,569,385
U.S. Treasury Notes		1.75%	03/31/2022		650,000	656,301,352
U.S. Treasury Notes		1.88%	03/31/2022		925,000	934,661,756

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. Treasury Notes-(continued)
U.S. Treasury Notes		1.88%		04/30/2022	$	150,000	$ 151,795,054
U.S. Treasury Notes		1.75%		05/15/2022		135,000	136,587,761
U.S. Treasury Notes		2.13%		05/15/2022		190,000	192,740,984
U.S. Treasury Notes		1.75%		06/30/2022		400,000	405,482,261
U.S. Treasury Notes		2.13%		06/30/2022		365,000	371,124,912
U.S. Treasury Notes		2.00%		07/31/2022		210,000	213,658,573
							10,077,995,065
Total U.S. Treasury Securities (Cost $17,603,212,473)							17,603,212,473

U.S. Government Sponsored Agency Securities-14.52%
Federal Farm Credit Bank (FFCB)-4.21%
Federal Farm Credit Bank (SOFR + 0.28%)^(b)		0.33%		10/01/2021		365,000	365,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		10/15/2021		100,000	100,000,306
Federal Farm Credit Bank		0.07%		02/09/2022		243,750	243,743,367
Federal Farm Credit Bank (SOFR + 0.10%)^(b)		0.15%		02/22/2022		16,555	16,555,000
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		03/10/2022		28,000	28,000,000
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14%		06/17/2022		65,000	65,000,000
Federal Farm Credit Bank (SOFR + 0.20%)^(b)		0.25%		06/23/2022		12,000	12,012,287
Federal Farm Credit Bank (SOFR + 0.19%)^(b)		0.24%		07/14/2022		28,000	28,000,000
Federal Farm Credit Bank (SOFR + 0.15%)^(b)		0.20%		07/28/2022		45,000	45,000,000
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		08/11/2022		108,000	108,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		08/26/2022		97,500	97,495,134
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14%		10/07/2022		30,000	30,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		10/12/2022		18,000	18,001,014
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		10/21/2022		20,000	20,000,000
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		11/03/2022		35,000	35,000,000
Federal Farm Credit Bank (SOFR + 0.01%)^(b)		0.06%		11/16/2022		185,000	184,995,466
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		11/18/2022		56,000	56,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		12/01/2022		74,000	74,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		12/28/2022		350,000	350,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		02/09/2023		18,000	18,000,000
Federal Farm Credit Bank (SOFR + 0.05%)^(b)		0.10%		02/17/2023		165,000	165,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		06/14/2023		58,000	58,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		07/07/2023		143,000	143,000,000
							2,260,802,574

Federal Home Loan Bank (FHLB)-7.82%
Federal Home Loan Bank^(a)		0.05%		09/01/2021		41,000	41,000,000
Federal Home Loan Bank^(a)		0.02%		09/10/2021		302,000	301,998,112
Federal Home Loan Bank^(a)		0.02%-0.03%		09/15/2021		396,675	396,671,120
Federal Home Loan Bank^(a)		0.03%		09/20/2021		104,500	104,498,345
Federal Home Loan Bank		0.04%		09/21/2021		85,000	85,000,000
Federal Home Loan Bank		0.04%		09/28/2021		392,000	391,998,235
Federal Home Loan Bank		0.04%		09/29/2021		252,110	252,108,842
Federal Home Loan Bank		0.03%		09/30/2021		350,000	349,995,568
Federal Home Loan Bank		0.04%		10/08/2021		439,000	438,997,382
Federal Home Loan Bank^(a)		0.01%		10/08/2021		3,100	3,099,952

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date	Principal Amount (000)		Value

Federal Home Loan Bank (FHLB)-(continued)
Federal Home Loan Bank		0.04%	10/29/2021	$	35,000	$ 34,999,545
Federal Home Loan Bank (SOFR + 0.17%)^(b)		0.22%	11/12/2021		127,000	127,000,000
Federal Home Loan Bank (SOFR + 0.15%)^(b)		0.20%	11/15/2021		355,000	355,000,000
Federal Home Loan Bank		0.07%	02/11/2022		34,560	34,559,065
Federal Home Loan Bank		0.05%	03/17/2022		200,000	199,985,373
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12%	04/14/2022		45,000	45,000,000
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12%	04/28/2022		28,000	28,000,000
Federal Home Loan Bank		0.06%	05/06/2022		29,000	28,997,847
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%	05/12/2022		35,000	35,000,000
Federal Home Loan Bank (SOFR + 0.13%)^(b)		0.18%	08/05/2022		80,000	80,000,000
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14%	08/19/2022		380,000	380,006,319
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14%	10/05/2022		80,000	80,000,000
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%	12/08/2022		63,200	63,203,547
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%	12/16/2022		3,500	3,501,373
Federal Home Loan Bank (SOFR + 0.04%)^(b)		0.09%	05/19/2023		221,000	221,000,000
Federal Home Loan Bank (SOFR + 0.03%)^(b)		0.08%	06/07/2023		125,000	125,000,000
						4,206,620,625

Federal Home Loan Mortgage Corp. (FHLMC)-1.39%
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)^(b)		0.37%	09/30/2021		412,000	412,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.31%)^(b)		0.36%	01/03/2022		145,000	145,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.09%)^(b)		0.14%	09/16/2022		190,000	190,000,000
						747,000,000

Federal National Mortgage Association (FNMA)-0.65%
Federal National Mortgage Association (SOFR + 0.30%)^(b)		0.35%	01/07/2022		350,000	350,000,000

U.S. International Development Finance Corp. (DFC)-0.45%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%	06/15/2025		19,200	19,200,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%	07/15/2025		20,889	20,888,891
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%	09/15/2025		4,474	4,473,684
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%	09/15/2026		13,750	13,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%	08/13/2027		12,600	12,600,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%	09/30/2027		12,000	12,000,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%	02/15/2028		14,444	14,444,445
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%	11/15/2028		65,909	65,909,091
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%	05/15/2030		7,839	7,839,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%	10/15/2030		8,000	8,000,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%	07/09/2026		25,500	25,500,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. International Development Finance Corp. (DFC)-(continued)
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		03/15/2030	$	39,375	$ 39,375,000
							243,980,111
Total U.S. Government Sponsored Agency Securities (Cost $7,808,403,310)							7,808,403,310
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-47.25% (Cost $25,411,615,783)							25,411,615,783

					Repurchase Amount

Repurchase Agreements-55.26%^(d)
ABN AMRO Bank N.V., joint agreement dated 08/31/2021, aggregate maturing value of $450,000,625 (collateralized by U.S. Treasury obligations valued at $459,000,022; 0.13% - 3.38%; 08/15/2022 - 05/15/2047)		0.05%		09/01/2021		200,000,278	200,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/26/2021, aggregate maturing value of $500,004,861 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0.00% - 7.00%; 11/04/2021 - 07/01/2051)^(e)		0.05%		09/02/2021		385,003,743	385,000,000


BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05%		09/01/2021		750,001,042	750,000,000


BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $895,001,243 (collateralized by domestic agency mortgage-backed securities valued at $912,900,000; 1.50% - 6.00%; 05/01/2025 - 08/01/2059)		0.05%		09/01/2021		54,000,075	54,000,000


Citigroup Global Markets, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $900,001,250 (collateralized by U.S. Treasury obligations valued at $918,000,025; 0.00%; 08/15/2047 - 02/15/2051)		0.05%		09/01/2021		395,000,549	395,000,000


Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(e)		0.05%		09/01/2021		150,007,083	150,000,000


Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $16,000,022,222 (collateralized by U.S. Treasury obligations valued at $16,000,022,273; 0.13% - 2.75%; 12/31/2022 - 05/15/2046)		0.05%		09/01/2021		16,000,022,222	16,000,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $50,000,007 (collateralized by a U.S. Treasury obligation valued at $51,000,058; 1.00%; 07/31/2028)		0.01%		09/01/2021		50,000,007	50,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by U.S. Treasury obligations valued at $510,000,044; 0.13% - 2.88%; 02/28/2025 - 08/15/2028)		0.05%		09/01/2021		500,000,694	500,000,000


Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06%		09/01/2021		730,001,115	730,000,000


Fixed Income Clearing Corp. - BNP Paribas Securities Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,250,001,736 (collateralized by U.S. Treasury obligations valued at $1,270,427,200; 0.38% - 4.25%; 11/30/2025 - 05/15/2041)		0.05%		09/01/2021		960,001,333	960,000,000


Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2021, maturing value of $2,000,001,667 (collateralized by U.S. Treasury obligations valued at $2,040,000,068; 1.00% - 1.13%; 07/31/2028 - 08/31/2028)		0.03%		09/01/2021		2,000,001,667	2,000,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date	Repurchase Amount		Value
Goldman Sachs & Co., term agreement dated 08/26/2021, maturing value of $295,003,155 (collateralized by U.S. Treasury obligations valued at $300,900,000; 0.00% - 3.63%; 08/11/2022 - 02/15/2046)^(e)		0.06%	09/02/2021	$	295,003,155	$ 295,000,000


ING Financial Markets, LLC, joint term agreement dated 08/06/2021, aggregate maturing value of $350,022,118 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 6.00%; 06/01/2027 - 05/01/2058)		0.07%	09/10/2021		300,018,958	300,000,000


ING Financial Markets, LLC, joint term agreement dated 08/26/2021, aggregate maturing value of $350,018,667 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 5.50%; 10/01/2038 - 01/01/2057)		0.06%	09/27/2021		275,014,667	275,000,000


J.P. Morgan Securities LLC, agreement dated 08/31/2021, maturing value of $250,000,417 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 0.27% - 7.50%; 11/25/2024 - 10/16/2062)		0.06%	09/01/2021		250,000,417	250,000,000


J.P. Morgan Securities LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,694 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 1.50% - 7.50%; 07/01/2025 - 09/01/2051)		0.05%	09/01/2021		44,000,061	44,000,000


J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% - 1.88%; 09/16/2021 - 07/31/2023)^(f)		0.05%	09/01/2021		150,006,250	150,000,000


J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $295,800,033; 1.50% - 6.00%; 02/28/2023 - 09/01/2051)^(f)		0.07%	09/01/2021		240,014,000	240,000,000


J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $255,000,016; 0.00% - 7.63%; 09/16/2021 - 04/01/2056)^(f)		0.06%	09/01/2021		210,010,500	210,000,000


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 $408,000,049; 0.00% - 7.50%; 04/30/2026 - 03/25/2060)^(f)		0.07%	09/01/2021		275,016,042	275,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(e)		0.07%	09/01/2021		170,004,751	170,002,437


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $500,000,764 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.39% - 4.50%; 01/25/2024 - 05/20/2069)		0.06%	09/01/2021		52,000,079	52,000,000


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(e)		0.07%	09/01/2021		530,032,214	530,025,000


Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $556,508,428 (collateralized by U.S. Treasury obligations valued at $567,283,180; 0.00%; 02/15/2026 - 11/15/2043)		0.06%	09/01/2021		556,508,428	556,507,500


Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $40,625,068 (collateralized by a U.S. Treasury obligation valued at $41,396,500; 0.00%; 08/15/2033)		0.06%	09/01/2021		40,625,068	40,625,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $750,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S.government sponsored agency obligations valued at $765,000,159; 0.00% - 8.15%; 09/14/2021 - 08/20/2065)^(b)(e)		0.09%	11/01/2021		600,000,000	600,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date	Repurchase Amount		Value
RBC Dominion Securities Inc., joint agreement dated 08/31/2021, aggregate maturing value of $2,000,002,778 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $2,040,000,055; 0.00% - 5.00%; 09/09/2021 - 08/01/2051)		0.05%	09/01/2021	$	1,544,002,144	$	1,544,000,000


RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,023; 0.13% - 6.25%; 10/15/2021 - 11/15/2050)^(e)		0.05%	11/17/2021		250,029,514		250,000,000


Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(f)		0.05%	09/01/2021		320,000,444		320,000,000


Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(e)		0.05%	09/07/2021		400,003,889		400,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06%	09/01/2021		396,231,775		396,231,115


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 - 08/31/2024)		0.05%	09/01/2021		531,025,137		531,024,399


TD Securities (USA) LLC, term agreement dated 08/25/2021, maturing value of $70,000,749 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $71,400,075; 1.25% - 2.13%; 11/15/2021 - 04/30/2028)^(e)		0.06%	09/01/2021		70,000,749		70,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,833 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00% - 4.50%; 01/01/2031 - 08/01/2051)		0.06%	09/01/2021		44,000,073		44,000,000


Total Repurchase Agreements (Cost $29,717,415,451)							29,717,415,451


TOTAL INVESTMENTS IN SECURITIES-102.51% (Cost $55,129,031,234)							55,129,031,234


OTHER ASSETS LESS LIABILITIES-(2.51)%							(1,351,188,375	)


NET ASSETS-100.00%						$	53,777,842,859

Investment Abbreviations:

SOFR -Secured Overnight Financing Rate

VRD -Variable Rate Demand

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, 2021.

^(c)	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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21 Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Treasury Obligations Portfolio


	Interest Rate		Maturity Date	Principal Amount (000)		Value
U.S. Treasury Securities-105.59%
U.S. Treasury Bills-83.89%^(a)
U.S. Treasury Bills		0.02%-0.06%	09/02/2021	$	67,700	$ 67,699,948
U.S. Treasury Bills		0.01%-0.05%	09/07/2021		96,800	96,799,429
U.S. Treasury Bills		0.03%-0.14%	09/09/2021		95,800	95,799,274
U.S. Treasury Bills		0.03%-0.05%	09/14/2021		85,000	84,998,709
U.S. Treasury Bills		0.03%	09/16/2021		50,000	49,999,479
U.S. Treasury Bills		0.01%-0.04%	09/21/2021		92,000	91,998,164
U.S. Treasury Bills		0.04%-0.05%	09/23/2021		50,000	49,998,652
U.S. Treasury Bills		0.03%	09/28/2021		100,000	99,997,375
U.S. Treasury Bills		0.02%-0.05%	09/30/2021		84,500	84,497,259
U.S. Treasury Bills		0.05%-0.14%	10/07/2021		25,000	24,998,300
U.S. Treasury Bills		0.04%	10/14/2021		1,100	1,099,951
U.S. Treasury Bills		0.04%	10/21/2021		5,400	5,399,700
U.S. Treasury Bills		0.05%	11/02/2021		3,300	3,299,716
U.S. Treasury Bills		0.14%	11/04/2021		15,000	14,996,400
U.S. Treasury Bills		0.05%	11/09/2021		10,000	9,999,070
U.S. Treasury Bills		0.04%	11/12/2021		5,000	4,999,650
U.S. Treasury Bills		0.03%	11/18/2021		5,000	4,999,675
U.S. Treasury Bills		0.00%-0.04%	12/02/2021		70,000	69,992,159
U.S. Treasury Bills		0.11%	12/30/2021		10,000	9,996,333
U.S. Treasury Bills		0.09%	01/27/2022		3,000	2,998,890
U.S. Treasury Bills		0.06%	02/03/2022		25,000	24,994,080
U.S. Treasury Bills		0.05%-0.06%	02/24/2022		38,000	37,990,222
U.S. Treasury Bills		0.07%	04/21/2022		10,000	9,995,811
U.S. Treasury Bills		0.07%	06/16/2022		3,000	2,998,320
U.S. Treasury Bills		0.08%	08/11/2022		24,000	23,981,653
						974,528,219

U.S. Treasury Notes-21.70%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%	10/31/2021		36,500	36,502,890
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%	01/31/2022		30,000	29,991,690
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%	04/30/2022		55,000	55,010,602
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%	07/31/2022		22,000	22,001,192
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%	10/31/2022		45,000	44,998,575
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%	01/31/2023		6,000	6,000,230
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%	04/30/2023		24,000	24,001,278
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%	07/31/2023		28,500	28,500,813

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Obligations Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value



U.S. Treasury Notes-(continued)

U.S. Treasury Notes		1.88%		07/31/2022	$	5,000	$	5,081,049


								252,088,319


TOTAL INVESTMENTS IN SECURITIES-105.59% (Cost $ 1,226,616,538)								1,226,616,538


OTHER ASSETS LESS LIABILITIES-(5.59)%								(64,968,347	)


NET ASSETS-100.00%							$	1,161,648,191

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, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23 Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-99.66%
Alabama-4.01%
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)^(a)(b)(c)		0.08%		07/01/2040	$	6,090	$ 6,090,000

Arizona-3.64%
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		0.02%		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)		0.02%		06/15/2031		2,845	2,845,000
							5,530,000

California-1.98%
California (State of); Series 2021 A-1, Commercial Paper Notes		0.05%		10/14/2021		3,000	3,000,000

Colorado-0.67%
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		0.12%		02/01/2031		1,010	1,010,000

Delaware-2.76%
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		09/01/2036		2,655	2,655,000
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.03%		05/01/2036		1,535	1,535,000
							4,190,000

District of Columbia-6.47%
District of Columbia; Series 2019, Commercial Paper Notes		0.08%		11/02/2021		4,000	4,000,000
District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)^(b)(c)		0.02%		08/15/2038		2,820	2,820,000
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		0.01%		10/01/2039		3,005	3,005,000
							9,825,000

Florida-3.03%
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		0.07%		11/01/2036		2,200	2,200,000
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)		0.03%		07/01/2032		2,400	2,400,000
							4,600,000

Georgia-1.58%
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)^(b)(c)		0.03%		11/01/2030		2,395	2,395,000

Illinois-5.60%
Illinois (State of) Development Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)^(b)(c)		0.03%		10/01/2033		2,000	2,000,000
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB^(b)		0.01%		12/01/2046		5,730	5,730,000
Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)^(b)(c)		0.01%		01/01/2041		770	770,000
							8,500,000

Indiana-5.78%
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		0.07%		08/01/2037		2,770	2,770,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date	Principal Amount (000)		Value

Indiana-(continued)
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)^(a)(b)(c)		0.05%	06/01/2035	$	6,000	$ 6,000,000
						8,770,000

Louisiana-4.07%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)^(b)(c)		0.02%	09/01/2033		1,000	1,000,000
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		0.02%	07/01/2047		4,085	4,085,000
Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		0.02%	07/01/2047		1,100	1,100,000
						6,185,000

Maryland-3.82%
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008E, VRD RB (LOC - Bank of Montreal)^(b)(c)		0.01%	07/01/2041		4,300	4,300,000
Montgomery (County of), MD; Series 2010 B, Commercial Paper Notes		0.07%	09/23/2021		1,500	1,500,000
						5,800,000

Massachusetts-2.72%
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC - TD Bank N.A.)^(b)(c)		0.02%	10/01/2038		2,625	2,625,000
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank N.A.)^(b)(c)		0.01%	01/01/2037		1,500	1,500,000
						4,125,000

Michigan-3.92%
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)		0.02%	01/15/2026		1,420	1,420,000
Michigan State University Board of Trustees; Series 2000 A-1, VRD RB^(b)		0.03%	08/15/2030		3,620	3,620,000
Series 2000 A-2, VRD RB^(b)		0.03%	08/15/2030		910	910,000
						5,950,000

Minnesota-5.64%
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)^(b)		0.10%	10/15/2033		1,175	1,175,000
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB^(b)		0.02%	11/01/2035		3,900	3,900,000
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)^(b)		0.02%	10/01/2033		3,485	3,485,000
						8,560,000

Mississippi-3.46%
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); Series 2010 C, VRD IDR^(b)		0.02%	12/01/2030		585	585,000
Series 2010 E, VRD IDR^(b)		0.02%	12/01/2030		4,000	4,000,000
Series 2007 E, VRD IDR^(b)		0.01%	12/01/2030		660	660,000
						5,245,000

Missouri-1.01%
Bridgeton (City of), MO Industrial Development Authority (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)^(b)(c)		0.02%	11/01/2037		970	970,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date	Principal Amount (000)		Value

Missouri-(continued)
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)^(b)(c)		0.08%	08/01/2038	$	560	$ 560,000
						1,530,000

New York-3.39%
Metropolitan Transportation Authority; Subseries 2012 G-1, VRD Ref. RB (LOC - Barclays Bank PLC)^(b)(c)		0.01%	11/01/2032		2,000	2,000,000
New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Series 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)^(b)(c)		0.02%	05/01/2039		3,150	3,150,000
						5,150,000

North Carolina-1.65%
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB^(b)		0.01%	06/01/2027		1,285	1,285,000
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB^(b)		0.01%	12/01/2021		1,220	1,220,000
						2,505,000

Ohio-1.87%
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)^(b)(c)		0.02%	08/02/2038		2,835	2,835,000

Pennsylvania-2.36%
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%	06/01/2037		1,320	1,320,000
Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)^(b)(c)		0.02%	03/01/2030		1,885	1,885,000
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%	10/15/2025		380	380,000
						3,585,000

Rhode Island-2.96%
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB^(b)		0.02%	09/01/2043		4,500	4,500,000

Texas-14.48%
Garland (City of), TX; Series 2021, Commercial Paper Notes		0.08%	09/15/2021		1,000	1,000,000
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB^(b)		0.01%	11/01/2041		4,000	4,000,000
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		0.02%	02/15/2042		3,150	3,150,000
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)		0.02%	05/15/2034		2,075	2,075,000
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		0.03%	04/01/2026		1,890	1,890,000
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)^(b)		0.08%	05/01/2042		2,755	2,755,000
Texas A&M University System Board of Regents; Series 2021 B, Commercial Paper Notes		0.10%	01/05/2022		4,500	4,500,000
University of Texas System Board of Regents; Series 2008 B, VRD RB^(b)		0.01%	08/01/2025		1,615	1,615,000
Series 2021 A, Commercial Paper Notes		0.08%	12/08/2021		1,000	1,000,000
						21,985,000

Virginia-2.83%
Norfolk (City of), VA; Series 2007, VRD GO Bonds^(b)		0.02%	08/01/2037		4,300	4,300,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date	Principal Amount (000)		Value

Washington-3.64%
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		0.02%	09/01/2049	$	3,375	$ 3,375,000
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		0.02%	11/01/2047		2,145	2,145,000
						5,520,000

West Virginia-4.15%
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)^(b)(c)		0.03%	07/01/2039		845	845,000
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Branch Banking & Trust Co.)^(b)(c)		0.09%	01/01/2034		5,460	5,460,000
						6,305,000

Wisconsin-2.17%
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)^(b)(c)		0.03%	10/01/2042		3,300	3,300,000
TOTAL INVESTMENTS IN SECURITIES^(d)(e)-99.66% (Cost $151,290,000)						151,290,000
OTHER ASSETS LESS LIABILITIES-0.34%						518,219
NET ASSETS-100.00%						$151,808,219

Investment Abbreviations:


CEP		- Credit Enhancement Provider
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
RB		- Revenue Bonds
Ref.		- Refunding
VRD		- Variable Rate Demand

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: other countries less than 5% each: 9.9%.

^(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, 2021.

^(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)


Entities		Percentage
Federal Home Loan Mortgage Corporation		7.2%
Federal Home Loan Banks		6.8

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27 Short-Term Investments Trust

Statements of Assets and Liabilities

August 31, 2021


												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 unaffiliated securities, at value	$	1,994,278,560		$	173,154,541		$	7,755,082,930		$	25,411,615,783	$	1,226,616,538		$	151,290,000


Repurchase agreements, at value and cost		369,000,000			49,802,657			12,082,390,049			29,717,415,451		-			-


Cash		-			-			577,336			6,677,836		-			5,066


Receivable for:
Investments sold		-			-			-			-		-			430,000

Interest		148,594			12,725			12,374,635			24,570,252		44,708			5,567

Fund expenses absorbed		170,952			40,334			2,460,098			5,082,215		200,022			113,016


Investment for trustee deferred compensation and retirement plans		3,992,585			1,088,300			2,389,618			1,085,979		121,585			379,290

Other assets		-			133,352			306,493			-		2,435			29,203

Total assets		2,367,590,691			224,231,909			19,855,581,159			55,166,447,516		1,226,985,288			152,252,142


Liabilities:

Payable for:
Investments purchased		-			-			-			1,379,267,090		64,992,606			-

Amount due custodian		1,414			-			-			-		-			-

Dividends		13,727			1,978			179,381			1,104,647		8,171			1,292

Accrued fees to affiliates		415,265			38,105			3,558,150			6,465,959		175,464			31,800

Accrued trustees’ and officers’ fees and benefits		6,795			3,723			31,547			56,731		5,117			3,626

Accrued operating expenses		22,512			19,371			283,544			339,183		18,224			6,706

Trustee deferred compensation and retirement plans		4,242,243			1,148,386			2,697,412			1,371,047		137,515			400,499

Total liabilities		4,701,956			1,211,563			6,750,034			1,388,604,657		65,337,097			443,923

Net assets applicable to shares outstanding	$	2,362,888,735		$	223,020,346		$	19,848,831,125		$	53,777,842,859	$	1,161,648,191		$	151,808,219


Net assets consist of:

Shares of beneficial interest	$	2,365,347,369		$	223,766,836		$	19,850,036,171		$	53,777,282,283	$	1,161,696,627		$	152,087,607

Distributable earnings (loss)		(2,458,634	)		(746,490	)		(1,205,046	)		560,576		(48,436	)		(279,388	)

	$	2,362,888,735		$	223,020,346		$	19,848,831,125		$	53,777,842,859	$	1,161,648,191		$	151,808,219


Net Assets:

Institutional Class	$	2,356,363,228		$	221,717,748		$	17,093,039,313		$	49,464,205,401	$	1,063,311,616		$	118,266,650

Private Investment Class	$	2,892,211		$	605,175		$	303,847,586		$	505,970,104	$	14,644,841		$	9,554,669

Personal Investment Class	$	10,250		$	92,853		$	265,106,098		$	9,360,221	$	3,812,664		$	1,677,129

Cash Management Class	$	2,922,067		$	496,042		$	452,222,119		$	747,955,590	$	252,997		$	4,596,658

Reserve Class	$	215,606		$	87,037		$	867,766,514		$	408,499,951	$	74,494,612		$	16,226,010

Resource Class	$	362,237		$	385		$	53,210,214		$	117,901,903	$	98,108		$	1,476,824

Corporate Class	$	23,138		$	21,106		$	266,547,880		$	1,082,096,274	$	5,033,353		$	10,279

CAVU Securities Class	$	99,998		$	-		$	547,091,401		$	1,441,853,415	$	-		$	-

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28 Short-Term Investments Trust

Statements of Assets and Liabilities–(continued)

August 31, 2021


									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, unlimited number of shares authorized:

Institutional Class		2,355,507,320		221,714,110		17,091,834,561		49,463,570,063		1,063,304,332		118,246,855

Private Investment Class		2,891,165		605,163		303,825,357		505,958,454		14,644,769		9,553,027

Personal Investment Class		10,246		92,850		265,087,709		9,360,026		3,812,673		1,676,778

Cash Management Class		2,921,011		496,034		452,190,570		747,945,735		252,996		4,595,842

Reserve Class		215,528		87,035		867,713,579		408,490,685		74,493,505		16,223,286

Resource Class		362,106		385		53,207,288		117,898,770		98,107		1,476,569

Corporate Class		23,129		21,106		266,528,645		1,082,095,578		5,033,318		10,277

CAVU Securities Class		99,962		-		547,040,941		1,441,849,681		-		-

Net asset value, offering and redemption price per share for each class	$	1.0004	$	1.0000	$	1.00	$	1.00	$	1.00	$	1.00

Cost of Investments	$	2,363,115,640	$	222,957,432	$	19,837,472,979	$	55,129,031,234	$	1,226,616,538	$	151,290,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29 Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2021


													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		$ 5,304,722			$ 347,608			$ 22,906,414			$ 39,213,423			$ 1,359,111			$ 141,719


Expenses:

Advisory fees		3,682,808			362,050			30,842,557			39,069,697			1,651,651			338,636

Administrative services fees		1,077,307			106,317			9,078,072			17,147,659			565,687			74,910

Custodian fees		20,349			11,653			880,897			2,355,252			17,559			4,401

Distribution fees:
Private Investment Class		9,354			2,693			1,048,044			1,598,160			38,315			25,535

Personal Investment Class		55			1,581			1,560,536			51,413			6,801			10,493

Cash Management Class		2,345			400			337,881			433,409			211			3,846

Reserve Class		2,367			757			5,315,780			3,943,150			636,492			195,443

Resource Class		724			100			298,448			224,545			227			3,251

Corporate Class		11			6			123,740			60,512			2,286			3

Transfer agent fees		220,968			21,723			1,850,553			3,516,273			114,899			15,239

Trustees’ and officers’ fees and benefits		60,736			26,698			360,492			579,772			45,166			25,687

Registration and filing fees		101,698			94,236			281,389			268,282			99,375			103,928

Reports to shareholders		26,084			20,895			78,111			231,219			22,870			49,806

Professional services fees		47,979			38,739			141,772			360,693			42,598			35,900

Other		128,322			51,770			327,756			779,472			99,236			33,770

Total expenses		5,381,107			739,618			52,526,028			70,619,508			3,343,373			920,848

Less: Fees waived		(1,111,003	)		(416,484	)		(31,868,399	)		(41,370,765	)		(2,117,448	)		(796,323	)

Net expenses		4,270,104			323,134			20,657,629			29,248,743			1,225,925			124,525

Net investment income		1,034,618			24,474			2,248,785			9,964,680			133,186			17,194

Realized and unrealized gain (loss) from:

Net realized gain from unaffiliated investment securities		2,613			552			30,818			542,485			47,304			-

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(496,709	)		(2,800	)		-			-			-			-

Net realized and unrealized gain (loss)		(494,096	)		(2,248	)		30,818			542,485			47,304			-

Net increase in net assets resulting from operations		$ 540,522			$ 22,226			$ 2,279,603			$ 10,507,165			$ 180,490			$ 17,194

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30 Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2021 and 2020


	Invesco Liquid Assets Portfolio						Invesco STIC Prime Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	1,034,618		$	29,970,218		$	24,474		$	5,414,497

Net realized gain (loss)		2,613			(15,623	)		552			78

Change in net unrealized appreciation (depreciation)		(496,709	)		45,074			(2,800	)		(41,714	)

Net increase in net assets resulting from operations		540,522			29,999,669			22,226			5,372,861


Distributions to shareholders from distributable earnings:
Institutional Class		(1,033,839	)		(29,817,713	)		(24,275	)		(5,392,900	)

Private Investment Class		(318	)		(36,868	)		(92	)		(11,032	)

Personal Investment Class		(4	)		(74	)		(31	)		(2,832	)

Cash Management Class		(359	)		(107,505	)		(52	)		(5,280	)

Reserve Class		(29	)		(1,504	)		(11	)		(1,098	)

Resource Class		(40	)		(3,570	)		(9	)		(1,140	)

Corporate Class		(13	)		(2,984	)		(4	)		(215	)

CAVU Securities Class		(16	)		-			-			-

Total distributions from distributable earnings		(1,034,618	)		(29,970,218	)		(24,474	)		(5,414,497	)


Share transactions-net:
Institutional Class		(201,574,311	)		114,142,968			(99,033,118	)		(331,356,151	)

Private Investment Class		(648,893	)		(1,176,345	)		(671,036	)		(71,436	)

Personal Investment Class		-			-			(302,491	)		(45,201	)

Cash Management Class		(24,434	)		(6,335,509	)		(7,793	)		(96,257	)

Reserve Class		(62,582	)		(24,329	)		(18,402	)		(167,883	)

Resource Class		(3,337	)		2,906			(122,205	)		(674	)

Corporate Class		(15,522	)		(287,979	)		4			251

CAVU Securities Class		100,002			-			-			-

Net increase (decrease) in net assets resulting from share transactions		(202,229,077	)		106,321,712			(100,155,041	)		(331,737,351	)

Net increase (decrease) in net assets		(202,723,173	)		106,351,163			(100,157,289	)		(331,778,987	)


Net assets:
Beginning of year		2,565,611,908			2,459,260,745			323,177,635			654,956,622

End of year	$	2,362,888,735		$	2,565,611,908		$	223,020,346		$	323,177,635

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31 Short-Term Investments Trust

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco Treasury Portfolio						Invesco Government & Agency Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	2,248,785		$	163,580,411		$	9,964,680		$	264,467,683

Net realized gain (loss)		30,818			139,394			542,485			(189,477	)

Net increase in net assets resulting from operations		2,279,603			163,719,805			10,507,165			264,278,206


Distributions to shareholders from distributable earnings:
Institutional Class		(2,005,555	)		(146,246,982	)		(9,402,663	)		(254,196,609	)

Private Investment Class		(35,458	)		(3,446,279	)		(120,583	)		(4,200,784	)

Personal Investment Class		(28,813	)		(2,137,800	)		(2,025	)		(89,620	)

Cash Management Class		(42,921	)		(3,199,903	)		(128,425	)		(2,683,953	)

Reserve Class		(62,101	)		(1,117,598	)		(105,814	)		(1,290,595	)

Resource Class		(18,705	)		(4,967,684	)		(32,727	)		(1,599,458	)

Corporate Class		(41,758	)		(2,664,191	)		(52,287	)		(439,777	)

CAVU Securities Class		(13,474	)		-			(120,156	)		-

Total distributions from distributable earnings		(2,248,785	)		(163,780,437	)		(9,964,680	)		(264,500,796	)


Share transactions-net:
Institutional Class		(2,122,806,791	)		498,579,949			19,204,558,855			256,030,543

Private Investment Class		(118,976,592	)		(83,191,362	)		(76,121,055	)		49,500,711

Personal Investment Class		(16,713,545	)		(78,430,874	)		(4,169,839	)		(2,461,469	)

Cash Management Class		80,255,547			(24,723,778	)		316,471,282			66,475,768

Reserve Class		286,064,751			292,043,533			7,054,623			103,651,946

Resource Class		(582,467,587	)		3,118,922			(25,248,184	)		(37,467,649	)

Corporate Class		(867,085,822	)		704,514,058			1,050,827,823			(9,080,725	)

CAVU Securities Class		547,040,941			-			1,441,849,681			-

Net increase (decrease) in net assets resulting from share transactions		(2,794,689,098	)		1,311,910,448			21,915,223,186			426,649,125

Net increase (decrease) in net assets		(2,794,658,280	)		1,311,849,816			21,915,765,671			426,426,535


Net assets:
Beginning of year		22,643,489,405			21,331,639,589			31,862,077,188			31,435,650,653

End of year	$	19,848,831,125		$	22,643,489,405		$	53,777,842,859		$	31,862,077,188

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32 Short-Term Investments Trust

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco Treasury Obligations Portfolio						Invesco Tax-Free Cash Reserve Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	133,186		$	10,091,353		$	17,194		$	1,534,657

Net realized gain (loss)		47,304			(57,411	)		-			-

Net increase in net assets resulting from operations		180,490			10,033,942			17,194			1,534,657


Distributions to shareholders from distributable earnings:
Institutional Class		(123,225	)		(9,782,969	)		(12,978	)		(1,172,112	)

Private Investment Class		(1,559	)		(65,930	)		(1,039	)		(106,524	)

Personal Investment Class		(128	)		(898	)		(195	)		(7,119	)

Cash Management Class		(29	)		(16,009	)		(490	)		(177,298	)

Reserve Class		(7,454	)		(212,244	)		(2,280	)		(50,307	)

Resource Class		(17	)		(1,150	)		(208	)		(21,222	)

Corporate Class		(774	)		(12,153	)		(4	)		(75	)

Total distributions from distributable earnings		(133,186	)		(10,091,353	)		(17,194	)		(1,534,657	)


Share transactions-net:
Institutional Class		(306,942,642	)		325,218,196			(32,730,801	)		(10,043,247	)

Private Investment Class		220,502			4,941,082			(580,210	)		(10,353,451	)

Personal Investment Class		3,070,903			630,111			(1,906,614	)		1,041,703

Cash Management Class		(87,640	)		(1,553,674	)		(893,331	)		(21,806,010	)

Reserve Class		19,907,010			(123,709	)		(10,596,705	)		6,820,117

Resource Class		(51,953	)		16,515			(1,527,247	)		1,886,657

Corporate Class		(5,409,097	)		10,431,998			-			85

Net increase (decrease) in net assets resulting from share transactions		(289,292,917	)		339,560,519			(48,234,908	)		(32,454,146	)

Net increase (decrease) in net assets		(289,245,613	)		339,503,108			(48,234,908	)		(32,454,146	)


Net assets:
Beginning of year		1,450,893,804			1,111,390,696			200,043,127			232,497,273

End of year	$	1,161,648,191		$	1,450,893,804		$	151,808,219		$	200,043,127

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

33 Short-Term Investments Trust

Financial Highlights

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 08/31/21		$1.0006		$0.0001		$	(0.0002	)		$	(0.0001	)		$	(0.0001	)		$	-			$	(0.0001	)		$	1.0004		(0.01	)%		$	2,922		0.20	%		0.30	%		0.02	%
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			0.30			1.18
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
Invesco STIC Prime Portfolio
Year ended 08/31/21		1.0000		0.0001			(0.0000	)			0.0001				(0.0001	)			-				(0.0001	)			1.0000		0.01				496		0.13			0.38			0.01
Year ended 08/31/20		1.0001		0.0110			(0.0013	)			0.0097				(0.0098	)			-				(0.0098	)			1.0000		0.99				504		0.25			0.34			1.09
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
Invesco Treasury Portfolio
Year ended 08/31/21		1.00		0.00			0.00				0.00				(0.00	)			-				(0.00	)			1.00		0.01				452,222		0.10			0.29			0.01
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			0.29			0.78
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
Invesco Government & Agency Portfolio
Year ended 08/31/21		1.00		0.00			0.00				0.00				(0.00	)			-				(0.00	)			1.00		0.02				747,956		0.08			0.24			0.02
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			0.23			0.77
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
Invesco Treasury Obligations Portfolio
Year ended 08/31/21		1.00		0.00			0.00				0.00				(0.00	)			-				(0.00	)			1.00		0.01				253		0.10			0.29			0.01
Year ended 08/31/20		1.00		0.01			(0.00	)			0.01				(0.01	)			-				(0.01	)			1.00		0.87				341		0.26			0.28			0.76
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
Invesco Tax-Free Cash Reserve Portfolio
Year ended 08/31/21		1.00		0.00			-				0.00				(0.00	)			-				(0.00	)			1.00		0.01				4,597		0.07			0.48			0.01
Year ended 08/31/20		1.00		0.01			-				0.01				(0.01	)			-				(0.01	)			1.00		0.70				5,490		0.26			0.42			0.69
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

^(a)	Calculated using average shares outstanding.

^(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

34 Short-Term Investments Trust

Notes to Financial Statements

August 31, 2021

NOTE 1—Significant Accounting Policies

Invesco Liquid Assets Portfolio determines its NAV per share multiple times each day.

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

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

B.	Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is

35 Short-Term Investments Trust

recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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.

36 Short-Term Investments Trust

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.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


	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, 2021, 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%

37 Short-Term Investments Trust


		Private	Personal	Cash				CAVU
	Institutional	Investment	Investment	Management	Reserve	Resource	Corporate	Securities
	Class	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%	0.18%


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%	0.18%


Invesco Government & Agency Portfolio	0.18%	0.48%	0.73%	0.26%	1.05%	0.34%	0.21%	0.18%


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%	-

For the year ended August 31, 2021, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


	Expense
	Limitation


Invesco Liquid Assets Portfolio	$	946,890


Invesco STIC Prime Portfolio		299,622


Invesco Treasury Portfolio		6,830,582


Invesco Government & Agency Portfolio		-


Invesco Treasury Obligations Portfolio		361,074


Invesco Tax-Free Cash Reserve Portfolio		342,621

Voluntary fee waivers for the year ended August 31, 2021 are shown below:


			Private		Personal		Cash
			Investment		Investment		Management		Reserve		Resource		Corporate
	Fund Level		Class		Class		Class		Class		Class		Class


Invesco Liquid Assets Portfolio	$	151,393	$	8,295	$	53	$	1,475	$	2,280	$	611	$	6


Invesco STIC Prime Portfolio		111,324		2,693		1,582		401		756		99		7


Invesco Treasury Portfolio		16,380,981		1,044,600		1,557,907		334,641		5,311,227		292,921		115,540


Invesco Government & Agency Portfolio		35,089,442		1,587,507		51,169		425,384		3,935,502		221,813		59,948


Invesco Treasury Obligations Portfolio		1,072,242		38,278		6,799		209		636,358		227		2,261


Invesco Tax-Free Cash Reserve Portfolio		215,131		25,535		10,493		3,846		195,443		3,251		3

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, 2021, 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.

38 Short-Term Investments Trust


	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%

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

NOTE 3–Additional Valuation Information

Level 1 –

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

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.

NOTE 4–Security Transactions with Affiliated Funds


	Securities Purchases		Securities Sales		Net Realized Gains
Invesco Liquid Assets Portfolio		$ 65,476,811		$102,280,976		$	-
Invesco STIC Prime Portfolio		9,575,329		21,370,331			-
Invesco Tax-Free Cash Reserve Portfolio		171,264,956		187,032,086			-

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.

39 Short-Term Investments Trust

NOTE 6–Cash Balances

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, 2021 and 2020


	2021						2020
	Ordinary Income*			Ordinary Income-Tax- Exempt			Ordinary Income*			Ordinary Income-Tax- Exempt			Long-Term Capital Gains
Invesco Liquid Assets Portfolio		$	1,034,618		$	-		$	29,970,218		$	-		$	-
Invesco STIC Prime Portfolio			24,474			-			5,414,497			-			-
Invesco Treasury Portfolio			2,248,785			-			163,582,316			-			198,121
Invesco Government & Agency Portfolio			9,964,680			-			264,469,100			-			31,696
Invesco Treasury Obligations Portfolio			133,186			-			10,091,353			-			-
Invesco Tax-Free Cash Reserve Portfolio			5,579			11,615			-			1,534,657			-

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
Invesco Liquid Assets Portfolio		$	173,842		$	-		$	(2,782,386	)		$	162,920			$	(13,010	)		$	2,365,347,369		$	2,362,888,735
Invesco STIC Prime Portfolio			-			-			(746,256	)			(234	)			-				223,766,836			223,020,346
Invesco Treasury Portfolio			649,173			2,727			(1,824,934	)			(32,012	)			-				19,850,036,171			19,848,831,125
Invesco Government & Agency Portfolio			1,536,646			-			(974,903	)			(1,167	)			-				53,777,282,283			53,777,842,859
Invesco Treasury Obligations Portfolio			79,762			-			(92,306	)			(22,651	)			(13,241	)			1,161,696,627			1,161,648,191
Invesco Tax-Free Cash Reserve Portfolio			-			-			(260,296	)			-				(19,092	)			152,087,607			151,808,219

40 Short-Term Investments Trust

The Funds have a capital loss carryforward as of August 31, 2021, as follows:


Fund	Not Subject to Expiration	Total*
Invesco Liquid Assets Portfolio	$13,010		$	13,010
Invesco Treasury Obligations Portfolio	13,241			13,241
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, 2021
	Federal Tax Cost*			Unrealized Appreciation			Unrealized (Depreciation)				Net Unrealized Appreciation (Depreciation)
Invesco Liquid Assets Portfolio		$	2,363,115,640		$	169,949		$	(7,029	)		$	162,920
Invesco STIC Prime Portfolio			222,957,432			396			(630	)			(234	)
Invesco Treasury Portfolio			19,837,504,991			-			(32,012	)			(32,012	)
Invesco Government & Agency Portfolio			55,129,032,401			-			(1,167	)			(1,167	)
Invesco Treasury Obligations Portfolio			1,226,639,189			-			(22,651	)			(22,651	)

NOTE 9–Reclassification of Permanent Differences


	Undistributed Net				Undistributed Net				Shares of
	Investment Income (Loss)				Realized Gain (Loss)				Beneficial Interest
Invesco Liquid Assets Portfolio		$	(2,780,000	)		$	-			$	2,780,000
Invesco STIC Prime Portfolio			(1,517,829	)			(552	)			1,518,381
Invesco Treasury Portfolio			(1,819,350	)			-				1,819,350
Invesco Government & Agency Portfolio			354,175				(354,175	)			-
Invesco Treasury Obligations Portfolio			-				-				-
Invesco Tax-Free Cash Reserve Portfolio			(155,342	)			-				155,342

NOTE 10–Share Information

Invesco Liquid Assets Portfolio


	Summary of Share Activity


	Years ended August 31,
	2021^(a)				2020
	Shares		Amount		Shares		Amount


Sold:
Institutional Class		17,486,805,323	$	17,494,025,296		15,429,264,962	$	15,436,049,996


Private Investment Class		371,715		371,900		556,769		556,939


Cash Management Class		6,058		6,061		57,447,877		57,471,129


Reserve Class		79,579		79,611		64,898		64,918


Resource Class		-		-		601		601


Corporate Class		1,001		1,001		172,360		172,517


CAVU Securities Class^(b)		99,962		100,002		-		-

41 Short-Term Investments Trust

NOTE 10–Share Information–(continued)


	Summary of Share Activity


	Years ended August 31,

	2021^(a)						2020
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:

Institutional Class		182,613		$	182,698			6,416,422		$	6,418,790



Private Investment Class		207			207			32,532			32,543



Cash Management Class		359			359			81,549			81,575



Reserve Class		28			28			1,504			1,504



Resource Class		37			37			3,570			3,570



Corporate Class		13			13			2,984			2,984



Reacquired:

Institutional Class		(17,688,475,913	)		(17,695,782,305	)		(15,321,899,211	)		(15,328,325,818	)



Private Investment Class		(1,020,552	)		(1,021,000	)		(1,765,341	)		(1,765,827	)



Cash Management Class		(30,840	)		(30,854	)		(63,868,033	)		(63,888,213	)



Reserve Class		(142,165	)		(142,221	)		(90,719	)		(90,751	)



Resource Class		(3,373	)		(3,374	)		(1,265	)		(1,265	)



Corporate Class		(16,529	)		(16,536	)		(463,261	)		(463,480	)


Net increase (decrease) in share activity		(202,142,477	)	$	(202,229,077	)		105,958,198		$	106,321,712

^(a)	57% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	Commencement date of December 18, 2020.

42 Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco STIC Prime Portfolio


	Summary of Share Activity


	Years ended August 31,

	2021^(a)						2020
	Shares			Amount			Shares			Amount


Sold:

Institutional Class		1,439,605,312		$	1,439,605,312			1,515,191,563		$	1,515,273,645



Private Investment Class		17,500			17,500			46,700			46,700



Personal Investment Class		-			-			561			561



Cash Management Class		7,472			7,472			-			-



Reserve Class		4			4			281			281



Resource Class		-			-			182			182



Corporate Class		1,000			1,000			36			36



Issued as reinvestment of dividends:

Institutional Class		14,063			14,063			4,489,681			4,489,681



Private Investment Class		91			91			11,032			11,032



Personal Investment Class		27			27			2,832			2,832



Cash Management Class		15			15			3,278			3,278



Reserve Class		7			7			1,098			1,098



Resource Class		7			7			1,140			1,140



Corporate Class		4			4			215			215


Reacquired:

Institutional Class		(1,538,652,493	)		(1,538,652,493	)		(1,851,039,089	)		(1,851,119,477	)



Private Investment Class		(688,627	)		(688,627	)		(129,157	)		(129,168	)



Personal Investment Class		(302,518	)		(302,518	)		(48,590	)		(48,594	)



Cash Management Class		(15,280	)		(15,280	)		(99,534	)		(99,535	)



Reserve Class		(18,413	)		(18,413	)		(169,247	)		(169,262	)



Resource Class		(122,212	)		(122,212	)		(1,996	)		(1,996	)



Corporate Class		(1,000	)		(1,000	)		-			-


Net increase (decrease) in share activity		(100,155,041	)	$	(100,155,041	)		(331,739,014	)	$	(331,737,351	)

^(a)

43 Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Portfolio


	Summary of Share Activity


	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount


Sold:

Institutional Class		209,389,908,080		$	209,389,908,080			182,665,163,108		$	182,665,163,108



Private Investment Class		564,708,648			564,708,648			1,486,970,970			1,486,970,970



Personal Investment Class		1,460,181,973			1,460,181,973			2,422,880,087			2,422,880,087



Cash Management Class		834,202,437			834,202,437			861,417,932			861,417,932



Reserve Class		2,267,218,779			2,267,218,779			1,819,500,275			1,819,500,275



Resource Class		271,542,723			271,542,723			333,477,473			333,477,473



Corporate Class		4,259,846,179			4,259,846,179			6,641,915,581			6,641,915,581



CAVU Securities Class^(b)		1,619,862,326			1,619,862,326			-			-



Issued as reinvestment of dividends:

Institutional Class		497,496			497,496			45,062,613			45,062,613



Private Investment Class		11,961			11,961			1,524,217			1,524,217



Personal Investment Class		28,558			28,558			2,137,800			2,137,800



Cash Management Class		39,490			39,490			3,199,903			3,199,903



Reserve Class		56,643			56,643			1,117,598			1,117,598



Resource Class		4,380			4,380			377,525			377,525



Corporate Class		26,745			26,745			2,642,981			2,642,981



Reacquired:

Institutional Class		(211,513,212,367	)		(211,513,212,367	)		(182,211,645,772	)		(182,211,645,772	)



Private Investment Class		(683,697,201	)		(683,697,201	)		(1,571,686,549	)		(1,571,686,549	)



Personal Investment Class		(1,476,924,076	)		(1,476,924,076	)		(2,503,448,761	)		(2,503,448,761	)



Cash Management Class		(753,986,380	)		(753,986,380	)		(889,341,613	)		(889,341,613	)



Reserve Class		(1,981,210,671	)		(1,981,210,671	)		(1,528,574,340	)		(1,528,574,340	)



Resource Class		(854,014,690	)		(854,014,690	)		(330,736,076	)		(330,736,076	)



Corporate Class		(5,126,958,746	)		(5,126,958,746	)		(5,940,044,504	)		(5,940,044,504	)



CAVU Securities Class		(1,072,821,385	)		(1,072,821,385	)		-			-


Net increase (decrease) in share activity		(2,794,689,098	)	$	(2,794,689,098	)		1,311,910,448		$	1,311,910,448

^(a)

^(b)	Commencement date of December 18, 2020.

44 Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Government & Agency Portfolio


	Summary of Share Activity


	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount


Sold:

Institutional Class		287,998,117,369		$	287,998,117,369			262,928,153,701		$	262,928,153,701



Private Investment Class		1,566,476,737			1,566,476,737			2,584,479,157			2,584,479,157



Personal Investment Class		8,460,874			8,460,874			62,737,197			62,737,197



Cash Management Class		1,020,500,616			1,020,500,616			657,577,573			657,577,573



Reserve Class		1,184,114,517			1,184,114,517			1,172,921,187			1,172,921,187



Resource Class		1,448,949,173			1,448,949,173			1,825,896,962			1,825,896,962



Corporate Class		2,472,495,311			2,472,495,311			820,373,313			820,373,313



CAVU Securities Class^(b)		11,182,358,336			11,182,358,336			-			-



Issued as reinvestment of dividends:

Institutional Class		2,364,199			2,364,199			73,415,945			73,415,945



Private Investment Class		77,027			77,027			3,046,192			3,046,192



Personal Investment Class		1,664			1,664			89,620			89,620



Cash Management Class		62,947			62,947			2,363,772			2,363,772



Reserve Class		96,732			96,732			1,290,595			1,290,595



Resource Class		22,306			22,306			1,403,826			1,403,826



Corporate Class		20,996			20,996			26,956			26,956



CAVU Securities Class		68,987			68,987			-			-



Reacquired:

Institutional Class		(268,795,922,713	)		(268,795,922,713	)		(262,745,539,103	)		(262,745,539,103	)



Private Investment Class		(1,642,674,819	)		(1,642,674,819	)		(2,538,024,638	)		(2,538,024,638	)



Personal Investment Class		(12,632,377	)		(12,632,377	)		(65,288,286	)		(65,288,286	)



Cash Management Class		(704,092,281	)		(704,092,281	)		(593,465,577	)		(593,465,577	)



Reserve Class		(1,177,156,626	)		(1,177,156,626	)		(1,070,559,836	)		(1,070,559,836	)



Resource Class		(1,474,219,663	)		(1,474,219,663	)		(1,864,768,437	)		(1,864,768,437	)



Corporate Class		(1,421,688,484	)		(1,421,688,484	)		(829,480,994	)		(829,480,994	)



CAVU Securities Class		(9,740,577,642	)		(9,740,577,642	)		-			-


Net increase in share activity		21,915,223,186		$	21,915,223,186			426,649,125		$	426,649,125

^(a)

^(b)	Commencement date of December 18, 2020.

45 Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Obligations Portfolio


	Summary of Share Activity


	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount


Sold:

Institutional Class		1,758,486,047		$	1,758,486,047			2,007,630,177		$	2,007,630,177



Private Investment Class		8,037,650			8,037,650			17,752,712			17,752,712



Personal Investment Class		6,051,798			6,051,798			12,396,845			12,396,845



Cash Management Class		-			-			38,202,008			38,202,008



Reserve Class		332,356,357			332,356,357			108,199,892			108,199,892



Resource Class		52,034			52,034			2,952,538			2,952,538



Corporate Class		129			129			16,000,000			16,000,000



Issued as reinvestment of dividends:

Institutional Class		69,137			69,137			1,687,442			1,687,442



Private Investment Class		1,543			1,543			65,930			65,930



Personal Investment Class		102			102			282			282



Cash Management Class		27			27			16,009			16,009



Reserve Class		7,165			7,165			212,244			212,244



Resource Class		3			3			424			424



Corporate Class		774			774			11,998			11,998



Reacquired:

Institutional Class		(2,065,497,826	)		(2,065,497,826	)		(1,684,099,423	)		(1,684,099,423	)



Private Investment Class		(7,818,691	)		(7,818,691	)		(12,877,560	)		(12,877,560	)



Personal Investment Class		(2,980,997	)		(2,980,997	)		(11,767,016	)		(11,767,016	)



Cash Management Class		(87,667	)		(87,667	)		(39,771,691	)		(39,771,691	)



Reserve Class		(312,456,512	)		(312,456,512	)		(108,535,845	)		(108,535,845	)



Resource Class		(103,990	)		(103,990	)		(2,936,447	)		(2,936,447	)



Corporate Class		(5,410,000	)		(5,410,000	)		(5,580,000	)		(5,580,000	)


Net increase (decrease) in share activity		(289,292,917	)	$	(289,292,917	)		339,560,519		$	339,560,519

^(a)

In addition, 60% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

46 Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio


	Summary of Share Activity


	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		147,021,640		$	147,021,640			310,891,005		$	310,891,005


Private Investment Class		2,274,008			2,274,008			11,295,911			11,295,911


Personal Investment Class		7,107,975			7,107,975			11,189,176			11,189,176


Cash Management Class		6,420,817			6,420,817			7,389,500			7,389,500


Reserve Class		28,135,345			28,135,345			58,297,928			58,297,928


Resource Class		394,392			394,392			4,102,971			4,102,971


Corporate Class		-			-			10			10



Issued as reinvestment of dividends:
Institutional Class		7,749			7,749			770,263			770,263


Private Investment Class		832			832			106,524			106,524


Personal Investment Class		195			195			7,119			7,119


Cash Management Class		230			230			164,121			164,121


Reserve Class		2,280			2,280			50,307			50,307


Resource Class		205			205			21,121			21,121


Corporate Class		-			-			75			75



Reacquired:
Institutional Class		(179,760,190	)		(179,760,190	)		(321,704,515	)		(321,704,515	)


Private Investment Class		(2,855,050	)		(2,855,050	)		(21,755,886	)		(21,755,886	)


Personal Investment Class		(9,014,784	)		(9,014,784	)		(10,154,592	)		(10,154,592	)


Cash Management Class		(7,314,378	)		(7,314,378	)		(29,359,631	)		(29,359,631	)


Reserve Class		(38,734,330	)		(38,734,330	)		(51,528,118	)		(51,528,118	)


Resource Class		(1,921,844	)		(1,921,844	)		(2,237,435	)		(2,237,435	)


Net increase (decrease) in share activity		(48,234,908	)	$	(48,234,908	)		(32,454,146	)	$	(32,454,146	)

^(a)

47 Short-Term Investments Trust

Report of Independent Registered Public Accounting Firm

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 (constituting Short-Term Investments Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2021, including the related notes, and the financial highlights of the Cash Management Class for each of the five years in the period ended August 31, 2021 (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, 2021, 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, 2021 and each of the financial highlights of the Cash Management Class for each of the five years in the period ended August 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 25, 2021

48 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, 2021 through August 31, 2021.

Actual expenses

Hypothetical example for comparison purposes


										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
	(03/01/21)			(08/31/21)¹			Period²			(08/31/21)			Period²			Ratio

Invesco Liquid Assets Portfolio		$	1,000.00		$	1,000.10		$	0.86		$	1,024.35		$	0.87		0.17	%

Invesco STIC Prime Portfolio			1,000.00			1,000.10			0.55			1,024.65			0.56		0.11

Invesco Treasury Portfolio			1,000.00			1,000.10			0.30			1,024.90			0.31		0.06

Invesco Government & Agency Portfolio			1,000.00			1,000.10			0.20			1,025.00			0.20		0.04

Invesco Treasury Obligations Portfolio			1,000.00			1,000.10			0.30			1,024.90			0.31		0.06

Invesco Tax-Free Cash Reserve Portfolio			1,000.00			1,000.10			0.25			1,024.95			0.26		0.05

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 184/365 to reflect the most recent fiscal half year.

49 Short-Term Investments Trust

Approval of Investment Advisory and Sub-Advisory Contracts

The Board’s Evaluation Process

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for

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

50 Short-Term Investments Trust

B.	Fund Investment Performance

Invesco Government & Agency Portfolio

Invesco Liquid Assets Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the second 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, which did not change its conclusions.

Invesco STIC Prime Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the third 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 reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. 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, which did not change its conclusions

Invesco Tax-Free Cash Reserve Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Tax-Free National Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the second 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 reasonably comparable to the Index for the one and five year periods and the same as the three year period. 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, which did not change its conclusions.

Invesco Treasury Obligations Portfolio

Invesco Treasury Portfolio

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio, Invesco STIC Prime Portfolio and Invesco Treasury Portfolio

51 Short-Term Investments Trust

each Fund’s total expense ratio and its various components.

Invesco Liquid Assets Portfolio and Invesco Treasury Obligations Portfolio

management reasons for such relative total expenses.

Invesco Tax-Free Cash Reserve Portfolio

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit

D.	Economies of Scale and Breakpoints

Invesco Government & Agency Portfolio, Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Tax-Free Cash Reserve Portfolio and Invesco Treasury Portfolio

Invesco Treasury Obligations Portfolio

52 Short-Term Investments Trust

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

53 Short-Term Investments Trust

Tax Information

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, 2021:

Federal and State Income Tax


	Business Interest Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Tax-Exempt Interest Dividend*
Invesco Liquid Assets Portfolio		99.55	%		0.00	%		0.00	%		1.79	%		0.00	%
Invesco STIC Prime Portfolio		58.31	%		0.00	%		0.00	%		0.05	%		0.00	%
Invesco Treasury Portfolio		99.85	%		0.00	%		0.00	%		87.39	%		0.00	%
Invesco Government & Agency Portfolio		99.21	%		0.00	%		0.00	%		91.17	%		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	%		67.55	%

*	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		$	-		0.00	%
Invesco STIC Prime Portfolio			-		0.00	%
Invesco Treasury Portfolio			-		100.00	%
Invesco Government & Agency Portfolio			354,175		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.

54 Short-Term Investments Trust

Trustees and Officers


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)	184	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
Christopher L. Wilson –1957 Trustee and Chair	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	184	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	184	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 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	184	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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	184	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	184	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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; and Trustee of certain Oppenheimer Funds	184	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	184	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

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)
Prema Mathai-Davis – 1950 Trustee	1997	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	184	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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	184	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); 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 Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	184	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	184	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	184	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	184	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds

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)
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	184	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

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 and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; 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, Treasurer 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.; 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 and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., 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)
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, President and Chairman, Invesco Insurance Agency, Inc.; 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
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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; 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

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)
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.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President 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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


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

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


SEC file numbers: 811-02729 and 002-58287		Invesco Distributors, Inc.		CM-STIT-AR-3


		Annual Report to Shareholders		August 31, 2021
		Resource 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

Unless otherwise stated, information presented in this report is as of August 31, 2021, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Table of Contents


Fund Data			3

Fund Objectives and Strategies			4

Fund Composition by Maturity			5

Schedules of Investments			6

Financial Statements			28

Financial Highlights			34

Notes to Financial Statements			35

Report of Independent Registered Public Accounting Firm			48

Fund Expenses			49

Approval of Investment Advisory and Sub-Advisory Contracts			50

Tax Information			54

Trustees and Officers			T-1

Fund Data

Resource Class data as of 8/31/21

FUND

WEIGHTED

AVERAGE

MATURITY

WEIGHTED

AVERAGE

LIFE

TOTAL

NET

ASSETS

Range

During

Reporting

Period

End

Invesco Liquid Assets¹

33 - 52 days

48 days

68 days

$362.2

thousand

Invesco STIC Prime¹

4 - 15 days

11 days

12 days

0.4

thousand

Invesco Treasury²

25 - 55 days

48 days

116 days

53.2

million

Invesco Government & Agency²

19 - 57 days

37 days

102 days

117.9

million

Invesco Treasury Obligations²

37 - 58 days

39 days

108 days

98.1

thousand

Invesco Tax-Free Cash Reserve³

7 - 16 days

13 days

1.5

million


3		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.

Invesco STIC Prime Portfolio

Invesco STIC Prime Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

Invesco Treasury Portfolio

Invesco Treasury Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

Invesco Government & Agency Portfolio

Invesco Government & Agency Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

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.

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.


4		Short-Term Investments Trust

Fund Composition by Maturity


In days, as of 8/31/21
				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	44.6%	65.5%	60.9%	52.2%	8.6%	90.1%
8 - 30	2.3	16.3	0.0	11.7	48.0	1.6
31 - 60	13.6	18.2	1.2	2.9	2.7	2.0
61 - 90	17.3	0.0	2.3	2.2	6.4	2.6
91 - 180	7.8	0.0	7.6	9.3	15.2	3.7
181+	14.4	0.0	28.0	21.7	19.1	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.


5		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Liquid Assets Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Commercial Paper-44.60%^(a)
Asset-Backed Securities - Fully Supported-3.17%
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.20%		09/02/2021	$	20,000	$ 19,999,913
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.18%		11/08/2021		55,000	54,991,461
							74,991,374

Asset-Backed Securities - Fully Supported Bank-8.49%
Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.08%)^(b)(c)(d)		0.15%		01/26/2022		50,000	50,007,500
Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.06%)^(b)(c)(d)		0.13%		02/18/2022		25,000	25,003,167
Bedford Row Funding Corp. (CEP - Royal Bank of Canada), (3 mo. USD LIBOR + 0.08%)^(b)(c)(d)		0.21%		10/21/2021		10,000	10,001,719
Concord Minutemen Capital Co. LLC (Multi - CEP’s)^(b)(c)		0.13%		10/08/2021		15,000	14,998,496
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.20%		09/03/2021		40,000	39,999,750
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.14%		10/25/2021		10,500	10,498,364
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)^(b)(c)		0.10%		09/02/2021		35,000	34,999,854
Versailles Commercial Paper LLC (CEP - Natixis S.A.), (1 mo. USD LIBOR + 0.09%)^(b)(c)(d)		0.18%		09/01/2021		15,000	15,001,038
							200,509,888

Consumer Finance-2.12%
Toyota Finance Australia Ltd.^(c)		0.14%		11/16/2021		50,000	49,988,771

Diversified Banks-26.13%
Agricultural Bank of China Ltd.^(b)(c)		0.17%		11/22/2021		70,000	69,968,852
ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.17%		04/04/2022		23,700	23,681,941
Barclays Bank PLC^(b)(c)		0.18%		09/10/2021		30,000	29,999,375
Barclays Bank PLC^(b)(c)		0.16%		12/03/2021		5,000	4,998,329
Barclays Bank PLC^(b)(c)		0.18%		01/06/2022		20,000	19,989,476
Barclays Bank PLC^(b)(c)		0.16%		02/10/2022		25,000	24,982,002
DBS Bank Ltd.^(b)(c)		0.16%		10/01/2021		50,000	49,995,910
Dexia Credit Local S.A.^(b)(c)		0.17%		02/28/2022		70,000	69,952,487
DNB Bank ASA^(b)(c)		0.05%		09/07/2021		39,000	38,999,659
HSBC Bank PLC^(b)(c)		0.26%		10/08/2021		25,000	24,995,408
National Australia Bank Ltd. (3 mo. USD LIBOR + 0.06%)^(b)(c)(d)		0.19%		11/10/2021		50,000	50,011,354
Natixis S.A.^(c)		0.20%		10/14/2021		35,000	34,996,792
Nordea Bank Abp^(b)(c)		0.13%		11/18/2021		50,000	49,991,112
Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.19%		10/01/2021		25,000	25,001,831
Royal Bank of Canada^(b)(c)		0.20%		06/16/2022		15,000	14,975,796
Toronto-Dominion Bank (The)^(b)(c)		0.21%		06/22/2022		25,000	24,965,993
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)^(b)(c)(d)		0.16%		07/08/2022		10,000	10,004,440
United Overseas Bank Ltd.^(b)(c)		0.27%		09/28/2021		25,000	24,998,367
United Overseas Bank Ltd.^(b)(c)		0.28%		10/04/2021		25,000	24,997,993
							617,507,117

Diversified Capital Markets-1.69%
UBS AG (3 mo. USD LIBOR + 0.07%)^(b)(c)(d)		0.22%		10/04/2021		10,000	10,000,347
UBS AG^(b)(c)		0.25%		08/18/2022		30,000	29,932,240
							39,932,587

Regional Banks-3.00%
ASB Finance Ltd.^(b)(c)		0.19%		11/10/2021		20,000	19,996,884

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


6		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Regional Banks-(continued)
ASB Finance Ltd.^(b)(c)		0.25%		03/18/2022	$	20,920	$ 20,904,851
ASB Finance Ltd.^(b)(c)		0.21%		07/08/2022		30,000	29,956,460
							70,858,195
Total Commercial Paper (Cost $1,053,659,584)							1,053,787,932

Certificates of Deposit-35.83%
Bank of Montreal^(c)		0.21%		06/24/2022		10,000	10,002,465
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%)^(c)(d)		0.18%		11/09/2021		20,000	20,004,002
Bank of Nova Scotia (The) (SOFR + 0.11%)^(c)(d)		0.16%		04/20/2022		50,000	49,999,380
Canadian Imperial Bank of Commerce^(c)		0.04%		09/01/2021		118,000	118,000,000
China Construction Bank Corp.^(c)		0.16%		11/22/2021		70,000	69,997,901
Credit Agricole Corporate & Investment Bank S.A.^(c)		0.05%		09/01/2021		68,000	68,000,000
Goldman Sachs Bank USA		0.17%		02/04/2022		35,000	35,001,217
Mizuho Bank Ltd.^(c)		0.08%		09/01/2021		64,418	64,418,489
Nordea Bank Abp^(c)		0.04%		09/01/2021		69,000	69,000,000
Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.18%		10/07/2021		25,000	25,001,655
Skandinaviska Enskilda Banken AB^(c)		0.04%		09/01/2021		118,000	118,000,000
Svenska Handelsbanken AB^(c)		0.03%		09/01/2021		105,000	105,000,000
Svenska Handelsbanken AB^(c)		0.21%		01/03/2022		14,300	14,304,959
Toronto-Dominion Bank (The) (SOFR + 0.20%)^(c)(d)		0.25%		02/16/2022		25,000	25,013,293
Westpac Banking Corp. (SOFR + 0.13%)^(c)(d)		0.18%		07/15/2022		55,000	55,007,268
Total Certificates of Deposit (Cost $846,716,057)							846,750,629

Variable Rate Demand Notes-3.97%^(e)
Credit Enhanced-3.97%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)(f)		0.13%		04/01/2047		9,200	9,199,999
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(f)		0.13%		05/01/2037		2,500	2,500,000
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		0.05%		08/01/2045		82,040	82,040,000
Total Variable Rate Demand Notes (Cost $93,739,999)							93,739,999
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-84.40% (Cost $1,994,115,640)							1,994,278,560

					Repurchase Amount
Repurchase Agreements-15.62%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2021, aggregate maturing value of $100,003,111 (collateralized by U.S. Treasury obligations, domestic and foreign corporate obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and domestic and foreign non-agency asset-backed securities valued at $103,174,606; 0.00% - 8.40%; 09/09/2021 - 07/20/2071)^(c)(h)		0.16%		09/07/2021		27,000,840	27,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $10,000,447 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, a domestic corporate obligation and a U.S. Treasury obligation valued at $10,316,976; 0.13% - 5.51%; 02/28/2023 - 07/20/2071)^(c)(h)		0.23%		09/01/2021		10,000,447	10,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $20,000,700 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $20,552,976; 0.08% - 6.30%; 10/01/2021 - 07/20/2071)^(c)(h)		0.18%		09/01/2021		20,000,700	20,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value

Citigroup Global Markets, Inc., joint open agreement dated 01/22/2021 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $203,550,733; 0.00% - 7.26%; 09/14/2022 - 12/01/2061)⁽ⁱ⁾		0.54%		09/01/2021	$	8,003,631	$	8,000,000

Citigroup Global Markets, Inc., joint open agreement dated 10/28/2020 (collateralized by domestic non-agency mortgage-backed securities, domestic non-agency asset-backed securities and domestic and foreign corporate obligations valued at $55,232,635; 0.00% - 7.70%; 10/27/2022 - 06/04/2081)⁽ⁱ⁾		0.54%		09/01/2021		10,004,504		10,000,000

Citigroup Global Markets, Inc., open agreement dated 10/02/2020 (collateralized by domestic and foreign corporate obligations valued at $55,001,324; 1.60% - 9.63%; 09/01/2025 - 07/01/2036)⁽ⁱ⁾		0.55%		09/01/2021		50,022,937		50,000,000

Credit Suisse Securities (USA) LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $10,000,000 (collateralized by domestic and foreign non-agency asset-backed securities, foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $10,500,000; 0.04% - 4.70%; 08/21/2028 - 05/15/2061)^(c)(d)		0.33%		10/05/2021		2,000,000		2,000,000

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 $31,922,998; 0.00% - 8.75%; 12/01/2021 - 07/25/2059)⁽ⁱ⁾		0.46%		09/01/2021		15,005,697		15,000,000

J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic and foreign corporate obligations valued at $110,000,292; 3.88% - 9.00%; 01/15/2024 - 04/01/2044)⁽ⁱ⁾		0.37%		09/01/2021		65,020,439		65,000,000

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by domestic and foreign equity securities valued at $15,753,648; 0.00% - 8.38%; 01/31/2028 - 06/23/2050)⁽ⁱ⁾		0.27%		09/01/2021		7,001,618		7,000,000

Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by domestic and foreign corporate obligations valued at $52,503,917; 0.45% - 5.01%; 11/01/2024 - 07/01/2051)^(c)(i)		0.20%		09/01/2021		25,004,319		25,000,000

Mizuho Securities (USA) LLC, joint open agreement dated 07/02/2021 (collateralized by domestic and foreign equity securities valued at $52,500,236; 0.00%)^(c)(i)		0.22%		09/01/2021		20,000,122		20,000,000

RBC Capital Markets LLC, joint agreement dated 08/31/2021, aggregate maturing value of $100,000,556 (collateralized by a foreign non-agency asset-backed security, domestic and foreign corporate obligations and foreign commercial paper valued at $105,000,765; 0.00% - 6.75%; 10/15/2021 - 06/01/2070)^(c)		0.20%		09/01/2021		20,000,111		20,000,000

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $63,611,054; 0.23% - 13.00%; 11/10/2021 - 08/01/2118)^(c)(i)		0.25%		09/01/2021		25,000,174		25,000,000

Societe Generale, joint open agreement dated 08/20/2021 (collateralized by domestic and foreign corporate obligations valued at $92,242,834; 0.20% - 11.88%; 06/27/2022 - 09/14/2077)^(c)(i)		0.18%		09/01/2021		65,000,325		65,000,000

Total Repurchase Agreements (Cost $369,000,000)								369,000,000

TOTAL INVESTMENTS IN SECURITIES^(j)(k)-100.02% (Cost $2,363,115,640)								2,363,278,560

OTHER ASSETS LESS LIABILITIES-(0.02)%								(389,825	)

NET ASSETS-100.00%							$	2,362,888,735


Investment Abbreviations:

CEP		-Credit Enhancement Provider
FEDL		-Federal Funds Effective Rate
LIBOR		-London Interbank Offered Rate
LOC		-Letter of Credit
OBFR		-Overnight Bank Funding Rate
RB		-Revenue Bonds
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.


8		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)

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)

^(c)

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.

^(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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(j)	Also represents cost for federal income tax purposes.

^(k)


Entities	Percentage
Svenska Handelsbanken AB		5.1%
Nordea Bank Abp		5.0
Credit Agricole S.A.		5.0

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco STIC Prime Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Certificates of Deposit-36.01%
BNP Paribas S.A.^(a)		0.06%		09/01/2021	$	11,000	$ 11,000,000
Canadian Imperial Bank of Commerce^(a)		0.04%		09/01/2021		11,000	11,000,000
Credit Agricole Corporate & Investment Bank S.A.^(a)		0.05%		09/01/2021		5,000	5,000,000
Mizuho Bank Ltd.^(a)		0.08%		09/01/2021		11,000	11,000,000
Nordea Bank Abp^(a)		0.04%		09/01/2021		11,000	11,000,000
Skandinaviska Enskilda Banken AB^(a)		0.04%		09/01/2021		11,000	11,000,000
Societe Generale S.A.^(a)		0.32%		09/17/2021		2,300	2,300,270
Sumitomo Mitsui Trust Bank Ltd.^(a)		0.08%		09/23/2021		7,000	7,000,022
Svenska Handelsbanken AB^(a)		0.03%		09/01/2021		11,000	11,000,000
Total Certificates of Deposit (Cost $80,300,129)							80,300,292

Commercial Paper-29.86%^(b)
Asset-Backed Securities - Fully Supported-3.14%
Ionic Capital III Trust (CEP - UBS AG)^(a)		0.11%		09/17/2021		7,000	6,999,716

Asset-Backed Securities - Fully Supported Bank-16.41%
Anglesea Funding LLC (Multi - CEP’s)^(a)(c)		0.10%		10/01/2021		8,000	7,999,345
Cancara Asset Securitisation LLC (CEP - Lloyds Bank LLC)^(a)(c)		0.10%		09/01/2021		2,000	1,999,996
Concord Minutemen Capital Co. LLC (Multi - CEP’s)^(a)(c)		0.10%		09/17/2021		7,000	6,999,716
Lexington Parker Capital Co. LLC (CEP - Natixis S.A.)^(a)(c)		0.11%		09/10/2021		7,000	6,999,846
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(a)(c)		0.12%		09/23/2021		1,000	999,942
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(a)(c)		0.11%		10/01/2021		4,600	4,599,624
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)^(a)(c)		0.10%		10/13/2021		7,000	6,999,206
							36,597,675

Diversified Banks-10.31%
Agricultural Bank of China Ltd.^(a)(c)		0.13%		10/25/2021		6,000	5,998,304
Banco Santander S.A.^(a)(c)		0.10%		10/22/2021		7,000	6,998,908
Industrial & Commercial Bank of China Ltd.^(a)(c)		0.11%		09/24/2021		5,000	4,999,660
Swedbank AB^(a)		0.06%		09/03/2021		5,000	4,999,986
							22,996,858
Total Commercial Paper (Cost $66,594,646)							66,594,249

Variable Rate Demand Notes-11.77%^(d)
Credit Enhanced-11.77%
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD RB (LOC - FHLB of Indianapolis)^(e)(f)		0.10%		12/01/2039		750	750,000
Jets Stadium Development LLC; Series 2007 A-4, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(a)(c)(f)		0.13%		04/01/2047		7,800	7,800,000
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(f)		0.13%		05/01/2037		3,050	3,050,000
Portland (Port of), OR (Portland International Airport); Subseries 2008 18-A, Ref. VRD RB (LOC - Industrial & Commercial Bank of China Ltd.)^(a)(e)(f)		0.04%		07/01/2026		570	570,000
Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB (CEP - FHLMC)^(e)		0.08%		06/01/2041		890	890,000
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		0.05%		08/01/2045		8,200	8,200,000
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)^(c)(f)		0.08%		01/01/2033		5,000	5,000,000
Total Variable Rate Demand Notes (Cost $26,260,000)							26,260,000
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-77.64% (Cost $173,154,775)							173,154,541

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco STIC Prime Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Repurchase Agreements-22.33%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2021, aggregate maturing value of $100,003,111 (collateralized by U.S. Treasury obligations, domestic and foreign corporate obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and domestic and foreign non-agency asset-backed securities valued at $103,174,606; 0.00% - 8.40%; 09/09/2021 - 07/20/2071)^(a)(h)		0.16%		09/07/2021	$	3,000,093	$ 3,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $3,000,105 (collateralized by domestic agency and non-agency mortgage-backed securities and foreign corporate obligations valued at $3,131,412; 0.95% - 6.21%; 09/11/2022 - 07/20/2051)^(a)(h)		0.18%		09/01/2021		3,000,105	3,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $3,000,134 (collateralized by a domestic non-agency mortgage-backed security and a foreign corporate obligation valued at $3,150,455; 0.95% - 3.33%; 01/22/2027 - 05/15/2062)^(a)(h)		0.23%		09/01/2021		3,000,134	3,000,000
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $10,000,000 (collateralized by domestic and foreign non-agency asset-backed securities, foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $10,500,000; 0.04% - 4.70%; 08/21/2028 - 05/15/2061)^(a)(i)		0.33%		10/05/2021		8,000,000	8,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by domestic and foreign equity securities valued at $15,753,648; 0.00% - 8.38%; 01/31/2028 - 06/23/2050)^(j)		0.27%		09/01/2021		8,001,849	8,000,000
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by domestic and foreign corporate obligations valued at $52,503,917; 0.45% - 5.01%; 11/01/2024 - 07/01/2051)^(a)(j)		0.20%		09/01/2021		7,001,209	7,000,000
RBC Capital Markets LLC, joint agreement dated 08/31/2021, aggregate maturing value of $100,000,556 (collateralized by a foreign non-agency asset-backed security, domestic and foreign corporate obligations and foreign commercial paper valued at $105,000,765; 0.00% - 6.75%; 10/15/2021 - 06/01/2070)^(a)		0.20%		09/01/2021		8,000,044	8,000,000
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $63,611,054; 0.23% - 13.00%; 11/10/2021 - 08/01/2118)^(a)(j)		0.25%		09/01/2021		5,000,035	5,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06%		09/01/2021		4,802,665	4,802,657
Total Repurchase Agreements (Cost $49,802,657)							49,802,657
TOTAL INVESTMENTS IN SECURITIES^(k)(l)-99.97% (Cost $222,957,432)							222,957,198
OTHER ASSETS LESS LIABILITIES-0.03%							63,148
NET ASSETS-100.00%							$223,020,346


Investment Abbreviations:

CEP		-Credit Enhancement Provider
FHLB		-Federal Home Loan Bank
FHLMC		-Federal Home Loan Mortgage Corp.
LOC		-Letter of Credit
RB		-Revenue Bonds
Ref.		-Refunding
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)

August 31, 2021

Invesco STIC Prime Portfolio–(continued)

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: Japan: 14.7%; Switzerland: 13.0%; France: 13.0%; Canada: 12.6%; Sweden: 12.1%; Netherlands: 6.7%; China: 5.2%; other countries less than 5% each: 9.0%.

^(b)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(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, 2021 was $67,394,547, which represented 30.22% of the Fund’s Net Assets.

^(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, 2021.

^(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, 2021.

^(j)	Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(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.


12		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Treasury Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-39.07%
U.S. Treasury Bills-3.43%^(a)
U.S. Treasury Bills		0.04%-0.05%		10/07/2021	$	230,335	$ 230,314,483
U.S. Treasury Bills		0.11%		12/02/2021		150,000	149,957,834
U.S. Treasury Bills		0.07%		06/16/2022		150,000	149,916,000
U.S. Treasury Bills		0.08%		07/14/2022		150,000	149,901,250
							680,089,567

U.S. Treasury Notes-35.64%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		450,000	450,057,692
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		500,000	499,930,751
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		744,000	744,295,573
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		450,000	450,007,504
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		605,000	604,987,984
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		100,000	100,000,000
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		250,500	250,513,490
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		627,000	627,026,147
U.S. Treasury Notes		1.38%		01/31/2022		200,000	201,076,487
U.S. Treasury Notes		1.50%		01/31/2022		165,000	165,974,159
U.S. Treasury Notes		1.88%		01/31/2022		200,000	201,493,851
U.S. Treasury Notes		2.50%		02/15/2022		300,000	303,305,676
U.S. Treasury Notes		1.13%		02/28/2022		100,000	100,515,124
U.S. Treasury Notes		2.38%		03/15/2022		250,000	253,064,728
U.S. Treasury Notes		1.75%		03/31/2022		300,000	302,897,976
U.S. Treasury Notes		1.88%		03/31/2022		100,000	101,024,476
U.S. Treasury Notes		1.75%		04/30/2022		200,000	202,206,942
U.S. Treasury Notes		1.75%		06/15/2022		200,000	202,607,488
U.S. Treasury Notes		0.13%		06/30/2022		200,000	200,058,176
U.S. Treasury Notes		1.75%		06/30/2022		100,000	101,367,436
U.S. Treasury Notes		2.13%		06/30/2022		200,000	203,367,765
U.S. Treasury Notes		1.75%		07/15/2022		200,000	202,868,812
U.S. Treasury Notes		0.13%		07/31/2022		200,000	200,073,756
U.S. Treasury Notes		1.88%		07/31/2022		250,000	254,067,706
U.S. Treasury Notes		1.50%		09/15/2022		150,000	152,203,664
							7,074,993,363
Total U.S. Treasury Securities (Cost $7,755,082,930)							7,755,082,930
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-39.07% (Cost $7,755,082,930)							7,755,082,930

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Repurchase Agreements-60.87%^(c)
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05%		09/01/2021	$	250,000,347	$250,000,000
Citigroup Global Markets, Inc., joint term agreement dated 08/26/2021, aggregate maturing value of $300,003,208 (collateralized by U.S. Treasury obligations valued at $306,000,020; 0.00%; 02/15/2046 - 11/15/2047)^(d)		0.06%		09/02/2021		120,001,283	120,000,000
Credit Agricole Corporate & Investment Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,001; 3.00% - 4.38%; 05/15/2040 - 08/15/2048)		0.05%		09/01/2021		250,000,347	250,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(d)		0.05%		09/01/2021		100,004,722	100,000,000
DNB Bank ASA, agreement dated 08/31/2021, maturing value of $300,000,417 (collateralized by U.S. Treasury obligations valued at $306,000,080; 0.13% - 4.38%; 07/15/2026 - 05/15/2041)		0.05%		09/01/2021		300,000,417	300,000,000
Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $6,000,008,333 (collateralized by U.S. Treasury obligations valued at $6,000,008,395; 0.13% - 2.75%; 12/31/2022 - 05/15/2046)		0.05%		09/01/2021		6,000,008,333	6,000,000,000
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06%		09/01/2021		335,000,512	335,000,000
Goldman Sachs & Co., agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,000; 0.00% - 1.50%; 08/15/2022 - 02/15/2042)		0.05%		09/01/2021		250,000,347	250,000,000
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% - 1.88%; 09/16/2021 - 07/31/2023)^(e)		0.05%		09/01/2021		630,026,250	630,000,000
Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(d)		0.07%		09/01/2021		100,001,767	100,000,406
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(d)		0.07%		09/01/2021		299,629,078	299,625,000
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/25/2021, maturing value of $100,001,167 (collateralized by U.S. Treasury obligations valued at $102,001,248; 0.50% - 0.63%; 03/31/2025 - 08/15/2030)^(d)		0.06%		09/01/2021		100,001,167	100,000,000
Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $271,875,453 (collateralized by U.S. Treasury obligations valued at $276,195,250; 0.00%; 08/15/2027 - 08/15/2037)		0.06%		09/01/2021		271,875,453	271,875,000
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $340,563,068 (collateralized by U.S. Treasury obligations valued at $347,231,500; 0.00%; 08/15/2033 - 02/15/2045)		0.06%		09/01/2021		340,563,068	340,562,500
RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,038; 0.00% - 3.00%; 09/30/2021 - 08/15/2051)^(d)		0.05%		11/17/2021		250,029,514	250,000,000
Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(e)		0.05%		09/01/2021		1,205,001,674	1,205,000,000
Societe Generale, joint term agreement dated 08/25/2021, aggregate maturing value of $250,002,431 (collateralized by U.S. Treasury obligations valued at $255,000,001; 0.00% - 6.88%; 09/09/2021 - 02/15/2049)^(d)		0.05%		09/01/2021		40,000,389	40,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(d)		0.05%		09/07/2021	$	200,001,944	$ 200,000,000
Standard Chartered Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,405; 0.09% - 3.88%; 02/15/2022 - 05/15/2051)		0.05%		09/01/2021		250,000,347	250,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 - 08/31/2024)		0.05%		09/01/2021		290,327,546	290,327,143
Wells Fargo Securities, LLC, agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by a U.S. Treasury obligation valued at $510,000,001; 2.00%; 02/15/2050)		0.05%		09/01/2021		500,000,694	500,000,000
Total Repurchase Agreements (Cost $12,082,390,049)							12,082,390,049
TOTAL INVESTMENTS IN SECURITIES-99.94% (Cost $19,837,472,979)							19,837,472,979
OTHER ASSETS LESS LIABILITIES-0.06%							11,358,146
NET ASSETS-100.00%							$19,848,831,125

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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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, 2021

Invesco Government & Agency Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-32.73%
U.S. Treasury Bills-13.99%^(a)
U.S. Treasury Bills		0.02%		09/09/2021	$	1,000,000	$999,994,444
U.S. Treasury Bills		0.02%		09/16/2021		750,000	749,992,188
U.S. Treasury Bills		0.01%		09/21/2021		1,530,000	1,529,990,956
U.S. Treasury Bills		0.03%-0.14%		10/07/2021		380,000	379,978,750
U.S. Treasury Bills		0.05%		10/12/2021		250,000	249,985,763
U.S. Treasury Bills		0.14%		11/04/2021		75,000	74,982,000
U.S. Treasury Bills		0.05%		12/02/2021		1,379,424	1,379,267,091
U.S. Treasury Bills		0.05%		01/20/2022		200,000	199,960,833
U.S. Treasury Bills		0.06%		02/03/2022		300,000	299,928,958
U.S. Treasury Bills		0.05%		02/17/2022		651,866	651,712,992
U.S. Treasury Bills		0.07%		02/24/2022		50,000	49,982,889
U.S. Treasury Bills		0.06%		03/24/2022		10,000	9,996,600
U.S. Treasury Bills		0.06%		04/21/2022		250,000	249,895,278
U.S. Treasury Bills		0.07%		06/16/2022		400,000	399,777,999
U.S. Treasury Bills		0.08%		08/11/2022		300,000	299,770,667
							7,525,217,408

U.S. Treasury Notes-18.74%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		550,000	550,094,508
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		25,000	24,998,355
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		107,000	107,059,042
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		287,000	287,018,002
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		730,000	730,023,588
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		412,400	412,544,410
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		1,330,000	1,330,143,243
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		1,055,000	1,055,039,361
U.S. Treasury Notes		1.13%		09/30/2021		62,000	62,053,006
U.S. Treasury Notes		1.50%		09/30/2021		50,000	50,056,641
U.S. Treasury Notes		2.13%		09/30/2021		50,000	50,082,360
U.S. Treasury Notes		2.88%		11/15/2021		100,000	100,574,950
U.S. Treasury Notes		1.38%		01/31/2022		453,000	455,486,327
U.S. Treasury Notes		1.50%		01/31/2022		173,000	174,020,051
U.S. Treasury Notes		1.88%		01/31/2022		633,000	637,728,976
U.S. Treasury Notes		2.50%		02/15/2022		330,940	334,593,757
U.S. Treasury Notes		1.13%		02/28/2022		200,000	201,029,333
U.S. Treasury Notes		1.75%		02/28/2022		100,000	100,830,762
U.S. Treasury Notes		1.88%		02/28/2022		303,000	305,696,355
U.S. Treasury Notes		2.38%		03/15/2022		46,000	46,569,385
U.S. Treasury Notes		1.75%		03/31/2022		650,000	656,301,352
U.S. Treasury Notes		1.88%		03/31/2022		925,000	934,661,756

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


16		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. Treasury Notes-(continued)
U.S. Treasury Notes		1.88%		04/30/2022	$	150,000	$ 151,795,054
U.S. Treasury Notes		1.75%		05/15/2022		135,000	136,587,761
U.S. Treasury Notes		2.13%		05/15/2022		190,000	192,740,984
U.S. Treasury Notes		1.75%		06/30/2022		400,000	405,482,261
U.S. Treasury Notes		2.13%		06/30/2022		365,000	371,124,912
U.S. Treasury Notes		2.00%		07/31/2022		210,000	213,658,573
							10,077,995,065
Total U.S. Treasury Securities (Cost $17,603,212,473)							17,603,212,473

U.S. Government Sponsored Agency Securities-14.52%
Federal Farm Credit Bank (FFCB)-4.21%
Federal Farm Credit Bank (SOFR + 0.28%)^(b)		0.33%		10/01/2021		365,000	365,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		10/15/2021		100,000	100,000,306
Federal Farm Credit Bank		0.07%		02/09/2022		243,750	243,743,367
Federal Farm Credit Bank (SOFR + 0.10%)^(b)		0.15%		02/22/2022		16,555	16,555,000
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		03/10/2022		28,000	28,000,000
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14%		06/17/2022		65,000	65,000,000
Federal Farm Credit Bank (SOFR + 0.20%)^(b)		0.25%		06/23/2022		12,000	12,012,287
Federal Farm Credit Bank (SOFR + 0.19%)^(b)		0.24%		07/14/2022		28,000	28,000,000
Federal Farm Credit Bank (SOFR + 0.15%)^(b)		0.20%		07/28/2022		45,000	45,000,000
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		08/11/2022		108,000	108,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		08/26/2022		97,500	97,495,134
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14%		10/07/2022		30,000	30,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		10/12/2022		18,000	18,001,014
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		10/21/2022		20,000	20,000,000
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		11/03/2022		35,000	35,000,000
Federal Farm Credit Bank (SOFR + 0.01%)^(b)		0.06%		11/16/2022		185,000	184,995,466
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		11/18/2022		56,000	56,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		12/01/2022		74,000	74,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		12/28/2022		350,000	350,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		02/09/2023		18,000	18,000,000
Federal Farm Credit Bank (SOFR + 0.05%)^(b)		0.10%		02/17/2023		165,000	165,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		06/14/2023		58,000	58,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		07/07/2023		143,000	143,000,000
							2,260,802,574

Federal Home Loan Bank (FHLB)-7.82%
Federal Home Loan Bank^(a)		0.05%		09/01/2021		41,000	41,000,000
Federal Home Loan Bank^(a)		0.02%		09/10/2021		302,000	301,998,112
Federal Home Loan Bank^(a)		0.02%-0.03%		09/15/2021		396,675	396,671,120
Federal Home Loan Bank^(a)		0.03%		09/20/2021		104,500	104,498,345
Federal Home Loan Bank		0.04%		09/21/2021		85,000	85,000,000
Federal Home Loan Bank		0.04%		09/28/2021		392,000	391,998,235
Federal Home Loan Bank		0.04%		09/29/2021		252,110	252,108,842
Federal Home Loan Bank		0.03%		09/30/2021		350,000	349,995,568
Federal Home Loan Bank		0.04%		10/08/2021		439,000	438,997,382
Federal Home Loan Bank^(a)		0.01%		10/08/2021		3,100	3,099,952

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


17		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Federal Home Loan Bank (FHLB)-(continued)
Federal Home Loan Bank		0.04%		10/29/2021	$	35,000	$ 34,999,545
Federal Home Loan Bank (SOFR + 0.17%)^(b)		0.22%		11/12/2021		127,000	127,000,000
Federal Home Loan Bank (SOFR + 0.15%)^(b)		0.20%		11/15/2021		355,000	355,000,000
Federal Home Loan Bank		0.07%		02/11/2022		34,560	34,559,065
Federal Home Loan Bank		0.05%		03/17/2022		200,000	199,985,373
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12%		04/14/2022		45,000	45,000,000
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12%		04/28/2022		28,000	28,000,000
Federal Home Loan Bank		0.06%		05/06/2022		29,000	28,997,847
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		05/12/2022		35,000	35,000,000
Federal Home Loan Bank (SOFR + 0.13%)^(b)		0.18%		08/05/2022		80,000	80,000,000
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14%		08/19/2022		380,000	380,006,319
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14%		10/05/2022		80,000	80,000,000
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		12/08/2022		63,200	63,203,547
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		12/16/2022		3,500	3,501,373
Federal Home Loan Bank (SOFR + 0.04%)^(b)		0.09%		05/19/2023		221,000	221,000,000
Federal Home Loan Bank (SOFR + 0.03%)^(b)		0.08%		06/07/2023		125,000	125,000,000
							4,206,620,625

Federal Home Loan Mortgage Corp. (FHLMC)-1.39%
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)^(b)		0.37%		09/30/2021		412,000	412,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.31%)^(b)		0.36%		01/03/2022		145,000	145,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.09%)^(b)		0.14%		09/16/2022		190,000	190,000,000
							747,000,000

Federal National Mortgage Association (FNMA)-0.65%
Federal National Mortgage Association (SOFR + 0.30%)^(b)		0.35%		01/07/2022		350,000	350,000,000

U.S. International Development Finance Corp. (DFC)-0.45%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		06/15/2025		19,200	19,200,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		07/15/2025		20,889	20,888,891
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/15/2025		4,474	4,473,684
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/15/2026		13,750	13,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		08/13/2027		12,600	12,600,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/30/2027		12,000	12,000,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		02/15/2028		14,444	14,444,445
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		11/15/2028		65,909	65,909,091
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		05/15/2030		7,839	7,839,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		10/15/2030		8,000	8,000,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		07/09/2026		25,500	25,500,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


18		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. International Development Finance Corp. (DFC)-(continued)
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		03/15/2030	$	39,375	$ 39,375,000
							243,980,111
Total U.S. Government Sponsored Agency Securities (Cost $7,808,403,310)							7,808,403,310
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-47.25% (Cost $25,411,615,783)							25,411,615,783

					Repurchase Amount

Repurchase Agreements-55.26%^(d)
ABN AMRO Bank N.V., joint agreement dated 08/31/2021, aggregate maturing value of $450,000,625 (collateralized by U.S. Treasury obligations valued at $459,000,022; 0.13% - 3.38%; 08/15/2022 - 05/15/2047)		0.05%		09/01/2021		200,000,278	200,000,000
BNP Paribas Securities Corp., joint term agreement dated 08/26/2021, aggregate maturing value of $500,004,861 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0.00% - 7.00%; 11/04/2021 - 07/01/2051)^(e)		0.05%		09/02/2021		385,003,743	385,000,000
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05%		09/01/2021		750,001,042	750,000,000
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $895,001,243 (collateralized by domestic agency mortgage-backed securities valued at $912,900,000; 1.50% - 6.00%; 05/01/2025 - 08/01/2059)		0.05%		09/01/2021		54,000,075	54,000,000
Citigroup Global Markets, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $900,001,250 (collateralized by U.S. Treasury obligations valued at $918,000,025; 0.00%; 08/15/2047 - 02/15/2051)		0.05%		09/01/2021		395,000,549	395,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(e)		0.05%		09/01/2021		150,007,083	150,000,000
Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $16,000,022,222 (collateralized by U.S. Treasury obligations valued at $16,000,022,273; 0.13% - 2.75%; 12/31/2022 - 05/15/2046)		0.05%		09/01/2021		16,000,022,222	16,000,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $50,000,007 (collateralized by a U.S. Treasury obligation valued at $51,000,058; 1.00%; 07/31/2028)		0.01%		09/01/2021		50,000,007	50,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by U.S. Treasury obligations valued at $510,000,044; 0.13% - 2.88%; 02/28/2025 - 08/15/2028)		0.05%		09/01/2021		500,000,694	500,000,000
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06%		09/01/2021		730,001,115	730,000,000
Fixed Income Clearing Corp. - BNP Paribas Securities Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,250,001,736 (collateralized by U.S. Treasury obligations valued at $1,270,427,200; 0.38% - 4.25%; 11/30/2025 - 05/15/2041)		0.05%		09/01/2021		960,001,333	960,000,000
Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2021, maturing value of $2,000,001,667 (collateralized by U.S. Treasury obligations valued at $2,040,000,068; 1.00% - 1.13%; 07/31/2028 - 08/31/2028)		0.03%		09/01/2021		2,000,001,667	2,000,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


19		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Goldman Sachs & Co., term agreement dated 08/26/2021, maturing value of $295,003,155 (collateralized by U.S. Treasury obligations valued at $300,900,000; 0.00% - 3.63%; 08/11/2022 - 02/15/2046)^(e)		0.06%		09/02/2021	$	295,003,155	$ 295,000,000
ING Financial Markets, LLC, joint term agreement dated 08/06/2021, aggregate maturing value of $350,022,118 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 6.00%; 06/01/2027 - 05/01/2058)		0.07%		09/10/2021		300,018,958	300,000,000
ING Financial Markets, LLC, joint term agreement dated 08/26/2021, aggregate maturing value of $350,018,667 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 5.50%; 10/01/2038 - 01/01/2057)		0.06%		09/27/2021		275,014,667	275,000,000
J.P. Morgan Securities LLC, agreement dated 08/31/2021, maturing value of $250,000,417 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 0.27% - 7.50%; 11/25/2024 - 10/16/2062)		0.06%		09/01/2021		250,000,417	250,000,000
J.P. Morgan Securities LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,694 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 1.50% - 7.50%; 07/01/2025 - 09/01/2051)		0.05%		09/01/2021		44,000,061	44,000,000
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% - 1.88%; 09/16/2021 - 07/31/2023)^(f)		0.05%		09/01/2021		150,006,250	150,000,000
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $295,800,033; 1.50% - 6.00%; 02/28/2023 - 09/01/2051)^(f)		0.07%		09/01/2021		240,014,000	240,000,000
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $255,000,016; 0.00% - 7.63%; 09/16/2021 - 04/01/2056)^(f)		0.06%		09/01/2021		210,010,500	210,000,000
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 $408,000,049; 0.00% - 7.50%; 04/30/2026 - 03/25/2060)^(f)		0.07%		09/01/2021		275,016,042	275,000,000
Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(e)		0.07%		09/01/2021		170,004,751	170,002,437
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $500,000,764 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.39% - 4.50%; 01/25/2024 - 05/20/2069)		0.06%		09/01/2021		52,000,079	52,000,000
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(e)		0.07%		09/01/2021		530,032,214	530,025,000
Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $556,508,428 (collateralized by U.S. Treasury obligations valued at $567,283,180; 0.00%; 02/15/2026 - 11/15/2043)		0.06%		09/01/2021		556,508,428	556,507,500
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $40,625,068 (collateralized by a U.S. Treasury obligation valued at $41,396,500; 0.00%; 08/15/2033)		0.06%		09/01/2021		40,625,068	40,625,000
RBC Capital Markets LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $750,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,159; 0.00% - 8.15%; 09/14/2021 - 08/20/2065)^(b)(e)		0.09%		11/01/2021		600,000,000	600,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


20		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value

RBC Dominion Securities Inc., joint agreement dated 08/31/2021, aggregate maturing value of $2,000,002,778 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $2,040,000,055; 0.00% - 5.00%; 09/09/2021 - 08/01/2051)		0.05%		09/01/2021	$	1,544,002,144	$	1,544,000,000

RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,023; 0.13% - 6.25%; 10/15/2021 - 11/15/2050)^(e)		0.05%		11/17/2021		250,029,514		250,000,000

Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(f)		0.05%		09/01/2021		320,000,444		320,000,000

Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(e)		0.05%		09/07/2021		400,003,889		400,000,000

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06%		09/01/2021		396,231,775		396,231,115

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 - 08/31/2024)		0.05%		09/01/2021		531,025,137		531,024,399

TD Securities (USA) LLC, term agreement dated 08/25/2021, maturing value of $70,000,749 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $71,400,075; 1.25% - 2.13%; 11/15/2021 - 04/30/2028)^(e)		0.06%		09/01/2021		70,000,749		70,000,000

Wells Fargo Securities, LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,833 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00% - 4.50%; 01/01/2031 - 08/01/2051)		0.06%		09/01/2021		44,000,073		44,000,000

Total Repurchase Agreements (Cost $29,717,415,451)								29,717,415,451

TOTAL INVESTMENTS IN SECURITIES-102.51% (Cost $55,129,031,234)								55,129,031,234

OTHER ASSETS LESS LIABILITIES-(2.51)%								(1,351,188,375	)

NET ASSETS-100.00%							$	53,777,842,859


Investment Abbreviations:

SOFR		-Secured Overnight Financing Rate
VRD		-Variable Rate Demand

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, 2021.

^(c)	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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


21		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Treasury Obligations Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-105.59%
U.S. Treasury Bills-83.89%^(a)
U.S. Treasury Bills		0.02%-0.06%		09/02/2021	$	67,700	$67,699,948
U.S. Treasury Bills		0.01%-0.05%		09/07/2021		96,800	96,799,429
U.S. Treasury Bills		0.03%-0.14%		09/09/2021		95,800	95,799,274
U.S. Treasury Bills		0.03%-0.05%		09/14/2021		85,000	84,998,709
U.S. Treasury Bills		0.03%		09/16/2021		50,000	49,999,479
U.S. Treasury Bills		0.01%-0.04%		09/21/2021		92,000	91,998,164
U.S. Treasury Bills		0.04%-0.05%		09/23/2021		50,000	49,998,652
U.S. Treasury Bills		0.03%		09/28/2021		100,000	99,997,375
U.S. Treasury Bills		0.02%-0.05%		09/30/2021		84,500	84,497,259
U.S. Treasury Bills		0.05%-0.14%		10/07/2021		25,000	24,998,300
U.S. Treasury Bills		0.04%		10/14/2021		1,100	1,099,951
U.S. Treasury Bills		0.04%		10/21/2021		5,400	5,399,700
U.S. Treasury Bills		0.05%		11/02/2021		3,300	3,299,716
U.S. Treasury Bills		0.14%		11/04/2021		15,000	14,996,400
U.S. Treasury Bills		0.05%		11/09/2021		10,000	9,999,070
U.S. Treasury Bills		0.04%		11/12/2021		5,000	4,999,650
U.S. Treasury Bills		0.03%		11/18/2021		5,000	4,999,675
U.S. Treasury Bills		0.00%-0.04%		12/02/2021		70,000	69,992,159
U.S. Treasury Bills		0.11%		12/30/2021		10,000	9,996,333
U.S. Treasury Bills		0.09%		01/27/2022		3,000	2,998,890
U.S. Treasury Bills		0.06%		02/03/2022		25,000	24,994,080
U.S. Treasury Bills		0.05%-0.06%		02/24/2022		38,000	37,990,222
U.S. Treasury Bills		0.07%		04/21/2022		10,000	9,995,811
U.S. Treasury Bills		0.07%		06/16/2022		3,000	2,998,320
U.S. Treasury Bills		0.08%		08/11/2022		24,000	23,981,653
							974,528,219

U.S. Treasury Notes-21.70%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		36,500	36,502,890
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		30,000	29,991,690
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		55,000	55,010,602
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		22,000	22,001,192
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		45,000	44,998,575
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		6,000	6,000,230
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		24,000	24,001,278
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		28,500	28,500,813

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


22		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Obligations Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Notes-(continued)
U.S. Treasury Notes		1.88%		07/31/2022	$	5,000	$	5,081,049

								252,088,319

TOTAL INVESTMENTS IN SECURITIES-105.59% (Cost $ 1,226,616,538)								1,226,616,538

OTHER ASSETS LESS LIABILITIES-(5.59)%								(64,968,347	)

NET ASSETS-100.00%							$	1,161,648,191

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, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


23		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-99.66%
Alabama-4.01%
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)^(a)(b)(c)		0.08%		07/01/2040	$	6,090	$ 6,090,000

Arizona-3.64%
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		0.02%		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)		0.02%		06/15/2031		2,845	2,845,000
							5,530,000

California-1.98%
California (State of); Series 2021 A-1, Commercial Paper Notes		0.05%		10/14/2021		3,000	3,000,000

Colorado-0.67%
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		0.12%		02/01/2031		1,010	1,010,000

Delaware-2.76%
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		09/01/2036		2,655	2,655,000
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.03%		05/01/2036		1,535	1,535,000
							4,190,000

District of Columbia-6.47%
District of Columbia; Series 2019, Commercial Paper Notes		0.08%		11/02/2021		4,000	4,000,000
District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)^(b)(c)		0.02%		08/15/2038		2,820	2,820,000
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		0.01%		10/01/2039		3,005	3,005,000
							9,825,000

Florida-3.03%
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		0.07%		11/01/2036		2,200	2,200,000
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)		0.03%		07/01/2032		2,400	2,400,000
							4,600,000

Georgia-1.58%
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)^(b)(c)		0.03%		11/01/2030		2,395	2,395,000

Illinois-5.60%
Illinois (State of) Development Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)^(b)(c)		0.03%		10/01/2033		2,000	2,000,000
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB^(b)		0.01%		12/01/2046		5,730	5,730,000
Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)^(b)(c)		0.01%		01/01/2041		770	770,000
							8,500,000

Indiana-5.78%
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		0.07%		08/01/2037		2,770	2,770,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


24		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Indiana-(continued)
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)^(a)(b)(c)		0.05%		06/01/2035	$	6,000	$ 6,000,000
							8,770,000

Louisiana-4.07%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)^(b)(c)		0.02%		09/01/2033		1,000	1,000,000
Louisiana (State of) Public Facilities Authority (CHRISTUS Health);
Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		0.02%		07/01/2047		4,085	4,085,000
Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		0.02%		07/01/2047		1,100	1,100,000
							6,185,000

Maryland-3.82%
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008E, VRD RB (LOC - Bank of Montreal)^(b)(c)		0.01%		07/01/2041		4,300	4,300,000
Montgomery (County of), MD; Series 2010 B, Commercial Paper Notes		0.07%		09/23/2021		1,500	1,500,000
							5,800,000

Massachusetts-2.72%
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC - TD Bank N.A.)^(b)(c)		0.02%		10/01/2038		2,625	2,625,000
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank N.A.)^(b)(c)		0.01%		01/01/2037		1,500	1,500,000
							4,125,000

Michigan-3.92%
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)		0.02%		01/15/2026		1,420	1,420,000
Michigan State University Board of Trustees;
Series 2000 A-1, VRD RB^(b)		0.03%		08/15/2030		3,620	3,620,000
Series 2000 A-2, VRD RB^(b)		0.03%		08/15/2030		910	910,000
							5,950,000

Minnesota-5.64%
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)^(b)		0.10%		10/15/2033		1,175	1,175,000
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB^(b)		0.02%		11/01/2035		3,900	3,900,000
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)^(b)		0.02%		10/01/2033		3,485	3,485,000
							8,560,000

Mississippi-3.46%
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.);
Series 2010 C, VRD IDR^(b)		0.02%		12/01/2030		585	585,000
Series 2010 E, VRD IDR^(b)		0.02%		12/01/2030		4,000	4,000,000
Series 2007 E, VRD IDR^(b)		0.01%		12/01/2030		660	660,000
							5,245,000

Missouri-1.01%
Bridgeton (City of), MO Industrial Development Authority (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)^(b)(c)		0.02%		11/01/2037		970	970,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


25		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Missouri-(continued)
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)^(b)(c)		0.08%		08/01/2038	$	560	$ 560,000
							1,530,000

New York-3.39%
Metropolitan Transportation Authority; Subseries 2012 G-1, VRD Ref. RB (LOC - Barclays Bank PLC)^(b)(c)		0.01%		11/01/2032		2,000	2,000,000
New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Series 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)^(b)(c)		0.02%		05/01/2039		3,150	3,150,000
							5,150,000

North Carolina-1.65%
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB^(b)		0.01%		06/01/2027		1,285	1,285,000
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB^(b)		0.01%		12/01/2021		1,220	1,220,000
							2,505,000

Ohio-1.87%
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)^(b)(c)		0.02%		08/02/2038		2,835	2,835,000

Pennsylvania-2.36%
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		06/01/2037		1,320	1,320,000
Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)^(b)(c)		0.02%		03/01/2030		1,885	1,885,000
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		10/15/2025		380	380,000
							3,585,000

Rhode Island-2.96%
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB^(b)		0.02%		09/01/2043		4,500	4,500,000

Texas-14.48%
Garland (City of), TX; Series 2021, Commercial Paper Notes		0.08%		09/15/2021		1,000	1,000,000
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB^(b)		0.01%		11/01/2041		4,000	4,000,000
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		0.02%		02/15/2042		3,150	3,150,000
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)		0.02%		05/15/2034		2,075	2,075,000
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		0.03%		04/01/2026		1,890	1,890,000
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)^(b)		0.08%		05/01/2042		2,755	2,755,000
Texas A&M University System Board of Regents; Series 2021 B, Commercial Paper Notes		0.10%		01/05/2022		4,500	4,500,000
University of Texas System Board of Regents;
Series 2008 B, VRD RB^(b)		0.01%		08/01/2025		1,615	1,615,000
Series 2021 A, Commercial Paper Notes		0.08%		12/08/2021		1,000	1,000,000
							21,985,000

Virginia-2.83%
Norfolk (City of), VA; Series 2007, VRD GO Bonds^(b)		0.02%		08/01/2037		4,300	4,300,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


26		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Washington-3.64%
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		0.02%		09/01/2049	$	3,375	$ 3,375,000
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		0.02%		11/01/2047		2,145	2,145,000
							5,520,000

West Virginia-4.15%
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)^(b)(c)		0.03%		07/01/2039		845	845,000
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Branch Banking & Trust Co.)^(b)(c)		0.09%		01/01/2034		5,460	5,460,000
							6,305,000

Wisconsin-2.17%
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)^(b)(c)		0.03%		10/01/2042		3,300	3,300,000
TOTAL INVESTMENTS IN SECURITIES^(d)(e)-99.66% (Cost $151,290,000)							151,290,000
OTHER ASSETS LESS LIABILITIES-0.34%							518,219
NET ASSETS-100.00%							$151,808,219


Investment Abbreviations:

CEP		- Credit Enhancement Provider
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
RB		- Revenue Bonds
Ref.		- Refunding
VRD		- Variable Rate Demand

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: other countries less than 5% each: 9.9%.

^(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, 2021.

^(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)


Entities	Percentage
Federal Home Loan Mortgage Corporation		7.2%
Federal Home Loan Banks		6.8

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


27		Short-Term Investments Trust

Statements of Assets and Liabilities

August 31, 2021


												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 unaffiliated securities, at value	$	1,994,278,560		$	173,154,541		$	7,755,082,930		$	25,411,615,783	$	1,226,616,538		$	151,290,000

Repurchase agreements, at value and cost		369,000,000			49,802,657			12,082,390,049			29,717,415,451		-			-

Cash		-			-			577,336			6,677,836		-			5,066

Receivable for:
Investments sold		-			-			-			-		-			430,000

Interest		148,594			12,725			12,374,635			24,570,252		44,708			5,567

Fund expenses absorbed		170,952			40,334			2,460,098			5,082,215		200,022			113,016

Investment for trustee deferred compensation and retirement plans		3,992,585			1,088,300			2,389,618			1,085,979		121,585			379,290

Other assets		-			133,352			306,493			-		2,435			29,203

Total assets		2,367,590,691			224,231,909			19,855,581,159			55,166,447,516		1,226,985,288			152,252,142


Liabilities:
Payable for:
Investments purchased		-			-			-			1,379,267,090		64,992,606			-

Amount due custodian		1,414			-			-			-		-			-

Dividends		13,727			1,978			179,381			1,104,647		8,171			1,292

Accrued fees to affiliates		415,265			38,105			3,558,150			6,465,959		175,464			31,800

Accrued trustees’ and officers’ fees and benefits		6,795			3,723			31,547			56,731		5,117			3,626

Accrued operating expenses		22,512			19,371			283,544			339,183		18,224			6,706

Trustee deferred compensation and retirement plans		4,242,243			1,148,386			2,697,412			1,371,047		137,515			400,499

Total liabilities		4,701,956			1,211,563			6,750,034			1,388,604,657		65,337,097			443,923

Net assets applicable to shares outstanding	$	2,362,888,735		$	223,020,346		$	19,848,831,125		$	53,777,842,859	$	1,161,648,191		$	151,808,219


Net assets consist of:
Shares of beneficial interest	$	2,365,347,369		$	223,766,836		$	19,850,036,171		$	53,777,282,283	$	1,161,696,627		$	152,087,607

Distributable earnings (loss)		(2,458,634	)		(746,490	)		(1,205,046	)		560,576		(48,436	)		(279,388	)

	$	2,362,888,735		$	223,020,346		$	19,848,831,125		$	53,777,842,859	$	1,161,648,191		$	151,808,219


Net Assets:
Institutional Class	$	2,356,363,228		$	221,717,748		$	17,093,039,313		$	49,464,205,401	$	1,063,311,616		$	118,266,650

Private Investment Class	$	2,892,211		$	605,175		$	303,847,586		$	505,970,104	$	14,644,841		$	9,554,669

Personal Investment Class	$	10,250		$	92,853		$	265,106,098		$	9,360,221	$	3,812,664		$	1,677,129

Cash Management Class	$	2,922,067		$	496,042		$	452,222,119		$	747,955,590	$	252,997		$	4,596,658

Reserve Class	$	215,606		$	87,037		$	867,766,514		$	408,499,951	$	74,494,612		$	16,226,010

Resource Class	$	362,237		$	385		$	53,210,214		$	117,901,903	$	98,108		$	1,476,824

Corporate Class	$	23,138		$	21,106		$	266,547,880		$	1,082,096,274	$	5,033,353		$	10,279

CAVU Securities Class	$	99,998		$	-		$	547,091,401		$	1,441,853,415	$	-		$	-

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


28		Short-Term Investments Trust

Statements of Assets and Liabilities–(continued)

August 31, 2021


									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, unlimited number of shares authorized:
Institutional Class		2,355,507,320		221,714,110		17,091,834,561		49,463,570,063		1,063,304,332		118,246,855

Private Investment Class		2,891,165		605,163		303,825,357		505,958,454		14,644,769		9,553,027

Personal Investment Class		10,246		92,850		265,087,709		9,360,026		3,812,673		1,676,778

Cash Management Class		2,921,011		496,034		452,190,570		747,945,735		252,996		4,595,842

Reserve Class		215,528		87,035		867,713,579		408,490,685		74,493,505		16,223,286

Resource Class		362,106		385		53,207,288		117,898,770		98,107		1,476,569

Corporate Class		23,129		21,106		266,528,645		1,082,095,578		5,033,318		10,277

CAVU Securities Class		99,962		-		547,040,941		1,441,849,681		-		-

Net asset value, offering and redemption price per share for each class	$	1.0004	$	1.0000	$	1.00	$	1.00	$	1.00	$	1.00

Cost of Investments	$	2,363,115,640	$	222,957,432	$	19,837,472,979	$	55,129,031,234	$	1,226,616,538	$	151,290,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


29		Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2021


													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	$	5,304,722		$	347,608		$	22,906,414		$	39,213,423		$	1,359,111		$	141,719


Expenses:
Advisory fees		3,682,808			362,050			30,842,557			39,069,697			1,651,651			338,636

Administrative services fees		1,077,307			106,317			9,078,072			17,147,659			565,687			74,910

Custodian fees		20,349			11,653			880,897			2,355,252			17,559			4,401

Distribution fees:
Private Investment Class		9,354			2,693			1,048,044			1,598,160			38,315			25,535

Personal Investment Class		55			1,581			1,560,536			51,413			6,801			10,493

Cash Management Class		2,345			400			337,881			433,409			211			3,846

Reserve Class		2,367			757			5,315,780			3,943,150			636,492			195,443

Resource Class		724			100			298,448			224,545			227			3,251

Corporate Class		11			6			123,740			60,512			2,286			3

Transfer agent fees		220,968			21,723			1,850,553			3,516,273			114,899			15,239

Trustees’ and officers’ fees and benefits		60,736			26,698			360,492			579,772			45,166			25,687

Registration and filing fees		101,698			94,236			281,389			268,282			99,375			103,928

Reports to shareholders		26,084			20,895			78,111			231,219			22,870			49,806

Professional services fees		47,979			38,739			141,772			360,693			42,598			35,900

Other		128,322			51,770			327,756			779,472			99,236			33,770

Total expenses		5,381,107			739,618			52,526,028			70,619,508			3,343,373			920,848

Less: Fees waived		(1,111,003	)		(416,484	)		(31,868,399	)		(41,370,765	)		(2,117,448	)		(796,323	)

Net expenses		4,270,104			323,134			20,657,629			29,248,743			1,225,925			124,525

Net investment income		1,034,618			24,474			2,248,785			9,964,680			133,186			17,194

Realized and unrealized gain (loss) from:
Net realized gain from unaffiliated investment securities		2,613			552			30,818			542,485			47,304			-

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(496,709	)		(2,800	)		-			-			-			-

Net realized and unrealized gain (loss)		(494,096	)		(2,248	)		30,818			542,485			47,304			-

Net increase in net assets resulting from operations	$	540,522		$	22,226		$	2,279,603		$	10,507,165		$	180,490		$	17,194

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


30		Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2021 and 2020


	Invesco Liquid Assets Portfolio						Invesco STIC Prime Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	1,034,618		$	29,970,218		$	24,474		$	5,414,497

Net realized gain (loss)		2,613			(15,623	)		552			78

Change in net unrealized appreciation (depreciation)		(496,709	)		45,074			(2,800	)		(41,714	)

Net increase in net assets resulting from operations		540,522			29,999,669			22,226			5,372,861


Distributions to shareholders from distributable earnings:
Institutional Class		(1,033,839	)		(29,817,713	)		(24,275	)		(5,392,900	)

Private Investment Class		(318	)		(36,868	)		(92	)		(11,032	)

Personal Investment Class		(4	)		(74	)		(31	)		(2,832	)

Cash Management Class		(359	)		(107,505	)		(52	)		(5,280	)

Reserve Class		(29	)		(1,504	)		(11	)		(1,098	)

Resource Class		(40	)		(3,570	)		(9	)		(1,140	)

Corporate Class		(13	)		(2,984	)		(4	)		(215	)

CAVU Securities Class		(16	)		-			-			-

Total distributions from distributable earnings		(1,034,618	)		(29,970,218	)		(24,474	)		(5,414,497	)


Share transactions-net:
Institutional Class		(201,574,311	)		114,142,968			(99,033,118	)		(331,356,151	)

Private Investment Class		(648,893	)		(1,176,345	)		(671,036	)		(71,436	)

Personal Investment Class		-			-			(302,491	)		(45,201	)

Cash Management Class		(24,434	)		(6,335,509	)		(7,793	)		(96,257	)

Reserve Class		(62,582	)		(24,329	)		(18,402	)		(167,883	)

Resource Class		(3,337	)		2,906			(122,205	)		(674	)

Corporate Class		(15,522	)		(287,979	)		4			251

CAVU Securities Class		100,002			-			-			-

Net increase (decrease) in net assets resulting from share transactions		(202,229,077	)		106,321,712			(100,155,041	)		(331,737,351	)

Net increase (decrease) in net assets		(202,723,173	)		106,351,163			(100,157,289	)		(331,778,987	)


Net assets:
Beginning of year		2,565,611,908			2,459,260,745			323,177,635			654,956,622

End of year	$	2,362,888,735		$	2,565,611,908		$	223,020,346		$	323,177,635

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


31		Short-Term Investments Trust

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco Treasury Portfolio						Invesco Government & Agency Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	2,248,785		$	163,580,411		$	9,964,680		$	264,467,683

Net realized gain (loss)		30,818			139,394			542,485			(189,477	)

Net increase in net assets resulting from operations		2,279,603			163,719,805			10,507,165			264,278,206


Distributions to shareholders from distributable earnings:
Institutional Class		(2,005,555	)		(146,246,982	)		(9,402,663	)		(254,196,609	)

Private Investment Class		(35,458	)		(3,446,279	)		(120,583	)		(4,200,784	)

Personal Investment Class		(28,813	)		(2,137,800	)		(2,025	)		(89,620	)

Cash Management Class		(42,921	)		(3,199,903	)		(128,425	)		(2,683,953	)

Reserve Class		(62,101	)		(1,117,598	)		(105,814	)		(1,290,595	)

Resource Class		(18,705	)		(4,967,684	)		(32,727	)		(1,599,458	)

Corporate Class		(41,758	)		(2,664,191	)		(52,287	)		(439,777	)

CAVU Securities Class		(13,474	)		-			(120,156	)		-

Total distributions from distributable earnings		(2,248,785	)		(163,780,437	)		(9,964,680	)		(264,500,796	)


Share transactions-net:
Institutional Class		(2,122,806,791	)		498,579,949			19,204,558,855			256,030,543

Private Investment Class		(118,976,592	)		(83,191,362	)		(76,121,055	)		49,500,711

Personal Investment Class		(16,713,545	)		(78,430,874	)		(4,169,839	)		(2,461,469	)

Cash Management Class		80,255,547			(24,723,778	)		316,471,282			66,475,768

Reserve Class		286,064,751			292,043,533			7,054,623			103,651,946

Resource Class		(582,467,587	)		3,118,922			(25,248,184	)		(37,467,649	)

Corporate Class		(867,085,822	)		704,514,058			1,050,827,823			(9,080,725	)

CAVU Securities Class		547,040,941			-			1,441,849,681			-

Net increase (decrease) in net assets resulting from share transactions		(2,794,689,098	)		1,311,910,448			21,915,223,186			426,649,125

Net increase (decrease) in net assets		(2,794,658,280	)		1,311,849,816			21,915,765,671			426,426,535


Net assets:
Beginning of year		22,643,489,405			21,331,639,589			31,862,077,188			31,435,650,653

End of year	$	19,848,831,125		$	22,643,489,405		$	53,777,842,859		$	31,862,077,188

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


32		Short-Term Investments Trust

Statements of Changes in Net Assets—(continued)

For the years ended August 31, 2021 and 2020


	Invesco Treasury Obligations Portfolio						Invesco Tax-Free Cash Reserve Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	133,186		$	10,091,353		$	17,194		$	1,534,657

Net realized gain (loss)		47,304			(57,411	)		-			-

Net increase in net assets resulting from operations		180,490			10,033,942			17,194			1,534,657


Distributions to shareholders from distributable earnings:
Institutional Class		(123,225	)		(9,782,969	)		(12,978	)		(1,172,112	)

Private Investment Class		(1,559	)		(65,930	)		(1,039	)		(106,524	)

Personal Investment Class		(128	)		(898	)		(195	)		(7,119	)

Cash Management Class		(29	)		(16,009	)		(490	)		(177,298	)

Reserve Class		(7,454	)		(212,244	)		(2,280	)		(50,307	)

Resource Class		(17	)		(1,150	)		(208	)		(21,222	)

Corporate Class		(774	)		(12,153	)		(4	)		(75	)

Total distributions from distributable earnings		(133,186	)		(10,091,353	)		(17,194	)		(1,534,657	)


Share transactions-net:
Institutional Class		(306,942,642	)		325,218,196			(32,730,801	)		(10,043,247	)

Private Investment Class		220,502			4,941,082			(580,210	)		(10,353,451	)

Personal Investment Class		3,070,903			630,111			(1,906,614	)		1,041,703

Cash Management Class		(87,640	)		(1,553,674	)		(893,331	)		(21,806,010	)

Reserve Class		19,907,010			(123,709	)		(10,596,705	)		6,820,117

Resource Class		(51,953	)		16,515			(1,527,247	)		1,886,657

Corporate Class		(5,409,097	)		10,431,998			-			85

Net increase (decrease) in net assets resulting from share transactions		(289,292,917	)		339,560,519			(48,234,908	)		(32,454,146	)

Net increase (decrease) in net assets		(289,245,613	)		339,503,108			(48,234,908	)		(32,454,146	)


Net assets:
Beginning of year		1,450,893,804			1,111,390,696			200,043,127			232,497,273

End of year	$	1,161,648,191		$	1,450,893,804		$	151,808,219		$	200,043,127

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


33		Short-Term Investments Trust

Financial Highlights

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 investment income to average net assets
Invesco Liquid Assets Portfolio
Year ended 08/31/21		$	1.0006		$	0.0001		$	(0.0002	)		$	(0.0001	)		$	(0.0001	)		$	-			$	(0.0001	)		$	1.0004		(0.01	)%		$	362		0.21	%		0.42	%		0.01	%
Year ended 08/31/20			1.0004			0.0106			(0.0006	)			0.0100				(0.0098	)			-				(0.0098	)			1.0006		1.01				366		0.37			0.42			1.07
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
Invesco STIC Prime Portfolio
Year ended 08/31/21			1.0000			0.0001			(0.0000	)			0.0001				(0.0001	)			-				(0.0001	)			1.0000		0.01				0		0.13			0.46			0.01
Year ended 08/31/20			1.0001			0.0104			(0.0013	)			0.0091				(0.0092	)			-				(0.0092	)			1.0000		0.93				123		0.31			0.42			1.03
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
Invesco Treasury Portfolio
Year ended 08/31/21			1.00			0.00			0.00				0.00				(0.00	)			-				(0.00	)			1.00		0.01				53,210		0.10			0.37			0.01
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			0.37			0.73
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
Invesco Government & Agency Portfolio
Year ended 08/31/21			1.00			0.00			0.00				0.00				(0.00	)			-				(0.00	)			1.00		0.02				117,902		0.08			0.32			0.02
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			0.31			0.71
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
Invesco Treasury Obligations Portfolio
Year ended 08/31/21			1.00			0.00			0.00				0.00				(0.00	)			-				(0.00	)			1.00		0.01				98		0.10			0.37			0.01
Year ended 08/31/20			1.00			0.01			(0.00	)			0.01				(0.01	)			-				(0.01	)			1.00		0.80				150		0.33			0.36			0.69
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
Invesco Tax-Free Cash Reserve Portfolio
Year ended 08/31/21			1.00			0.00			-				0.00				(0.00	)			-				(0.00	)			1.00		0.01				1,477		0.07			0.56			0.01
Year ended 08/31/20			1.00			0.01			-				0.01				(0.01	)			-				(0.01	)			1.00		0.65				3,004		0.30			0.50			0.65
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

^(a)	Calculated using average shares outstanding.

^(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


34		Short-Term Investments Trust

Notes to Financial Statements

August 31, 2021

NOTE 1–Significant Accounting Policies

Invesco Liquid Assets Portfolio determines its NAV per share multiple times each day.

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

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

B.	Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is


35		Short-Term Investments Trust

recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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.


36		Short-Term Investments Trust

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.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


	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, 2021, 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	%


37		Short-Term Investments Trust


		Private	Personal	Cash				CAVU
	Institutional	Investment	Investment	Management	Reserve	Resource	Corporate	Securities
	Class	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%	0.18%
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%	0.18%
Invesco Government & Agency Portfolio	0.18%	0.48%	0.73%	0.26%	1.05%	0.34%	0.21%	0.18%
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%	-

For the year ended August 31, 2021, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


	Expense Limitation
Invesco Liquid Assets Portfolio	$	946,890
Invesco STIC Prime Portfolio		299,622
Invesco Treasury Portfolio		6,830,582
Invesco Government & Agency Portfolio		-
Invesco Treasury Obligations Portfolio		361,074
Invesco Tax-Free Cash Reserve Portfolio		342,621

Voluntary fee waivers for the year ended August 31, 2021 are shown below:


			Private		Personal		Cash
			Investment		Investment		Management		Reserve		Resource		Corporate
	Fund Level		Class		Class		Class		Class		Class		Class
Invesco Liquid Assets Portfolio	$	151,393	$	8,295	$	53	$	1,475	$	2,280	$	611	$	6
Invesco STIC Prime Portfolio		111,324		2,693		1,582		401		756		99		7
Invesco Treasury Portfolio		16,380,981		1,044,600		1,557,907		334,641		5,311,227		292,921		115,540
Invesco Government & Agency Portfolio		35,089,442		1,587,507		51,169		425,384		3,935,502		221,813		59,948
Invesco Treasury Obligations Portfolio		1,072,242		38,278		6,799		209		636,358		227		2,261
Invesco Tax-Free Cash Reserve Portfolio		215,131		25,535		10,493		3,846		195,443		3,251		3


38		Short-Term Investments Trust


	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%

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

NOTE 3–Additional Valuation Information


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

NOTE 4–Security Transactions with Affiliated Funds


	Securities Purchases			Securities Sales		Net Realized Gains
Invesco Liquid Assets Portfolio		$	65,476,811		$102,280,976	$-
Invesco STIC Prime Portfolio			9,575,329		21,370,331	-
Invesco Tax-Free Cash Reserve Portfolio			171,264,956		187,032,086	-

NOTE 5–Trustees’ and Officers’ Fees and Benefits


39		Short-Term Investments Trust

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, 2021 and 2020


	2021						2020
				Ordinary						Ordinary
	Ordinary			Income-Tax-			Ordinary			Income-Tax-			Long-Term
	Income*			Exempt			Income*			Exempt			Capital Gains
Invesco Liquid Assets Portfolio		$	1,034,618		$	-		$	29,970,218		$	-		$	-
Invesco STIC Prime Portfolio			24,474			-			5,414,497			-			-
Invesco Treasury Portfolio			2,248,785			-			163,582,316			-			198,121
Invesco Government & Agency Portfolio			9,964,680			-			264,469,100			-			31,696
Invesco Treasury Obligations Portfolio			133,186			-			10,091,353			-			-
Invesco Tax-Free Cash Reserve Portfolio			5,579			11,615			-			1,534,657			-

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
Invesco Liquid Assets Portfolio		$	173,842		$	-		$	(2,782,386	)		$	162,920			$	(13,010	)		$	2,365,347,369		$	2,362,888,735
Invesco STIC Prime Portfolio			-			-			(746,256	)			(234	)			-				223,766,836			223,020,346
Invesco Treasury Portfolio			649,173			2,727			(1,824,934	)			(32,012	)			-				19,850,036,171			19,848,831,125
Invesco Government & Agency Portfolio			1,536,646			-			(974,903	)			(1,167	)			-				53,777,282,283			53,777,842,859
Invesco Treasury Obligations Portfolio			79,762			-			(92,306	)			(22,651	)			(13,241	)			1,161,696,627			1,161,648,191
Invesco Tax-Free Cash Reserve Portfolio			-			-			(260,296	)			-				(19,092	)			152,087,607			151,808,219


40		Short-Term Investments Trust

The Funds have a capital loss carryforward as of August 31, 2021, as follows:


	Not Subject to
Fund	Expiration			Total*
Invesco Liquid Assets Portfolio		$	13,010		$	13,010
Invesco Treasury Obligations Portfolio			13,241			13,241
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, 2021
											Net
											Unrealized
	Federal			Unrealized			Unrealized				Appreciation
	Tax Cost*			Appreciation			(Depreciation)				(Depreciation)
Invesco Liquid Assets Portfolio		$	2,363,115,640		$	169,949		$	(7,029	)		$	162,920
Invesco STIC Prime Portfolio			222,957,432			396			(630	)			(234	)
Invesco Treasury Portfolio			19,837,504,991			-			(32,012	)			(32,012	)
Invesco Government & Agency Portfolio			55,129,032,401			-			(1,167	)			(1,167	)
Invesco Treasury Obligations Portfolio			1,226,639,189			-			(22,651	)			(22,651	)

NOTE 9–Reclassification of Permanent Differences


	Undistributed Net			Undistributed Net				Shares of
	Investment Income (Loss)			Realized Gain (Loss)				Beneficial Interest
Invesco Liquid Assets Portfolio		$	(2,780,000)		$	-			$	2,780,000
Invesco STIC Prime Portfolio			(1,517,829)			(552	)			1,518,381
Invesco Treasury Portfolio			(1,819,350)			-				1,819,350
Invesco Government & Agency Portfolio			354,175			(354,175	)			-
Invesco Treasury Obligations Portfolio			-			-				-
Invesco Tax-Free Cash Reserve Portfolio			(155,342)			-				155,342

NOTE 10–Share Information

Invesco Liquid Assets Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)				2020
	Shares		Amount		Shares		Amount

Sold:
Institutional Class		17,486,805,323	$	17,494,025,296		15,429,264,962	$	15,436,049,996

Private Investment Class		371,715		371,900		556,769		556,939

Cash Management Class		6,058		6,061		57,447,877		57,471,129

Reserve Class		79,579		79,611		64,898		64,918

Resource Class		-		-		601		601

Corporate Class		1,001		1,001		172,360		172,517

CAVU Securities Class^(b)		99,962		100,002		-		-


41		Short-Term Investments Trust

NOTE 10–Share Information–(continued)


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Issued as reinvestment of dividends:
Institutional Class		182,613		$	182,698			6,416,422		$	6,418,790

Private Investment Class		207			207			32,532			32,543

Cash Management Class		359			359			81,549			81,575

Reserve Class		28			28			1,504			1,504

Resource Class		37			37			3,570			3,570

Corporate Class		13			13			2,984			2,984


Reacquired:

Institutional Class		(17,688,475,913	)		(17,695,782,305	)		(15,321,899,211	)		(15,328,325,818	)

Private Investment Class		(1,020,552	)		(1,021,000	)		(1,765,341	)		(1,765,827	)

Cash Management Class		(30,840	)		(30,854	)		(63,868,033	)		(63,888,213	)

Reserve Class		(142,165	)		(142,221	)		(90,719	)		(90,751	)

Resource Class		(3,373	)		(3,374	)		(1,265	)		(1,265	)

Corporate Class		(16,529	)		(16,536	)		(463,261	)		(463,480	)

Net increase (decrease) in share activity		(202,142,477	)	$	(202,229,077	)		105,958,198		$	106,321,712

^(a)	57% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	Commencement date of December 18, 2020.


42		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco STIC Prime Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		1,439,605,312		$	1,439,605,312			1,515,191,563		$	1,515,273,645

Private Investment Class		17,500			17,500			46,700			46,700

Personal Investment Class		-			-			561			561

Cash Management Class		7,472			7,472			-			-

Reserve Class		4			4			281			281

Resource Class		-			-			182			182

Corporate Class		1,000			1,000			36			36


Issued as reinvestment of dividends:

Institutional Class		14,063			14,063			4,489,681			4,489,681

Private Investment Class		91			91			11,032			11,032

Personal Investment Class		27			27			2,832			2,832

Cash Management Class		15			15			3,278			3,278

Reserve Class		7			7			1,098			1,098

Resource Class		7			7			1,140			1,140

Corporate Class		4			4			215			215


Reacquired:

Institutional Class		(1,538,652,493	)		(1,538,652,493	)		(1,851,039,089	)		(1,851,119,477	)

Private Investment Class		(688,627	)		(688,627	)		(129,157	)		(129,168	)

Personal Investment Class		(302,518	)		(302,518	)		(48,590	)		(48,594	)

Cash Management Class		(15,280	)		(15,280	)		(99,534	)		(99,535	)

Reserve Class		(18,413	)		(18,413	)		(169,247	)		(169,262	)

Resource Class		(122,212	)		(122,212	)		(1,996	)		(1,996	)

Corporate Class		(1,000	)		(1,000	)		-			-

Net increase (decrease) in share activity		(100,155,041	)	$	(100,155,041	)		(331,739,014	)	$	(331,737,351	)

^(a)


43		Short-Term Investments Trust

NOTE 10–Share Information—(continued)

Invesco Treasury Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		209,389,908,080		$	209,389,908,080			182,665,163,108		$	182,665,163,108

Private Investment Class		564,708,648			564,708,648			1,486,970,970			1,486,970,970

Personal Investment Class		1,460,181,973			1,460,181,973			2,422,880,087			2,422,880,087

Cash Management Class		834,202,437			834,202,437			861,417,932			861,417,932

Reserve Class		2,267,218,779			2,267,218,779			1,819,500,275			1,819,500,275

Resource Class		271,542,723			271,542,723			333,477,473			333,477,473

Corporate Class		4,259,846,179			4,259,846,179			6,641,915,581			6,641,915,581

CAVU Securities Class^(b)		1,619,862,326			1,619,862,326			-			-


Issued as reinvestment of dividends:
Institutional Class		497,496			497,496			45,062,613			45,062,613

Private Investment Class		11,961			11,961			1,524,217			1,524,217

Personal Investment Class		28,558			28,558			2,137,800			2,137,800

Cash Management Class		39,490			39,490			3,199,903			3,199,903

Reserve Class		56,643			56,643			1,117,598			1,117,598

Resource Class		4,380			4,380			377,525			377,525

Corporate Class		26,745			26,745			2,642,981			2,642,981


Reacquired:
Institutional Class		(211,513,212,367	)		(211,513,212,367	)		(182,211,645,772	)		(182,211,645,772	)

Private Investment Class		(683,697,201	)		(683,697,201	)		(1,571,686,549	)		(1,571,686,549	)

Personal Investment Class		(1,476,924,076	)		(1,476,924,076	)		(2,503,448,761	)		(2,503,448,761	)

Cash Management Class		(753,986,380	)		(753,986,380	)		(889,341,613	)		(889,341,613	)

Reserve Class		(1,981,210,671	)		(1,981,210,671	)		(1,528,574,340	)		(1,528,574,340	)

Resource Class		(854,014,690	)		(854,014,690	)		(330,736,076	)		(330,736,076	)

Corporate Class		(5,126,958,746	)		(5,126,958,746	)		(5,940,044,504	)		(5,940,044,504	)

CAVU Securities Class		(1,072,821,385	)		(1,072,821,385	)		-			-

Net increase (decrease) in share activity		(2,794,689,098	)	$	(2,794,689,098	)		1,311,910,448		$	1,311,910,448

^(a)

^(b)	Commencement date of December 18, 2020.


44		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Government & Agency Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:

Institutional Class		287,998,117,369		$	287,998,117,369			262,928,153,701		$	262,928,153,701

Private Investment Class		1,566,476,737			1,566,476,737			2,584,479,157			2,584,479,157

Personal Investment Class		8,460,874			8,460,874			62,737,197			62,737,197

Cash Management Class		1,020,500,616			1,020,500,616			657,577,573			657,577,573

Reserve Class		1,184,114,517			1,184,114,517			1,172,921,187			1,172,921,187

Resource Class		1,448,949,173			1,448,949,173			1,825,896,962			1,825,896,962

Corporate Class		2,472,495,311			2,472,495,311			820,373,313			820,373,313

CAVU Securities Class^(b)		11,182,358,336			11,182,358,336			-			-


Issued as reinvestment of dividends:

Institutional Class		2,364,199			2,364,199			73,415,945			73,415,945

Private Investment Class		77,027			77,027			3,046,192			3,046,192

Personal Investment Class		1,664			1,664			89,620			89,620

Cash Management Class		62,947			62,947			2,363,772			2,363,772

Reserve Class		96,732			96,732			1,290,595			1,290,595

Resource Class		22,306			22,306			1,403,826			1,403,826

Corporate Class		20,996			20,996			26,956			26,956

CAVU Securities Class		68,987			68,987			-			-


Reacquired:

Institutional Class		(268,795,922,713	)		(268,795,922,713	)		(262,745,539,103	)		(262,745,539,103	)

Private Investment Class		(1,642,674,819	)		(1,642,674,819	)		(2,538,024,638	)		(2,538,024,638	)

Personal Investment Class		(12,632,377	)		(12,632,377	)		(65,288,286	)		(65,288,286	)

Cash Management Class		(704,092,281	)		(704,092,281	)		(593,465,577	)		(593,465,577	)

Reserve Class		(1,177,156,626	)		(1,177,156,626	)		(1,070,559,836	)		(1,070,559,836	)

Resource Class		(1,474,219,663	)		(1,474,219,663	)		(1,864,768,437	)		(1,864,768,437	)

Corporate Class		(1,421,688,484	)		(1,421,688,484	)		(829,480,994	)		(829,480,994	)

CAVU Securities Class		(9,740,577,642	)		(9,740,577,642	)		-			-

Net increase in share activity		21,915,223,186		$	21,915,223,186			426,649,125		$	426,649,125

^(a)

^(b)	Commencement date of December 18, 2020.


45		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Obligations Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:

Institutional Class		1,758,486,047		$	1,758,486,047			2,007,630,177		$	2,007,630,177

Private Investment Class		8,037,650			8,037,650			17,752,712			17,752,712

Personal Investment Class		6,051,798			6,051,798			12,396,845			12,396,845

Cash Management Class		-			-			38,202,008			38,202,008

Reserve Class		332,356,357			332,356,357			108,199,892			108,199,892

Resource Class		52,034			52,034			2,952,538			2,952,538

Corporate Class		129			129			16,000,000			16,000,000


Issued as reinvestment of dividends:

Institutional Class		69,137			69,137			1,687,442			1,687,442

Private Investment Class		1,543			1,543			65,930			65,930

Personal Investment Class		102			102			282			282

Cash Management Class		27			27			16,009			16,009

Reserve Class		7,165			7,165			212,244			212,244

Resource Class		3			3			424			424

Corporate Class		774			774			11,998			11,998


Reacquired:

Institutional Class		(2,065,497,826	)		(2,065,497,826	)		(1,684,099,423	)		(1,684,099,423	)

Private Investment Class		(7,818,691	)		(7,818,691	)		(12,877,560	)		(12,877,560	)

Personal Investment Class		(2,980,997	)		(2,980,997	)		(11,767,016	)		(11,767,016	)

Cash Management Class		(87,667	)		(87,667	)		(39,771,691	)		(39,771,691	)

Reserve Class		(312,456,512	)		(312,456,512	)		(108,535,845	)		(108,535,845	)

Resource Class		(103,990	)		(103,990	)		(2,936,447	)		(2,936,447	)

Corporate Class		(5,410,000	)		(5,410,000	)		(5,580,000	)		(5,580,000	)

Net increase (decrease) in share activity		(289,292,917	)	$	(289,292,917	)		339,560,519		$	339,560,519

^(a)

In addition, 60% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


46		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		147,021,640		$	147,021,640			310,891,005		$	310,891,005

Private Investment Class		2,274,008			2,274,008			11,295,911			11,295,911

Personal Investment Class		7,107,975			7,107,975			11,189,176			11,189,176

Cash Management Class		6,420,817			6,420,817			7,389,500			7,389,500

Reserve Class		28,135,345			28,135,345			58,297,928			58,297,928

Resource Class		394,392			394,392			4,102,971			4,102,971

Corporate Class		-			-			10			10


Issued as reinvestment of dividends:
Institutional Class		7,749			7,749			770,263			770,263

Private Investment Class		832			832			106,524			106,524

Personal Investment Class		195			195			7,119			7,119

Cash Management Class		230			230			164,121			164,121

Reserve Class		2,280			2,280			50,307			50,307

Resource Class		205			205			21,121			21,121

Corporate Class		-			-			75			75


Reacquired:
Institutional Class		(179,760,190	)		(179,760,190	)		(321,704,515	)		(321,704,515	)

Private Investment Class		(2,855,050	)		(2,855,050	)		(21,755,886	)		(21,755,886	)

Personal Investment Class		(9,014,784	)		(9,014,784	)		(10,154,592	)		(10,154,592	)

Cash Management Class		(7,314,378	)		(7,314,378	)		(29,359,631	)		(29,359,631	)

Reserve Class		(38,734,330	)		(38,734,330	)		(51,528,118	)		(51,528,118	)

Resource Class		(1,921,844	)		(1,921,844	)		(2,237,435	)		(2,237,435	)

Net increase (decrease) in share activity		(48,234,908	)	$	(48,234,908	)		(32,454,146	)	$	(32,454,146	)

^(a)


47		Short-Term Investments Trust

Report of Independent Registered Public Accounting Firm

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 (constituting Short-Term Investments Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2021, including the related notes, and the financial highlights of the Resource Class for each of the five years in the period ended August 31, 2021 (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, 2021, 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, 2021 and each of the financial highlights of the Resource Class for each of the five years in the period ended August 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 25, 2021


48		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, 2021 through August 31, 2021.

Actual expenses

Hypothetical example for comparison purposes


				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	(03/01/21)	(08/31/21)¹	Period²	(08/31/21)	Period²	Ratio
Invesco Liquid Assets Portfolio	$1,000.00	$1,000.10	$0.86	$1,024.35	$0.87	0.17%
Invesco STIC Prime Portfolio	1,000.00	1,000.10	0.55	1,024.65	0.56	0.11
Invesco Treasury Portfolio	1,000.00	1,000.10	0.30	1,024.90	0.31	0.06
Invesco Government & Agency Portfolio	1,000.00	1,000.10	0.20	1,025.00	0.20	0.04
Invesco Treasury Obligations Portfolio	1,000.00	1,000.10	0.30	1,024.90	0.31	0.06
Invesco Tax-Free Cash Reserve Portfolio	1,000.00	1,000.10	0.25	1,024.95	0.26	0.05

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 184/365 to reflect the most recent fiscal half year.


49		Short-Term Investments Trust

Approval of Investment Advisory and Sub-Advisory Contracts

The Board’s Evaluation Process

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for

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


50		Short-Term Investments Trust

B.	Fund Investment Performance

Invesco Government & Agency Portfolio

Invesco Liquid Assets Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the second 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, which did not change its conclusions.

Invesco STIC Prime Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the third 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 reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. 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, which did not change its conclusions

Invesco Tax-Free Cash Reserve Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Tax-Free National Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the second 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 reasonably comparable to the Index for the one and five year periods and the same as the three year period. 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, which did not change its conclusions.

Invesco Treasury Obligations Portfolio

Invesco Treasury Portfolio

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio, Invesco STIC Prime Portfolio and Invesco Treasury Portfolio


51		Short-Term Investments Trust

each Fund’s total expense ratio and its various components.

Invesco Liquid Assets Portfolio and Invesco Treasury Obligations Portfolio

management reasons for such relative total expenses.

Invesco Tax-Free Cash Reserve Portfolio

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit

D.	Economies of Scale and Breakpoints

Invesco Government & Agency Portfolio, Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Tax-Free Cash Reserve Portfolio and Invesco Treasury Portfolio

Invesco Treasury Obligations Portfolio


52		Short-Term Investments Trust

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates


53		Short-Term Investments Trust

Tax Information

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, 2021:

Federal and State Income Tax


	Business Interest Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Tax-Exempt Interest Dividend*
Invesco Liquid Assets Portfolio		99.55	%		0.00	%		0.00	%		1.79	%		0.00	%
Invesco STIC Prime Portfolio		58.31	%		0.00	%		0.00	%		0.05	%		0.00	%
Invesco Treasury Portfolio		99.85	%		0.00	%		0.00	%		87.39	%		0.00	%
Invesco Government & Agency Portfolio		99.21	%		0.00	%		0.00	%		91.17	%		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	%		67.55	%

*	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		$	-		0.00	%
Invesco STIC Prime Portfolio			-		0.00	%
Invesco Treasury Portfolio			-		100.00	%
Invesco Government & Agency Portfolio			354,175		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.


54		Short-Term Investments Trust

Trustees and Officers


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)	184	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
Christopher L. Wilson – 1957 Trustee and Chair	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	184	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	184	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 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	184	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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	184	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	184	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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; and Trustee of certain Oppenheimer Funds	184	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	184	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP


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)
Prema Mathai-Davis – 1950 Trustee	1997	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	184	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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	184	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); 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 Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	184	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	184	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	184	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	184	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds


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)
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	184	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


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 and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; 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, Treasurer 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.; 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 and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., 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)
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, President and Chairman, Invesco Insurance Agency, Inc.; 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
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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; 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


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)
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.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President 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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


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

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


SEC file numbers: 811-02729 and 002-58287		Invesco Distributors, Inc.		CM-STIT-AR-4



		Annual Report to Shareholders		August 31, 2021

		Private 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

Unless otherwise stated, information presented in this report is as of August 31, 2021, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Table of Contents


Fund Data			3

Fund Objectives and Strategies			4

Fund Composition by Maturity			5

Schedules of Investments			6

Financial Statements			28

Financial Highlights			34

Notes to Financial Statements			35

Report of Independent Registered Public Accounting Firm			48

Fund Expenses			49

Approval of Investment Advisory and Sub-Advisory Contracts			50

Tax Information			54

Trustees and Officers			T-1

Fund Data

Private Investment Class data as of 8/31/21

FUND

WEIGHTED

AVERAGE

MATURITY

WEIGHTED

AVERAGE

LIFE

TOTAL

NET

ASSETS

Range

During

Reporting

Period

End

Invesco Liquid Assets¹

33 - 52 days

48 days

68 days

$2.9

million

Invesco STIC Prime¹

4 - 15 days

11 days

12 days

605.2

thousand

Invesco Treasury²

25 - 55 days

48 days

116 days

303.8

million

Invesco Government & Agency²

19 - 57 days

37 days

102 days

506.0

million

Invesco Treasury Obligations²

37 - 58 days

39 days

108 days

14.6

million

Invesco Tax-Free Cash Reserve³

7 - 16 days

13 days

10.0

million


3		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.

Invesco STIC Prime Portfolio

Invesco STIC Prime Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

Invesco Treasury Portfolio

Invesco Treasury Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

Invesco Government & Agency Portfolio

Invesco Government & Agency Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

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.

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.


4		Short-Term Investments Trust

Fund Composition by Maturity



In days, as of 8/31/21

				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	44.6%	65.5%	60.9%	52.2%	8.6%	90.1%
8 - 30	2.3	16.3	0.0	11.7	48.0	1.6
31 - 60	13.6	18.2	1.2	2.9	2.7	2.0
61 - 90	17.3	0.0	2.3	2.2	6.4	2.6
91 - 180	7.8	0.0	7.6	9.3	15.2	3.7
181+	14.4	0.0	28.0	21.7	19.1	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.


5		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Liquid Assets Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Commercial Paper-44.60%^(a)
Asset-Backed Securities - Fully Supported-3.17%
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.20%		09/02/2021	$	20,000	$ 19,999,913
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.18%		11/08/2021		55,000	54,991,461
							74,991,374

Asset-Backed Securities - Fully Supported Bank-8.49%
Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.08%)^(b)(c)(d)		0.15%		01/26/2022		50,000	50,007,500
Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.06%)^(b)(c)(d)		0.13%		02/18/2022		25,000	25,003,167
Bedford Row Funding Corp. (CEP - Royal Bank of Canada), (3 mo. USD LIBOR + 0.08%)^(b)(c)(d)		0.21%		10/21/2021		10,000	10,001,719
Concord Minutemen Capital Co. LLC (Multi - CEP’s)^(b)(c)		0.13%		10/08/2021		15,000	14,998,496
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.20%		09/03/2021		40,000	39,999,750
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.14%		10/25/2021		10,500	10,498,364
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)^(b)(c)		0.10%		09/02/2021		35,000	34,999,854
Versailles Commercial Paper LLC (CEP - Natixis S.A.), (1 mo. USD LIBOR + 0.09%)^(b)(c)(d)		0.18%		09/01/2021		15,000	15,001,038
							200,509,888

Consumer Finance-2.12%
Toyota Finance Australia Ltd.^(c)		0.14%		11/16/2021		50,000	49,988,771

Diversified Banks-26.13%
Agricultural Bank of China Ltd.^(b)(c)		0.17%		11/22/2021		70,000	69,968,852
ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.17%		04/04/2022		23,700	23,681,941
Barclays Bank PLC^(b)(c)		0.18%		09/10/2021		30,000	29,999,375
Barclays Bank PLC^(b)(c)		0.16%		12/03/2021		5,000	4,998,329
Barclays Bank PLC^(b)(c)		0.18%		01/06/2022		20,000	19,989,476
Barclays Bank PLC^(b)(c)		0.16%		02/10/2022		25,000	24,982,002
DBS Bank Ltd.^(b)(c)		0.16%		10/01/2021		50,000	49,995,910
Dexia Credit Local S.A.^(b)(c)		0.17%		02/28/2022		70,000	69,952,487
DNB Bank ASA^(b)(c)		0.05%		09/07/2021		39,000	38,999,659
HSBC Bank PLC^(b)(c)		0.26%		10/08/2021		25,000	24,995,408
National Australia Bank Ltd. (3 mo. USD LIBOR + 0.06%)^(b)(c)(d)		0.19%		11/10/2021		50,000	50,011,354
Natixis S.A.^(c)		0.20%		10/14/2021		35,000	34,996,792
Nordea Bank Abp^(b)(c)		0.13%		11/18/2021		50,000	49,991,112
Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.19%		10/01/2021		25,000	25,001,831
Royal Bank of Canada^(b)(c)		0.20%		06/16/2022		15,000	14,975,796
Toronto-Dominion Bank (The)^(b)(c)		0.21%		06/22/2022		25,000	24,965,993
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)^(b)(c)(d)		0.16%		07/08/2022		10,000	10,004,440
United Overseas Bank Ltd.^(b)(c)		0.27%		09/28/2021		25,000	24,998,367
United Overseas Bank Ltd.^(b)(c)		0.28%		10/04/2021		25,000	24,997,993
							617,507,117

Diversified Capital Markets-1.69%
UBS AG (3 mo. USD LIBOR + 0.07%)^(b)(c)(d)		0.22%		10/04/2021		10,000	10,000,347
UBS AG^(b)(c)		0.25%		08/18/2022		30,000	29,932,240
							39,932,587

Regional Banks-3.00%
ASB Finance Ltd.^(b)(c)		0.19%		11/10/2021		20,000	19,996,884

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


6		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Regional Banks-(continued)
ASB Finance Ltd.^(b)(c)		0.25%		03/18/2022	$	20,920	$ 20,904,851
ASB Finance Ltd.^(b)(c)		0.21%		07/08/2022		30,000	29,956,460
							70,858,195
Total Commercial Paper (Cost $1,053,659,584)							1,053,787,932

Certificates of Deposit-35.83%
Bank of Montreal^(c)		0.21%		06/24/2022		10,000	10,002,465
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%)^(c)(d)		0.18%		11/09/2021		20,000	20,004,002
Bank of Nova Scotia (The) (SOFR + 0.11%)^(c)(d)		0.16%		04/20/2022		50,000	49,999,380
Canadian Imperial Bank of Commerce^(c)		0.04%		09/01/2021		118,000	118,000,000
China Construction Bank Corp.^(c)		0.16%		11/22/2021		70,000	69,997,901
Credit Agricole Corporate & Investment Bank S.A.^(c)		0.05%		09/01/2021		68,000	68,000,000
Goldman Sachs Bank USA		0.17%		02/04/2022		35,000	35,001,217
Mizuho Bank Ltd.^(c)		0.08%		09/01/2021		64,418	64,418,489
Nordea Bank Abp^(c)		0.04%		09/01/2021		69,000	69,000,000
Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.18%		10/07/2021		25,000	25,001,655
Skandinaviska Enskilda Banken AB^(c)		0.04%		09/01/2021		118,000	118,000,000
Svenska Handelsbanken AB^(c)		0.03%		09/01/2021		105,000	105,000,000
Svenska Handelsbanken AB^(c)		0.21%		01/03/2022		14,300	14,304,959
Toronto-Dominion Bank (The) (SOFR + 0.20%)^(c)(d)		0.25%		02/16/2022		25,000	25,013,293
Westpac Banking Corp. (SOFR + 0.13%)^(c)(d)		0.18%		07/15/2022		55,000	55,007,268
Total Certificates of Deposit (Cost $846,716,057)							846,750,629

Variable Rate Demand Notes-3.97%^(e)
Credit Enhanced-3.97%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC -Sumitomo Mitsui Banking Corp.)^(b)(c)(f)		0.13%		04/01/2047		9,200	9,199,999
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(f)		0.13%		05/01/2037		2,500	2,500,000
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		0.05%		08/01/2045		82,040	82,040,000
Total Variable Rate Demand Notes (Cost $93,739,999)							93,739,999
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-84.40% (Cost $1,994,115,640)							1,994,278,560

					Repurchase Amount
Repurchase Agreements-15.62%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2021, aggregate maturing value of $100,003,111 (collateralized by U.S. Treasury obligations, domestic and foreign corporate obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and domestic and foreign non-agency asset-backed securities valued at $103,174,606; 0.00% - 8.40%; 09/09/2021 - 07/20/2071)^(c)(h)		0.16%		09/07/2021		27,000,840	27,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $10,000,447 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, a domestic corporate obligation and a U.S. Treasury obligation valued at $10,316,976; 0.13% - 5.51%; 02/28/2023 - 07/20/2071)^(c)(h)		0.23%		09/01/2021		10,000,447	10,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $20,000,700 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $20,552,976; 0.08% - 6.30%; 10/01/2021 - 07/20/2071)^(c)(h)		0.18%		09/01/2021		20,000,700	20,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Citigroup Global Markets, Inc., joint open agreement dated 01/22/2021 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $203,550,733; 0.00% -7.26%; 09/14/2022 - 12/01/2061)⁽ⁱ⁾		0.54%		09/01/2021	$	8,003,631	$	8,000,000

Citigroup Global Markets, Inc., joint open agreement dated 10/28/2020 (collateralized by domestic non-agency mortgage-backed securities, domestic non-agency asset-backed securities and domestic and foreign corporate obligations valued at $55,232,635; 0.00% - 7.70%; 10/27/2022 - 06/04/2081)⁽ⁱ⁾		0.54%		09/01/2021		10,004,504		10,000,000

Citigroup Global Markets, Inc., open agreement dated 10/02/2020 (collateralized by domestic and foreign corporate obligations valued at $55,001,324; 1.60% - 9.63%; 09/01/2025 - 07/01/2036)⁽ⁱ⁾		0.55%		09/01/2021		50,022,937		50,000,000

Credit Suisse Securities (USA) LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $10,000,000 (collateralized by domestic and foreign non-agency asset-backed securities, foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $10,500,000; 0.04% - 4.70%; 08/21/2028 - 05/15/2061)^(c)(d)		0.33%		10/05/2021		2,000,000		2,000,000

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 $31,922,998; 0.00% - 8.75%; 12/01/2021 - 07/25/2059)⁽ⁱ⁾		0.46%		09/01/2021		15,005,697		15,000,000

J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic and foreign corporate obligations valued at $110,000,292; 3.88% - 9.00%; 01/15/2024 - 04/01/2044)⁽ⁱ⁾		0.37%		09/01/2021		65,020,439		65,000,000

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by domestic and foreign equity securities valued at $15,753,648; 0.00% - 8.38%; 01/31/2028 - 06/23/2050)⁽ⁱ⁾		0.27%		09/01/2021		7,001,618		7,000,000

Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by domestic and foreign corporate obligations valued at $52,503,917; 0.45% - 5.01%; 11/01/2024 - 07/01/2051)^(c)(i)		0.20%		09/01/2021		25,004,319		25,000,000

Mizuho Securities (USA) LLC, joint open agreement dated 07/02/2021 (collateralized by domestic and foreign equity securities valued at $52,500,236; 0.00%)^(c)(i)		0.22%		09/01/2021		20,000,122		20,000,000

RBC Capital Markets LLC, joint agreement dated 08/31/2021, aggregate maturing value of $100,000,556 (collateralized by a foreign non-agency asset-backed security, domestic and foreign corporate obligations and foreign commercial paper valued at $105,000,765; 0.00% - 6.75%; 10/15/2021 - 06/01/2070)^(c)		0.20%		09/01/2021		20,000,111		20,000,000

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $63,611,054; 0.23% - 13.00%; 11/10/2021 - 08/01/2118)^(c)(i)		0.25%		09/01/2021		25,000,174		25,000,000

Societe Generale, joint open agreement dated 08/20/2021 (collateralized by domestic and foreign corporate obligations valued at $92,242,834; 0.20% - 11.88%; 06/27/2022 - 09/14/2077)^(c)(i)		0.18%		09/01/2021		65,000,325		65,000,000

Total Repurchase Agreements (Cost $369,000,000)								369,000,000

TOTAL INVESTMENTS IN SECURITIES^(j)(k)-100.02% (Cost $2,363,115,640)								2,363,278,560

OTHER ASSETS LESS LIABILITIES-(0.02)%								(389,825	)

NET ASSETS-100.00%							$	2,362,888,735

Investment Abbreviations:



CEP		-Credit Enhancement Provider
FEDL		-Federal Funds Effective Rate
LIBOR -London Interbank Offered Rate
LOC		-Letter of Credit
OBFR		-Overnight Bank Funding Rate
RB		-Revenue Bonds
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.


8		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)

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)

^(c)

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.

^(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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(j)	Also represents cost for federal income tax purposes.

^(k)


Entities	Percentage
Svenska Handelsbanken AB		5.1	%
Nordea Bank Abp		5.0
Credit Agricole S.A.		5.0

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco STIC Prime Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Certificates of Deposit-36.01%
BNP Paribas S.A.^(a)		0.06%		09/01/2021	$	11,000	$ 11,000,000
Canadian Imperial Bank of Commerce^(a)		0.04%		09/01/2021		11,000	11,000,000
Credit Agricole Corporate & Investment Bank S.A.^(a)		0.05%		09/01/2021		5,000	5,000,000
Mizuho Bank Ltd.^(a)		0.08%		09/01/2021		11,000	11,000,000
Nordea Bank Abp^(a)		0.04%		09/01/2021		11,000	11,000,000
Skandinaviska Enskilda Banken AB^(a)		0.04%		09/01/2021		11,000	11,000,000
Societe Generale S.A.^(a)		0.32%		09/17/2021		2,300	2,300,270
Sumitomo Mitsui Trust Bank Ltd.^(a)		0.08%		09/23/2021		7,000	7,000,022
Svenska Handelsbanken AB^(a)		0.03%		09/01/2021		11,000	11,000,000
Total Certificates of Deposit (Cost $80,300,129)							80,300,292

Commercial Paper-29.86%^(b)
Asset-Backed Securities - Fully Supported-3.14%
Ionic Capital III Trust (CEP - UBS AG)^(a)		0.11%		09/17/2021		7,000	6,999,716

Asset-Backed Securities - Fully Supported Bank-16.41%
Anglesea Funding LLC (Multi - CEP’s)^(a)(c)		0.10%		10/01/2021		8,000	7,999,345
Cancara Asset Securitisation LLC (CEP - Lloyds Bank LLC)^(a)(c)		0.10%		09/01/2021		2,000	1,999,996
Concord Minutemen Capital Co. LLC (Multi - CEP’s)^(a)(c)		0.10%		09/17/2021		7,000	6,999,716
Lexington Parker Capital Co. LLC (CEP - Natixis S.A.)^(a)(c)		0.11%		09/10/2021		7,000	6,999,846
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(a)(c)		0.12%		09/23/2021		1,000	999,942
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(a)(c)		0.11%		10/01/2021		4,600	4,599,624
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)^(a)(c)		0.10%		10/13/2021		7,000	6,999,206
							36,597,675

Diversified Banks-10.31%
Agricultural Bank of China Ltd.^(a)(c)		0.13%		10/25/2021		6,000	5,998,304
Banco Santander S.A.^(a)(c)		0.10%		10/22/2021		7,000	6,998,908
Industrial & Commercial Bank of China Ltd.^(a)(c)		0.11%		09/24/2021		5,000	4,999,660
Swedbank AB^(a)		0.06%		09/03/2021		5,000	4,999,986
							22,996,858
Total Commercial Paper (Cost $66,594,646)							66,594,249

Variable Rate Demand Notes-11.77%^(d)
Credit Enhanced-11.77%
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD RB (LOC - FHLB of Indianapolis)^(e)(f)		0.10%		12/01/2039		750	750,000
Jets Stadium Development LLC; Series 2007 A-4, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(a)(c)(f)		0.13%		04/01/2047		7,800	7,800,000
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(f)		0.13%		05/01/2037		3,050	3,050,000
Portland (Port of), OR (Portland International Airport); Subseries 2008 18-A, Ref. VRD RB (LOC - Industrial & Commercial Bank of China Ltd.)^(a)(e)(f)		0.04%		07/01/2026		570	570,000
Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB (CEP - FHLMC)^(e)		0.08%		06/01/2041		890	890,000
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		0.05%		08/01/2045		8,200	8,200,000
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)^(c)(f)		0.08%		01/01/2033		5,000	5,000,000
Total Variable Rate Demand Notes (Cost $26,260,000)							26,260,000
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-77.64% (Cost $173,154,775)							173,154,541

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco STIC Prime Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Repurchase Agreements-22.33%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2021, aggregate maturing value of $100,003,111 (collateralized by U.S. Treasury obligations, domestic and foreign corporate obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and domestic and foreign non-agency asset-backed securities valued at $103,174,606; 0.00% - 8.40%; 09/09/2021 - 07/20/2071)^(a)(h)		0.16%		09/07/2021	$	3,000,093	$ 3,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $3,000,105 (collateralized by domestic agency and non-agency mortgage-backed securites and foreign corporate obligations valued at $3,131,412; 0.95% - 6.21%; 09/11/2022 - 07/20/2051)^(a)(h)		0.18%		09/01/2021		3,000,105	3,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $3,000,134 (collateralized by a domestic non-agency mortgage-backed security and a foreign corporate obligation valued at $3,150,455; 0.95% - 3.33%; 01/22/2027 - 05/15/2062)^(a)(h)		0.23%		09/01/2021		3,000,134	3,000,000
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $10,000,000 (collateralized by domestic and foreign non-agency asset-backed securities, foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $10,500,000; 0.04% - 4.70%; 08/21/2028 - 05/15/2061)^(a)(i)		0.33%		10/05/2021		8,000,000	8,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by domestic and foreign equity securities valued at $15,753,648; 0.00% - 8.38%; 01/31/2028 - 06/23/2050)^(j)		0.27%		09/01/2021		8,001,849	8,000,000
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by domestic and foreign corporate obligations valued at $52,503,917; 0.45% - 5.01%; 11/01/2024 - 07/01/2051)^(a)(j)		0.20%		09/01/2021		7,001,209	7,000,000
RBC Capital Markets LLC, joint agreement dated 08/31/2021, aggregate maturing value of $100,000,556 (collateralized by a foreign non-agency asset-backed security, domestic and foreign corporate obligations and foreign commercial paper valued at $105,000,765; 0.00% - 6.75%; 10/15/2021 - 06/01/2070)^(a)		0.20%		09/01/2021		8,000,044	8,000,000
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $63,611,054; 0.23% - 13.00%; 11/10/2021 - 08/01/2118)^(a)(j)		0.25%		09/01/2021		5,000,035	5,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06%		09/01/2021		4,802,665	4,802,657
Total Repurchase Agreements (Cost $49,802,657)							49,802,657
TOTAL INVESTMENTS IN SECURITIES^(k)(l)-99.97% (Cost $222,957,432)							222,957,198
OTHER ASSETS LESS LIABILITIES-0.03%							63,148
NET ASSETS-100.00%							$223,020,346


Investment Abbreviations:

CEP		-Credit Enhancement Provider
FHLB		-Federal Home Loan Bank
FHLMC		-Federal Home Loan Mortgage Corp.
LOC		-Letter of Credit
RB		-Revenue Bonds
Ref.		-Refunding
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)

August 31, 2021

Invesco STIC Prime Portfolio–(continued)

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: Japan: 14.7%; Switzerland: 13.0%; France: 13.0%; Canada: 12.6%; Sweden: 12.1%; Netherlands: 6.7%; China: 5.2%; other countries less than 5% each: 9.0%.

^(b)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(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, 2021 was $67,394,547, which represented 30.22% of the Fund’s Net Assets.

^(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, 2021.

^(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, 2021.

^(j)	Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(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.


12		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Treasury Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-39.07%
U.S. Treasury Bills-3.43%^(a)
U.S. Treasury Bills		0.04%-0.05%		10/07/2021	$	230,335	$ 230,314,483
U.S. Treasury Bills		0.11%		12/02/2021		150,000	149,957,834
U.S. Treasury Bills		0.07%		06/16/2022		150,000	149,916,000
U.S. Treasury Bills		0.08%		07/14/2022		150,000	149,901,250
							680,089,567

U.S. Treasury Notes-35.64%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		450,000	450,057,692
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		500,000	499,930,751
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		744,000	744,295,573
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		450,000	450,007,504
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		605,000	604,987,984
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		100,000	100,000,000
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		250,500	250,513,490
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		627,000	627,026,147
U.S. Treasury Notes		1.38%		01/31/2022		200,000	201,076,487
U.S. Treasury Notes		1.50%		01/31/2022		165,000	165,974,159
U.S. Treasury Notes		1.88%		01/31/2022		200,000	201,493,851
U.S. Treasury Notes		2.50%		02/15/2022		300,000	303,305,676
U.S. Treasury Notes		1.13%		02/28/2022		100,000	100,515,124
U.S. Treasury Notes		2.38%		03/15/2022		250,000	253,064,728
U.S. Treasury Notes		1.75%		03/31/2022		300,000	302,897,976
U.S. Treasury Notes		1.88%		03/31/2022		100,000	101,024,476
U.S. Treasury Notes		1.75%		04/30/2022		200,000	202,206,942
U.S. Treasury Notes		1.75%		06/15/2022		200,000	202,607,488
U.S. Treasury Notes		0.13%		06/30/2022		200,000	200,058,176
U.S. Treasury Notes		1.75%		06/30/2022		100,000	101,367,436
U.S. Treasury Notes		2.13%		06/30/2022		200,000	203,367,765
U.S. Treasury Notes		1.75%		07/15/2022		200,000	202,868,812
U.S. Treasury Notes		0.13%		07/31/2022		200,000	200,073,756
U.S. Treasury Notes		1.88%		07/31/2022		250,000	254,067,706
U.S. Treasury Notes		1.50%		09/15/2022		150,000	152,203,664
							7,074,993,363
Total U.S. Treasury Securities (Cost $7,755,082,930)							7,755,082,930
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-39.07% (Cost $7,755,082,930)							7,755,082,930

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Repurchase Agreements-60.87%^(c)
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05%		09/01/2021	$	250,000,347	$ 250,000,000
Citigroup Global Markets, Inc., joint term agreement dated 08/26/2021, aggregate maturing value of $300,003,208 (collateralized by U.S. Treasury obligations valued at $306,000,020; 0.00%; 02/15/2046 - 11/15/2047)^(d)		0.06%		09/02/2021		120,001,283	120,000,000
Credit Agricole Corporate & Investment Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,001; 3.00% - 4.38%; 05/15/2040 - 08/15/2048)		0.05%		09/01/2021		250,000,347	250,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(d)		0.05%		09/01/2021		100,004,722	100,000,000
DNB Bank ASA, agreement dated 08/31/2021, maturing value of $300,000,417 (collateralized by U.S. Treasury obligations valued at $306,000,080; 0.13% - 4.38%; 07/15/2026 - 05/15/2041)		0.05%		09/01/2021		300,000,417	300,000,000
Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $6,000,008,333 (collateralized by U.S. Treasury obligations valued at $6,000,008,395; 0.13% - 2.75%; 12/31/2022 - 05/15/2046)		0.05%		09/01/2021		6,000,008,333	6,000,000,000
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06%		09/01/2021		335,000,512	335,000,000
Goldman Sachs & Co., agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,000; 0.00% - 1.50%; 08/15/2022 - 02/15/2042)		0.05%		09/01/2021		250,000,347	250,000,000
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% - 1.88%; 09/16/2021 - 07/31/2023)^(e)		0.05%		09/01/2021		630,026,250	630,000,000
Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(d)		0.07%		09/01/2021		100,001,767	100,000,406
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(d)		0.07%		09/01/2021		299,629,078	299,625,000
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/25/2021, maturing value of $100,001,167 (collateralized by U.S. Treasury obligations valued at $102,001,248; 0.50% - 0.63%; 03/31/2025 - 08/15/2030)^(d)		0.06%		09/01/2021		100,001,167	100,000,000
Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $271,875,453 (collateralized by U.S. Treasury obligations valued at $276,195,250; 0.00%; 08/15/2027 - 08/15/2037)		0.06%		09/01/2021		271,875,453	271,875,000
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $340,563,068 (collateralized by U.S. Treasury obligations valued at $347,231,500; 0.00%; 08/15/2033 - 02/15/2045)		0.06%		09/01/2021		340,563,068	340,562,500
RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,038; 0.00% - 3.00%; 09/30/2021 - 08/15/2051)^(d)		0.05%		11/17/2021		250,029,514	250,000,000
Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(e)		0.05%		09/01/2021		1,205,001,674	1,205,000,000
Societe Generale, joint term agreement dated 08/25/2021, aggregate maturing value of $250,002,431 (collateralized by U.S. Treasury obligations valued at $255,000,001; 0.00% - 6.88%; 09/09/2021 - 02/15/2049)^(d)		0.05%		09/01/2021		40,000,389	40,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(d)		0.05%		09/07/2021	$	200,001,944	$ 200,000,000
Standard Chartered Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,405; 0.09% - 3.88%; 02/15/2022 - 05/15/2051)		0.05%		09/01/2021		250,000,347	250,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 - 08/31/2024)		0.05%		09/01/2021		290,327,546	290,327,143
Wells Fargo Securities, LLC, agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by a U.S. Treasury obligation valued at $510,000,001; 2.00%; 02/15/2050)		0.05%		09/01/2021		500,000,694	500,000,000
Total Repurchase Agreements (Cost $12,082,390,049)							12,082,390,049
TOTAL INVESTMENTS IN SECURITIES-99.94% (Cost $19,837,472,979)							19,837,472,979
OTHER ASSETS LESS LIABILITIES-0.06%							11,358,146
NET ASSETS-100.00%							$19,848,831,125

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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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, 2021

Invesco Government & Agency Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-32.73%
U.S. Treasury Bills-13.99%^(a)
U.S. Treasury Bills		0.02%		09/09/2021	$	1,000,000	$ 999,994,444
U.S. Treasury Bills		0.02%		09/16/2021		750,000	749,992,188
U.S. Treasury Bills		0.01%		09/21/2021		1,530,000	1,529,990,956
U.S. Treasury Bills		0.03%-0.14%		10/07/2021		380,000	379,978,750
U.S. Treasury Bills		0.05%		10/12/2021		250,000	249,985,763
U.S. Treasury Bills		0.14%		11/04/2021		75,000	74,982,000
U.S. Treasury Bills		0.05%		12/02/2021		1,379,424	1,379,267,091
U.S. Treasury Bills		0.05%		01/20/2022		200,000	199,960,833
U.S. Treasury Bills		0.06%		02/03/2022		300,000	299,928,958
U.S. Treasury Bills		0.05%		02/17/2022		651,866	651,712,992
U.S. Treasury Bills		0.07%		02/24/2022		50,000	49,982,889
U.S. Treasury Bills		0.06%		03/24/2022		10,000	9,996,600
U.S. Treasury Bills		0.06%		04/21/2022		250,000	249,895,278
U.S. Treasury Bills		0.07%		06/16/2022		400,000	399,777,999
U.S. Treasury Bills		0.08%		08/11/2022		300,000	299,770,667
							7,525,217,408

U.S. Treasury Notes-18.74%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		550,000	550,094,508
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		25,000	24,998,355
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		107,000	107,059,042
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		287,000	287,018,002
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		730,000	730,023,588
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		412,400	412,544,410
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		1,330,000	1,330,143,243
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		1,055,000	1,055,039,361
U.S. Treasury Notes		1.13%		09/30/2021		62,000	62,053,006
U.S. Treasury Notes		1.50%		09/30/2021		50,000	50,056,641
U.S. Treasury Notes		2.13%		09/30/2021		50,000	50,082,360
U.S. Treasury Notes		2.88%		11/15/2021		100,000	100,574,950
U.S. Treasury Notes		1.38%		01/31/2022		453,000	455,486,327
U.S. Treasury Notes		1.50%		01/31/2022		173,000	174,020,051
U.S. Treasury Notes		1.88%		01/31/2022		633,000	637,728,976
U.S. Treasury Notes		2.50%		02/15/2022		330,940	334,593,757
U.S. Treasury Notes		1.13%		02/28/2022		200,000	201,029,333
U.S. Treasury Notes		1.75%		02/28/2022		100,000	100,830,762
U.S. Treasury Notes		1.88%		02/28/2022		303,000	305,696,355
U.S. Treasury Notes		2.38%		03/15/2022		46,000	46,569,385
U.S. Treasury Notes		1.75%		03/31/2022		650,000	656,301,352
U.S. Treasury Notes		1.88%		03/31/2022		925,000	934,661,756

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


16		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. Treasury Notes-(continued)
U.S. Treasury Notes		1.88%		04/30/2022	$	150,000	$ 151,795,054
U.S. Treasury Notes		1.75%		05/15/2022		135,000	136,587,761
U.S. Treasury Notes		2.13%		05/15/2022		190,000	192,740,984
U.S. Treasury Notes		1.75%		06/30/2022		400,000	405,482,261
U.S. Treasury Notes		2.13%		06/30/2022		365,000	371,124,912
U.S. Treasury Notes		2.00%		07/31/2022		210,000	213,658,573
							10,077,995,065
Total U.S. Treasury Securities (Cost $17,603,212,473)							17,603,212,473

U.S. Government Sponsored Agency Securities-14.52%
Federal Farm Credit Bank (FFCB)-4.21%
Federal Farm Credit Bank (SOFR + 0.28%)^(b)		0.33%		10/01/2021		365,000	365,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		10/15/2021		100,000	100,000,306
Federal Farm Credit Bank		0.07%		02/09/2022		243,750	243,743,367
Federal Farm Credit Bank (SOFR + 0.10%)^(b)		0.15%		02/22/2022		16,555	16,555,000
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		03/10/2022		28,000	28,000,000
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14%		06/17/2022		65,000	65,000,000
Federal Farm Credit Bank (SOFR + 0.20%)^(b)		0.25%		06/23/2022		12,000	12,012,287
Federal Farm Credit Bank (SOFR + 0.19%)^(b)		0.24%		07/14/2022		28,000	28,000,000
Federal Farm Credit Bank (SOFR + 0.15%)^(b)		0.20%		07/28/2022		45,000	45,000,000
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		08/11/2022		108,000	108,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		08/26/2022		97,500	97,495,134
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14%		10/07/2022		30,000	30,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		10/12/2022		18,000	18,001,014
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		10/21/2022		20,000	20,000,000
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		11/03/2022		35,000	35,000,000
Federal Farm Credit Bank (SOFR + 0.01%)^(b)		0.06%		11/16/2022		185,000	184,995,466
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		11/18/2022		56,000	56,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		12/01/2022		74,000	74,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		12/28/2022		350,000	350,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		02/09/2023		18,000	18,000,000
Federal Farm Credit Bank (SOFR + 0.05%)^(b)		0.10%		02/17/2023		165,000	165,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		06/14/2023		58,000	58,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		07/07/2023		143,000	143,000,000
							2,260,802,574

Federal Home Loan Bank (FHLB)-7.82%
Federal Home Loan Bank^(a)		0.05%		09/01/2021		41,000	41,000,000
Federal Home Loan Bank^(a)		0.02%		09/10/2021		302,000	301,998,112
Federal Home Loan Bank^(a)		0.02%-0.03%		09/15/2021		396,675	396,671,120
Federal Home Loan Bank^(a)		0.03%		09/20/2021		104,500	104,498,345
Federal Home Loan Bank		0.04%		09/21/2021		85,000	85,000,000
Federal Home Loan Bank		0.04%		09/28/2021		392,000	391,998,235
Federal Home Loan Bank		0.04%		09/29/2021		252,110	252,108,842
Federal Home Loan Bank		0.03%		09/30/2021		350,000	349,995,568
Federal Home Loan Bank		0.04%		10/08/2021		439,000	438,997,382
Federal Home Loan Bank^(a)		0.01%		10/08/2021		3,100	3,099,952

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


17		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Federal Home Loan Bank (FHLB)-(continued)
Federal Home Loan Bank		0.04%		10/29/2021	$	35,000	$ 34,999,545
Federal Home Loan Bank (SOFR + 0.17%)^(b)		0.22%		11/12/2021		127,000	127,000,000
Federal Home Loan Bank (SOFR + 0.15%)^(b)		0.20%		11/15/2021		355,000	355,000,000
Federal Home Loan Bank		0.07%		02/11/2022		34,560	34,559,065
Federal Home Loan Bank		0.05%		03/17/2022		200,000	199,985,373
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12%		04/14/2022		45,000	45,000,000
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12%		04/28/2022		28,000	28,000,000
Federal Home Loan Bank		0.06%		05/06/2022		29,000	28,997,847
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		05/12/2022		35,000	35,000,000
Federal Home Loan Bank (SOFR + 0.13%)^(b)		0.18%		08/05/2022		80,000	80,000,000
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14%		08/19/2022		380,000	380,006,319
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14%		10/05/2022		80,000	80,000,000
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		12/08/2022		63,200	63,203,547
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		12/16/2022		3,500	3,501,373
Federal Home Loan Bank (SOFR + 0.04%)^(b)		0.09%		05/19/2023		221,000	221,000,000
Federal Home Loan Bank (SOFR + 0.03%)^(b)		0.08%		06/07/2023		125,000	125,000,000
							4,206,620,625

Federal Home Loan Mortgage Corp. (FHLMC)-1.39%
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)^(b)		0.37%		09/30/2021		412,000	412,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.31%)^(b)		0.36%		01/03/2022		145,000	145,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.09%)^(b)		0.14%		09/16/2022		190,000	190,000,000
							747,000,000

Federal National Mortgage Association (FNMA)-0.65%
Federal National Mortgage Association (SOFR + 0.30%)^(b)		0.35%		01/07/2022		350,000	350,000,000

U.S. International Development Finance Corp. (DFC)-0.45%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		06/15/2025		19,200	19,200,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		07/15/2025		20,889	20,888,891
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/15/2025		4,474	4,473,684
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/15/2026		13,750	13,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		08/13/2027		12,600	12,600,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/30/2027		12,000	12,000,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		02/15/2028		14,444	14,444,445
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		11/15/2028		65,909	65,909,091
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		05/15/2030		7,839	7,839,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		10/15/2030		8,000	8,000,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		07/09/2026		25,500	25,500,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


18		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. International Development Finance Corp. (DFC)-(continued)
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		03/15/2030	$	39,375	$ 39,375,000
							243,980,111
Total U.S. Government Sponsored Agency Securities (Cost $7,808,403,310)							7,808,403,310
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-47.25% (Cost $25,411,615,783)							25,411,615,783

					Repurchase Amount
Repurchase Agreements-55.26%^(d)
ABN AMRO Bank N.V., joint agreement dated 08/31/2021, aggregate maturing value of $450,000,625 (collateralized by U.S. Treasury obligations valued at $459,000,022; 0.13% - 3.38%; 08/15/2022 - 05/15/2047)		0.05%		09/01/2021		200,000,278	200,000,000
BNP Paribas Securities Corp., joint term agreement dated 08/26/2021, aggregate maturing value of $500,004,861 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0.00% - 7.00%; 11/04/2021 - 07/01/2051)^(e)		0.05%		09/02/2021		385,003,743	385,000,000
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05%		09/01/2021		750,001,042	750,000,000
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $895,001,243 (collateralized by domestic agency mortgage-backed securities valued at $912,900,000; 1.50% - 6.00%; 05/01/2025 - 08/01/2059)		0.05%		09/01/2021		54,000,075	54,000,000
Citigroup Global Markets, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $900,001,250 (collateralized by U.S. Treasury obligations valued at $918,000,025; 0.00%; 08/15/2047 - 02/15/2051)		0.05%		09/01/2021		395,000,549	395,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(e)		0.05%		09/01/2021		150,007,083	150,000,000
Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $16,000,022,222 (collateralized by U.S. Treasury obligations valued at $16,000,022,273; 0.13% - 2.75%; 12/31/2022 -05/15/2046)		0.05%		09/01/2021		16,000,022,222	16,000,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $50,000,007 (collateralized by a U.S. Treasury obligation valued at $51,000,058; 1.00%; 07/31/2028)		0.01%		09/01/2021		50,000,007	50,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by U.S. Treasury obligations valued at $510,000,044; 0.13% - 2.88%; 02/28/2025 - 08/15/2028)		0.05%		09/01/2021		500,000,694	500,000,000
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06%		09/01/2021		730,001,115	730,000,000
Fixed Income Clearing Corp. - BNP Paribas Securities Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,250,001,736 (collateralized by U.S. Treasury obligations valued at $1,270,427,200; 0.38% - 4.25%; 11/30/2025 - 05/15/2041)		0.05%		09/01/2021		960,001,333	960,000,000
Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2021, maturing value of $2,000,001,667 (collateralized by U.S. Treasury obligations valued at $2,040,000,068; 1.00% - 1.13%; 07/31/2028 - 08/31/2028)		0.03%		09/01/2021		2,000,001,667	2,000,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


19		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Goldman Sachs & Co., term agreement dated 08/26/2021, maturing value of $295,003,155 (collateralized by U.S. Treasury obligations valued at $300,900,000; 0.00% - 3.63%; 08/11/2022 - 02/15/2046)^(e)		0.06%		09/02/2021	$	295,003,155	$ 295,000,000
ING Financial Markets, LLC, joint term agreement dated 08/06/2021, aggregate maturing value of $350,022,118 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 6.00%; 06/01/2027 - 05/01/2058)		0.07%		09/10/2021		300,018,958	300,000,000
ING Financial Markets, LLC, joint term agreement dated 08/26/2021, aggregate maturing value of $350,018,667 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 5.50%; 10/01/2038 - 01/01/2057)		0.06%		09/27/2021		275,014,667	275,000,000
J.P. Morgan Securities LLC, agreement dated 08/31/2021, maturing value of $250,000,417 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 0.27% - 7.50%; 11/25/2024 - 10/16/2062)		0.06%		09/01/2021		250,000,417	250,000,000
J.P. Morgan Securities LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,694 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 1.50% - 7.50%; 07/01/2025 - 09/01/2051)		0.05%		09/01/2021		44,000,061	44,000,000
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% - 1.88%; 09/16/2021 - 07/31/2023)^(f)		0.05%		09/01/2021		150,006,250	150,000,000
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $295,800,033; 1.50% - 6.00%; 02/28/2023 - 09/01/2051)^(f)		0.07%		09/01/2021		240,014,000	240,000,000
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $255,000,016; 0.00% - 7.63%; 09/16/2021 - 04/01/2056)^(f)		0.06%		09/01/2021		210,010,500	210,000,000
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 $408,000,049; 0.00% - 7.50%; 04/30/2026 - 03/25/2060)^(f)		0.07%		09/01/2021		275,016,042	275,000,000
Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(e)		0.07%		09/01/2021		170,004,751	170,002,437
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $500,000,764 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.39% - 4.50%; 01/25/2024 - 05/20/2069)		0.06%		09/01/2021		52,000,079	52,000,000
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(e)		0.07%		09/01/2021		530,032,214	530,025,000
Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $556,508,428 (collateralized by U.S. Treasury obligations valued at $567,283,180; 0.00%; 02/15/2026 - 11/15/2043)		0.06%		09/01/2021		556,508,428	556,507,500
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $40,625,068 (collateralized by a U.S. Treasury obligation valued at $41,396,500; 0.00%; 08/15/2033)		0.06%		09/01/2021		40,625,068	40,625,000
RBC Capital Markets LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $750,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,159; 0.00% - 8.15%; 09/14/2021 - 08/20/2065)^(b)(e)		0.09%		11/01/2021		600,000,000	600,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


20		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value

RBC Dominion Securities Inc., joint agreement dated 08/31/2021, aggregate maturing value of $2,000,002,778 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $2,040,000,055; 0.00% - 5.00%; 09/09/2021 - 08/01/2051)		0.05%		09/01/2021	$	1,544,002,144	$	1,544,000,000

RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,023; 0.13% - 6.25%; 10/15/2021 - 11/15/2050)^(e)		0.05%		11/17/2021		250,029,514		250,000,000

Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(f)		0.05%		09/01/2021		320,000,444		320,000,000

Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(e)		0.05%		09/07/2021		400,003,889		400,000,000

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06%		09/01/2021		396,231,775		396,231,115

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 - 08/31/2024)		0.05%		09/01/2021		531,025,137		531,024,399

TD Securities (USA) LLC, term agreement dated 08/25/2021, maturing value of $70,000,749 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $71,400,075; 1.25% - 2.13%; 11/15/2021 - 04/30/2028)^(e)		0.06%		09/01/2021		70,000,749		70,000,000

Wells Fargo Securities, LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,833 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00% - 4.50%; 01/01/2031 - 08/01/2051)		0.06%		09/01/2021		44,000,073		44,000,000

Total Repurchase Agreements (Cost $29,717,415,451)								29,717,415,451

TOTAL INVESTMENTS IN SECURITIES-102.51% (Cost $55,129,031,234)								55,129,031,234

OTHER ASSETS LESS LIABILITIES-(2.51)%								(1,351,188,375	)

NET ASSETS-100.00%							$	53,777,842,859

Investment Abbreviations:



SOFR		-Secured Overnight Financing Rate
VRD		-Variable Rate Demand

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, 2021.

^(c)	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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


21		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Treasury Obligations Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-105.59%
U.S. Treasury Bills-83.89%^(a)
U.S. Treasury Bills		0.02%-0.06%		09/02/2021	$	67,700	$ 67,699,948
U.S. Treasury Bills		0.01%-0.05%		09/07/2021		96,800	96,799,429
U.S. Treasury Bills		0.03%-0.14%		09/09/2021		95,800	95,799,274
U.S. Treasury Bills		0.03%-0.05%		09/14/2021		85,000	84,998,709
U.S. Treasury Bills		0.03%		09/16/2021		50,000	49,999,479
U.S. Treasury Bills		0.01%-0.04%		09/21/2021		92,000	91,998,164
U.S. Treasury Bills		0.04%-0.05%		09/23/2021		50,000	49,998,652
U.S. Treasury Bills		0.03%		09/28/2021		100,000	99,997,375
U.S. Treasury Bills		0.02%-0.05%		09/30/2021		84,500	84,497,259
U.S. Treasury Bills		0.05%-0.14%		10/07/2021		25,000	24,998,300
U.S. Treasury Bills		0.04%		10/14/2021		1,100	1,099,951
U.S. Treasury Bills		0.04%		10/21/2021		5,400	5,399,700
U.S. Treasury Bills		0.05%		11/02/2021		3,300	3,299,716
U.S. Treasury Bills		0.14%		11/04/2021		15,000	14,996,400
U.S. Treasury Bills		0.05%		11/09/2021		10,000	9,999,070
U.S. Treasury Bills		0.04%		11/12/2021		5,000	4,999,650
U.S. Treasury Bills		0.03%		11/18/2021		5,000	4,999,675
U.S. Treasury Bills		0.00%-0.04%		12/02/2021		70,000	69,992,159
U.S. Treasury Bills		0.11%		12/30/2021		10,000	9,996,333
U.S. Treasury Bills		0.09%		01/27/2022		3,000	2,998,890
U.S. Treasury Bills		0.06%		02/03/2022		25,000	24,994,080
U.S. Treasury Bills		0.05%-0.06%		02/24/2022		38,000	37,990,222
U.S. Treasury Bills		0.07%		04/21/2022		10,000	9,995,811
U.S. Treasury Bills		0.07%		06/16/2022		3,000	2,998,320
U.S. Treasury Bills		0.08%		08/11/2022		24,000	23,981,653
							974,528,219

U.S. Treasury Notes-21.70%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		36,500	36,502,890
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		30,000	29,991,690
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		55,000	55,010,602
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		22,000	22,001,192
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		45,000	44,998,575
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		6,000	6,000,230
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		24,000	24,001,278
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		28,500	28,500,813

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


22		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Obligations Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Notes-(continued)
U.S. Treasury Notes		1.88%		07/31/2022	$	5,000	$	5,081,049

								252,088,319

TOTAL INVESTMENTS IN SECURITIES-105.59% (Cost $ 1,226,616,538)								1,226,616,538

OTHER ASSETS LESS LIABILITIES-(5.59)%								(64,968,347	)

NET ASSETS-100.00%							$	1,161,648,191

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, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


23		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-99.66%
Alabama-4.01%
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)^(a)(b)(c)		0.08%		07/01/2040		$6,090	$ 6,090,000

Arizona-3.64%
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		0.02%		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)		0.02%		06/15/2031		2,845	2,845,000
							5,530,000

California-1.98%
California (State of); Series 2021 A-1, Commercial Paper Notes		0.05%		10/14/2021		3,000	3,000,000

Colorado-0.67%
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		0.12%		02/01/2031		1,010	1,010,000

Delaware-2.76%
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		09/01/2036		2,655	2,655,000
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.03%		05/01/2036		1,535	1,535,000
							4,190,000

District of Columbia-6.47%
District of Columbia; Series 2019, Commercial Paper Notes		0.08%		11/02/2021		4,000	4,000,000
District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)^(b)(c)		0.02%		08/15/2038		2,820	2,820,000
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		0.01%		10/01/2039		3,005	3,005,000
							9,825,000

Florida-3.03%
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		0.07%		11/01/2036		2,200	2,200,000
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)		0.03%		07/01/2032		2,400	2,400,000
							4,600,000

Georgia-1.58%
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)^(b)(c)		0.03%		11/01/2030		2,395	2,395,000

Illinois-5.60%
Illinois (State of) Development Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)^(b)(c)		0.03%		10/01/2033		2,000	2,000,000
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB^(b)		0.01%		12/01/2046		5,730	5,730,000
Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)^(b)(c)		0.01%		01/01/2041		770	770,000
							8,500,000

Indiana-5.78%
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		0.07%		08/01/2037		2,770	2,770,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


24		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Indiana-(continued)
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)^(a)(b)(c)		0.05%		06/01/2035		$6,000	$ 6,000,000
							8,770,000

Louisiana-4.07%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)^(b)(c)		0.02%		09/01/2033		1,000	1,000,000
Louisiana (State of) Public Facilities Authority (CHRISTUS Health);
Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		0.02%		07/01/2047		4,085	4,085,000
Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		0.02%		07/01/2047		1,100	1,100,000
							6,185,000

Maryland-3.82%
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008E, VRD RB (LOC - Bank of Montreal)^(b)(c)		0.01%		07/01/2041		4,300	4,300,000
Montgomery (County of), MD; Series 2010 B, Commercial Paper Notes		0.07%		09/23/2021		1,500	1,500,000
							5,800,000

Massachusetts-2.72%
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC - TD Bank N.A.)^(b)(c)		0.02%		10/01/2038		2,625	2,625,000
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank N.A.)^(b)(c)		0.01%		01/01/2037		1,500	1,500,000
							4,125,000

Michigan-3.92%
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)		0.02%		01/15/2026		1,420	1,420,000
Michigan State University Board of Trustees;
Series 2000 A-1, VRD RB^(b)		0.03%		08/15/2030		3,620	3,620,000
Series 2000 A-2, VRD RB^(b)		0.03%		08/15/2030		910	910,000
							5,950,000

Minnesota-5.64%
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)^(b)		0.10%		10/15/2033		1,175	1,175,000
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB^(b)		0.02%		11/01/2035		3,900	3,900,000
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)^(b)		0.02%		10/01/2033		3,485	3,485,000
							8,560,000

Mississippi-3.46%
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.);
Series 2010 C, VRD IDR^(b)		0.02%		12/01/2030		585	585,000
Series 2010 E, VRD IDR^(b)		0.02%		12/01/2030		4,000	4,000,000
Series 2007 E, VRD IDR^(b)		0.01%		12/01/2030		660	660,000
							5,245,000

Missouri-1.01%
Bridgeton (City of), MO Industrial Development Authority (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)^(b)(c)		0.02%		11/01/2037		970	970,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


25		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Missouri-(continued)
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)^(b)(c)		0.08%		08/01/2038		$ 560	$ 560,000
							1,530,000

New York-3.39%
Metropolitan Transportation Authority; Subseries 2012 G-1, VRD Ref. RB (LOC - Barclays Bank PLC)^(b)(c)		0.01%		11/01/2032		2,000	2,000,000
New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Series 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)^(b)(c)		0.02%		05/01/2039		3,150	3,150,000
							5,150,000

North Carolina-1.65%
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB^(b)		0.01%		06/01/2027		1,285	1,285,000
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB^(b)		0.01%		12/01/2021		1,220	1,220,000
							2,505,000

Ohio-1.87%
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)^(b)(c)		0.02%		08/02/2038		2,835	2,835,000

Pennsylvania-2.36%
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		06/01/2037		1,320	1,320,000
Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)^(b)(c)		0.02%		03/01/2030		1,885	1,885,000
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		10/15/2025		380	380,000
							3,585,000

Rhode Island-2.96%
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB^(b)		0.02%		09/01/2043		4,500	4,500,000

Texas-14.48%
Garland (City of), TX; Series 2021, Commercial Paper Notes		0.08%		09/15/2021		1,000	1,000,000
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB^(b)		0.01%		11/01/2041		4,000	4,000,000
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		0.02%		02/15/2042		3,150	3,150,000
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)		0.02%		05/15/2034		2,075	2,075,000
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		0.03%		04/01/2026		1,890	1,890,000
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)^(b)		0.08%		05/01/2042		2,755	2,755,000
Texas A&M University System Board of Regents; Series 2021 B, Commercial Paper Notes		0.10%		01/05/2022		4,500	4,500,000
University of Texas System Board of Regents;
Series 2008 B, VRD RB^(b)		0.01%		08/01/2025		1,615	1,615,000
Series 2021 A, Commercial Paper Notes		0.08%		12/08/2021		1,000	1,000,000
							21,985,000

Virginia-2.83%
Norfolk (City of), VA; Series 2007, VRD GO Bonds^(b)		0.02%		08/01/2037		4,300	4,300,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


26		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Washington-3.64%
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		0.02%		09/01/2049		$3,375	$ 3,375,000
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		0.02%		11/01/2047		2,145	2,145,000
							5,520,000

West Virginia-4.15%
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)^(b)(c)		0.03%		07/01/2039		845	845,000
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Branch Banking & Trust Co.)^(b)(c)		0.09%		01/01/2034		5,460	5,460,000
							6,305,000

Wisconsin-2.17%
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)^(b)(c)		0.03%		10/01/2042		3,300	3,300,000
TOTAL INVESTMENTS IN SECURITIES^(d)(e)-99.66% (Cost $151,290,000)							151,290,000
OTHER ASSETS LESS LIABILITIES-0.34%							518,219
NET ASSETS-100.00%							$151,808,219

Investment Abbreviations:

CEP	- Credit Enhancement Provider

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

RB	- Revenue Bonds

Ref.	- Refunding

VRD	- Variable Rate Demand

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: other countries less than 5% each: 9.9%.

^(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, 2021.

^(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)


Entities		Percentage
Federal Home Loan Mortgage Corporation		7.2%
Federal Home Loan Banks		6.8

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


27		Short-Term Investments Trust

Statements of Assets and Liabilities

August 31, 2021


	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 unaffiliated securities, at value	$	1,994,278,560		$	173,154,541		$	7,755,082,930		$	25,411,615,783	$	1,226,616,538		$	151,290,000

Repurchase agreements, at value and cost		369,000,000			49,802,657			12,082,390,049			29,717,415,451		-			-

Cash		-			-			577,336			6,677,836		-			5,066

Receivable for:
Investments sold		-			-			-			-		-			430,000

Interest		148,594			12,725			12,374,635			24,570,252		44,708			5,567

Fund expenses absorbed		170,952			40,334			2,460,098			5,082,215		200,022			113,016

Investment for trustee deferred compensation and retirement plans		3,992,585			1,088,300			2,389,618			1,085,979		121,585			379,290

Other assets		-			133,352			306,493			-		2,435			29,203

Total assets		2,367,590,691			224,231,909			19,855,581,159			55,166,447,516		1,226,985,288			152,252,142


Liabilities:
Payable for:
Investments purchased		-			-			-			1,379,267,090		64,992,606			-

Amount due custodian		1,414			-			-			-		-			-

Dividends		13,727			1,978			179,381			1,104,647		8,171			1,292

Accrued fees to affiliates		415,265			38,105			3,558,150			6,465,959		175,464			31,800

Accrued trustees’ and officers’ fees and benefits		6,795			3,723			31,547			56,731		5,117			3,626

Accrued operating expenses		22,512			19,371			283,544			339,183		18,224			6,706

Trustee deferred compensation and retirement plans		4,242,243			1,148,386			2,697,412			1,371,047		137,515			400,499

Total liabilities		4,701,956			1,211,563			6,750,034			1,388,604,657		65,337,097			443,923

Net assets applicable to shares outstanding	$	2,362,888,735		$	223,020,346		$	19,848,831,125		$	53,777,842,859	$	1,161,648,191		$	151,808,219


Net assets consist of:
Shares of beneficial interest	$	2,365,347,369		$	223,766,836		$	19,850,036,171		$	53,777,282,283	$	1,161,696,627		$	152,087,607

Distributable earnings (loss)		(2,458,634	)		(746,490	)		(1,205,046	)		560,576		(48,436	)		(279,388	)

	$	2,362,888,735		$	223,020,346		$	19,848,831,125		$	53,777,842,859	$	1,161,648,191		$	151,808,219


Net Assets:
Institutional Class	$	2,356,363,228		$	221,717,748		$	17,093,039,313		$	49,464,205,401	$	1,063,311,616		$	118,266,650

Private Investment Class	$	2,892,211		$	605,175		$	303,847,586		$	505,970,104	$	14,644,841		$	9,554,669

Personal Investment Class	$	10,250		$	92,853		$	265,106,098		$	9,360,221	$	3,812,664		$	1,677,129

Cash Management Class	$	2,922,067		$	496,042		$	452,222,119		$	747,955,590	$	252,997		$	4,596,658

Reserve Class	$	215,606		$	87,037		$	867,766,514		$	408,499,951	$	74,494,612		$	16,226,010

Resource Class	$	362,237		$	385		$	53,210,214		$	117,901,903	$	98,108		$	1,476,824

Corporate Class	$	23,138		$	21,106		$	266,547,880		$	1,082,096,274	$	5,033,353		$	10,279

CAVU Securities Class	$	99,998		$	-		$	547,091,401		$	1,441,853,415	$	-		$	-

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


28		Short-Term Investments Trust

Statements of Assets and Liabilities–(continued)

August 31, 2021


	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		2,355,507,320		221,714,110		17,091,834,561		49,463,570,063		1,063,304,332		118,246,855

Private Investment Class		2,891,165		605,163		303,825,357		505,958,454		14,644,769		9,553,027

Personal Investment Class		10,246		92,850		265,087,709		9,360,026		3,812,673		1,676,778

Cash Management Class		2,921,011		496,034		452,190,570		747,945,735		252,996		4,595,842

Reserve Class		215,528		87,035		867,713,579		408,490,685		74,493,505		16,223,286

Resource Class		362,106		385		53,207,288		117,898,770		98,107		1,476,569

Corporate Class		23,129		21,106		266,528,645		1,082,095,578		5,033,318		10,277

CAVU Securities Class		99,962		-		547,040,941		1,441,849,681		-		-

Net asset value, offering and redemption price per share for each class	$	1.0004	$	1.0000	$	1.00	$	1.00	$	1.00	$	1.00

Cost of Investments	$	2,363,115,640	$	222,957,432	$	19,837,472,979	$	55,129,031,234	$	1,226,616,538	$	151,290,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


29		Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2021


	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	$	5,304,722		$	347,608		$	22,906,414		$	39,213,423		$	1,359,111		$	141,719


Expenses:
Advisory fees		3,682,808			362,050			30,842,557			39,069,697			1,651,651			338,636

Administrative services fees		1,077,307			106,317			9,078,072			17,147,659			565,687			74,910

Custodian fees		20,349			11,653			880,897			2,355,252			17,559			4,401

Distribution fees:
Private Investment Class		9,354			2,693			1,048,044			1,598,160			38,315			25,535

Personal Investment Class		55			1,581			1,560,536			51,413			6,801			10,493

Cash Management Class		2,345			400			337,881			433,409			211			3,846

Reserve Class		2,367			757			5,315,780			3,943,150			636,492			195,443

Resource Class		724			100			298,448			224,545			227			3,251

Corporate Class		11			6			123,740			60,512			2,286			3

Transfer agent fees		220,968			21,723			1,850,553			3,516,273			114,899			15,239

Trustees’ and officers’ fees and benefits		60,736			26,698			360,492			579,772			45,166			25,687

Registration and filing fees		101,698			94,236			281,389			268,282			99,375			103,928

Reports to shareholders		26,084			20,895			78,111			231,219			22,870			49,806

Professional services fees		47,979			38,739			141,772			360,693			42,598			35,900

Other		128,322			51,770			327,756			779,472			99,236			33,770

Total expenses		5,381,107			739,618			52,526,028			70,619,508			3,343,373			920,848

Less: Fees waived		(1,111,003	)		(416,484	)		(31,868,399	)		(41,370,765	)		(2,117,448	)		(796,323	)

Net expenses		4,270,104			323,134			20,657,629			29,248,743			1,225,925			124,525

Net investment income		1,034,618			24,474			2,248,785			9,964,680			133,186			17,194

Realized and unrealized gain (loss) from:
Net realized gain from unaffiliated investment securities		2,613			552			30,818			542,485			47,304			-

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(496,709	)		(2,800	)		-			-			-			-

Net realized and unrealized gain (loss)		(494,096	)		(2,248	)		30,818			542,485			47,304			-

Net increase in net assets resulting from operations	$	540,522		$	22,226		$	2,279,603		$	10,507,165		$	180,490		$	17,194

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


30		Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2021 and 2020


	Invesco Liquid Assets Portfolio						Invesco STIC Prime Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	1,034,618		$	29,970,218		$	24,474		$	5,414,497

Net realized gain (loss)		2,613			(15,623	)		552			78

Change in net unrealized appreciation (depreciation)		(496,709	)		45,074			(2,800	)		(41,714	)

Net increase in net assets resulting from operations		540,522			29,999,669			22,226			5,372,861


Distributions to shareholders from distributable earnings:
Institutional Class		(1,033,839	)		(29,817,713	)		(24,275	)		(5,392,900	)

Private Investment Class		(318	)		(36,868	)		(92	)		(11,032	)

Personal Investment Class		(4	)		(74	)		(31	)		(2,832	)

Cash Management Class		(359	)		(107,505	)		(52	)		(5,280	)

Reserve Class		(29	)		(1,504	)		(11	)		(1,098	)

Resource Class		(40	)		(3,570	)		(9	)		(1,140	)

Corporate Class		(13	)		(2,984	)		(4	)		(215	)

CAVU Securities Class		(16	)		-			-			-

Total distributions from distributable earnings		(1,034,618	)		(29,970,218	)		(24,474	)		(5,414,497	)


Share transactions-net:
Institutional Class		(201,574,311	)		114,142,968			(99,033,118	)		(331,356,151	)

Private Investment Class		(648,893	)		(1,176,345	)		(671,036	)		(71,436	)

Personal Investment Class		-			-			(302,491	)		(45,201	)

Cash Management Class		(24,434	)		(6,335,509	)		(7,793	)		(96,257	)

Reserve Class		(62,582	)		(24,329	)		(18,402	)		(167,883	)

Resource Class		(3,337	)		2,906			(122,205	)		(674	)

Corporate Class		(15,522	)		(287,979	)		4			251

CAVU Securities Class		100,002			-			-			-

Net increase (decrease) in net assets resulting from share transactions		(202,229,077	)		106,321,712			(100,155,041	)		(331,737,351	)

Net increase (decrease) in net assets		(202,723,173	)		106,351,163			(100,157,289	)		(331,778,987	)


Net assets:
Beginning of year		2,565,611,908			2,459,260,745			323,177,635			654,956,622

End of year	$	2,362,888,735		$	2,565,611,908		$	223,020,346		$	323,177,635

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


31		Short-Term Investments Trust

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco Treasury Portfolio						Invesco Government & Agency Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	2,248,785		$	163,580,411		$	9,964,680		$	264,467,683

Net realized gain (loss)		30,818			139,394			542,485			(189,477	)

Net increase in net assets resulting from operations		2,279,603			163,719,805			10,507,165			264,278,206


Distributions to shareholders from distributable earnings:
Institutional Class		(2,005,555	)		(146,246,982	)		(9,402,663	)		(254,196,609	)

Private Investment Class		(35,458	)		(3,446,279	)		(120,583	)		(4,200,784	)

Personal Investment Class		(28,813	)		(2,137,800	)		(2,025	)		(89,620	)

Cash Management Class		(42,921	)		(3,199,903	)		(128,425	)		(2,683,953	)

Reserve Class		(62,101	)		(1,117,598	)		(105,814	)		(1,290,595	)

Resource Class		(18,705	)		(4,967,684	)		(32,727	)		(1,599,458	)

Corporate Class		(41,758	)		(2,664,191	)		(52,287	)		(439,777	)

CAVU Securities Class		(13,474	)		-			(120,156	)		-

Total distributions from distributable earnings		(2,248,785	)		(163,780,437	)		(9,964,680	)		(264,500,796	)


Share transactions-net:
Institutional Class		(2,122,806,791	)		498,579,949			19,204,558,855			256,030,543

Private Investment Class		(118,976,592	)		(83,191,362	)		(76,121,055	)		49,500,711

Personal Investment Class		(16,713,545	)		(78,430,874	)		(4,169,839	)		(2,461,469	)

Cash Management Class		80,255,547			(24,723,778	)		316,471,282			66,475,768

Reserve Class		286,064,751			292,043,533			7,054,623			103,651,946

Resource Class		(582,467,587	)		3,118,922			(25,248,184	)		(37,467,649	)

Corporate Class		(867,085,822	)		704,514,058			1,050,827,823			(9,080,725	)

CAVU Securities Class		547,040,941			-			1,441,849,681			-

Net increase (decrease) in net assets resulting from share transactions		(2,794,689,098	)		1,311,910,448			21,915,223,186			426,649,125

Net increase (decrease) in net assets		(2,794,658,280	)		1,311,849,816			21,915,765,671			426,426,535


Net assets:
Beginning of year		22,643,489,405			21,331,639,589			31,862,077,188			31,435,650,653

End of year	$	19,848,831,125		$	22,643,489,405		$	53,777,842,859		$	31,862,077,188

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


32		Short-Term Investments Trust

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco Treasury Obligations Portfolio						Invesco Tax-Free Cash Reserve Portfolio
	2021			2020			2021			2020
Operations:
Net investment income	$	133,186		$	10,091,353		$	17,194		$	1,534,657

Net realized gain (loss)		47,304			(57,411	)		-			-

Net increase in net assets resulting from operations		180,490			10,033,942			17,194			1,534,657


Distributions to shareholders from distributable earnings:
Institutional Class		(123,225	)		(9,782,969	)		(12,978	)		(1,172,112	)

Private Investment Class		(1,559	)		(65,930	)		(1,039	)		(106,524	)

Personal Investment Class		(128	)		(898	)		(195	)		(7,119	)

Cash Management Class		(29	)		(16,009	)		(490	)		(177,298	)

Reserve Class		(7,454	)		(212,244	)		(2,280	)		(50,307	)

Resource Class		(17	)		(1,150	)		(208	)		(21,222	)

Corporate Class		(774	)		(12,153	)		(4	)		(75	)

Total distributions from distributable earnings		(133,186	)		(10,091,353	)		(17,194	)		(1,534,657	)


Share transactions-net:
Institutional Class		(306,942,642	)		325,218,196			(32,730,801	)		(10,043,247	)

Private Investment Class		220,502			4,941,082			(580,210	)		(10,353,451	)

Personal Investment Class		3,070,903			630,111			(1,906,614	)		1,041,703

Cash Management Class		(87,640	)		(1,553,674	)		(893,331	)		(21,806,010	)

Reserve Class		19,907,010			(123,709	)		(10,596,705	)		6,820,117

Resource Class		(51,953	)		16,515			(1,527,247	)		1,886,657

Corporate Class		(5,409,097	)		10,431,998			-			85

Net increase (decrease) in net assets resulting from share transactions		(289,292,917	)		339,560,519			(48,234,908	)		(32,454,146	)

Net increase (decrease) in net assets		(289,245,613	)		339,503,108			(48,234,908	)		(32,454,146	)


Net assets:
Beginning of year		1,450,893,804			1,111,390,696			200,043,127			232,497,273

End of year	$	1,161,648,191		$	1,450,893,804		$	151,808,219		$	200,043,127

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


33		Short-Term Investments Trust

Financial Highlights

The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.


Private Investment 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 investment income to average net assets
Invesco Liquid Assets Portfolio
Year ended 08/31/21		$1.0006		$0.0001		$(0.0002	)		$(0.0001	)		$(0.0001	)		$ -			$(0.0001	)		$1.0004		(0.01	)%		$ 2,892		0.21	%		0.52	%		0.01	%
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			0.52			0.98
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
Invesco STIC Prime Portfolio
Year ended 08/31/21		1.0000		0.0001		(0.0000	)		0.0001			(0.0001	)		-			(0.0001	)		1.0000		0.01			605		0.13			0.60			0.01
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			0.56			0.93
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
Invesco Treasury Portfolio
Year ended 08/31/21		1.00		0.00		0.00			0.00			(0.00	)		-			(0.00	)		1.00		0.01			303,848		0.10			0.51			0.01
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			0.51			0.65
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
Invesco Government & Agency Portfolio
Year ended 08/31/21		1.00		0.00		0.00			0.00			(0.00	)		-			(0.00	)		1.00		0.02			505,970		0.08			0.46			0.02
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			0.45			0.62
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
Invesco Treasury Obligations Portfolio
Year ended 08/31/21		1.00		0.00		0.00			0.00			(0.00	)		-			(0.00	)		1.00		0.01			14,645		0.10			0.46			0.01
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			0.45			0.66
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
Invesco Tax-Free Cash Reserve Portfolio
Year ended 08/31/21		1.00		0.00		-			0.00			(0.00	)		-			(0.00	)		1.00		0.01			9,555		0.07			0.65			0.01
Year ended 08/31/20		1.00		0.01		-			0.01			(0.01	)		-			(0.01	)		1.00		0.60			10,135		0.38			0.59			0.57
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

^(a)	Calculated using average shares outstanding.

^(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


34		Short-Term Investments Trust

Notes to Financial Statements

August 31, 2021

NOTE 1–Significant Accounting Policies

Invesco Liquid Assets Portfolio determines its NAV per share multiple times each day.

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

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

B.	Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is


35		Short-Term Investments Trust

recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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.


36		Short-Term Investments Trust

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.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


	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, 2021, 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%


37		Short-Term Investments Trust


		Private	Personal	Cash				CAVU
	Institutional	Investment	Investment	Management	Reserve	Resource	Corporate	Securities
	Class	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%	0.18%
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%	0.18%
Invesco Government & Agency Portfolio	0.18%	0.48%	0.73%	0.26%	1.05%	0.34%	0.21%	0.18%
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%	-

For the year ended August 31, 2021, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


		Expense Limitation
Invesco Liquid Assets Portfolio		$ 946,890
Invesco STIC Prime Portfolio		299,622
Invesco Treasury Portfolio		6,830,582
Invesco Government & Agency Portfolio		-
Invesco Treasury Obligations Portfolio		361,074
Invesco Tax-Free Cash Reserve Portfolio		342,621

Voluntary fee waivers for the year ended August 31, 2021 are shown below:


			Private		Personal		Cash
			Investment		Investment		Management		Reserve		Resource		Corporate
	Fund Level		Class		Class		Class		Class		Class		Class
Invesco Liquid Assets Portfolio	$	151,393	$	8,295	$	53	$	1,475	$	2,280	$	611	$ 6
Invesco STIC Prime Portfolio		111,324		2,693		1,582		401		756		99	7
Invesco Treasury Portfolio		16,380,981		1,044,600		1,557,907		334,641		5,311,227		292,921	115,540
Invesco Government & Agency Portfolio		35,089,442		1,587,507		51,169		425,384		3,935,502		221,813	59,948
Invesco Treasury Obligations Portfolio		1,072,242		38,278		6,799		209		636,358		227	2,261
Invesco Tax-Free Cash Reserve Portfolio		215,131		25,535		10,493		3,846		195,443		3,251	3


38		Short-Term Investments Trust


	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%

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

NOTE 3–Additional Valuation Information


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

NOTE 4–Security Transactions with Affiliated Funds


	Securities Purchases			Securities Sales		Net Realized Gains
Invesco Liquid Assets Portfolio		$	65,476,811		$102,280,976		$	-
Invesco STIC Prime Portfolio			9,575,329		21,370,331			-
Invesco Tax-Free Cash Reserve Portfolio			171,264,956		187,032,086			-

NOTE 5–Trustees’ and Officers’ Fees and Benefits


39		Short-Term Investments Trust

NOTE 6–Cash Balances

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, 2021 and 2020


	2021				2020
	Ordinary Income*		Ordinary Income-Tax- Exempt		Ordinary Income*		Ordinary Income-Tax- Exempt		Long-Term Capital Gains
Invesco Liquid Assets Portfolio	$	1,034,618	$	-	$	29,970,218	$	-	$	-
Invesco STIC Prime Portfolio		24,474		-		5,414,497		-		-
Invesco Treasury Portfolio		2,248,785		-		163,582,316		-		198,121
Invesco Government & Agency Portfolio		9,964,680		-		264,469,100		-		31,696
Invesco Treasury Obligations Portfolio		133,186		-		10,091,353		-		-
Invesco Tax-Free Cash Reserve Portfolio		5,579		11,615		-		1,534,657		-

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
Invesco Liquid Assets Portfolio		$	173,842		$	-		$	(2,782,386	)		$	162,920			$	(13,010	)		$	2,365,347,369		$	2,362,888,735
Invesco STIC Prime Portfolio			-			-			(746,256	)			(234	)			-				223,766,836			223,020,346
Invesco Treasury Portfolio			649,173			2,727			(1,824,934	)			(32,012	)			-				19,850,036,171			19,848,831,125
Invesco Government & Agency Portfolio			1,536,646			-			(974,903	)			(1,167	)			-				53,777,282,283			53,777,842,859
Invesco Treasury Obligations Portfolio			79,762			-			(92,306	)			(22,651	)			(13,241	)			1,161,696,627			1,161,648,191
Invesco Tax-Free Cash Reserve Portfolio			-			-			(260,296	)			-				(19,092	)			152,087,607			151,808,219


40		Short-Term Investments Trust

The Funds have a capital loss carryforward as of August 31, 2021, as follows:


Fund	Not Subject to Expiration			Total*
Invesco Liquid Assets Portfolio		$	13,010		$	13,010
Invesco Treasury Obligations Portfolio			13,241			13,241
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, 2021
	Federal Tax Cost*			Unrealized Appreciation			Unrealized (Depreciation)				Net Unrealized Appreciation (Depreciation)
Invesco Liquid Assets Portfolio		$	2,363,115,640		$	169,949		$	(7,029	)		$	162,920
Invesco STIC Prime Portfolio			222,957,432			396			(630	)			(234	)
Invesco Treasury Portfolio			19,837,504,991			-			(32,012	)			(32,012	)
Invesco Government & Agency Portfolio			55,129,032,401			-			(1,167	)			(1,167	)
Invesco Treasury Obligations Portfolio			1,226,639,189			-			(22,651	)			(22,651	)

NOTE 9–Reclassification of Permanent Differences


	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
Invesco Liquid Assets Portfolio		$	(2,780,000	)		$	-			$	2,780,000
Invesco STIC Prime Portfolio			(1,517,829	)			(552	)			1,518,381
Invesco Treasury Portfolio			(1,819,350	)			-				1,819,350
Invesco Government & Agency Portfolio			354,175				(354,175	)			-
Invesco Treasury Obligations Portfolio			-				-				-
Invesco Tax-Free Cash Reserve Portfolio			(155,342	)			-				155,342

NOTE 10–Share Information

Invesco Liquid Assets Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)				2020
	Shares		Amount		Shares		Amount

Sold:
Institutional Class		17,486,805,323	$	17,494,025,296		15,429,264,962	$	15,436,049,996

Private Investment Class		371,715		371,900		556,769		556,939

Cash Management Class		6,058		6,061		57,447,877		57,471,129

Reserve Class		79,579		79,611		64,898		64,918

Resource Class		-		-		601		601

Corporate Class		1,001		1,001		172,360		172,517

CAVU Securities Class^(b)		99,962		100,002		-		-


41		Short-Term Investments Trust

NOTE 10–Share Information–(continued)



	Summary of Share Activity



	Years ended August 31,

	2021^(a)						2020

	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:
Institutional Class		182,613		$	182,698			6,416,422		$	6,418,790



Private Investment Class		207			207			32,532			32,543



Cash Management Class		359			359			81,549			81,575



Reserve Class		28			28			1,504			1,504



Resource Class		37			37			3,570			3,570



Corporate Class		13			13			2,984			2,984



Reacquired:
Institutional Class		(17,688,475,913	)		(17,695,782,305	)		(15,321,899,211	)		(15,328,325,818	)



Private Investment Class		(1,020,552	)		(1,021,000	)		(1,765,341	)		(1,765,827	)



Cash Management Class		(30,840	)		(30,854	)		(63,868,033	)		(63,888,213	)



Reserve Class		(142,165	)		(142,221	)		(90,719	)		(90,751	)



Resource Class		(3,373	)		(3,374	)		(1,265	)		(1,265	)



Corporate Class		(16,529	)		(16,536	)		(463,261	)		(463,480	)



Net increase (decrease) in share activity		(202,142,477	)	$	(202,229,077	)		105,958,198		$	106,321,712

^(a)	57% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	Commencement date of December 18, 2020.


42		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco STIC Prime Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		1,439,605,312		$	1,439,605,312			1,515,191,563		$	1,515,273,645

Private Investment Class		17,500			17,500			46,700			46,700

Personal Investment Class		-			-			561			561

Cash Management Class		7,472			7,472			-			-

Reserve Class		4			4			281			281

Resource Class		-			-			182			182

Corporate Class		1,000			1,000			36			36


Issued as reinvestment of dividends:
Institutional Class		14,063			14,063			4,489,681			4,489,681

Private Investment Class		91			91			11,032			11,032

Personal Investment Class		27			27			2,832			2,832

Cash Management Class		15			15			3,278			3,278

Reserve Class		7			7			1,098			1,098

Resource Class		7			7			1,140			1,140

Corporate Class		4			4			215			215


Reacquired:
Institutional Class		(1,538,652,493	)		(1,538,652,493	)		(1,851,039,089	)		(1,851,119,477	)

Private Investment Class		(688,627	)		(688,627	)		(129,157	)		(129,168	)

Personal Investment Class		(302,518	)		(302,518	)		(48,590	)		(48,594	)

Cash Management Class		(15,280	)		(15,280	)		(99,534	)		(99,535	)

Reserve Class		(18,413	)		(18,413	)		(169,247	)		(169,262	)

Resource Class		(122,212	)		(122,212	)		(1,996	)		(1,996	)

Corporate Class		(1,000	)		(1,000	)		-			-

Net increase (decrease) in share activity		(100,155,041	)	$	(100,155,041	)		(331,739,014	)	$	(331,737,351	)

^(a)


43		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		209,389,908,080		$	209,389,908,080			182,665,163,108		$	182,665,163,108

Private Investment Class		564,708,648			564,708,648			1,486,970,970			1,486,970,970

Personal Investment Class		1,460,181,973			1,460,181,973			2,422,880,087			2,422,880,087

Cash Management Class		834,202,437			834,202,437			861,417,932			861,417,932

Reserve Class		2,267,218,779			2,267,218,779			1,819,500,275			1,819,500,275

Resource Class		271,542,723			271,542,723			333,477,473			333,477,473

Corporate Class		4,259,846,179			4,259,846,179			6,641,915,581			6,641,915,581

CAVU Securities Class^(b)		1,619,862,326			1,619,862,326			-			-


Issued as reinvestment of dividends:
Institutional Class		497,496			497,496			45,062,613			45,062,613

Private Investment Class		11,961			11,961			1,524,217			1,524,217

Personal Investment Class		28,558			28,558			2,137,800			2,137,800

Cash Management Class		39,490			39,490			3,199,903			3,199,903

Reserve Class		56,643			56,643			1,117,598			1,117,598

Resource Class		4,380			4,380			377,525			377,525

Corporate Class		26,745			26,745			2,642,981			2,642,981


Reacquired:
Institutional Class		(211,513,212,367	)		(211,513,212,367	)		(182,211,645,772	)		(182,211,645,772	)

Private Investment Class		(683,697,201	)		(683,697,201	)		(1,571,686,549	)		(1,571,686,549	)

Personal Investment Class		(1,476,924,076	)		(1,476,924,076	)		(2,503,448,761	)		(2,503,448,761	)

Cash Management Class		(753,986,380	)		(753,986,380	)		(889,341,613	)		(889,341,613	)

Reserve Class		(1,981,210,671	)		(1,981,210,671	)		(1,528,574,340	)		(1,528,574,340	)

Resource Class		(854,014,690	)		(854,014,690	)		(330,736,076	)		(330,736,076	)

Corporate Class		(5,126,958,746	)		(5,126,958,746	)		(5,940,044,504	)		(5,940,044,504	)

CAVU Securities Class		(1,072,821,385	)		(1,072,821,385	)		-			-

Net increase (decrease) in share activity		(2,794,689,098	)	$	(2,794,689,098	)		1,311,910,448		$	1,311,910,448

^(a)

^(b)	Commencement date of December 18, 2020.


44		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Government & Agency Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		287,998,117,369		$	287,998,117,369			262,928,153,701		$	262,928,153,701

Private Investment Class		1,566,476,737			1,566,476,737			2,584,479,157			2,584,479,157

Personal Investment Class		8,460,874			8,460,874			62,737,197			62,737,197

Cash Management Class		1,020,500,616			1,020,500,616			657,577,573			657,577,573

Reserve Class		1,184,114,517			1,184,114,517			1,172,921,187			1,172,921,187

Resource Class		1,448,949,173			1,448,949,173			1,825,896,962			1,825,896,962

Corporate Class		2,472,495,311			2,472,495,311			820,373,313			820,373,313

CAVU Securities Class^(b)		11,182,358,336			11,182,358,336			-			-


Issued as reinvestment of dividends:
Institutional Class		2,364,199			2,364,199			73,415,945			73,415,945

Private Investment Class		77,027			77,027			3,046,192			3,046,192

Personal Investment Class		1,664			1,664			89,620			89,620

Cash Management Class		62,947			62,947			2,363,772			2,363,772

Reserve Class		96,732			96,732			1,290,595			1,290,595

Resource Class		22,306			22,306			1,403,826			1,403,826

Corporate Class		20,996			20,996			26,956			26,956

CAVU Securities Class		68,987			68,987			-			-


Reacquired:
Institutional Class		(268,795,922,713	)		(268,795,922,713	)		(262,745,539,103	)		(262,745,539,103	)

Private Investment Class		(1,642,674,819	)		(1,642,674,819	)		(2,538,024,638	)		(2,538,024,638	)

Personal Investment Class		(12,632,377	)		(12,632,377	)		(65,288,286	)		(65,288,286	)

Cash Management Class		(704,092,281	)		(704,092,281	)		(593,465,577	)		(593,465,577	)

Reserve Class		(1,177,156,626	)		(1,177,156,626	)		(1,070,559,836	)		(1,070,559,836	)

Resource Class		(1,474,219,663	)		(1,474,219,663	)		(1,864,768,437	)		(1,864,768,437	)

Corporate Class		(1,421,688,484	)		(1,421,688,484	)		(829,480,994	)		(829,480,994	)

CAVU Securities Class		(9,740,577,642	)		(9,740,577,642	)		-			-

Net increase in share activity		21,915,223,186		$	21,915,223,186			426,649,125		$	426,649,125

^(a)

^(b)	Commencement date of December 18, 2020.


45		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Obligations Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		1,758,486,047		$	1,758,486,047			2,007,630,177		$	2,007,630,177

Private Investment Class		8,037,650			8,037,650			17,752,712			17,752,712

Personal Investment Class		6,051,798			6,051,798			12,396,845			12,396,845

Cash Management Class		-			-			38,202,008			38,202,008

Reserve Class		332,356,357			332,356,357			108,199,892			108,199,892

Resource Class		52,034			52,034			2,952,538			2,952,538

Corporate Class		129			129			16,000,000			16,000,000


Issued as reinvestment of dividends:
Institutional Class		69,137			69,137			1,687,442			1,687,442

Private Investment Class		1,543			1,543			65,930			65,930

Personal Investment Class		102			102			282			282

Cash Management Class		27			27			16,009			16,009

Reserve Class		7,165			7,165			212,244			212,244

Resource Class		3			3			424			424

Corporate Class		774			774			11,998			11,998


Reacquired:
Institutional Class		(2,065,497,826	)		(2,065,497,826	)		(1,684,099,423	)		(1,684,099,423	)

Private Investment Class		(7,818,691	)		(7,818,691	)		(12,877,560	)		(12,877,560	)

Personal Investment Class		(2,980,997	)		(2,980,997	)		(11,767,016	)		(11,767,016	)

Cash Management Class		(87,667	)		(87,667	)		(39,771,691	)		(39,771,691	)

Reserve Class		(312,456,512	)		(312,456,512	)		(108,535,845	)		(108,535,845	)

Resource Class		(103,990	)		(103,990	)		(2,936,447	)		(2,936,447	)

Corporate Class		(5,410,000	)		(5,410,000	)		(5,580,000	)		(5,580,000	)

Net increase (decrease) in share activity		(289,292,917	)	$	(289,292,917	)		339,560,519		$	339,560,519

^(a)

In addition, 60% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


46		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		147,021,640		$	147,021,640			310,891,005		$	310,891,005

Private Investment Class		2,274,008			2,274,008			11,295,911			11,295,911

Personal Investment Class		7,107,975			7,107,975			11,189,176			11,189,176

Cash Management Class		6,420,817			6,420,817			7,389,500			7,389,500

Reserve Class		28,135,345			28,135,345			58,297,928			58,297,928

Resource Class		394,392			394,392			4,102,971			4,102,971

Corporate Class		-			-			10			10


Issued as reinvestment of dividends:
Institutional Class		7,749			7,749			770,263			770,263

Private Investment Class		832			832			106,524			106,524

Personal Investment Class		195			195			7,119			7,119

Cash Management Class		230			230			164,121			164,121

Reserve Class		2,280			2,280			50,307			50,307

Resource Class		205			205			21,121			21,121

Corporate Class		-			-			75			75


Reacquired:
Institutional Class		(179,760,190	)		(179,760,190	)		(321,704,515	)		(321,704,515	)

Private Investment Class		(2,855,050	)		(2,855,050	)		(21,755,886	)		(21,755,886	)

Personal Investment Class		(9,014,784	)		(9,014,784	)		(10,154,592	)		(10,154,592	)

Cash Management Class		(7,314,378	)		(7,314,378	)		(29,359,631	)		(29,359,631	)

Reserve Class		(38,734,330	)		(38,734,330	)		(51,528,118	)		(51,528,118	)

Resource Class		(1,921,844	)		(1,921,844	)		(2,237,435	)		(2,237,435	)

Net increase (decrease) in share activity		(48,234,908	)	$	(48,234,908	)		(32,454,146	)	$	(32,454,146	)

^(a)


47		Short-Term Investments Trust

Report of Independent Registered Public Accounting Firm

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 (constituting Short-Term Investments Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2021, including the related notes, and the financial highlights of the Private Investment Class for each of the five years in the period ended August 31, 2021 (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, 2021, 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, 2021 and each of the financial highlights of the Private Investment Class for each of the five years in the period ended August 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 25, 2021


48		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, 2021 through August 31, 2021.

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
		ACTUAL		(5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
Private Investment	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
Class	(03/01/21)	(08/31/21)¹	Period²	(08/31/21)	Period²	Ratio
Invesco Liquid Assets Portfolio	$1,000.00	$1,000.10	$0.86	$1,024.35	$0.87	0.17%
Invesco STIC Prime Portfolio	1,000.00	1,000.10	0.55	1,024.65	0.56	0.11
Invesco Treasury Portfolio	1,000.00	1,000.10	0.30	1,024.90	0.31	0.06
Invesco Government & Agency Portfolio	1,000.00	1,000.10	0.20	1,025.00	0.20	0.04
Invesco Treasury Obligations Portfolio	1,000.00	1,000.10	0.30	1,024.90	0.31	0.06
Invesco Tax-Free Cash Reserve Portfolio	1,000.00	1,000.10	0.25	1,024.95	0.26	0.05

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 184/365 to reflect the most recent fiscal half year.


49		Short-Term Investments Trust

Approval of Investment Advisory and Sub-Advisory Contracts

The Board’s Evaluation Process

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for

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


50		Short-Term Investments Trust

B.	Fund Investment Performance

Invesco Government & Agency Portfolio

Invesco Liquid Assets Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the second 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, which did not change its conclusions.

Invesco STIC Prime Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the third 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 reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. 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, which did not change its conclusions

Invesco Tax-Free Cash Reserve Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Tax-Free National Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the second 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 reasonably comparable to the Index for the one and five year periods and the same as the three year period. 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, which did not change its conclusions.

Invesco Treasury Obligations Portfolio

Invesco Treasury Portfolio

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio, Invesco STIC Prime Portfolio and Invesco Treasury Portfolio


51		Short-Term Investments Trust

each Fund’s total expense ratio and its various components.

Invesco Liquid Assets Portfolio and Invesco Treasury Obligations Portfolio

management reasons for such relative total expenses.

Invesco Tax-Free Cash Reserve Portfolio

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit

D.	Economies of Scale and Breakpoints

Invesco Government & Agency Portfolio, Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Tax-Free Cash Reserve Portfolio and Invesco Treasury Portfolio

Invesco Treasury Obligations Portfolio


52		Short-Term Investments Trust

E.	Profitability and Financial Resources

The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. 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 most Funds individually. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F.	Collateral Benefits to Invesco Advisers and its Affiliates


53		Short-Term Investments Trust

Tax Information

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, 2021:

Federal and State Income Tax


	Business Interest Income*		Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Tax-Exempt Interest Dividend*
Invesco Liquid Assets Portfolio		99.55%		0.00	%		0.00	%		1.79	%		0.00	%
Invesco STIC Prime Portfolio		58.31%		0.00	%		0.00	%		0.05	%		0.00	%
Invesco Treasury Portfolio		99.85%		0.00	%		0.00	%		87.39	%		0.00	%
Invesco Government & Agency Portfolio		99.21%		0.00	%		0.00	%		91.17	%		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	%		67.55	%

*	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		$	-		0.00	%
Invesco STIC Prime Portfolio			-		0.00	%
Invesco Treasury Portfolio			-		100.00	%
Invesco Government & Agency Portfolio			354,175		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.


54		Short-Term Investments Trust

Trustees and Officers


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)	184	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
Christopher L. Wilson – 1957 Trustee and Chair	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	184	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	184	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 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	184	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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	184	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	184	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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; and Trustee of certain Oppenheimer Funds	184	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	184	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP


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)
Prema Mathai-Davis – 1950 Trustee	1997	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	184	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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	184	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); 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 Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	184	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	184	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	184	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	184	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds


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)
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	184	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


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 and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; 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, Treasurer 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.; 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 and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., 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)
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, President and Chairman, Invesco Insurance Agency, Inc.; 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
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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company	N/A	N/A
		Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; 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)


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)
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.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President 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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


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

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


SEC file numbers: 811-02729 and 002-58287		Invesco Distributors, Inc.		CM-STIT-AR-5



		Annual Report to Shareholders		August 31, 2021
		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

Unless otherwise stated, information presented in this report is as of August 31, 2021, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Table of Contents


Fund Data			3

Fund Objectives and Strategies			4

Fund Composition by Maturity			5

Schedules of Investments			6

Financial Statements			28

Financial Highlights			34

Notes to Financial Statements			35

Report of Independent Registered Public Accounting Firm			48

Fund Expenses			49

Approval of Investment Advisory and Sub-Advisory Contracts			50

Tax Information			54

Trustees and Officers			T-1

Fund Data

Personal Investment Class data as of 8/31/21

FUND

WEIGHTED

AVERAGE

MATURITY

WEIGHTED

AVERAGE

LIFE

TOTAL

NET

ASSETS

Range

During

Reporting

Period

End

Invesco Liquid Assets¹

33 - 52 days

48 days

68 days

$10.2

thousand

Invesco STIC Prime¹

4 - 15 days

11 days

12 days

92.9

thousand

Invesco Treasury²

25 - 55 days

48 days

116 days

265.1

million

Invesco Government & Agency²

19 - 57 days

37 days

102 days

9.4

million

Invesco Treasury Obligations²

37 - 58 days

39 days

108 days

3.8

million

Invesco Tax-Free Cash Reserve³

7 - 16 days

13 days

1.7

million


3		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.

Invesco STIC Prime Portfolio

Invesco STIC Prime Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

Invesco Treasury Portfolio

Invesco Treasury Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

Invesco Government & Agency Portfolio

Invesco Government & Agency Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

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.

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.


4		Short-Term Investments Trust

Fund Composition by Maturity


In days, as of 8/31/21
										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		44.6	%		65.5	%		60.9	%		52.2	%		8.6	%		90.1	%
8 - 30		2.3			16.3			0.0			11.7			48.0			1.6
31 - 60		13.6			18.2			1.2			2.9			2.7			2.0
61 - 90		17.3			0.0			2.3			2.2			6.4			2.6
91 - 180		7.8			0.0			7.6			9.3			15.2			3.7
181+		14.4			0.0			28.0			21.7			19.1			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.


5		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Liquid Assets Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Commercial Paper-44.60%^(a)
Asset-Backed Securities - Fully Supported-3.17%
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.20%		09/02/2021	$	20,000	$ 19,999,913
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.18%		11/08/2021		55,000	54,991,461
							74,991,374

Asset-Backed Securities - Fully Supported Bank-8.49%
Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.08%)^(b)(c)(d)		0.15%		01/26/2022		50,000	50,007,500
Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.06%)^(b)(c)(d)		0.13%		02/18/2022		25,000	25,003,167
Bedford Row Funding Corp. (CEP - Royal Bank of Canada), (3 mo. USD LIBOR + 0.08%)^(b)(c)(d)		0.21%		10/21/2021		10,000	10,001,719
Concord Minutemen Capital Co. LLC (Multi - CEP’s)^(b)(c)		0.13%		10/08/2021		15,000	14,998,496
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.20%		09/03/2021		40,000	39,999,750
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.14%		10/25/2021		10,500	10,498,364
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)^(b)(c)		0.10%		09/02/2021		35,000	34,999,854
Versailles Commercial Paper LLC (CEP - Natixis S.A.), (1 mo. USD LIBOR + 0.09%)^(b)(c)(d)		0.18%		09/01/2021		15,000	15,001,038
							200,509,888

Consumer Finance-2.12%
Toyota Finance Australia Ltd.^(c)		0.14%		11/16/2021		50,000	49,988,771

Diversified Banks-26.13%
Agricultural Bank of China Ltd.^(b)(c)		0.17%		11/22/2021		70,000	69,968,852
ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.17%		04/04/2022		23,700	23,681,941
Barclays Bank PLC^(b)(c)		0.18%		09/10/2021		30,000	29,999,375
Barclays Bank PLC^(b)(c)		0.16%		12/03/2021		5,000	4,998,329
Barclays Bank PLC^(b)(c)		0.18%		01/06/2022		20,000	19,989,476
Barclays Bank PLC^(b)(c)		0.16%		02/10/2022		25,000	24,982,002
DBS Bank Ltd.^(b)(c)		0.16%		10/01/2021		50,000	49,995,910
Dexia Credit Local S.A.^(b)(c)		0.17%		02/28/2022		70,000	69,952,487
DNB Bank ASA^(b)(c)		0.05%		09/07/2021		39,000	38,999,659
HSBC Bank PLC^(b)(c)		0.26%		10/08/2021		25,000	24,995,408
National Australia Bank Ltd. (3 mo. USD LIBOR + 0.06%)^(b)(c)(d)		0.19%		11/10/2021		50,000	50,011,354
Natixis S.A.^(c)		0.20%		10/14/2021		35,000	34,996,792
Nordea Bank Abp^(b)(c)		0.13%		11/18/2021		50,000	49,991,112
Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.19%		10/01/2021		25,000	25,001,831
Royal Bank of Canada^(b)(c)		0.20%		06/16/2022		15,000	14,975,796
Toronto-Dominion Bank (The)^(b)(c)		0.21%		06/22/2022		25,000	24,965,993
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)^(b)(c)(d)		0.16%		07/08/2022		10,000	10,004,440
United Overseas Bank Ltd.^(b)(c)		0.27%		09/28/2021		25,000	24,998,367
United Overseas Bank Ltd.^(b)(c)		0.28%		10/04/2021		25,000	24,997,993
							617,507,117

Diversified Capital Markets-1.69%
UBS AG (3 mo. USD LIBOR + 0.07%)^(b)(c)(d)		0.22%		10/04/2021		10,000	10,000,347
UBS AG^(b)(c)		0.25%		08/18/2022		30,000	29,932,240
							39,932,587

Regional Banks-3.00%
ASB Finance Ltd.^(b)(c)		0.19%		11/10/2021		20,000	19,996,884

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


6		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Regional Banks-(continued)
ASB Finance Ltd.^(b)(c)		0.25%		03/18/2022	$	20,920	$ 20,904,851
ASB Finance Ltd.^(b)(c)		0.21%		07/08/2022		30,000	29,956,460
							70,858,195
Total Commercial Paper (Cost $1,053,659,584)							1,053,787,932

Certificates of Deposit-35.83%
Bank of Montreal^(c)		0.21%		06/24/2022		10,000	10,002,465
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%)^(c)(d)		0.18%		11/09/2021		20,000	20,004,002
Bank of Nova Scotia (The) (SOFR + 0.11%)^(c)(d)		0.16%		04/20/2022		50,000	49,999,380
Canadian Imperial Bank of Commerce^(c)		0.04%		09/01/2021		118,000	118,000,000
China Construction Bank Corp.^(c)		0.16%		11/22/2021		70,000	69,997,901
Credit Agricole Corporate & Investment Bank S.A.^(c)		0.05%		09/01/2021		68,000	68,000,000
Goldman Sachs Bank USA		0.17%		02/04/2022		35,000	35,001,217
Mizuho Bank Ltd.^(c)		0.08%		09/01/2021		64,418	64,418,489
Nordea Bank Abp^(c)		0.04%		09/01/2021		69,000	69,000,000
Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.18%		10/07/2021		25,000	25,001,655
Skandinaviska Enskilda Banken AB^(c)		0.04%		09/01/2021		118,000	118,000,000
Svenska Handelsbanken AB^(c)		0.03%		09/01/2021		105,000	105,000,000
Svenska Handelsbanken AB^(c)		0.21%		01/03/2022		14,300	14,304,959
Toronto-Dominion Bank (The) (SOFR + 0.20%)^(c)(d)		0.25%		02/16/2022		25,000	25,013,293
Westpac Banking Corp. (SOFR + 0.13%)^(c)(d)		0.18%		07/15/2022		55,000	55,007,268
Total Certificates of Deposit (Cost $846,716,057)							846,750,629

Variable Rate Demand Notes-3.97%^(e)
Credit Enhanced-3.97%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)(f)		0.13%		04/01/2047		9,200	9,199,999
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(f)		0.13%		05/01/2037		2,500	2,500,000
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		0.05%		08/01/2045		82,040	82,040,000
Total Variable Rate Demand Notes (Cost $93,739,999)							93,739,999
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-84.40% (Cost $1,994,115,640)							1,994,278,560

					Repurchase Amount
Repurchase Agreements-15.62%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2021, aggregate maturing value of $100,003,111 (collateralized by U.S. Treasury obligations, domestic and foreign corporate obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and domestic and foreign non-agency asset-backed securities valued at $103,174,606; 0.00% - 8.40%; 09/09/2021 - 07/20/2071)^(c)(h)		0.16%		09/07/2021		27,000,840	27,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $10,000,447 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, a domestic corporate obligation and a U.S. Treasury obligation valued at $10,316,976; 0.13% - 5.51%; 02/28/2023 - 07/20/2071)^(c)(h)		0.23%		09/01/2021		10,000,447	10,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $20,000,700 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $20,552,976; 0.08% - 6.30%; 10/01/2021 - 07/20/2071)^(c)(h)		0.18%		09/01/2021		20,000,700	20,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value

Citigroup Global Markets, Inc., joint open agreement dated 01/22/2021 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $203,550,733; 0.00% - 7.26%; 09/14/2022 - 12/01/2061)⁽ⁱ⁾		0.54%		09/01/2021	$	8,003,631	$	8,000,000

Citigroup Global Markets, Inc., joint open agreement dated 10/28/2020 (collateralized by domestic non-agency mortgage-backed securities, domestic non-agency asset-backed securities and domestic and foreign corporate obligations valued at $55,232,635; 0.00% - 7.70%; 10/27/2022 - 06/04/2081)⁽ⁱ⁾		0.54%		09/01/2021		10,004,504		10,000,000

Citigroup Global Markets, Inc., open agreement dated 10/02/2020 (collateralized by domestic and foreign corporate obligations valued at $55,001,324; 1.60% - 9.63%; 09/01/2025 - 07/01/2036)⁽ⁱ⁾		0.55%		09/01/2021		50,022,937		50,000,000

Credit Suisse Securities (USA) LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $10,000,000 (collateralized by domestic and foreign non-agency asset-backed securities, foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $10,500,000; 0.04% - 4.70%; 08/21/2028 - 05/15/2061)^(c)(d)		0.33%		10/05/2021		2,000,000		2,000,000

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 $31,922,998; 0.00% - 8.75%; 12/01/2021 - 07/25/2059)⁽ⁱ⁾		0.46%		09/01/2021		15,005,697		15,000,000

J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic and foreign corporate obligations valued at $110,000,292; 3.88% - 9.00%; 01/15/2024 - 04/01/2044)⁽ⁱ⁾		0.37%		09/01/2021		65,020,439		65,000,000

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by domestic and foreign equity securities valued at $15,753,648; 0.00% - 8.38%; 01/31/2028 - 06/23/2050)⁽ⁱ⁾		0.27%		09/01/2021		7,001,618		7,000,000

Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by domestic and foreign corporate obligations valued at $52,503,917; 0.45% - 5.01%; 11/01/2024 - 07/01/2051)^(c)(i)		0.20%		09/01/2021		25,004,319		25,000,000

Mizuho Securities (USA) LLC, joint open agreement dated 07/02/2021 (collateralized by domestic and foreign equity securities valued at $52,500,236; 0.00%)^(c)(i)		0.22%		09/01/2021		20,000,122		20,000,000

RBC Capital Markets LLC, joint agreement dated 08/31/2021, aggregate maturing value of $100,000,556 (collateralized by a foreign non-agency asset-backed security, domestic and foreign corporate obligations and foreign commercial paper valued at $105,000,765; 0.00% - 6.75%; 10/15/2021 - 06/01/2070)^(c)		0.20%		09/01/2021		20,000,111		20,000,000

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $63,611,054; 0.23% - 13.00%; 11/10/2021 - 08/01/2118)^(c)(i)		0.25%		09/01/2021		25,000,174		25,000,000

Societe Generale, joint open agreement dated 08/20/2021 (collateralized by domestic and foreign corporate obligations valued at $92,242,834; 0.20% - 11.88%; 06/27/2022 - 09/14/2077)^(c)(i)		0.18%		09/01/2021		65,000,325		65,000,000

Total Repurchase Agreements (Cost $369,000,000)								369,000,000

TOTAL INVESTMENTS IN SECURITIES^(j)(k)-100.02% (Cost $2,363,115,640)								2,363,278,560

OTHER ASSETS LESS LIABILITIES-(0.02)%								(389,825	)

NET ASSETS-100.00%							$	2,362,888,735


Investment Abbreviations:

CEP		-Credit Enhancement Provider
FEDL		-Federal Funds Effective Rate
LIBOR		-London Interbank Offered Rate
LOC		-Letter of Credit
OBFR		-Overnight Bank Funding Rate
RB		-Revenue Bonds
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.


8		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)

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)

^(c)

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.

^(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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(j)	Also represents cost for federal income tax purposes.

^(k)


Entities	Percentage
Svenska Handelsbanken AB		5.1	%
Nordea Bank Abp		5.0
Credit Agricole S.A.		5.0

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco STIC Prime Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Certificates of Deposit-36.01%
BNP Paribas S.A.^(a)		0.06%		09/01/2021	$	11,000	$ 11,000,000
Canadian Imperial Bank of Commerce^(a)		0.04%		09/01/2021		11,000	11,000,000
Credit Agricole Corporate & Investment Bank S.A.^(a)		0.05%		09/01/2021		5,000	5,000,000
Mizuho Bank Ltd.^(a)		0.08%		09/01/2021		11,000	11,000,000
Nordea Bank Abp^(a)		0.04%		09/01/2021		11,000	11,000,000
Skandinaviska Enskilda Banken AB^(a)		0.04%		09/01/2021		11,000	11,000,000
Societe Generale S.A.^(a)		0.32%		09/17/2021		2,300	2,300,270
Sumitomo Mitsui Trust Bank Ltd.^(a)		0.08%		09/23/2021		7,000	7,000,022
Svenska Handelsbanken AB^(a)		0.03%		09/01/2021		11,000	11,000,000
Total Certificates of Deposit (Cost $80,300,129)							80,300,292

Commercial Paper-29.86%^(b)
Asset-Backed Securities - Fully Supported-3.14%
Ionic Capital III Trust (CEP - UBS AG)^(a)		0.11%		09/17/2021		7,000	6,999,716

Asset-Backed Securities - Fully Supported Bank-16.41%
Anglesea Funding LLC (Multi - CEP’s)^(a)(c)		0.10%		10/01/2021		8,000	7,999,345
Cancara Asset Securitisation LLC (CEP - Lloyds Bank LLC)^(a)(c)		0.10%		09/01/2021		2,000	1,999,996
Concord Minutemen Capital Co. LLC (Multi - CEP’s)^(a)(c)		0.10%		09/17/2021		7,000	6,999,716
Lexington Parker Capital Co. LLC (CEP - Natixis S.A.)^(a)(c)		0.11%		09/10/2021		7,000	6,999,846
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(a)(c)		0.12%		09/23/2021		1,000	999,942
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(a)(c)		0.11%		10/01/2021		4,600	4,599,624
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)^(a)(c)		0.10%		10/13/2021		7,000	6,999,206
							36,597,675

Diversified Banks-10.31%
Agricultural Bank of China Ltd.^(a)(c)		0.13%		10/25/2021		6,000	5,998,304
Banco Santander S.A.^(a)(c)		0.10%		10/22/2021		7,000	6,998,908
Industrial & Commercial Bank of China Ltd.^(a)(c)		0.11%		09/24/2021		5,000	4,999,660
Swedbank AB^(a)		0.06%		09/03/2021		5,000	4,999,986
							22,996,858
Total Commercial Paper (Cost $66,594,646)							66,594,249

Variable Rate Demand Notes-11.77%^(d)
Credit Enhanced-11.77%
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD RB (LOC - FHLB of Indianapolis)^(e)(f)		0.10%		12/01/2039		750	750,000
Jets Stadium Development LLC; Series 2007 A-4, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(a)(c)(f)		0.13%		04/01/2047		7,800	7,800,000
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(f)		0.13%		05/01/2037		3,050	3,050,000
Portland (Port of), OR (Portland International Airport); Subseries 2008 18-A, Ref. VRD RB (LOC - Industrial & Commercial Bank of China Ltd.)^(a)(e)(f)		0.04%		07/01/2026		570	570,000
Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB (CEP - FHLMC)^(e)		0.08%		06/01/2041		890	890,000
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		0.05%		08/01/2045		8,200	8,200,000
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)^(c)(f)		0.08%		01/01/2033		5,000	5,000,000
Total Variable Rate Demand Notes (Cost $26,260,000)							26,260,000
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-77.64% (Cost $173,154,775)							173,154,541

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco STIC Prime Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Repurchase Agreements-22.33%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2021, aggregate maturing value of $100,003,111 (collateralized by U.S. Treasury obligations, domestic and foreign corporate obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and domestic and foreign non-agency asset-backed securities valued at $103,174,606; 0.00% - 8.40%; 09/09/2021 - 07/20/2071)^(a)(h)		0.16%		09/07/2021	$	3,000,093	$ 3,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $3,000,105 (collateralized by domestic agency and non-agency mortgage-backed securities and foreign corporate obligations valued at $3,131,412; 0.95% - 6.21%; 09/11/2022 - 07/20/2051)^(a)(h)		0.18%		09/01/2021		3,000,105	3,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $3,000,134 (collateralized by a domestic non-agency mortgage-backed security and a foreign corporate obligation valued at $3,150,455; 0.95% - 3.33%; 01/22/2027 - 05/15/2062)^(a)(h)		0.23%		09/01/2021		3,000,134	3,000,000
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $10,000,000 (collateralized by domestic and foreign non-agency asset-backed securities, foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $10,500,000; 0.04% - 4.70%; 08/21/2028 - 05/15/2061)^(a)(i)		0.33%		10/05/2021		8,000,000	8,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by domestic and foreign equity securities valued at $15,753,648; 0.00% - 8.38%; 01/31/2028 - 06/23/2050)^(j)		0.27%		09/01/2021		8,001,849	8,000,000
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by domestic and foreign corporate obligations valued at $52,503,917; 0.45% - 5.01%; 11/01/2024 - 07/01/2051)^(a)(j)		0.20%		09/01/2021		7,001,209	7,000,000
RBC Capital Markets LLC, joint agreement dated 08/31/2021, aggregate maturing value of $100,000,556 (collateralized by a foreign non-agency asset-backed security, domestic and foreign corporate obligations and foreign commercial paper valued at $105,000,765; 0.00% - 6.75%; 10/15/2021 - 06/01/2070)^(a)		0.20%		09/01/2021		8,000,044	8,000,000
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $63,611,054; 0.23% - 13.00%; 11/10/2021 - 08/01/2118)^(a)(j)		0.25%		09/01/2021		5,000,035	5,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06%		09/01/2021		4,802,665	4,802,657
Total Repurchase Agreements (Cost $49,802,657)							49,802,657
TOTAL INVESTMENTS IN SECURITIES^(k)(l)-99.97% (Cost $222,957,432)							222,957,198
OTHER ASSETS LESS LIABILITIES-0.03%							63,148
NET ASSETS-100.00%							$223,020,346


Investment Abbreviations:

CEP		-Credit Enhancement Provider
FHLB		-Federal Home Loan Bank
FHLMC		-Federal Home Loan Mortgage Corp.
LOC		-Letter of Credit
RB		-Revenue Bonds
Ref.		-Refunding
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)

August 31, 2021

Invesco STIC Prime Portfolio–(continued)

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: Japan: 14.7%; Switzerland: 13.0%; France: 13.0%; Canada: 12.6%; Sweden: 12.1%; Netherlands: 6.7%; China: 5.2%; other countries less than 5% each: 9.0%.

^(b)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(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, 2021 was $67,394,547, which represented 30.22% of the Fund’s Net Assets.

^(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, 2021.

^(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, 2021.

^(j)	Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(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.


12		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Treasury Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-39.07%
U.S. Treasury Bills-3.43%^(a)
U.S. Treasury Bills		0.04%-0.05%		10/07/2021	$	230,335	$ 230,314,483
U.S. Treasury Bills		0.11%		12/02/2021		150,000	149,957,834
U.S. Treasury Bills		0.07%		06/16/2022		150,000	149,916,000
U.S. Treasury Bills		0.08%		07/14/2022		150,000	149,901,250
							680,089,567

U.S. Treasury Notes-35.64%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		450,000	450,057,692
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		500,000	499,930,751
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		744,000	744,295,573
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		450,000	450,007,504
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		605,000	604,987,984
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		100,000	100,000,000
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		250,500	250,513,490
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		627,000	627,026,147
U.S. Treasury Notes		1.38%		01/31/2022		200,000	201,076,487
U.S. Treasury Notes		1.50%		01/31/2022		165,000	165,974,159
U.S. Treasury Notes		1.88%		01/31/2022		200,000	201,493,851
U.S. Treasury Notes		2.50%		02/15/2022		300,000	303,305,676
U.S. Treasury Notes		1.13%		02/28/2022		100,000	100,515,124
U.S. Treasury Notes		2.38%		03/15/2022		250,000	253,064,728
U.S. Treasury Notes		1.75%		03/31/2022		300,000	302,897,976
U.S. Treasury Notes		1.88%		03/31/2022		100,000	101,024,476
U.S. Treasury Notes		1.75%		04/30/2022		200,000	202,206,942
U.S. Treasury Notes		1.75%		06/15/2022		200,000	202,607,488
U.S. Treasury Notes		0.13%		06/30/2022		200,000	200,058,176
U.S. Treasury Notes		1.75%		06/30/2022		100,000	101,367,436
U.S. Treasury Notes		2.13%		06/30/2022		200,000	203,367,765
U.S. Treasury Notes		1.75%		07/15/2022		200,000	202,868,812
U.S. Treasury Notes		0.13%		07/31/2022		200,000	200,073,756
U.S. Treasury Notes		1.88%		07/31/2022		250,000	254,067,706
U.S. Treasury Notes		1.50%		09/15/2022		150,000	152,203,664
							7,074,993,363
Total U.S. Treasury Securities (Cost $7,755,082,930)							7,755,082,930
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-39.07% (Cost $7,755,082,930)							7,755,082,930

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Repurchase Agreements-60.87%^(c)
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05%		09/01/2021	$	250,000,347	$ 250,000,000
Citigroup Global Markets, Inc., joint term agreement dated 08/26/2021, aggregate maturing value of $300,003,208 (collateralized by U.S. Treasury obligations valued at $306,000,020; 0.00%; 02/15/2046 - 11/15/2047)^(d)		0.06%		09/02/2021		120,001,283	120,000,000
Credit Agricole Corporate & Investment Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,001; 3.00% - 4.38%; 05/15/2040 - 08/15/2048)		0.05%		09/01/2021		250,000,347	250,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(d)		0.05%		09/01/2021		100,004,722	100,000,000
DNB Bank ASA, agreement dated 08/31/2021, maturing value of $300,000,417 (collateralized by U.S. Treasury obligations valued at $306,000,080; 0.13% - 4.38%; 07/15/2026 - 05/15/2041)		0.05%		09/01/2021		300,000,417	300,000,000
Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $6,000,008,333 (collateralized by U.S. Treasury obligations valued at $6,000,008,395; 0.13% - 2.75%; 12/31/2022 - 05/15/2046)		0.05%		09/01/2021		6,000,008,333	6,000,000,000
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06%		09/01/2021		335,000,512	335,000,000
Goldman Sachs & Co., agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,000; 0.00% - 1.50%; 08/15/2022 - 02/15/2042)		0.05%		09/01/2021		250,000,347	250,000,000
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% - 1.88%; 09/16/2021 - 07/31/2023)^(e)		0.05%		09/01/2021		630,026,250	630,000,000
Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(d)		0.07%		09/01/2021		100,001,767	100,000,406
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(d)		0.07%		09/01/2021		299,629,078	299,625,000
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/25/2021, maturing value of $100,001,167 (collateralized by U.S. Treasury obligations valued at $102,001,248; 0.50% - 0.63%; 03/31/2025 - 08/15/2030)^(d)		0.06%		09/01/2021		100,001,167	100,000,000
Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $271,875,453 (collateralized by U.S. Treasury obligations valued at $276,195,250; 0.00%; 08/15/2027 - 08/15/2037)		0.06%		09/01/2021		271,875,453	271,875,000
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $340,563,068 (collateralized by U.S. Treasury obligations valued at $347,231,500; 0.00%; 08/15/2033 - 02/15/2045)		0.06%		09/01/2021		340,563,068	340,562,500
RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,038; 0.00% - 3.00%; 09/30/2021 - 08/15/2051)^(d)		0.05%		11/17/2021		250,029,514	250,000,000
Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(e)		0.05%		09/01/2021		1,205,001,674	1,205,000,000
Societe Generale, joint term agreement dated 08/25/2021, aggregate maturing value of $250,002,431 (collateralized by U.S. Treasury obligations valued at $255,000,001; 0.00% - 6.88%; 09/09/2021 - 02/15/2049)^(d)		0.05%		09/01/2021		40,000,389	40,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(d)		0.05%		09/07/2021	$	200,001,944	$ 200,000,000
Standard Chartered Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,405; 0.09% - 3.88%; 02/15/2022 - 05/15/2051)		0.05%		09/01/2021		250,000,347	250,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 - 08/31/2024)		0.05%		09/01/2021		290,327,546	290,327,143
Wells Fargo Securities, LLC, agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by a U.S. Treasury obligation valued at $510,000,001; 2.00%; 02/15/2050)		0.05%		09/01/2021		500,000,694	500,000,000
Total Repurchase Agreements (Cost $12,082,390,049)							12,082,390,049
TOTAL INVESTMENTS IN SECURITIES-99.94% (Cost $19,837,472,979)							19,837,472,979
OTHER ASSETS LESS LIABILITIES-0.06%							11,358,146
NET ASSETS-100.00%							$19,848,831,125

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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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, 2021

Invesco Government & Agency Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-32.73%
U.S. Treasury Bills-13.99%^(a)
U.S. Treasury Bills		0.02%		09/09/2021	$	1,000,000	$ 999,994,444
U.S. Treasury Bills		0.02%		09/16/2021		750,000	749,992,188
U.S. Treasury Bills		0.01%		09/21/2021		1,530,000	1,529,990,956
U.S. Treasury Bills		0.03%-0.14%		10/07/2021		380,000	379,978,750
U.S. Treasury Bills		0.05%		10/12/2021		250,000	249,985,763
U.S. Treasury Bills		0.14%		11/04/2021		75,000	74,982,000
U.S. Treasury Bills		0.05%		12/02/2021		1,379,424	1,379,267,091
U.S. Treasury Bills		0.05%		01/20/2022		200,000	199,960,833
U.S. Treasury Bills		0.06%		02/03/2022		300,000	299,928,958
U.S. Treasury Bills		0.05%		02/17/2022		651,866	651,712,992
U.S. Treasury Bills		0.07%		02/24/2022		50,000	49,982,889
U.S. Treasury Bills		0.06%		03/24/2022		10,000	9,996,600
U.S. Treasury Bills		0.06%		04/21/2022		250,000	249,895,278
U.S. Treasury Bills		0.07%		06/16/2022		400,000	399,777,999
U.S. Treasury Bills		0.08%		08/11/2022		300,000	299,770,667
							7,525,217,408

U.S. Treasury Notes-18.74%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		550,000	550,094,508
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		25,000	24,998,355
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		107,000	107,059,042
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		287,000	287,018,002
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		730,000	730,023,588
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		412,400	412,544,410
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		1,330,000	1,330,143,243
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		1,055,000	1,055,039,361
U.S. Treasury Notes		1.13%		09/30/2021		62,000	62,053,006
U.S. Treasury Notes		1.50%		09/30/2021		50,000	50,056,641
U.S. Treasury Notes		2.13%		09/30/2021		50,000	50,082,360
U.S. Treasury Notes		2.88%		11/15/2021		100,000	100,574,950
U.S. Treasury Notes		1.38%		01/31/2022		453,000	455,486,327
U.S. Treasury Notes		1.50%		01/31/2022		173,000	174,020,051
U.S. Treasury Notes		1.88%		01/31/2022		633,000	637,728,976
U.S. Treasury Notes		2.50%		02/15/2022		330,940	334,593,757
U.S. Treasury Notes		1.13%		02/28/2022		200,000	201,029,333
U.S. Treasury Notes		1.75%		02/28/2022		100,000	100,830,762
U.S. Treasury Notes		1.88%		02/28/2022		303,000	305,696,355
U.S. Treasury Notes		2.38%		03/15/2022		46,000	46,569,385
U.S. Treasury Notes		1.75%		03/31/2022		650,000	656,301,352
U.S. Treasury Notes		1.88%		03/31/2022		925,000	934,661,756

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


16		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. Treasury Notes-(continued)
U.S. Treasury Notes		1.88%		04/30/2022	$	150,000	$ 151,795,054
U.S. Treasury Notes		1.75%		05/15/2022		135,000	136,587,761
U.S. Treasury Notes		2.13%		05/15/2022		190,000	192,740,984
U.S. Treasury Notes		1.75%		06/30/2022		400,000	405,482,261
U.S. Treasury Notes		2.13%		06/30/2022		365,000	371,124,912
U.S. Treasury Notes		2.00%		07/31/2022		210,000	213,658,573
							10,077,995,065
Total U.S. Treasury Securities (Cost $17,603,212,473)							17,603,212,473

U.S. Government Sponsored Agency Securities-14.52%
Federal Farm Credit Bank (FFCB)-4.21%
Federal Farm Credit Bank (SOFR + 0.28%)^(b)		0.33%		10/01/2021		365,000	365,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		10/15/2021		100,000	100,000,306
Federal Farm Credit Bank		0.07%		02/09/2022		243,750	243,743,367
Federal Farm Credit Bank (SOFR + 0.10%)^(b)		0.15%		02/22/2022		16,555	16,555,000
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		03/10/2022		28,000	28,000,000
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14%		06/17/2022		65,000	65,000,000
Federal Farm Credit Bank (SOFR + 0.20%)^(b)		0.25%		06/23/2022		12,000	12,012,287
Federal Farm Credit Bank (SOFR + 0.19%)^(b)		0.24%		07/14/2022		28,000	28,000,000
Federal Farm Credit Bank (SOFR + 0.15%)^(b)		0.20%		07/28/2022		45,000	45,000,000
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		08/11/2022		108,000	108,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		08/26/2022		97,500	97,495,134
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14%		10/07/2022		30,000	30,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		10/12/2022		18,000	18,001,014
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		10/21/2022		20,000	20,000,000
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		11/03/2022		35,000	35,000,000
Federal Farm Credit Bank (SOFR + 0.01%)^(b)		0.06%		11/16/2022		185,000	184,995,466
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		11/18/2022		56,000	56,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		12/01/2022		74,000	74,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		12/28/2022		350,000	350,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		02/09/2023		18,000	18,000,000
Federal Farm Credit Bank (SOFR + 0.05%)^(b)		0.10%		02/17/2023		165,000	165,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		06/14/2023		58,000	58,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		07/07/2023		143,000	143,000,000
							2,260,802,574

Federal Home Loan Bank (FHLB)-7.82%
Federal Home Loan Bank^(a)		0.05%		09/01/2021		41,000	41,000,000
Federal Home Loan Bank^(a)		0.02%		09/10/2021		302,000	301,998,112
Federal Home Loan Bank^(a)		0.02%-0.03%		09/15/2021		396,675	396,671,120
Federal Home Loan Bank^(a)		0.03%		09/20/2021		104,500	104,498,345
Federal Home Loan Bank		0.04%		09/21/2021		85,000	85,000,000
Federal Home Loan Bank		0.04%		09/28/2021		392,000	391,998,235
Federal Home Loan Bank		0.04%		09/29/2021		252,110	252,108,842
Federal Home Loan Bank		0.03%		09/30/2021		350,000	349,995,568
Federal Home Loan Bank		0.04%		10/08/2021		439,000	438,997,382
Federal Home Loan Bank^(a)		0.01%		10/08/2021		3,100	3,099,952

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


17		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Federal Home Loan Bank (FHLB)-(continued)
Federal Home Loan Bank		0.04%		10/29/2021	$	35,000	$ 34,999,545
Federal Home Loan Bank (SOFR + 0.17%)^(b)		0.22%		11/12/2021		127,000	127,000,000
Federal Home Loan Bank (SOFR + 0.15%)^(b)		0.20%		11/15/2021		355,000	355,000,000
Federal Home Loan Bank		0.07%		02/11/2022		34,560	34,559,065
Federal Home Loan Bank		0.05%		03/17/2022		200,000	199,985,373
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12%		04/14/2022		45,000	45,000,000
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12%		04/28/2022		28,000	28,000,000
Federal Home Loan Bank		0.06%		05/06/2022		29,000	28,997,847
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		05/12/2022		35,000	35,000,000
Federal Home Loan Bank (SOFR + 0.13%)^(b)		0.18%		08/05/2022		80,000	80,000,000
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14%		08/19/2022		380,000	380,006,319
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14%		10/05/2022		80,000	80,000,000
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		12/08/2022		63,200	63,203,547
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		12/16/2022		3,500	3,501,373
Federal Home Loan Bank (SOFR + 0.04%)^(b)		0.09%		05/19/2023		221,000	221,000,000
Federal Home Loan Bank (SOFR + 0.03%)^(b)		0.08%		06/07/2023		125,000	125,000,000
							4,206,620,625

Federal Home Loan Mortgage Corp. (FHLMC)-1.39%
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)^(b)		0.37%		09/30/2021		412,000	412,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.31%)^(b)		0.36%		01/03/2022		145,000	145,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.09%)^(b)		0.14%		09/16/2022		190,000	190,000,000
							747,000,000

Federal National Mortgage Association (FNMA)-0.65%
Federal National Mortgage Association (SOFR + 0.30%)^(b)		0.35%		01/07/2022		350,000	350,000,000

U.S. International Development Finance Corp. (DFC)-0.45%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		06/15/2025		19,200	19,200,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		07/15/2025		20,889	20,888,891
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/15/2025		4,474	4,473,684
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/15/2026		13,750	13,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		08/13/2027		12,600	12,600,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/30/2027		12,000	12,000,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		02/15/2028		14,444	14,444,445
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		11/15/2028		65,909	65,909,091
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		05/15/2030		7,839	7,839,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		10/15/2030		8,000	8,000,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		07/09/2026		25,500	25,500,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


18		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. International Development Finance Corp. (DFC)-(continued)
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		03/15/2030	$	39,375	$ 39,375,000
							243,980,111
Total U.S. Government Sponsored Agency Securities (Cost $7,808,403,310)							7,808,403,310
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-47.25% (Cost $25,411,615,783)							25,411,615,783

					Repurchase Amount

Repurchase Agreements-55.26%^(d)
ABN AMRO Bank N.V., joint agreement dated 08/31/2021, aggregate maturing value of $450,000,625 (collateralized by U.S. Treasury obligations valued at $459,000,022; 0.13% - 3.38%; 08/15/2022 - 05/15/2047)		0.05%		09/01/2021		200,000,278	200,000,000
BNP Paribas Securities Corp., joint term agreement dated 08/26/2021, aggregate maturing value of $500,004,861 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0.00% - 7.00%; 11/04/2021 - 07/01/2051)^(e)		0.05%		09/02/2021		385,003,743	385,000,000
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05%		09/01/2021		750,001,042	750,000,000
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $895,001,243 (collateralized by domestic agency mortgage-backed securities valued at $912,900,000; 1.50% - 6.00%; 05/01/2025 - 08/01/2059)		0.05%		09/01/2021		54,000,075	54,000,000
Citigroup Global Markets, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $900,001,250 (collateralized by U.S. Treasury obligations valued at $918,000,025; 0.00%; 08/15/2047 - 02/15/2051)		0.05%		09/01/2021		395,000,549	395,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(e)		0.05%		09/01/2021		150,007,083	150,000,000
Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $16,000,022,222 (collateralized by U.S. Treasury obligations valued at $16,000,022,273; 0.13% - 2.75%; 12/31/2022 - 05/15/2046)		0.05%		09/01/2021		16,000,022,222	16,000,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $50,000,007 (collateralized by a U.S. Treasury obligation valued at $51,000,058; 1.00%; 07/31/2028)		0.01%		09/01/2021		50,000,007	50,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by U.S. Treasury obligations valued at $510,000,044; 0.13% - 2.88%; 02/28/2025 - 08/15/2028)		0.05%		09/01/2021		500,000,694	500,000,000
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06%		09/01/2021		730,001,115	730,000,000
Fixed Income Clearing Corp. - BNP Paribas Securities Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,250,001,736 (collateralized by U.S. Treasury obligations valued at $1,270,427,200; 0.38% - 4.25%; 11/30/2025 - 05/15/2041)		0.05%		09/01/2021		960,001,333	960,000,000
Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2021,maturing value of $2,000,001,667 (collateralized by U.S. Treasury obligations valued at $2,040,000,068; 1.00% - 1.13%; 07/31/2028 - 08/31/2028)		0.03%		09/01/2021		2,000,001,667	2,000,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


19		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Goldman Sachs & Co., term agreement dated 08/26/2021, maturing value of $295,003,155 (collateralized by U.S. Treasury obligations valued at $300,900,000; 0.00% - 3.63%; 08/11/2022 - 02/15/2046)^(e)		0.06%		09/02/2021	$	295,003,155	$ 295,000,000
ING Financial Markets, LLC, joint term agreement dated 08/06/2021, aggregate maturing value of $350,022,118 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 6.00%; 06/01/2027 - 05/01/2058)		0.07%		09/10/2021		300,018,958	300,000,000
ING Financial Markets, LLC, joint term agreement dated 08/26/2021, aggregate maturing value of $350,018,667 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 5.50%; 10/01/2038 - 01/01/2057)		0.06%		09/27/2021		275,014,667	275,000,000
J.P. Morgan Securities LLC, agreement dated 08/31/2021, maturing value of $250,000,417 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 0.27% - 7.50%; 11/25/2024 - 10/16/2062)		0.06%		09/01/2021		250,000,417	250,000,000
J.P. Morgan Securities LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,694 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 1.50% - 7.50%; 07/01/2025 - 09/01/2051)		0.05%		09/01/2021		44,000,061	44,000,000
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% - 1.88%; 09/16/2021 - 07/31/2023)^(f)		0.05%		09/01/2021		150,006,250	150,000,000
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $295,800,033; 1.50% - 6.00%; 02/28/2023 - 09/01/2051)^(f)		0.07%		09/01/2021		240,014,000	240,000,000
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $255,000,016; 0.00% - 7.63%; 09/16/2021 - 04/01/2056)^(f)		0.06%		09/01/2021		210,010,500	210,000,000
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 $408,000,049; 0.00% - 7.50%; 04/30/2026 - 03/25/2060)^(f)		0.07%		09/01/2021		275,016,042	275,000,000
Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(e)		0.07%		09/01/2021		170,004,751	170,002,437
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2021,aggregate maturing value of $500,000,764 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.39% - 4.50%; 01/25/2024 - 05/20/2069)		0.06%		09/01/2021		52,000,079	52,000,000
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021,aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(e)		0.07%		09/01/2021		530,032,214	530,025,000
Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $556,508,428 (collateralized by U.S. Treasury obligations valued at $567,283,180; 0.00%; 02/15/2026 - 11/15/2043)		0.06%		09/01/2021		556,508,428	556,507,500
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $40,625,068 (collateralized by a U.S. Treasury obligation valued at $41,396,500; 0.00%; 08/15/2033)		0.06%		09/01/2021		40,625,068	40,625,000
RBC Capital Markets LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $750,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,159; 0.00% - 8.15%; 09/14/2021 - 08/20/2065)^(b)(e)		0.09%		11/01/2021		600,000,000	600,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


20		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value

RBC Dominion Securities Inc., joint agreement dated 08/31/2021, aggregate maturing value of $2,000,002,778 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $2,040,000,055; 0.00% - 5.00%; 09/09/2021 - 08/01/2051)		0.05%		09/01/2021	$	1,544,002,144	$	1,544,000,000

RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,023; 0.13% - 6.25%; 10/15/2021 - 11/15/2050)^(e)		0.05%		11/17/2021		250,029,514		250,000,000

Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(f)		0.05%		09/01/2021		320,000,444		320,000,000

Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(e)		0.05%		09/07/2021		400,003,889		400,000,000

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06%		09/01/2021		396,231,775		396,231,115

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 - 08/31/2024)		0.05%		09/01/2021		531,025,137		531,024,399

TD Securities (USA) LLC, term agreement dated 08/25/2021, maturing value of $70,000,749 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $71,400,075; 1.25% - 2.13%; 11/15/2021 - 04/30/2028)^(e)		0.06%		09/01/2021		70,000,749		70,000,000

Wells Fargo Securities, LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,833 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00% - 4.50%; 01/01/2031 - 08/01/2051)		0.06%		09/01/2021		44,000,073		44,000,000

Total Repurchase Agreements (Cost $29,717,415,451)								29,717,415,451

TOTAL INVESTMENTS IN SECURITIES-102.51% (Cost $55,129,031,234)								55,129,031,234

OTHER ASSETS LESS LIABILITIES-(2.51)%								(1,351,188,375	)

NET ASSETS-100.00%							$	53,777,842,859


Investment Abbreviations:

SOFR		-Secured Overnight Financing Rate
VRD		-Variable Rate Demand

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, 2021.

^(c)	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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


21		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Treasury Obligations Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-105.59%
U.S. Treasury Bills-83.89%^(a)
U.S. Treasury Bills		0.02%-0.06%		09/02/2021	$	67,700	$ 67,699,948
U.S. Treasury Bills		0.01%-0.05%		09/07/2021		96,800	96,799,429
U.S. Treasury Bills		0.03%-0.14%		09/09/2021		95,800	95,799,274
U.S. Treasury Bills		0.03%-0.05%		09/14/2021		85,000	84,998,709
U.S. Treasury Bills		0.03%		09/16/2021		50,000	49,999,479
U.S. Treasury Bills		0.01%-0.04%		09/21/2021		92,000	91,998,164
U.S. Treasury Bills		0.04%-0.05%		09/23/2021		50,000	49,998,652
U.S. Treasury Bills		0.03%		09/28/2021		100,000	99,997,375
U.S. Treasury Bills		0.02%-0.05%		09/30/2021		84,500	84,497,259
U.S. Treasury Bills		0.05%-0.14%		10/07/2021		25,000	24,998,300
U.S. Treasury Bills		0.04%		10/14/2021		1,100	1,099,951
U.S. Treasury Bills		0.04%		10/21/2021		5,400	5,399,700
U.S. Treasury Bills		0.05%		11/02/2021		3,300	3,299,716
U.S. Treasury Bills		0.14%		11/04/2021		15,000	14,996,400
U.S. Treasury Bills		0.05%		11/09/2021		10,000	9,999,070
U.S. Treasury Bills		0.04%		11/12/2021		5,000	4,999,650
U.S. Treasury Bills		0.03%		11/18/2021		5,000	4,999,675
U.S. Treasury Bills		0.00%-0.04%		12/02/2021		70,000	69,992,159
U.S. Treasury Bills		0.11%		12/30/2021		10,000	9,996,333
U.S. Treasury Bills		0.09%		01/27/2022		3,000	2,998,890
U.S. Treasury Bills		0.06%		02/03/2022		25,000	24,994,080
U.S. Treasury Bills		0.05%-0.06%		02/24/2022		38,000	37,990,222
U.S. Treasury Bills		0.07%		04/21/2022		10,000	9,995,811
U.S. Treasury Bills		0.07%		06/16/2022		3,000	2,998,320
U.S. Treasury Bills		0.08%		08/11/2022		24,000	23,981,653
							974,528,219

U.S. Treasury Notes-21.70%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		36,500	36,502,890
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		30,000	29,991,690
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		55,000	55,010,602
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		22,000	22,001,192
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		45,000	44,998,575
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		6,000	6,000,230
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		24,000	24,001,278
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		28,500	28,500,813

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


22		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Obligations Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Notes-(continued)
U.S. Treasury Notes		1.88%		07/31/2022	$	5,000	$	5,081,049

								252,088,319

TOTAL INVESTMENTS IN SECURITIES-105.59% (Cost $ 1,226,616,538)								1,226,616,538

OTHER ASSETS LESS LIABILITIES-(5.59)%								(64,968,347	)

NET ASSETS-100.00%							$	1,161,648,191

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, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


23		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-99.66%
Alabama-4.01%
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)^(a)(b)(c)		0.08%		07/01/2040		$6,090	$ 6,090,000

Arizona-3.64%
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		0.02%		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)		0.02%		06/15/2031		2,845	2,845,000
							5,530,000

California-1.98%
California (State of); Series 2021 A-1, Commercial Paper Notes		0.05%		10/14/2021		3,000	3,000,000

Colorado-0.67%
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		0.12%		02/01/2031		1,010	1,010,000

Delaware-2.76%
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		09/01/2036		2,655	2,655,000
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.03%		05/01/2036		1,535	1,535,000
							4,190,000

District of Columbia-6.47%
District of Columbia; Series 2019, Commercial Paper Notes		0.08%		11/02/2021		4,000	4,000,000
District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)^(b)(c)		0.02%		08/15/2038		2,820	2,820,000
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		0.01%		10/01/2039		3,005	3,005,000
							9,825,000

Florida-3.03%
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		0.07%		11/01/2036		2,200	2,200,000
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)		0.03%		07/01/2032		2,400	2,400,000
							4,600,000

Georgia-1.58%
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)^(b)(c)		0.03%		11/01/2030		2,395	2,395,000

Illinois-5.60%
Illinois (State of) Development Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)^(b)(c)		0.03%		10/01/2033		2,000	2,000,000
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB^(b)		0.01%		12/01/2046		5,730	5,730,000
Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)^(b)(c)		0.01%		01/01/2041		770	770,000
							8,500,000

Indiana-5.78%
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		0.07%		08/01/2037		2,770	2,770,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


24		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Indiana-(continued)
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)^(a)(b)(c)		0.05%		06/01/2035		$6,000	$ 6,000,000
							8,770,000

Louisiana-4.07%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)^(b)(c)		0.02%		09/01/2033		1,000	1,000,000
Louisiana (State of) Public Facilities Authority (CHRISTUS Health);
Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		0.02%		07/01/2047		4,085	4,085,000
Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		0.02%		07/01/2047		1,100	1,100,000
							6,185,000

Maryland-3.82%
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008E, VRD RB (LOC - Bank of Montreal)^(b)(c)		0.01%		07/01/2041		4,300	4,300,000
Montgomery (County of), MD; Series 2010 B, Commercial Paper Notes		0.07%		09/23/2021		1,500	1,500,000
							5,800,000

Massachusetts-2.72%
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC - TD Bank N.A.)^(b)(c)		0.02%		10/01/2038		2,625	2,625,000
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank N.A.)^(b)(c)		0.01%		01/01/2037		1,500	1,500,000
							4,125,000

Michigan-3.92%
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)		0.02%		01/15/2026		1,420	1,420,000
Michigan State University Board of Trustees;
Series 2000 A-1, VRD RB^(b)		0.03%		08/15/2030		3,620	3,620,000
Series 2000 A-2, VRD RB^(b)		0.03%		08/15/2030		910	910,000
							5,950,000

Minnesota-5.64%
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)^(b)		0.10%		10/15/2033		1,175	1,175,000
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB^(b)		0.02%		11/01/2035		3,900	3,900,000
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)^(b)		0.02%		10/01/2033		3,485	3,485,000
							8,560,000

Mississippi-3.46%
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.);
Series 2010 C, VRD IDR^(b)		0.02%		12/01/2030		585	585,000
Series 2010 E, VRD IDR^(b)		0.02%		12/01/2030		4,000	4,000,000
Series 2007 E, VRD IDR^(b)		0.01%		12/01/2030		660	660,000
							5,245,000

Missouri-1.01%
Bridgeton (City of), MO Industrial Development Authority (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)^(b)(c)		0.02%		11/01/2037		970	970,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


25		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Missouri-(continued)
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)^(b)(c)		0.08%		08/01/2038		$ 560	$ 560,000
							1,530,000

New York-3.39%
Metropolitan Transportation Authority; Subseries 2012 G-1, VRD Ref. RB (LOC - Barclays Bank PLC)^(b)(c)		0.01%		11/01/2032		2,000	2,000,000
New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Series 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)^(b)(c)		0.02%		05/01/2039		3,150	3,150,000
							5,150,000

North Carolina-1.65%
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB^(b)		0.01%		06/01/2027		1,285	1,285,000
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB^(b)		0.01%		12/01/2021		1,220	1,220,000
							2,505,000

Ohio-1.87%
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)^(b)(c)		0.02%		08/02/2038		2,835	2,835,000

Pennsylvania-2.36%
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		06/01/2037		1,320	1,320,000
Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)^(b)(c)		0.02%		03/01/2030		1,885	1,885,000
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02%		10/15/2025		380	380,000
							3,585,000

Rhode Island-2.96%
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB^(b)		0.02%		09/01/2043		4,500	4,500,000

Texas-14.48%
Garland (City of), TX; Series 2021, Commercial Paper Notes		0.08%		09/15/2021		1,000	1,000,000
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB^(b)		0.01%		11/01/2041		4,000	4,000,000
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		0.02%		02/15/2042		3,150	3,150,000
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)		0.02%		05/15/2034		2,075	2,075,000
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		0.03%		04/01/2026		1,890	1,890,000
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)^(b)		0.08%		05/01/2042		2,755	2,755,000
Texas A&M University System Board of Regents; Series 2021 B, Commercial Paper Notes		0.10%		01/05/2022		4,500	4,500,000
University of Texas System Board of Regents;
Series 2008 B, VRD RB^(b)		0.01%		08/01/2025		1,615	1,615,000
Series 2021 A, Commercial Paper Notes		0.08%		12/08/2021		1,000	1,000,000
							21,985,000

Virginia-2.83%
Norfolk (City of), VA; Series 2007, VRD GO Bonds^(b)		0.02%		08/01/2037		4,300	4,300,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


26		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Washington-3.64%
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		0.02%		09/01/2049		$3,375	$ 3,375,000
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		0.02%		11/01/2047		2,145	2,145,000
							5,520,000

West Virginia-4.15%
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)^(b)(c)		0.03%		07/01/2039		845	845,000
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Branch Banking & Trust Co.)^(b)(c)		0.09%		01/01/2034		5,460	5,460,000
							6,305,000

Wisconsin-2.17%
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)^(b)(c)		0.03%		10/01/2042		3,300	3,300,000
TOTAL INVESTMENTS IN SECURITIES^(d)(e)-99.66% (Cost $151,290,000)							151,290,000
OTHER ASSETS LESS LIABILITIES-0.34%							518,219
NET ASSETS-100.00%							$151,808,219


Investment Abbreviations:

CEP		- Credit Enhancement Provider
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
RB		- Revenue Bonds
Ref.		- Refunding
VRD		- Variable Rate Demand

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: other countries less than 5% each: 9.9%.

^(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, 2021.

^(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)


Entities		Percentage
Federal Home Loan Mortgage Corporation		7.2%
Federal Home Loan Banks		6.8

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


27		Short-Term Investments Trust

Statements of Assets and Liabilities

August 31, 2021


	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 unaffiliated securities, at value		$	1,994,278,560			$	173,154,541			$	7,755,082,930			$	25,411,615,783		$	1,226,616,538			$	151,290,000

Repurchase agreements, at value and cost			369,000,000				49,802,657				12,082,390,049				29,717,415,451			-				-

Cash			-				-				577,336				6,677,836			-				5,066

Receivable for:
Investments sold			-				-				-				-			-				430,000

Interest			148,594				12,725				12,374,635				24,570,252			44,708				5,567

Fund expenses absorbed			170,952				40,334				2,460,098				5,082,215			200,022				113,016

Investment for trustee deferred compensation and retirement plans			3,992,585				1,088,300				2,389,618				1,085,979			121,585				379,290

Other assets			-				133,352				306,493				-			2,435				29,203

Total assets			2,367,590,691				224,231,909				19,855,581,159				55,166,447,516			1,226,985,288				152,252,142


Liabilities:
Payable for:
Investments purchased			-				-				-				1,379,267,090			64,992,606				-

Amount due custodian			1,414				-				-				-			-				-

Dividends			13,727				1,978				179,381				1,104,647			8,171				1,292

Accrued fees to affiliates			415,265				38,105				3,558,150				6,465,959			175,464				31,800

Accrued trustees’ and officers’ fees and benefits			6,795				3,723				31,547				56,731			5,117				3,626

Accrued operating expenses			22,512				19,371				283,544				339,183			18,224				6,706

Trustee deferred compensation and retirement plans			4,242,243				1,148,386				2,697,412				1,371,047			137,515				400,499

Total liabilities			4,701,956				1,211,563				6,750,034				1,388,604,657			65,337,097				443,923

Net assets applicable to shares outstanding		$	2,362,888,735			$	223,020,346			$	19,848,831,125			$	53,777,842,859		$	1,161,648,191			$	151,808,219


Net assets consist of:
Shares of beneficial interest		$	2,365,347,369			$	223,766,836			$	19,850,036,171			$	53,777,282,283		$	1,161,696,627			$	152,087,607

Distributable earnings (loss)			(2,458,634	)			(746,490	)			(1,205,046	)			560,576			(48,436	)			(279,388	)

		$	2,362,888,735			$	223,020,346			$	19,848,831,125			$	53,777,842,859		$	1,161,648,191			$	151,808,219


Net Assets:
Institutional Class		$	2,356,363,228			$	221,717,748			$	17,093,039,313			$	49,464,205,401		$	1,063,311,616			$	118,266,650

Private Investment Class		$	2,892,211			$	605,175			$	303,847,586			$	505,970,104		$	14,644,841			$	9,554,669

Personal Investment Class		$	10,250			$	92,853			$	265,106,098			$	9,360,221		$	3,812,664			$	1,677,129

Cash Management Class		$	2,922,067			$	496,042			$	452,222,119			$	747,955,590		$	252,997			$	4,596,658

Reserve Class		$	215,606			$	87,037			$	867,766,514			$	408,499,951		$	74,494,612			$	16,226,010

Resource Class		$	362,237			$	385			$	53,210,214			$	117,901,903		$	98,108			$	1,476,824

Corporate Class		$	23,138			$	21,106			$	266,547,880			$	1,082,096,274		$	5,033,353			$	10,279

CAVU Securities Class		$	99,998			$	-			$	547,091,401			$	1,441,853,415		$	-			$	-

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


28		Short-Term Investments Trust

Statements of Assets and Liabilities–(continued)

August 31, 2021


	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			2,355,507,320			221,714,110			17,091,834,561			49,463,570,063			1,063,304,332			118,246,855

Private Investment Class			2,891,165			605,163			303,825,357			505,958,454			14,644,769			9,553,027

Personal Investment Class			10,246			92,850			265,087,709			9,360,026			3,812,673			1,676,778

Cash Management Class			2,921,011			496,034			452,190,570			747,945,735			252,996			4,595,842

Reserve Class			215,528			87,035			867,713,579			408,490,685			74,493,505			16,223,286

Resource Class			362,106			385			53,207,288			117,898,770			98,107			1,476,569

Corporate Class			23,129			21,106			266,528,645			1,082,095,578			5,033,318			10,277

CAVU Securities Class			99,962			-			547,040,941			1,441,849,681			-			-

Net asset value, offering and redemption price per share for each class		$	1.0004		$	1.0000		$	1.00		$	1.00		$	1.00		$	1.00

Cost of Investments		$	2,363,115,640		$	222,957,432		$	19,837,472,979		$	55,129,031,234		$	1,226,616,538		$	151,290,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


29		Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2021


	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		$	5,304,722		$	347,608		$	22,906,414		$	39,213,423		$	1,359,111		$	141,719


Expenses:
Advisory fees			3,682,808			362,050			30,842,557			39,069,697			1,651,651			338,636

Administrative services fees			1,077,307			106,317			9,078,072			17,147,659			565,687			74,910

Custodian fees			20,349			11,653			880,897			2,355,252			17,559			4,401

Distribution fees:
Private Investment Class			9,354			2,693			1,048,044			1,598,160			38,315			25,535

Personal Investment Class			55			1,581			1,560,536			51,413			6,801			10,493

Cash Management Class			2,345			400			337,881			433,409			211			3,846

Reserve Class			2,367			757			5,315,780			3,943,150			636,492			195,443

Resource Class			724			100			298,448			224,545			227			3,251

Corporate Class			11			6			123,740			60,512			2,286			3

Transfer agent fees			220,968			21,723			1,850,553			3,516,273			114,899			15,239

Trustees’ and officers’ fees and benefits			60,736			26,698			360,492			579,772			45,166			25,687

Registration and filing fees			101,698			94,236			281,389			268,282			99,375			103,928

Reports to shareholders			26,084			20,895			78,111			231,219			22,870			49,806

Professional services fees			47,979			38,739			141,772			360,693			42,598			35,900

Other			128,322			51,770			327,756			779,472			99,236			33,770

Total expenses			5,381,107			739,618			52,526,028			70,619,508			3,343,373			920,848

Less: Fees waived			(1,111,003)			(416,484)			(31,868,399)			(41,370,765)			(2,117,448)			(796,323)

Net expenses			4,270,104			323,134			20,657,629			29,248,743			1,225,925			124,525

Net investment income			1,034,618			24,474			2,248,785			9,964,680			133,186			17,194

Realized and unrealized gain (loss) from:
Net realized gain from unaffiliated investment securities			2,613			552			30,818			542,485			47,304			-

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities			(496,709)			(2,800)			-			-			-			-

Net realized and unrealized gain (loss)			(494,096)			(2,248)			30,818			542,485			47,304			-

Net increase in net assets resulting from operations		$	540,522		$	22,226		$	2,279,603		$	10,507,165		$	180,490		$	17,194

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


30		Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2021 and 2020


	Invesco Liquid Assets Portfolio						Invesco STIC Prime Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	1,034,618		$	29,970,218		$	24,474		$	5,414,497

Net realized gain (loss)		2,613			(15,623	)		552			78

Change in net unrealized appreciation (depreciation)		(496,709	)		45,074			(2,800	)		(41,714	)

Net increase in net assets resulting from operations		540,522			29,999,669			22,226			5,372,861


Distributions to shareholders from distributable earnings:
Institutional Class		(1,033,839	)		(29,817,713	)		(24,275	)		(5,392,900	)

Private Investment Class		(318	)		(36,868	)		(92	)		(11,032	)

Personal Investment Class		(4	)		(74	)		(31	)		(2,832	)

Cash Management Class		(359	)		(107,505	)		(52	)		(5,280	)

Reserve Class		(29	)		(1,504	)		(11	)		(1,098	)

Resource Class		(40	)		(3,570	)		(9	)		(1,140	)

Corporate Class		(13	)		(2,984	)		(4	)		(215	)

CAVU Securities Class		(16	)		-			-			-

Total distributions from distributable earnings		(1,034,618	)		(29,970,218	)		(24,474	)		(5,414,497	)


Share transactions-net:
Institutional Class		(201,574,311	)		114,142,968			(99,033,118	)		(331,356,151	)

Private Investment Class		(648,893	)		(1,176,345	)		(671,036	)		(71,436	)

Personal Investment Class		-			-			(302,491	)		(45,201	)

Cash Management Class		(24,434	)		(6,335,509	)		(7,793	)		(96,257	)

Reserve Class		(62,582	)		(24,329	)		(18,402	)		(167,883	)

Resource Class		(3,337	)		2,906			(122,205	)		(674	)

Corporate Class		(15,522	)		(287,979	)		4			251

CAVU Securities Class		100,002			-			-			-

Net increase (decrease) in net assets resulting from share transactions		(202,229,077	)		106,321,712			(100,155,041	)		(331,737,351	)

Net increase (decrease) in net assets		(202,723,173	)		106,351,163			(100,157,289	)		(331,778,987	)


Net assets:
Beginning of year		2,565,611,908			2,459,260,745			323,177,635			654,956,622

End of year	$	2,362,888,735		$	2,565,611,908		$	223,020,346		$	323,177,635

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


31		Short-Term Investments Trust

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco Treasury Portfolio						Invesco Government & Agency Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	2,248,785		$	163,580,411		$	9,964,680		$	264,467,683

Net realized gain (loss)		30,818			139,394			542,485			(189,477	)

Net increase in net assets resulting from operations		2,279,603			163,719,805			10,507,165			264,278,206


Distributions to shareholders from distributable earnings:
Institutional Class		(2,005,555	)		(146,246,982	)		(9,402,663	)		(254,196,609	)

Private Investment Class		(35,458	)		(3,446,279	)		(120,583	)		(4,200,784	)

Personal Investment Class		(28,813	)		(2,137,800	)		(2,025	)		(89,620	)

Cash Management Class		(42,921	)		(3,199,903	)		(128,425	)		(2,683,953	)

Reserve Class		(62,101	)		(1,117,598	)		(105,814	)		(1,290,595	)

Resource Class		(18,705	)		(4,967,684	)		(32,727	)		(1,599,458	)

Corporate Class		(41,758	)		(2,664,191	)		(52,287	)		(439,777	)

CAVU Securities Class		(13,474	)		-			(120,156	)		-

Total distributions from distributable earnings		(2,248,785	)		(163,780,437	)		(9,964,680	)		(264,500,796	)


Share transactions-net:
Institutional Class		(2,122,806,791	)		498,579,949			19,204,558,855			256,030,543

Private Investment Class		(118,976,592	)		(83,191,362	)		(76,121,055	)		49,500,711

Personal Investment Class		(16,713,545	)		(78,430,874	)		(4,169,839	)		(2,461,469	)

Cash Management Class		80,255,547			(24,723,778	)		316,471,282			66,475,768

Reserve Class		286,064,751			292,043,533			7,054,623			103,651,946

Resource Class		(582,467,587	)		3,118,922			(25,248,184	)		(37,467,649	)

Corporate Class		(867,085,822	)		704,514,058			1,050,827,823			(9,080,725	)

CAVU Securities Class		547,040,941			-			1,441,849,681			-

Net increase (decrease) in net assets resulting from share transactions		(2,794,689,098	)		1,311,910,448			21,915,223,186			426,649,125

Net increase (decrease) in net assets		(2,794,658,280	)		1,311,849,816			21,915,765,671			426,426,535


Net assets:
Beginning of year		22,643,489,405			21,331,639,589			31,862,077,188			31,435,650,653

End of year	$	19,848,831,125		$	22,643,489,405		$	53,777,842,859		$	31,862,077,188

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


32		Short-Term Investments Trust

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco Treasury Obligations Portfolio								Invesco Tax-Free Cash Reserve Portfolio
	2021				2020				2021				2020
Operations:
Net investment income		$	133,186			$	10,091,353			$	17,194			$	1,534,657

Net realized gain (loss)			47,304				(57,411	)			-				-

Net increase in net assets resulting from operations			180,490				10,033,942				17,194				1,534,657


Distributions to shareholders from distributable earnings:
Institutional Class			(123,225	)			(9,782,969	)			(12,978	)			(1,172,112	)

Private Investment Class			(1,559	)			(65,930	)			(1,039	)			(106,524	)

Personal Investment Class			(128	)			(898	)			(195	)			(7,119	)

Cash Management Class			(29	)			(16,009	)			(490	)			(177,298	)

Reserve Class			(7,454	)			(212,244	)			(2,280	)			(50,307	)

Resource Class			(17	)			(1,150	)			(208	)			(21,222	)

Corporate Class			(774	)			(12,153	)			(4	)			(75	)

Total distributions from distributable earnings			(133,186	)			(10,091,353	)			(17,194	)			(1,534,657	)


Share transactions-net:
Institutional Class			(306,942,642	)			325,218,196				(32,730,801	)			(10,043,247	)

Private Investment Class			220,502				4,941,082				(580,210	)			(10,353,451	)

Personal Investment Class			3,070,903				630,111				(1,906,614	)			1,041,703

Cash Management Class			(87,640	)			(1,553,674	)			(893,331	)			(21,806,010	)

Reserve Class			19,907,010				(123,709	)			(10,596,705	)			6,820,117

Resource Class			(51,953	)			16,515				(1,527,247	)			1,886,657

Corporate Class			(5,409,097	)			10,431,998				-				85

Net increase (decrease) in net assets resulting from share transactions			(289,292,917	)			339,560,519				(48,234,908	)			(32,454,146	)

Net increase (decrease) in net assets			(289,245,613	)			339,503,108				(48,234,908	)			(32,454,146	)


Net assets:
Beginning of year			1,450,893,804				1,111,390,696				200,043,127				232,497,273

End of year		$	1,161,648,191			$	1,450,893,804			$	151,808,219			$	200,043,127

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


33		Short-Term Investments Trust

Financial Highlights

The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.


Personal Investment 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 investment income to average net assets
Invesco Liquid Assets Portfolio
Year ended 08/31/21		$	1.0006		$	0.0004		$	(0.0005	)		$	(0.0001	)		$	(0.0001	)		$	-			$	(0.0001	)		$	1.0004		(0.01	)%		$	10		0.21	%		0.77	%		0.01	%
Year ended 08/31/20			1.0004			0.0081			(0.0008	)			0.0073				(0.0071	)			-				(0.0071	)			1.0006		0.74				10		0.64			0.77			0.80
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
Invesco STIC Prime Portfolio
Year ended 08/31/21			1.0000			0.0001			(0.0000	)			0.0001				(0.0001	)			-				(0.0001	)			1.0000		0.01				93		0.13			0.85			0.01
Year ended 08/31/20			1.0001			0.0075			(0.0012	)			0.0063				(0.0064	)			-				(0.0064	)			1.0000		0.65				395		0.59			0.81			0.75
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
Invesco Treasury Portfolio
Year ended 08/31/21			1.00			0.00			0.00				0.00				(0.00	)			-				(0.00	)			1.00		0.01				265,106		0.10			0.76			0.01
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			0.76			0.49
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
Invesco Government & Agency Portfolio
Year ended 08/31/21			1.00			0.00			0.00				0.00				(0.00	)			-				(0.00	)			1.00		0.02				9,360		0.08			0.71			0.02
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			0.70			0.50
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
Invesco Treasury Obligations Portfolio
Year ended 08/31/21			1.00			0.00			0.00				0.00				(0.00	)			-				(0.00	)			1.00		0.01				3,813		0.10			0.76			0.01
Year ended 08/31/20			1.00			0.01			(0.00	)			0.01				(0.01	)			-				(0.01	)			1.00		0.56				742		0.37			0.75			0.65
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
Invesco Tax-Free Cash Reserve Portfolio
Year ended 08/31/21			1.00			0.00			-				0.00				(0.00	)			-				(0.00	)			1.00		0.01				1,677		0.07			0.95			0.01
Year ended 08/31/20			1.00			0.00			-				0.00				(0.00	)			-				(0.00	)			1.00		0.41				3,584		0.48			0.89			0.47
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

^(a)	Calculated using average shares outstanding.

^(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


34		Short-Term Investments Trust

Notes to Financial Statements

August 31, 2021

NOTE 1–Significant Accounting Policies

Invesco Liquid Assets Portfolio determines its NAV per share multiple times each day.

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

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

B.	Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is


35		Short-Term Investments Trust

recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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.


36		Short-Term Investments Trust

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.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


	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, 2021, 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%


37		Short-Term Investments Trust


		Private	Personal	Cash				CAVU
	Institutional	Investment	Investment	Management	Reserve	Resource	Corporate	Securities
	Class	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%	0.18%
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%	0.18%
Invesco Government & Agency Portfolio	0.18%	0.48%	0.73%	0.26%	1.05%	0.34%	0.21%	0.18%
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%	-

For the year ended August 31, 2021, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


		Expense Limitation
Invesco Liquid Assets Portfolio		$ 946,890
Invesco STIC Prime Portfolio		299,622
Invesco Treasury Portfolio		6,830,582
Invesco Government & Agency Portfolio		-
Invesco Treasury Obligations Portfolio		361,074
Invesco Tax-Free Cash Reserve Portfolio		342,621

Voluntary fee waivers for the year ended August 31, 2021 are shown below:


			Private		Personal		Cash
			Investment		Investment		Management		Reserve		Resource		Corporate
	Fund Level		Class		Class		Class		Class		Class		Class
Invesco Liquid Assets Portfolio	$	151,393	$	8,295	$	53	$	1,475	$	2,280	$	611	$ 6
Invesco STIC Prime Portfolio		111,324		2,693		1,582		401		756		99	7
Invesco Treasury Portfolio		16,380,981		1,044,600		1,557,907		334,641		5,311,227		292,921	115,540
Invesco Government & Agency Portfolio		35,089,442		1,587,507		51,169		425,384		3,935,502		221,813	59,948
Invesco Treasury Obligations Portfolio		1,072,242		38,278		6,799		209		636,358		227	2,261
Invesco Tax-Free Cash Reserve Portfolio		215,131		25,535		10,493		3,846		195,443		3,251	3


38		Short-Term Investments Trust


	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%

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

NOTE 3–Additional Valuation Information


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

NOTE 4–Security Transactions with Affiliated Funds


	Securities Purchases			Securities Sales		Net Realized Gains
Invesco Liquid Assets Portfolio		$	65,476,811		$102,280,976		$	-
Invesco STIC Prime Portfolio			9,575,329		21,370,331			-
Invesco Tax-Free Cash Reserve Portfolio			171,264,956		187,032,086			-

NOTE 5–Trustees’ and Officers’ Fees and Benefits


39		Short-Term Investments Trust

NOTE 6–Cash Balances

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, 2021 and 2020


	2021						2020
	Ordinary Income*			Ordinary Income-Tax- Exempt			Ordinary Income*			Ordinary Income-Tax- Exempt			Long-Term Capital Gains
Invesco Liquid Assets Portfolio		$	1,034,618		$	-		$	29,970,218		$	-		$	-
Invesco STIC Prime Portfolio			24,474			-			5,414,497			-			-
Invesco Treasury Portfolio			2,248,785			-			163,582,316			-			198,121
Invesco Government & Agency Portfolio			9,964,680			-			264,469,100			-			31,696
Invesco Treasury Obligations Portfolio			133,186			-			10,091,353			-			-
Invesco Tax-Free Cash Reserve Portfolio			5,579			11,615			-			1,534,657			-

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
Invesco Liquid Assets Portfolio		$	173,842		$	-		$	(2,782,386	)		$	162,920			$	(13,010	)		$	2,365,347,369		$	2,362,888,735
Invesco STIC Prime Portfolio			-			-			(746,256	)			(234	)			-				223,766,836			223,020,346
Invesco Treasury Portfolio			649,173			2,727			(1,824,934	)			(32,012	)			-				19,850,036,171			19,848,831,125
Invesco Government & Agency Portfolio			1,536,646			-			(974,903	)			(1,167	)			-				53,777,282,283			53,777,842,859
Invesco Treasury Obligations Portfolio			79,762			-			(92,306	)			(22,651	)			(13,241	)			1,161,696,627			1,161,648,191
Invesco Tax-Free Cash Reserve Portfolio			-			-			(260,296	)			-				(19,092	)			152,087,607			151,808,219


40		Short-Term Investments Trust

The Funds have a capital loss carryforward as of August 31, 2021, as follows:


Fund	Not Subject to Expiration			Total*
Invesco Liquid Assets Portfolio		$	13,010		$	13,010
Invesco Treasury Obligations Portfolio			13,241			13,241
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, 2021
	Federal Tax Cost*			Unrealized Appreciation			Unrealized (Depreciation)				Net Unrealized Appreciation (Depreciation)
Invesco Liquid Assets Portfolio		$	2,363,115,640		$	169,949		$	(7,029	)		$	162,920
Invesco STIC Prime Portfolio			222,957,432			396			(630	)			(234	)
Invesco Treasury Portfolio			19,837,504,991			-			(32,012	)			(32,012	)
Invesco Government & Agency Portfolio			55,129,032,401			-			(1,167	)			(1,167	)
Invesco Treasury Obligations Portfolio			1,226,639,189			-			(22,651	)			(22,651	)

NOTE 9–Reclassification of Permanent Differences


	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
Invesco Liquid Assets Portfolio		$	(2,780,000	)		$	-			$	2,780,000
Invesco STIC Prime Portfolio			(1,517,829	)			(552	)			1,518,381
Invesco Treasury Portfolio			(1,819,350	)			-				1,819,350
Invesco Government & Agency Portfolio			354,175				(354,175	)			-
Invesco Treasury Obligations Portfolio			-				-				-
Invesco Tax-Free Cash Reserve Portfolio			(155,342	)			-				155,342

NOTE 10–Share Information

Invesco Liquid Assets Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)				2020
	Shares		Amount		Shares		Amount

Sold:
Institutional Class		17,486,805,323	$	17,494,025,296		15,429,264,962	$	15,436,049,996

Private Investment Class		371,715		371,900		556,769		556,939

Cash Management Class		6,058		6,061		57,447,877		57,471,129

Reserve Class		79,579		79,611		64,898		64,918

Resource Class		-		-		601		601

Corporate Class		1,001		1,001		172,360		172,517

CAVU Securities Class^(b)		99,962		100,002		-		-


41		Short-Term Investments Trust

NOTE 10–Share Information–(continued)


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:
Institutional Class		182,613		$	182,698			6,416,422		$	6,418,790

Private Investment Class		207			207			32,532			32,543

Cash Management Class		359			359			81,549			81,575

Reserve Class		28			28			1,504			1,504

Resource Class		37			37			3,570			3,570

Corporate Class		13			13			2,984			2,984


Reacquired:
Institutional Class		(17,688,475,913	)		(17,695,782,305	)		(15,321,899,211	)		(15,328,325,818	)

Private Investment Class		(1,020,552	)		(1,021,000	)		(1,765,341	)		(1,765,827	)

Cash Management Class		(30,840	)		(30,854	)		(63,868,033	)		(63,888,213	)

Reserve Class		(142,165	)		(142,221	)		(90,719	)		(90,751	)

Resource Class		(3,373	)		(3,374	)		(1,265	)		(1,265	)

Corporate Class		(16,529	)		(16,536	)		(463,261	)		(463,480	)

Net increase (decrease) in share activity		(202,142,477	)	$	(202,229,077	)		105,958,198		$	106,321,712

^(a)	57% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	Commencement date of December 18, 2020.


42		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco STIC Prime Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		1,439,605,312		$	1,439,605,312			1,515,191,563		$	1,515,273,645

Private Investment Class		17,500			17,500			46,700			46,700

Personal Investment Class		-			-			561			561

Cash Management Class		7,472			7,472			-			-

Reserve Class		4			4			281			281

Resource Class		-			-			182			182

Corporate Class		1,000			1,000			36			36


Issued as reinvestment of dividends:

Institutional Class		14,063			14,063			4,489,681			4,489,681

Private Investment Class		91			91			11,032			11,032

Personal Investment Class		27			27			2,832			2,832

Cash Management Class		15			15			3,278			3,278

Reserve Class		7			7			1,098			1,098

Resource Class		7			7			1,140			1,140

Corporate Class		4			4			215			215


Reacquired:

Institutional Class		(1,538,652,493	)		(1,538,652,493	)		(1,851,039,089	)		(1,851,119,477	)

Private Investment Class		(688,627	)		(688,627	)		(129,157	)		(129,168	)

Personal Investment Class		(302,518	)		(302,518	)		(48,590	)		(48,594	)

Cash Management Class		(15,280	)		(15,280	)		(99,534	)		(99,535	)

Reserve Class		(18,413	)		(18,413	)		(169,247	)		(169,262	)

Resource Class		(122,212	)		(122,212	)		(1,996	)		(1,996	)

Corporate Class		(1,000	)		(1,000	)		-			-

Net increase (decrease) in share activity		(100,155,041	)	$	(100,155,041	)		(331,739,014	)	$	(331,737,351	)

^(a)


43		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		209,389,908,080		$	209,389,908,080			182,665,163,108		$	182,665,163,108

Private Investment Class		564,708,648			564,708,648			1,486,970,970			1,486,970,970

Personal Investment Class		1,460,181,973			1,460,181,973			2,422,880,087			2,422,880,087

Cash Management Class		834,202,437			834,202,437			861,417,932			861,417,932

Reserve Class		2,267,218,779			2,267,218,779			1,819,500,275			1,819,500,275

Resource Class		271,542,723			271,542,723			333,477,473			333,477,473

Corporate Class		4,259,846,179			4,259,846,179			6,641,915,581			6,641,915,581

CAVU Securities Class^(b)		1,619,862,326			1,619,862,326			-			-


Issued as reinvestment of dividends:
Institutional Class		497,496			497,496			45,062,613			45,062,613

Private Investment Class		11,961			11,961			1,524,217			1,524,217

Personal Investment Class		28,558			28,558			2,137,800			2,137,800

Cash Management Class		39,490			39,490			3,199,903			3,199,903

Reserve Class		56,643			56,643			1,117,598			1,117,598

Resource Class		4,380			4,380			377,525			377,525

Corporate Class		26,745			26,745			2,642,981			2,642,981


Reacquired:
Institutional Class		(211,513,212,367	)		(211,513,212,367	)		(182,211,645,772	)		(182,211,645,772	)

Private Investment Class		(683,697,201	)		(683,697,201	)		(1,571,686,549	)		(1,571,686,549	)

Personal Investment Class		(1,476,924,076	)		(1,476,924,076	)		(2,503,448,761	)		(2,503,448,761	)

Cash Management Class		(753,986,380	)		(753,986,380	)		(889,341,613	)		(889,341,613	)

Reserve Class		(1,981,210,671	)		(1,981,210,671	)		(1,528,574,340	)		(1,528,574,340	)

Resource Class		(854,014,690	)		(854,014,690	)		(330,736,076	)		(330,736,076	)

Corporate Class		(5,126,958,746	)		(5,126,958,746	)		(5,940,044,504	)		(5,940,044,504	)

CAVU Securities Class		(1,072,821,385	)		(1,072,821,385	)		-			-

Net increase (decrease) in share activity		(2,794,689,098	)	$	(2,794,689,098	)		1,311,910,448		$	1,311,910,448

^(a)

^(b)	Commencement date of December 18, 2020.


44		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Government & Agency Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		287,998,117,369		$	287,998,117,369			262,928,153,701		$	262,928,153,701

Private Investment Class		1,566,476,737			1,566,476,737			2,584,479,157			2,584,479,157

Personal Investment Class		8,460,874			8,460,874			62,737,197			62,737,197

Cash Management Class		1,020,500,616			1,020,500,616			657,577,573			657,577,573

Reserve Class		1,184,114,517			1,184,114,517			1,172,921,187			1,172,921,187

Resource Class		1,448,949,173			1,448,949,173			1,825,896,962			1,825,896,962

Corporate Class		2,472,495,311			2,472,495,311			820,373,313			820,373,313

CAVU Securities Class^(b)		11,182,358,336			11,182,358,336			-			-


Issued as reinvestment of dividends:
Institutional Class		2,364,199			2,364,199			73,415,945			73,415,945

Private Investment Class		77,027			77,027			3,046,192			3,046,192

Personal Investment Class		1,664			1,664			89,620			89,620

Cash Management Class		62,947			62,947			2,363,772			2,363,772

Reserve Class		96,732			96,732			1,290,595			1,290,595

Resource Class		22,306			22,306			1,403,826			1,403,826

Corporate Class		20,996			20,996			26,956			26,956

CAVU Securities Class		68,987			68,987			-			-


Reacquired:
Institutional Class		(268,795,922,713	)		(268,795,922,713	)		(262,745,539,103	)		(262,745,539,103	)

Private Investment Class		(1,642,674,819	)		(1,642,674,819	)		(2,538,024,638	)		(2,538,024,638	)

Personal Investment Class		(12,632,377	)		(12,632,377	)		(65,288,286	)		(65,288,286	)

Cash Management Class		(704,092,281	)		(704,092,281	)		(593,465,577	)		(593,465,577	)

Reserve Class		(1,177,156,626	)		(1,177,156,626	)		(1,070,559,836	)		(1,070,559,836	)

Resource Class		(1,474,219,663	)		(1,474,219,663	)		(1,864,768,437	)		(1,864,768,437	)

Corporate Class		(1,421,688,484	)		(1,421,688,484	)		(829,480,994	)		(829,480,994	)

CAVU Securities Class		(9,740,577,642	)		(9,740,577,642	)		-			-

Net increase in share activity		21,915,223,186		$	21,915,223,186			426,649,125		$	426,649,125

^(a)

^(b)	Commencement date of December 18, 2020.


45		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Obligations Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		1,758,486,047		$	1,758,486,047			2,007,630,177		$	2,007,630,177

Private Investment Class		8,037,650			8,037,650			17,752,712			17,752,712

Personal Investment Class		6,051,798			6,051,798			12,396,845			12,396,845

Cash Management Class		-			-			38,202,008			38,202,008

Reserve Class		332,356,357			332,356,357			108,199,892			108,199,892

Resource Class		52,034			52,034			2,952,538			2,952,538

Corporate Class		129			129			16,000,000			16,000,000


Issued as reinvestment of dividends:
Institutional Class		69,137			69,137			1,687,442			1,687,442

Private Investment Class		1,543			1,543			65,930			65,930

Personal Investment Class		102			102			282			282

Cash Management Class		27			27			16,009			16,009

Reserve Class		7,165			7,165			212,244			212,244

Resource Class		3			3			424			424

Corporate Class		774			774			11,998			11,998


Reacquired:
Institutional Class		(2,065,497,826	)		(2,065,497,826	)		(1,684,099,423	)		(1,684,099,423	)

Private Investment Class		(7,818,691	)		(7,818,691	)		(12,877,560	)		(12,877,560	)

Personal Investment Class		(2,980,997	)		(2,980,997	)		(11,767,016	)		(11,767,016	)

Cash Management Class		(87,667	)		(87,667	)		(39,771,691	)		(39,771,691	)

Reserve Class		(312,456,512	)		(312,456,512	)		(108,535,845	)		(108,535,845	)

Resource Class		(103,990	)		(103,990	)		(2,936,447	)		(2,936,447	)

Corporate Class		(5,410,000	)		(5,410,000	)		(5,580,000	)		(5,580,000	)

Net increase (decrease) in share activity		(289,292,917	)	$	(289,292,917	)		339,560,519		$	339,560,519

^(a)

In addition, 60% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


46		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		147,021,640		$	147,021,640			310,891,005		$	310,891,005

Private Investment Class		2,274,008			2,274,008			11,295,911			11,295,911

Personal Investment Class		7,107,975			7,107,975			11,189,176			11,189,176

Cash Management Class		6,420,817			6,420,817			7,389,500			7,389,500

Reserve Class		28,135,345			28,135,345			58,297,928			58,297,928

Resource Class		394,392			394,392			4,102,971			4,102,971

Corporate Class		-			-			10			10


Issued as reinvestment of dividends:
Institutional Class		7,749			7,749			770,263			770,263

Private Investment Class		832			832			106,524			106,524

Personal Investment Class		195			195			7,119			7,119

Cash Management Class		230			230			164,121			164,121

Reserve Class		2,280			2,280			50,307			50,307

Resource Class		205			205			21,121			21,121

Corporate Class		-			-			75			75


Reacquired:
Institutional Class		(179,760,190	)		(179,760,190	)		(321,704,515	)		(321,704,515	)

Private Investment Class		(2,855,050	)		(2,855,050	)		(21,755,886	)		(21,755,886	)

Personal Investment Class		(9,014,784	)		(9,014,784	)		(10,154,592	)		(10,154,592	)

Cash Management Class		(7,314,378	)		(7,314,378	)		(29,359,631	)		(29,359,631	)

Reserve Class		(38,734,330	)		(38,734,330	)		(51,528,118	)		(51,528,118	)

Resource Class		(1,921,844	)		(1,921,844	)		(2,237,435	)		(2,237,435	)

Net increase (decrease) in share activity		(48,234,908	)	$	(48,234,908	)		(32,454,146	)	$	(32,454,146	)

^(a)


47		Short-Term Investments Trust

Report of Independent Registered Public Accounting Firm

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 (constituting Short-Term Investments Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2021, including the related notes, and the financial highlights of the Personal Investment Class for each of the five years in the period ended August 31, 2021 (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, 2021, 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, 2021 and each of the financial highlights of the Personal Investment Class for each of the five years in the period ended August 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 25, 2021


48		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, 2021 through August 31, 2021.

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
		ACTUAL		(5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
Personal Investment	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
Class	(03/01/21)	(08/31/21)¹	Period²	(08/31/21)	Period²	Ratio
Invesco Liquid Assets Portfolio	$1,000.00	$1,000.10	$0.86	$1,024.35	$0.87	0.17%
Invesco STIC Prime Portfolio	1,000.00	1,000.10	0.55	1,024.65	0.56	0.11
Invesco Treasury Portfolio	1,000.00	1,000.10	0.30	1,024.90	0.31	0.06
Invesco Government & Agency Portfolio	1,000.00	1,000.10	0.20	1,025.00	0.20	0.04
Invesco Treasury Obligations Portfolio	1,000.00	1,000.10	0.30	1,024.90	0.31	0.06
Invesco Tax-Free Cash Reserve Portfolio	1,000.00	1,000.10	0.25	1,024.95	0.26	0.05

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 184/365 to reflect the most recent fiscal half year.


49		Short-Term Investments Trust

Approval of Investment Advisory and Sub-Advisory Contracts

The Board’s Evaluation Process

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for

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


50		Short-Term Investments Trust

B.	Fund Investment Performance

Invesco Government & Agency Portfolio

Invesco Liquid Assets Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the second 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, which did not change its conclusions.

Invesco STIC Prime Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the third 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 reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. 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, which did not change its conclusions

Invesco Tax-Free Cash Reserve Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Tax-Free National Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the second 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 reasonably comparable to the Index for the one and five year periods and the same as the three year period. 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, which did not change its conclusions.

Invesco Treasury Obligations Portfolio

Invesco Treasury Portfolio

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio, Invesco STIC Prime Portfolio and Invesco Treasury Portfolio


51		Short-Term Investments Trust

each Fund’s total expense ratio and its various components.

Invesco Liquid Assets Portfolio and Invesco Treasury Obligations Portfolio

management reasons for such relative total expenses.

Invesco Tax-Free Cash Reserve Portfolio

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit

D.	Economies of Scale and Breakpoints

Invesco Government & Agency Portfolio, Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Tax-Free Cash Reserve Portfolio and Invesco Treasury Portfolio

Invesco Treasury Obligations Portfolio


52		Short-Term Investments Trust

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates


53		Short-Term Investments Trust

Tax Information

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, 2021:

Federal and State Income Tax


	Business Interest Income*		Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Tax-Exempt Interest Dividend*
Invesco Liquid Assets Portfolio		99.55%		0.00	%		0.00	%		1.79	%		0.00	%
Invesco STIC Prime Portfolio		58.31%		0.00	%		0.00	%		0.05	%		0.00	%
Invesco Treasury Portfolio		99.85%		0.00	%		0.00	%		87.39	%		0.00	%
Invesco Government & Agency Portfolio		99.21%		0.00	%		0.00	%		91.17	%		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	%		67.55	%

*	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		$	-		0.00	%
Invesco STIC Prime Portfolio			-		0.00	%
Invesco Treasury Portfolio			-		100.00	%
Invesco Government & Agency Portfolio			354,175		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.


54		Short-Term Investments Trust

Trustees and Officers


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)	184	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
Christopher L. Wilson – 1957 Trustee and Chair	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	184	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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	184	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 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	184	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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	184	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	184	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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; and Trustee of certain Oppenheimer Funds	184	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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	184	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP


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)
Prema Mathai-Davis – 1950 Trustee	1997	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	184	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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	184	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); 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 Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	184	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	184	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	184	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	184	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds


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)
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	184	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


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 and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; 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, Treasurer 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.; 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 and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., 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)
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, President and Chairman, Invesco Insurance Agency, Inc.; 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
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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; 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


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)
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.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
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; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President 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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President - Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


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

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


SEC file numbers: 811-02729 and 002-58287		Invesco Distributors, Inc.		CM-STIT-AR-6



		Annual Report to Shareholders		August 31, 2021

		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

Unless otherwise stated, information presented in this report is as of August 31, 2021, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Table of Contents


Fund Data			3

Fund Objectives and Strategies			4

Fund Composition by Maturity			5

Schedules of Investments			6

Financial Statements			28

Financial Highlights			34

Notes to Financial Statements			35

Report of Independent Registered Public Accounting Firm			48

Fund Expenses			49

Approval of Investment Advisory and Sub-Advisory Contracts			50

Tax Information			54

Trustees and Officers			T-1

Fund Data

Reserve Class data as of 8/31/21

FUND

WEIGHTED

AVERAGE

MATURITY

WEIGHTED
AVERAGE

LIFE

TOTAL

NET

ASSETS

Range

During

Reporting

Period

Reporting

Period

End

Reporting

Period

End

Invesco Liquid Assets¹

33 - 52 days

48 days

68 days

$215.6 thousand

Invesco STIC Prime¹

4 - 15 days

11 days

12 days

87.0 thousand

Invesco Treasury²

25 - 55 days

48 days

116 days

867.8 million

Invesco Government & Agency²

19 - 57 days

37 days

102 days

408.5 million

Invesco Treasury Obligations²

37 - 58 days

39 days

108 days

74.5 million

Invesco Tax-Free Cash Reserve³

7 - 16 days

13 days

16.2 million

3 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.

Invesco STIC Prime Portfolio

Invesco STIC Prime Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

Invesco Treasury Portfolio

Invesco Treasury Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

Invesco Government & Agency Portfolio

Invesco Government & Agency Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

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.

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.

4 Short-Term Investments Trust

Fund Composition by Maturity



In days, as of 8/31/21

	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		44.6	%		65.5	%		60.9	%		52.2	%		8.6	%		90.1	%
8 - 30		2.3			16.3			0.0			11.7			48.0			1.6
31 - 60		13.6			18.2			1.2			2.9			2.7			2.0
61 - 90		17.3			0.0			2.3			2.2			6.4			2.6
91 - 180		7.8			0.0			7.6			9.3			15.2			3.7
181+		14.4			0.0			28.0			21.7			19.1			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.

5 Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Liquid Assets Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Commercial Paper-44.60%^(a)
Asset-Backed Securities - Fully Supported-3.17%
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.20%		09/02/2021	$	20,000	$	19,999,913

Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.18%		11/08/2021		55,000		54,991,461

								74,991,374


Asset-Backed Securities - Fully Supported Bank-8.49%
Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.08%)^(b)(c)(d)		0.15%		01/26/2022		50,000		50,007,500

Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.06%)^(b)(c)(d)		0.13%		02/18/2022		25,000		25,003,167

Bedford Row Funding Corp. (CEP - Royal Bank of Canada), (3 mo. USD LIBOR + 0.08%)^(b)(c)(d)		0.21%		10/21/2021		10,000		10,001,719

Concord Minutemen Capital Co. LLC (Multi - CEP’s)^(b)(c)		0.13%		10/08/2021		15,000		14,998,496

LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.20%		09/03/2021		40,000		39,999,750

LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.14%		10/25/2021		10,500		10,498,364

Mont Blanc Capital Corp. (CEP - ING Bank N.V.)^(b)(c)		0.10%		09/02/2021		35,000		34,999,854

Versailles Commercial Paper LLC (CEP - Natixis S.A.), (1 mo. USD LIBOR + 0.09%)^(b)(c)(d)		0.18%		09/01/2021		15,000		15,001,038

								200,509,888


Consumer Finance-2.12%
Toyota Finance Australia Ltd.^(c)		0.14%		11/16/2021		50,000		49,988,771


Diversified Banks-26.13%
Agricultural Bank of China Ltd.^(b)(c)		0.17%		11/22/2021		70,000		69,968,852

ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.17%		04/04/2022		23,700		23,681,941

Barclays Bank PLC^(b)(c)		0.18%		09/10/2021		30,000		29,999,375

Barclays Bank PLC^(b)(c)		0.16%		12/03/2021		5,000		4,998,329

Barclays Bank PLC^(b)(c)		0.18%		01/06/2022		20,000		19,989,476

Barclays Bank PLC^(b)(c)		0.16%		02/10/2022		25,000		24,982,002

DBS Bank Ltd.^(b)(c)		0.16%		10/01/2021		50,000		49,995,910

Dexia Credit Local S.A.^(b)(c)		0.17%		02/28/2022		70,000		69,952,487

DNB Bank ASA^(b)(c)		0.05%		09/07/2021		39,000		38,999,659

HSBC Bank PLC^(b)(c)		0.26%		10/08/2021		25,000		24,995,408

National Australia Bank Ltd. (3 mo. USD LIBOR + 0.06%)^(b)(c)(d)		0.19%		11/10/2021		50,000		50,011,354

Natixis S.A.^(c)		0.20%		10/14/2021		35,000		34,996,792

Nordea Bank Abp^(b)(c)		0.13%		11/18/2021		50,000		49,991,112

Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.19%		10/01/2021		25,000		25,001,831

Royal Bank of Canada^(b)(c)		0.20%		06/16/2022		15,000		14,975,796

Toronto-Dominion Bank (The)^(b)(c)		0.21%		06/22/2022		25,000		24,965,993

Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)^(b)(c)(d)		0.16%		07/08/2022		10,000		10,004,440

United Overseas Bank Ltd.^(b)(c)		0.27%		09/28/2021		25,000		24,998,367

United Overseas Bank Ltd.^(b)(c)		0.28%		10/04/2021		25,000		24,997,993

								617,507,117


Diversified Capital Markets-1.69%
UBS AG (3 mo. USD LIBOR + 0.07%)^(b)(c)(d)		0.22%		10/04/2021		10,000		10,000,347

UBS AG^(b)(c)		0.25%		08/18/2022		30,000		29,932,240

								39,932,587


Regional Banks-3.00%
ASB Finance Ltd.^(b)(c)		0.19%		11/10/2021		20,000		19,996,884

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Regional Banks-(continued)
ASB Finance Ltd.^(b)(c)		0.25%		03/18/2022	$	20,920	$	20,904,851

ASB Finance Ltd.^(b)(c)		0.21%		07/08/2022		30,000		29,956,460

								70,858,195

Total Commercial Paper (Cost $1,053,659,584)								1,053,787,932


Certificates of Deposit-35.83%
Bank of Montreal^(c)		0.21%		06/24/2022		10,000		10,002,465

Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%)^(c)(d)		0.18%		11/09/2021		20,000		20,004,002

Bank of Nova Scotia (The) (SOFR + 0.11%)^(c)(d)		0.16%		04/20/2022		50,000		49,999,380

Canadian Imperial Bank of Commerce^(c)		0.04%		09/01/2021		118,000		118,000,000

China Construction Bank Corp.^(c)		0.16%		11/22/2021		70,000		69,997,901

Credit Agricole Corporate & Investment Bank S.A.^(c)		0.05%		09/01/2021		68,000		68,000,000

Goldman Sachs Bank USA		0.17%		02/04/2022		35,000		35,001,217

Mizuho Bank Ltd.^(c)		0.08%		09/01/2021		64,418		64,418,489

Nordea Bank Abp^(c)		0.04%		09/01/2021		69,000		69,000,000

Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.18%		10/07/2021		25,000		25,001,655

Skandinaviska Enskilda Banken AB^(c)		0.04%		09/01/2021		118,000		118,000,000

Svenska Handelsbanken AB^(c)		0.03%		09/01/2021		105,000		105,000,000

Svenska Handelsbanken AB^(c)		0.21%		01/03/2022		14,300		14,304,959

Toronto-Dominion Bank (The) (SOFR + 0.20%)^(c)(d)		0.25%		02/16/2022		25,000		25,013,293

Westpac Banking Corp. (SOFR + 0.13%)^(c)(d)		0.18%		07/15/2022		55,000		55,007,268

Total Certificates of Deposit (Cost $846,716,057)								846,750,629


Variable Rate Demand Notes-3.97%^(e)
Credit Enhanced-3.97%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)(f)		0.13%		04/01/2047		9,200		9,199,999

Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(f)		0.13%		05/01/2037		2,500		2,500,000

University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		0.05%		08/01/2045		82,040		82,040,000

Total Variable Rate Demand Notes (Cost $93,739,999)								93,739,999

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-84.40% (Cost $1,994,115,640)								1,994,278,560


					Repurchase Amount

Repurchase Agreements-15.62%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2021, aggregate maturing value of $100,003,111 (collateralized by U.S. Treasury obligations, domestic and foreign corporate obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and domestic and foreign non-agency asset-backed securities valued at $103,174,606; 0.00% - 8.40%; 09/09/2021 - 07/20/2071)^(c)(h)		0.16%		09/07/2021		27,000,840		27,000,000

BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $10,000,447 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, a domestic corporate obligation and a U.S. Treasury obligation valued at $10,316,976; 0.13% - 5.51%; 02/28/2023 - 07/20/2071)^(c)(h)		0.23%		09/01/2021		10,000,447		10,000,000

BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $20,000,700 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $20,552,976; 0.08% - 6.30%; 10/01/2021 - 07/20/2071)^(c)(h)		0.18%		09/01/2021		20,000,700		20,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate	Maturity Date		Repurchase Amount		Value

Citigroup Global Markets, Inc., joint open agreement dated 01/22/2021 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $203,550,733; 0.00% - 7.26%; 09/14/2022 - 12/01/2061)⁽ⁱ⁾	0.54%		09/01/2021	$	8,003,631	$	8,000,000

Citigroup Global Markets, Inc., joint open agreement dated 10/28/2020 (collateralized by domestic non-agency mortgage-backed securities, domestic non-agency asset-backed securities and domestic and foreign corporate obligations valued at $55,232,635; 0.00% - 7.70%; 10/27/2022 - 06/04/2081)⁽ⁱ⁾	0.54%		09/01/2021		10,004,504		10,000,000

Citigroup Global Markets, Inc., open agreement dated 10/02/2020 (collateralized by domestic and foreign corporate obligations valued at $55,001,324; 1.60% - 9.63%; 09/01/2025 - 07/01/2036)⁽ⁱ⁾	0.55%		09/01/2021		50,022,937		50,000,000

Credit Suisse Securities (USA) LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $10,000,000 (collateralized by domestic and foreign non-agency asset-backed securities, foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $10,500,000; 0.04% - 4.70%; 08/21/2028 - 05/15/2061)^(c)(d)	0.33%		10/05/2021		2,000,000		2,000,000

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 $31,922,998; 0.00% - 8.75%; 12/01/2021 - 07/25/2059)⁽ⁱ⁾	0.46%		09/01/2021		15,005,697		15,000,000

J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic and foreign corporate obligations valued at $110,000,292; 3.88% - 9.00%; 01/15/2024 - 04/01/2044)⁽ⁱ⁾	0.37%		09/01/2021		65,020,439		65,000,000

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by domestic and foreign equity securities valued at $15,753,648; 0.00% - 8.38%; 01/31/2028 - 06/23/2050)⁽ⁱ⁾	0.27%		09/01/2021		7,001,618		7,000,000

Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by domestic and foreign corporate obligations valued at $52,503,917; 0.45% - 5.01%; 11/01/2024 - 07/01/2051)^(c)(i)	0.20%		09/01/2021		25,004,319		25,000,000

Mizuho Securities (USA) LLC, joint open agreement dated 07/02/2021 (collateralized by domestic and foreign equity securities valued at $52,500,236; 0.00%)^(c)(i)	0.22%		09/01/2021		20,000,122		20,000,000

RBC Capital Markets LLC, joint agreement dated 08/31/2021, aggregate maturing value of $100,000,556 (collateralized by a foreign non-agency asset-backed security, domestic and foreign corporate obligations and foreign commercial paper valued at $105,000,765; 0.00% - 6.75%; 10/15/2021 - 06/01/2070)^(c)	0.20%		09/01/2021		20,000,111		20,000,000

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $63,611,054; 0.23% - 13.00%; 11/10/2021 - 08/01/2118)^(c)(i)	0.25%		09/01/2021		25,000,174		25,000,000

Societe Generale, joint open agreement dated 08/20/2021 (collateralized by domestic and foreign corporate obligations valued at $92,242,834; 0.20% - 11.88%; 06/27/2022 - 09/14/2077)^(c)(i)	0.18%		09/01/2021		65,000,325		65,000,000

Total Repurchase Agreements (Cost $369,000,000)							369,000,000

TOTAL INVESTMENTS IN SECURITIES^(j)(k)-100.02% (Cost $2,363,115,640)							2,363,278,560

OTHER ASSETS LESS LIABILITIES-(0.02)%							(389,825	)

NET ASSETS-100.00%						$	2,362,888,735

Investment Abbreviations:


CEP		-Credit Enhancement Provider
FEDL		-Federal Funds Effective Rate
LIBOR		-London Interbank Offered Rate
LOC		-Letter of Credit
OBFR		-Overnight Bank Funding Rate
RB		-Revenue Bonds
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.

8 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)

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)

^(c)

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.

^(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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(j)	Also represents cost for federal income tax purposes.

^(k)


Entities		Percentage
Svenska Handelsbanken AB		5.1%
Nordea Bank Abp		5.0
Credit Agricole S.A.		5.0

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco STIC Prime Portfolio


	Interest Rate			Maturity Date		Principal Amount (000)		Value

Certificates of Deposit-36.01%
BNP Paribas S.A.^(a)		0.06	%		09/01/2021	$	11,000	$	11,000,000

Canadian Imperial Bank of Commerce^(a)		0.04	%		09/01/2021		11,000		11,000,000

Credit Agricole Corporate & Investment Bank S.A.^(a)		0.05	%		09/01/2021		5,000		5,000,000

Mizuho Bank Ltd.^(a)		0.08	%		09/01/2021		11,000		11,000,000

Nordea Bank Abp^(a)		0.04	%		09/01/2021		11,000		11,000,000

Skandinaviska Enskilda Banken AB^(a)		0.04	%		09/01/2021		11,000		11,000,000

Societe Generale S.A.^(a)		0.32	%		09/17/2021		2,300		2,300,270

Sumitomo Mitsui Trust Bank Ltd.^(a)		0.08	%		09/23/2021		7,000		7,000,022

Svenska Handelsbanken AB^(a)		0.03	%		09/01/2021		11,000		11,000,000

Total Certificates of Deposit (Cost $80,300,129)									80,300,292


Commercial Paper-29.86%^(b)
Asset-Backed Securities - Fully Supported-3.14%
Ionic Capital III Trust (CEP - UBS AG)^(a)		0.11	%		09/17/2021		7,000		6,999,716


Asset-Backed Securities - Fully Supported Bank-16.41%
Anglesea Funding LLC (Multi - CEP’s)^(a)(c)		0.10	%		10/01/2021		8,000		7,999,345

Cancara Asset Securitisation LLC (CEP - Lloyds Bank LLC)^(a)(c)		0.10	%		09/01/2021		2,000		1,999,996

Concord Minutemen Capital Co. LLC (Multi - CEP’s)^(a)(c)		0.10	%		09/17/2021		7,000		6,999,716

Lexington Parker Capital Co. LLC (CEP - Natixis S.A.)^(a)(c)		0.11	%		09/10/2021		7,000		6,999,846

LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(a)(c)		0.12	%		09/23/2021		1,000		999,942

LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(a)(c)		0.11	%		10/01/2021		4,600		4,599,624

Mont Blanc Capital Corp. (CEP - ING Bank N.V.)^(a)(c)		0.10	%		10/13/2021		7,000		6,999,206

									36,597,675


Diversified Banks-10.31%
Agricultural Bank of China Ltd.^(a)(c)		0.13	%		10/25/2021		6,000		5,998,304

Banco Santander S.A.^(a)(c)		0.10	%		10/22/2021		7,000		6,998,908

Industrial & Commercial Bank of China Ltd.^(a)(c)		0.11	%		09/24/2021		5,000		4,999,660

Swedbank AB^(a)		0.06	%		09/03/2021		5,000		4,999,986

									22,996,858

Total Commercial Paper (Cost $66,594,646)									66,594,249


Variable Rate Demand Notes-11.77%^(d)
Credit Enhanced-11.77%
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD RB (LOC - FHLB of Indianapolis)^(e)(f)		0.10	%		12/01/2039		750		750,000

Jets Stadium Development LLC; Series 2007 A-4, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(a)(c)(f)		0.13	%		04/01/2047		7,800		7,800,000

Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(f)		0.13	%		05/01/2037		3,050		3,050,000

Portland (Port of), OR (Portland International Airport); Subseries 2008 18-A, Ref. VRD RB (LOC - Industrial & Commercial Bank of China Ltd.)^(a)(e)(f)		0.04	%		07/01/2026		570		570,000

Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB (CEP - FHLMC)^(e)		0.08	%		06/01/2041		890		890,000

University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		0.05	%		08/01/2045		8,200		8,200,000

Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)^(c)(f)		0.08	%		01/01/2033		5,000		5,000,000

Total Variable Rate Demand Notes (Cost $26,260,000)									26,260,000

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-77.64% (Cost $173,154,775)									173,154,541

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Short-Term Investments Trust

Schedule of Investments—(continued)

August 31, 2021

Invesco STIC Prime Portfolio—(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value

Repurchase Agreements-22.33%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2021, aggregate maturing value of $100,003,111 (collateralized by U.S. Treasury obligations, domestic and foreign corporate obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and domestic and foreign non-agency asset-backed securities valued at $103,174,606; 0.00% - 8.40%; 09/09/2021 - 07/20/2071)^(a)(h)		0.16%		09/07/2021	$	3,000,093	$	3,000,000

BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $3,000,105 (collateralized by domestic agency and non-agency mortgage-backed securites and foreign corporate obligations valued at $3,131,412; 0.95% - 6.21%; 09/11/2022 - 07/20/2051)^(a)(h)		0.18%		09/01/2021		3,000,105		3,000,000

BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $3,000,134 (collateralized by a domestic non-agency mortgage-backed security and a foreign corporate obligation valued at $3,150,455; 0.95% - 3.33%; 01/22/2027 - 05/15/2062)^(a)(h)		0.23%		09/01/2021		3,000,134		3,000,000

Credit Suisse Securities (USA) LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $10,000,000 (collateralized by domestic and foreign non-agency asset-backed securities, foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $10,500,000; 0.04% - 4.70%; 08/21/2028 - 05/15/2061)^(a)(i)		0.33%		10/05/2021		8,000,000		8,000,000

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by domestic and foreign equity securities valued at $15,753,648; 0.00% - 8.38%; 01/31/2028 -06/23/2050)^(j)		0.27%		09/01/2021		8,001,849		8,000,000

Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by domestic and foreign corporate obligations valued at $52,503,917; 0.45% - 5.01%; 11/01/2024 - 07/01/2051)^(a)(j)		0.20%		09/01/2021		7,001,209		7,000,000

RBC Capital Markets LLC, joint agreement dated 08/31/2021, aggregate maturing value of $100,000,556 (collateralized by a foreign non-agency asset-backed security, domestic and foreign corporate obligations and foreign commercial paper valued at $105,000,765; 0.00% - 6.75%; 10/15/2021 - 06/01/2070)^(a)		0.20%		09/01/2021		8,000,044		8,000,000

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $63,611,054; 0.23% - 13.00%; 11/10/2021 - 08/01/2118)^(a)(j)		0.25%		09/01/2021		5,000,035		5,000,000

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06%		09/01/2021		4,802,665		4,802,657

Total Repurchase Agreements (Cost $49,802,657)								49,802,657

TOTAL INVESTMENTS IN SECURITIES^(k)(l)-99.97% (Cost $222,957,432)								222,957,198

OTHER ASSETS LESS LIABILITIES-0.03%								63,148

NET ASSETS-100.00%							$	223,020,346

Investment Abbreviations:


CEP		-Credit Enhancement Provider
FHLB		-Federal Home Loan Bank
FHLMC		-Federal Home Loan Mortgage Corp.
LOC		-Letter of Credit
RB		-Revenue Bonds
Ref.		-Refunding
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)

August 31, 2021

Invesco STIC Prime Portfolio—(continued)

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: Japan: 14.7%; Switzerland: 13.0%; France: 13.0%; Canada: 12.6%; Sweden: 12.1%; Netherlands: 6.7%; China: 5.2%; other countries less than 5% each: 9.0%.

^(b)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(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, 2021 was $67,394,547, which represented 30.22% of the Fund’s Net Assets.

^(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, 2021.

^(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, 2021.

^(j)	Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(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.

12 Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Treasury Portfolio


	Interest Rate			Maturity Date		Principal Amount (000)		Value

U.S. Treasury Securities-39.07%
U.S. Treasury Bills-3.43%^(a)
U.S. Treasury Bills		0.04%-0.05	%		10/07/2021	$	230,335	$	230,314,483

U.S. Treasury Bills		0.11	%		12/02/2021		150,000		149,957,834

U.S. Treasury Bills		0.07	%		06/16/2022		150,000		149,916,000

U.S. Treasury Bills		0.08	%		07/14/2022		150,000		149,901,250

									680,089,567

U.S. Treasury Notes-35.64%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35	%		10/31/2021		450,000		450,057,692

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20	%		01/31/2022		500,000		499,930,751

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16	%		04/30/2022		744,000		744,295,573

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10	%		07/31/2022		450,000		450,007,504

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10	%		10/31/2022		605,000		604,987,984

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09	%		01/31/2023		100,000		100,000,000

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08	%		04/30/2023		250,500		250,513,490

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07	%		07/31/2023		627,000		627,026,147

U.S. Treasury Notes		1.38	%		01/31/2022		200,000		201,076,487

U.S. Treasury Notes		1.50	%		01/31/2022		165,000		165,974,159

U.S. Treasury Notes		1.88	%		01/31/2022		200,000		201,493,851

U.S. Treasury Notes		2.50	%		02/15/2022		300,000		303,305,676

U.S. Treasury Notes		1.13	%		02/28/2022		100,000		100,515,124

U.S. Treasury Notes		2.38	%		03/15/2022		250,000		253,064,728

U.S. Treasury Notes		1.75	%		03/31/2022		300,000		302,897,976

U.S. Treasury Notes		1.88	%		03/31/2022		100,000		101,024,476

U.S. Treasury Notes		1.75	%		04/30/2022		200,000		202,206,942

U.S. Treasury Notes		1.75	%		06/15/2022		200,000		202,607,488

U.S. Treasury Notes		0.13	%		06/30/2022		200,000		200,058,176

U.S. Treasury Notes		1.75	%		06/30/2022		100,000		101,367,436

U.S. Treasury Notes		2.13	%		06/30/2022		200,000		203,367,765

U.S. Treasury Notes		1.75	%		07/15/2022		200,000		202,868,812

U.S. Treasury Notes		0.13	%		07/31/2022		200,000		200,073,756

U.S. Treasury Notes		1.88	%		07/31/2022		250,000		254,067,706

U.S. Treasury Notes		1.50	%		09/15/2022		150,000		152,203,664

									7,074,993,363

Total U.S. Treasury Securities (Cost $7,755,082,930)									7,755,082,930

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-39.07% (Cost $7,755,082,930)									7,755,082,930

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Short-Term Investments Trust

Schedule of Investments—(continued)

August 31, 2021

Invesco Treasury Portfolio—(continued)


	Interest			Maturity		Repurchase
	Rate			Date		Amount		Value

Repurchase Agreements-60.87%^(c)

BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05	%		09/01/2021	$	250,000,347	$	250,000,000

Citigroup Global Markets, Inc., joint term agreement dated 08/26/2021, aggregate maturing value of $300,003,208 (collateralized by U.S. Treasury obligations valued at $306,000,020; 0.00%; 02/15/2046 - 11/15/2047)^(d)		0.06	%		09/02/2021		120,001,283		120,000,000

Credit Agricole Corporate & Investment Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,001; 3.00% - 4.38%; 05/15/2040 - 08/15/2048)		0.05	%		09/01/2021		250,000,347		250,000,000

Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(d)		0.05	%		09/01/2021		100,004,722		100,000,000

DNB Bank ASA, agreement dated 08/31/2021, maturing value of $300,000,417 (collateralized by U.S. Treasury obligations valued at $306,000,080; 0.13% - 4.38%; 07/15/2026 - 05/15/2041)		0.05	%		09/01/2021		300,000,417		300,000,000

Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $6,000,008,333 (collateralized by U.S. Treasury obligations valued at $6,000,008,395; 0.13% - 2.75%; 12/31/2022 - 05/15/2046)		0.05	%		09/01/2021		6,000,008,333		6,000,000,000

Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06	%		09/01/2021		335,000,512		335,000,000

Goldman Sachs & Co., agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,000; 0.00% - 1.50%; 08/15/2022 - 02/15/2042)		0.05	%		09/01/2021		250,000,347		250,000,000

J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% -1.88%; 09/16/2021 - 07/31/2023)^(e)		0.05	%		09/01/2021		630,026,250		630,000,000

Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(d)		0.07	%		09/01/2021		100,001,767		100,000,406

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(d)		0.07	%		09/01/2021		299,629,078		299,625,000

Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/25/2021, maturing value of $100,001,167 (collateralized by U.S. Treasury obligations valued at $102,001,248; 0.50% - 0.63%; 03/31/2025 - 08/15/2030)^(d)		0.06	%		09/01/2021		100,001,167		100,000,000

Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $271,875,453 (collateralized by U.S. Treasury obligations valued at $276,195,250; 0.00%; 08/15/2027 - 08/15/2037)		0.06	%		09/01/2021		271,875,453		271,875,000

Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $340,563,068 (collateralized by U.S. Treasury obligations valued at $347,231,500; 0.00%; 08/15/2033 - 02/15/2045)		0.06	%		09/01/2021		340,563,068		340,562,500

RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,038; 0.00% - 3.00%; 09/30/2021 - 08/15/2051)^(d)		0.05	%		11/17/2021		250,029,514		250,000,000

Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(e)		0.05	%		09/01/2021		1,205,001,674		1,205,000,000

Societe Generale, joint term agreement dated 08/25/2021, aggregate maturing value of $250,002,431 (collateralized by U.S. Treasury obligations valued at $255,000,001; 0.00% - 6.88%; 09/09/2021 - 02/15/2049)^(d)		0.05	%		09/01/2021		40,000,389		40,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Short-Term Investments Trust

Schedule of Investments—(continued)

August 31, 2021

Invesco Treasury Portfolio—(continued)


	Interest	Maturity		Repurchase
	Rate	Date		Amount		Value

Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(d)	0.05%		09/07/2021	$	200,001,944	$	200,000,000

Standard Chartered Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,405; 0.09% - 3.88%; 02/15/2022 - 05/15/2051)	0.05%		09/01/2021		250,000,347		250,000,000

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 - 08/31/2024)	0.05%		09/01/2021		290,327,546		290,327,143

Wells Fargo Securities, LLC, agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by a U.S. Treasury obligation valued at $510,000,001; 2.00%; 02/15/2050)	0.05%		09/01/2021		500,000,694		500,000,000

Total Repurchase Agreements (Cost $12,082,390,049)							12,082,390,049

TOTAL INVESTMENTS IN SECURITIES-99.94% (Cost $19,837,472,979)							19,837,472,979

OTHER ASSETS LESS LIABILITIES-0.06%							11,358,146

NET ASSETS-100.00%						$	19,848,831,125

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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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, 2021

Invesco Government & Agency Portfolio


	Interest Rate			Maturity Date		Principal Amount (000)		Value

U.S. Treasury Securities-32.73%
U.S. Treasury Bills-13.99%^(a)
U.S. Treasury Bills		0.02	%		09/09/2021	$	1,000,000	$	999,994,444

U.S. Treasury Bills		0.02	%		09/16/2021		750,000		749,992,188

U.S. Treasury Bills		0.01	%		09/21/2021		1,530,000		1,529,990,956

U.S. Treasury Bills		0.03%-0.14	%		10/07/2021		380,000		379,978,750

U.S. Treasury Bills		0.05	%		10/12/2021		250,000		249,985,763

U.S. Treasury Bills		0.14	%		11/04/2021		75,000		74,982,000

U.S. Treasury Bills		0.05	%		12/02/2021		1,379,424		1,379,267,091

U.S. Treasury Bills		0.05	%		01/20/2022		200,000		199,960,833

U.S. Treasury Bills		0.06	%		02/03/2022		300,000		299,928,958

U.S. Treasury Bills		0.05	%		02/17/2022		651,866		651,712,992

U.S. Treasury Bills		0.07	%		02/24/2022		50,000		49,982,889

U.S. Treasury Bills		0.06	%		03/24/2022		10,000		9,996,600

U.S. Treasury Bills		0.06	%		04/21/2022		250,000		249,895,278

U.S. Treasury Bills		0.07	%		06/16/2022		400,000		399,777,999

U.S. Treasury Bills		0.08	%		08/11/2022		300,000		299,770,667

									7,525,217,408


U.S. Treasury Notes-18.74%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35	%		10/31/2021		550,000		550,094,508

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20	%		01/31/2022		25,000		24,998,355

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16	%		04/30/2022		107,000		107,059,042

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10	%		07/31/2022		287,000		287,018,002

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10	%		10/31/2022		730,000		730,023,588

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09	%		01/31/2023		412,400		412,544,410

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08	%		04/30/2023		1,330,000		1,330,143,243

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07	%		07/31/2023		1,055,000		1,055,039,361

U.S. Treasury Notes		1.13	%		09/30/2021		62,000		62,053,006

U.S. Treasury Notes		1.50	%		09/30/2021		50,000		50,056,641

U.S. Treasury Notes		2.13	%		09/30/2021		50,000		50,082,360

U.S. Treasury Notes		2.88	%		11/15/2021		100,000		100,574,950

U.S. Treasury Notes		1.38	%		01/31/2022		453,000		455,486,327

U.S. Treasury Notes		1.50	%		01/31/2022		173,000		174,020,051

U.S. Treasury Notes		1.88	%		01/31/2022		633,000		637,728,976

U.S. Treasury Notes		2.50	%		02/15/2022		330,940		334,593,757

U.S. Treasury Notes		1.13	%		02/28/2022		200,000		201,029,333

U.S. Treasury Notes		1.75	%		02/28/2022		100,000		100,830,762

U.S. Treasury Notes		1.88	%		02/28/2022		303,000		305,696,355

U.S. Treasury Notes		2.38	%		03/15/2022		46,000		46,569,385

U.S. Treasury Notes		1.75	%		03/31/2022		650,000		656,301,352

U.S. Treasury Notes		1.88	%		03/31/2022		925,000		934,661,756

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Short-Term Investments Trust

Schedule of Investments—(continued)

August 31, 2021

Invesco Government & Agency Portfolio—(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. Treasury Notes-(continued)
U.S. Treasury Notes		1.88%		04/30/2022	$	150,000	$	151,795,054

U.S. Treasury Notes		1.75%		05/15/2022		135,000		136,587,761

U.S. Treasury Notes		2.13%		05/15/2022		190,000		192,740,984

U.S. Treasury Notes		1.75%		06/30/2022		400,000		405,482,261

U.S. Treasury Notes		2.13%		06/30/2022		365,000		371,124,912

U.S. Treasury Notes		2.00%		07/31/2022		210,000		213,658,573

								10,077,995,065

Total U.S. Treasury Securities (Cost $17,603,212,473)								17,603,212,473


U.S. Government Sponsored Agency Securities-14.52%
Federal Farm Credit Bank (FFCB)-4.21%
Federal Farm Credit Bank (SOFR + 0.28%)^(b)		0.33%		10/01/2021		365,000		365,000,000

Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		10/15/2021		100,000		100,000,306

Federal Farm Credit Bank		0.07%		02/09/2022		243,750		243,743,367

Federal Farm Credit Bank (SOFR + 0.10%)^(b)		0.15%		02/22/2022		16,555		16,555,000

Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		03/10/2022		28,000		28,000,000

Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14%		06/17/2022		65,000		65,000,000

Federal Farm Credit Bank (SOFR + 0.20%)^(b)		0.25%		06/23/2022		12,000		12,012,287

Federal Farm Credit Bank (SOFR + 0.19%)^(b)		0.24%		07/14/2022		28,000		28,000,000

Federal Farm Credit Bank (SOFR + 0.15%)^(b)		0.20%		07/28/2022		45,000		45,000,000

Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		08/11/2022		108,000		108,000,000

Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		08/26/2022		97,500		97,495,134

Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14%		10/07/2022		30,000		30,000,000

Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		10/12/2022		18,000		18,001,014

Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		10/21/2022		20,000		20,000,000

Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		11/03/2022		35,000		35,000,000

Federal Farm Credit Bank (SOFR + 0.01%)^(b)		0.06%		11/16/2022		185,000		184,995,466

Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		11/18/2022		56,000		56,000,000

Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		12/01/2022		74,000		74,000,000

Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		12/28/2022		350,000		350,000,000

Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		02/09/2023		18,000		18,000,000

Federal Farm Credit Bank (SOFR + 0.05%)^(b)		0.10%		02/17/2023		165,000		165,000,000

Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		06/14/2023		58,000		58,000,000

Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		07/07/2023		143,000		143,000,000

								2,260,802,574


Federal Home Loan Bank (FHLB)-7.82%
Federal Home Loan Bank^(a)		0.05%		09/01/2021		41,000		41,000,000

Federal Home Loan Bank^(a)		0.02%		09/10/2021		302,000		301,998,112

Federal Home Loan Bank^(a)		0.02%-0.03%		09/15/2021		396,675		396,671,120

Federal Home Loan Bank^(a)		0.03%		09/20/2021		104,500		104,498,345

Federal Home Loan Bank		0.04%		09/21/2021		85,000		85,000,000

Federal Home Loan Bank		0.04%		09/28/2021		392,000		391,998,235

Federal Home Loan Bank		0.04%		09/29/2021		252,110		252,108,842

Federal Home Loan Bank		0.03%		09/30/2021		350,000		349,995,568

Federal Home Loan Bank		0.04%		10/08/2021		439,000		438,997,382

Federal Home Loan Bank^(a)		0.01%		10/08/2021		3,100		3,099,952

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Short-Term Investments Trust

Schedule of Investments—(continued)

August 31, 2021

Invesco Government & Agency Portfolio—(continued)


	Interest Rate			Maturity Date		Principal Amount (000)		Value


Federal Home Loan Bank (FHLB)-(continued)
Federal Home Loan Bank		0.04	%		10/29/2021	$	35,000	$	34,999,545

Federal Home Loan Bank (SOFR + 0.17%)^(b)		0.22	%		11/12/2021		127,000		127,000,000

Federal Home Loan Bank (SOFR + 0.15%)^(b)		0.20	%		11/15/2021		355,000		355,000,000

Federal Home Loan Bank		0.07	%		02/11/2022		34,560		34,559,065

Federal Home Loan Bank		0.05	%		03/17/2022		200,000		199,985,373

Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12	%		04/14/2022		45,000		45,000,000

Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12	%		04/28/2022		28,000		28,000,000

Federal Home Loan Bank		0.06	%		05/06/2022		29,000		28,997,847

Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11	%		05/12/2022		35,000		35,000,000

Federal Home Loan Bank (SOFR + 0.13%)^(b)		0.18	%		08/05/2022		80,000		80,000,000

Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14	%		08/19/2022		380,000		380,006,319

Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14	%		10/05/2022		80,000		80,000,000

Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11	%		12/08/2022		63,200		63,203,547

Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11	%		12/16/2022		3,500		3,501,373

Federal Home Loan Bank (SOFR + 0.04%)^(b)		0.09	%		05/19/2023		221,000		221,000,000

Federal Home Loan Bank (SOFR + 0.03%)^(b)		0.08	%		06/07/2023		125,000		125,000,000

									4,206,620,625


Federal Home Loan Mortgage Corp. (FHLMC)-1.39%
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)^(b)		0.37	%		09/30/2021		412,000		412,000,000

Federal Home Loan Mortgage Corp. (SOFR + 0.31%)^(b)		0.36	%		01/03/2022		145,000		145,000,000

Federal Home Loan Mortgage Corp. (SOFR + 0.09%)^(b)		0.14	%		09/16/2022		190,000		190,000,000

									747,000,000


Federal National Mortgage Association (FNMA)-0.65%
Federal National Mortgage Association (SOFR + 0.30%)^(b)		0.35	%		01/07/2022		350,000		350,000,000

U.S. International Development Finance Corp. (DFC)-0.45%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		06/15/2025		19,200		19,200,000

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		07/15/2025		20,889		20,888,891

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		09/15/2025		4,474		4,473,684

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		09/15/2026		13,750		13,750,000

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		08/13/2027		12,600		12,600,000

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		09/30/2027		12,000		12,000,000

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		02/15/2028		14,444		14,444,445

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		11/15/2028		65,909		65,909,091

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		05/15/2030		7,839		7,839,000

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		10/15/2030		8,000		8,000,000

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		07/09/2026		25,500		25,500,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Short-Term Investments Trust

Schedule of Investments—(continued)

August 31, 2021

Invesco Government & Agency Portfolio—(continued)


	Interest Rate			Maturity Date		Principal Amount (000)		Value

U.S. International Development Finance Corp. (DFC)-(continued)
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09	%		03/15/2030	$	39,375	$	39,375,000

									243,980,111

Total U.S. Government Sponsored Agency Securities (Cost $7,808,403,310)									7,808,403,310

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-47.25% (Cost $25,411,615,783)									25,411,615,783

						Repurchase Amount
						Repurchase Amount
Repurchase Agreements-55.26%^(d)
ABN AMRO Bank N.V., joint agreement dated 08/31/2021, aggregate maturing value of $450,000,625 (collateralized by U.S. Treasury obligations valued at $459,000,022; 0.13% - 3.38%; 08/15/2022 - 05/15/2047)		0.05	%		09/01/2021		200,000,278		200,000,000

BNP Paribas Securities Corp., joint term agreement dated 08/26/2021, aggregate maturing value of $500,004,861 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0.00% - 7.00%; 11/04/2021 - 07/01/2051)^(e)		0.05	%		09/02/2021		385,003,743		385,000,000

BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05	%		09/01/2021		750,001,042		750,000,000

BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $895,001,243 (collateralized by domestic agency mortgage-backed securities valued at $912,900,000; 1.50% - 6.00%; 05/01/2025 -08/01/2059)		0.05	%		09/01/2021		54,000,075		54,000,000

Citigroup Global Markets, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $900,001,250 (collateralized by U.S. Treasury obligations valued at $918,000,025; 0.00%; 08/15/2047 - 02/15/2051)		0.05	%		09/01/2021		395,000,549		395,000,000

Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(e)		0.05	%		09/01/2021		150,007,083		150,000,000

Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $16,000,022,222 (collateralized by U.S. Treasury obligations valued at $16,000,022,273; 0.13% - 2.75%; 12/31/2022 -05/15/2046)		0.05	%		09/01/2021		16,000,022,222		16,000,000,000

Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $50,000,007 (collateralized by a U.S. Treasury obligation valued at $51,000,058; 1.00%; 07/31/2028)		0.01	%		09/01/2021		50,000,007		50,000,000

Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by U.S. Treasury obligations valued at $510,000,044; 0.13% - 2.88%; 02/28/2025 - 08/15/2028)		0.05	%		09/01/2021		500,000,694		500,000,000

Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06	%		09/01/2021		730,001,115		730,000,000

Fixed Income Clearing Corp. - BNP Paribas Securities Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,250,001,736 (collateralized by U.S. Treasury obligations valued at $1,270,427,200; 0.38% - 4.25%; 11/30/2025 - 05/15/2041)		0.05	%		09/01/2021		960,001,333		960,000,000

Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2021, maturing value of $2,000,001,667 (collateralized by U.S. Treasury obligations valued at $2,040,000,068; 1.00% - 1.13%; 07/31/2028 - 08/31/2028)		0.03	%		09/01/2021		2,000,001,667		2,000,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19 Short-Term Investments Trust

Schedule of Investments—(continued)

August 31, 2021

Invesco Government & Agency Portfolio—(continued)


	Interest	Maturity		Repurchase
	Rate	Date		Amount		Value

Goldman Sachs & Co., term agreement dated 08/26/2021, maturing value of $295,003,155 (collateralized by U.S. Treasury obligations valued at $300,900,000; 0.00% - 3.63%; 08/11/2022 - 02/15/2046)^(e)	0.06%		09/02/2021	$	295,003,155	$	295,000,000

ING Financial Markets, LLC, joint term agreement dated 08/06/2021, aggregate maturing value of $350,022,118 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 6.00%; 06/01/2027 - 05/01/2058)	0.07%		09/10/2021		300,018,958		300,000,000

ING Financial Markets, LLC, joint term agreement dated 08/26/2021, aggregate maturing value of $350,018,667 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 5.50%; 10/01/2038 - 01/01/2057)	0.06%		09/27/2021		275,014,667		275,000,000

J.P. Morgan Securities LLC, agreement dated 08/31/2021, maturing value of $250,000,417 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 0.27% - 7.50%; 11/25/2024 - 10/16/2062)	0.06%		09/01/2021		250,000,417		250,000,000

J.P. Morgan Securities LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,694 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 1.50% - 7.50%; 07/01/2025 - 09/01/2051)	0.05%		09/01/2021		44,000,061		44,000,000

J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% - 1.88%; 09/16/2021 - 07/31/2023)^(f)	0.05%		09/01/2021		150,006,250		150,000,000

J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $295,800,033; 1.50% - 6.00%; 02/28/2023 - 09/01/2051)^(f)	0.07%		09/01/2021		240,014,000		240,000,000

J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $255,000,016; 0.00% - 7.63%; 09/16/2021 - 04/01/2056)^(f)	0.06%		09/01/2021		210,010,500		210,000,000

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 $408,000,049; 0.00% - 7.50%; 04/30/2026 - 03/25/2060)^(f)	0.07%		09/01/2021		275,016,042		275,000,000

Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(e)	0.07%		09/01/2021		170,004,751		170,002,437

Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $500,000,764 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.39% - 4.50%; 01/25/2024 - 05/20/2069)	0.06%		09/01/2021		52,000,079		52,000,000

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(e)	0.07%		09/01/2021		530,032,214		530,025,000

Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $556,508,428 (collateralized by U.S. Treasury obligations valued at $567,283,180; 0.00%; 02/15/2026 - 11/15/2043)	0.06%		09/01/2021		556,508,428		556,507,500

Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $40,625,068 (collateralized by a U.S. Treasury obligation valued at $41,396,500; 0.00%; 08/15/2033)	0.06%		09/01/2021		40,625,068		40,625,000

RBC Capital Markets LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $750,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,159; 0.00% - 8.15%; 09/14/2021 - 08/20/2065)^(b)(e)	0.09%		11/01/2021		600,000,000		600,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20 Short-Term Investments Trust

Schedule of Investments—(continued)

August 31, 2021

Invesco Government & Agency Portfolio—(continued)


	Interest			Maturity		Repurchase
	Rate			Date		Amount		Value

RBC Dominion Securities Inc., joint agreement dated 08/31/2021, aggregate maturing value of $2,000,002,778 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $2,040,000,055; 0.00% - 5.00%; 09/09/2021 - 08/01/2051)		0.05	%		09/01/2021	$	1,544,002,144	$	1,544,000,000

RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,023; 0.13% - 6.25%; 10/15/2021 - 11/15/2050)^(e)		0.05	%		11/17/2021		250,029,514		250,000,000

Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(f)		0.05	%		09/01/2021		320,000,444		320,000,000

Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(e)		0.05	%		09/07/2021		400,003,889		400,000,000

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06	%		09/01/2021		396,231,775		396,231,115

Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 -08/31/2024)		0.05	%		09/01/2021		531,025,137		531,024,399

TD Securities (USA) LLC, term agreement dated 08/25/2021, maturing value of $70,000,749 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $71,400,075; 1.25% - 2.13%; 11/15/2021 - 04/30/2028)^(e)		0.06	%		09/01/2021		70,000,749		70,000,000

Wells Fargo Securities, LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,833 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00% - 4.50%; 01/01/2031 - 08/01/2051)		0.06	%		09/01/2021		44,000,073		44,000,000

Total Repurchase Agreements (Cost $29,717,415,451)									29,717,415,451

TOTAL INVESTMENTS IN SECURITIES-102.51% (Cost $55,129,031,234)									55,129,031,234

OTHER ASSETS LESS LIABILITIES-(2.51)%									(1,351,188,375	)

NET ASSETS-100.00%								$	53,777,842,859

Investment Abbreviations:


SOFR		-Secured Overnight Financing Rate
VRD		-Variable Rate Demand

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, 2021.

^(c)	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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21 Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Treasury Obligations Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. Treasury Securities-105.59%

U.S. Treasury Bills-83.89%^(a)

U.S. Treasury Bills		0.02%-0.06%		09/02/2021	$	67,700	$ 67,699,948

U.S. Treasury Bills		0.01%-0.05%		09/07/2021		96,800	96,799,429

U.S. Treasury Bills		0.03%-0.14%		09/09/2021		95,800	95,799,274

U.S. Treasury Bills		0.03%-0.05%		09/14/2021		85,000	84,998,709

U.S. Treasury Bills		0.03%		09/16/2021		50,000	49,999,479

U.S. Treasury Bills		0.01%-0.04%		09/21/2021		92,000	91,998,164

U.S. Treasury Bills		0.04%-0.05%		09/23/2021		50,000	49,998,652

U.S. Treasury Bills		0.03%		09/28/2021		100,000	99,997,375

U.S. Treasury Bills		0.02%-0.05%		09/30/2021		84,500	84,497,259

U.S. Treasury Bills		0.05%-0.14%		10/07/2021		25,000	24,998,300

U.S. Treasury Bills		0.04%		10/14/2021		1,100	1,099,951

U.S. Treasury Bills		0.04%		10/21/2021		5,400	5,399,700

U.S. Treasury Bills		0.05%		11/02/2021		3,300	3,299,716

U.S. Treasury Bills		0.14%		11/04/2021		15,000	14,996,400

U.S. Treasury Bills		0.05%		11/09/2021		10,000	9,999,070

U.S. Treasury Bills		0.04%		11/12/2021		5,000	4,999,650

U.S. Treasury Bills		0.03%		11/18/2021		5,000	4,999,675

U.S. Treasury Bills		0.00%-0.04%		12/02/2021		70,000	69,992,159

U.S. Treasury Bills		0.11%		12/30/2021		10,000	9,996,333

U.S. Treasury Bills		0.09%		01/27/2022		3,000	2,998,890

U.S. Treasury Bills		0.06%		02/03/2022		25,000	24,994,080

U.S. Treasury Bills		0.05%-0.06%		02/24/2022		38,000	37,990,222

U.S. Treasury Bills		0.07%		04/21/2022		10,000	9,995,811

U.S. Treasury Bills		0.07%		06/16/2022		3,000	2,998,320

U.S. Treasury Bills		0.08%		08/11/2022		24,000	23,981,653

							974,528,219
U.S. Treasury Notes-21.70%

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		36,500	36,502,890

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		30,000	29,991,690

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		55,000	55,010,602

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		22,000	22,001,192

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		45,000	44,998,575

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		6,000	6,000,230

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		24,000	24,001,278

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		28,500	28,500,813

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22 Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Obligations Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. Treasury Notes-(continued)

U.S. Treasury Notes		1.88%		07/31/2022	$	5,000	$ 5,081,049

							252,088,319

TOTAL INVESTMENTS IN SECURITIES-105.59% (Cost $1,226,616,538)							1,226,616,538

OTHER ASSETS LESS LIABILITIES-(5.59)%							(64,968,347)

NET ASSETS-100.00%							$1,161,648,191

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, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23 Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio


	Interest Rate			Maturity Date		Principal Amount (000)		Value

Municipal Obligations-99.66%

Alabama-4.01%

Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)^(a)(b)(c)		0.08	%		07/01/2040		$6,090	$ 6,090,000

Arizona-3.64%

Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		0.02	%		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)		0.02	%		06/15/2031		2,845	2,845,000

								5,530,000

California-1.98%

California (State of); Series 2021 A-1, Commercial Paper Notes		0.05	%		10/14/2021		3,000	3,000,000

Colorado-0.67%

Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		0.12	%		02/01/2031		1,010	1,010,000

Delaware-2.76%

Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.02	%		09/01/2036		2,655	2,655,000

Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		0.03	%		05/01/2036		1,535	1,535,000

								4,190,000

District of Columbia-6.47%

District of Columbia; Series 2019, Commercial Paper Notes		0.08	%		11/02/2021		4,000	4,000,000

District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)^(b)(c)		0.02	%		08/15/2038		2,820	2,820,000

Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		0.01	%		10/01/2039		3,005	3,005,000

								9,825,000
Florida-3.03%

Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		0.07	%		11/01/2036		2,200	2,200,000

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)		0.03	%		07/01/2032		2,400	2,400,000

								4,600,000
Georgia-1.58%

Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)^(b)(c)		0.03	%		11/01/2030		2,395	2,395,000
Illinois-5.60%

Illinois (State of) Development Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)^(b)(c)		0.03	%		10/01/2033		2,000	2,000,000

Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB^(b)		0.01	%		12/01/2046		5,730	5,730,000

Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)^(b)(c)		0.01	%		01/01/2041		770	770,000

								8,500,000

Indiana-5.78%

Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		0.07	%		08/01/2037		2,770	2,770,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24 Short-Term Investments Trust

Schedule of Investments-(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio-(continued)


	Interest Rate	Maturity Date		Principal Amount (000)		Value
Indiana-(continued)

Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)^(a)(b)(c)	0.05%		06/01/2035	$	6,000	$ 6,000,000
						8,770,000

Louisiana-4.07%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)^(b)(c)	0.02%		09/01/2033		1,000	1,000,000

Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)	0.02%		07/01/2047		4,085	4,085,000

Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)	0.02%		07/01/2047		1,100	1,100,000

						6,185,000
Maryland-3.82%
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008E, VRD RB (LOC - Bank of Montreal)^(b)(c)	0.01%		07/01/2041		4,300	4,300,000

Montgomery (County of), MD; Series 2010 B, Commercial Paper Notes	0.07%		09/23/2021		1,500	1,500,000

						5,800,000
Massachusetts-2.72%
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC - TD Bank N.A.)^(b)(c)	0.02%		10/01/2038		2,625	2,625,000

Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank N.A.)^(b)(c)	0.01%		01/01/2037		1,500	1,500,000

						4,125,000
Michigan-3.92%
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)	0.02%		01/15/2026		1,420	1,420,000

Michigan State University Board of Trustees; Series 2000 A-1, VRD RB^(b)	0.03%		08/15/2030		3,620	3,620,000

Series 2000 A-2, VRD RB^(b)	0.03%		08/15/2030		910	910,000
						5,950,000

Minnesota-5.64%
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)^(b)	0.10%		10/15/2033		1,175	1,175,000

Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB^(b)	0.02%		11/01/2035		3,900	3,900,000

St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)^(b)	0.02%		10/01/2033		3,485	3,485,000

						8,560,000
Mississippi-3.46%

Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); Series 2010 C, VRD IDR^(b)	0.02%		12/01/2030		585	585,000

Series 2010 E, VRD IDR^(b)	0.02%		12/01/2030		4,000	4,000,000

Series 2007 E, VRD IDR^(b)	0.01%		12/01/2030		660	660,000
						5,245,000

Missouri-1.01%
Bridgeton (City of), MO Industrial Development Authority (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)^(b)(c)	0.02%		11/01/2037		970	970,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25 Short-Term Investments Trust

Schedule of Investments-(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio-(continued)


	Interest Rate	Maturity Date		Principal Amount (000)		Value
Missouri-(continued)
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)^(b)(c)	0.08%		08/01/2038	$	560	$ 560,000
						1,530,000

New York-3.39%
Metropolitan Transportation Authority; Subseries 2012 G-1, VRD Ref. RB (LOC - Barclays Bank PLC)^(b)(c)	0.01%		11/01/2032		2,000	2,000,000

New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Series 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)^(b)(c)	0.02%		05/01/2039		3,150	3,150,000
						5,150,000

North Carolina-1.65%
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB^(b)	0.01%		06/01/2027		1,285	1,285,000

North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB^(b)	0.01%		12/01/2021		1,220	1,220,000
						2,505,000

Ohio-1.87%
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)^(b)(c)	0.02%		08/02/2038		2,835	2,835,000

Pennsylvania-2.36%
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)^(b)(c)	0.02%		06/01/2037		1,320	1,320,000

Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)^(b)(c)	0.02%		03/01/2030		1,885	1,885,000

Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)^(b)(c)	0.02%		10/15/2025		380	380,000

						3,585,000
Rhode Island-2.96%

Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB^(b)	0.02%		09/01/2043		4,500	4,500,000
Texas-14.48%

Garland (City of), TX; Series 2021, Commercial Paper Notes	0.08%		09/15/2021		1,000	1,000,000

Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB^(b)	0.01%		11/01/2041		4,000	4,000,000

Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)	0.02%		02/15/2042		3,150	3,150,000

Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)	0.02%		05/15/2034		2,075	2,075,000

San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)	0.03%		04/01/2026		1,890	1,890,000

Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)^(b)	0.08%		05/01/2042		2,755	2,755,000

Texas A&M University System Board of Regents; Series 2021 B, Commercial Paper Notes	0.10%		01/05/2022		4,500	4,500,000

University of Texas System Board of Regents; Series 2008 B, VRD RB^(b)	0.01%		08/01/2025		1,615	1,615,000

Series 2021 A, Commercial Paper Notes	0.08%		12/08/2021		1,000	1,000,000
						21,985,000

Virginia-2.83%
Norfolk (City of), VA; Series 2007, VRD GO Bonds^(b)	0.02%		08/01/2037		4,300	4,300,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26 Short-Term Investments Trust

Schedule of Investments-(continued)

August 31, 2021

Invesco Tax-Free Cash Reserve Portfolio-(continued)


	Interest Rate			Maturity Date		Principal Amount (000)			Value
Washington-3.64%

Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		0.02	%		09/01/2049		$	3,375		$	3,375,000

Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		0.02	%		11/01/2047			2,145			2,145,000

											5,520,000
West Virginia-4.15%

Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)^(b)(c)		0.03	%		07/01/2039			845			845,000

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Branch Banking & Trust Co.)^(b)(c)		0.09	%		01/01/2034			5,460			5,460,000

											6,305,000
Wisconsin-2.17%

Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)^(b)(c)		0.03	%		10/01/2042			3,300			3,300,000

TOTAL INVESTMENTS IN SECURITIES^(d)(e)-99.66% (Cost $151,290,000)											151,290,000

OTHER ASSETS LESS LIABILITIES-0.34%											518,219

NET ASSETS-100.00%										$	151,808,219

Investment Abbreviations:


CEP	-	Credit Enhancement Provider
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
RB	-	Revenue Bonds
Ref.	-	Refunding
VRD	-	Variable Rate Demand

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: other countries less than 5% each: 9.9%.

(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, 2021.

(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)


Entities		Percentage


Federal Home Loan Mortgage Corporation		7.2%


Federal Home Loan Banks		6.8

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27 Short-Term Investments Trust

Statements of Assets and Liabilities

August 31, 2021


	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 unaffiliated securities, at value	$	1,994,278,560		$	173,154,541		$	7,755,082,930		$	25,411,615,783	$	1,226,616,538		$	151,290,000

Repurchase agreements, at value and cost		369,000,000			49,802,657			12,082,390,049			29,717,415,451		-			-

Cash		-			-			577,336			6,677,836		-			5,066

Receivable for:
Investments sold		-			-			-			-		-			430,000

Interest		148,594			12,725			12,374,635			24,570,252		44,708			5,567

Fund expenses absorbed		170,952			40,334			2,460,098			5,082,215		200,022			113,016

Investment for trustee deferred compensation and retirement plans		3,992,585			1,088,300			2,389,618			1,085,979		121,585			379,290

Other assets		-			133,352			306,493			-		2,435			29,203

Total assets		2,367,590,691			224,231,909			19,855,581,159			55,166,447,516		1,226,985,288			152,252,142

Liabilities:
Payable for:
Investments purchased		-			-			-			1,379,267,090		64,992,606			-

Amount due custodian		1,414			-			-			-		-			-

Dividends		13,727			1,978			179,381			1,104,647		8,171			1,292

Accrued fees to affiliates		415,265			38,105			3,558,150			6,465,959		175,464			31,800

Accrued trustees’ and officers’ fees and benefits		6,795			3,723			31,547			56,731		5,117			3,626

Accrued operating expenses		22,512			19,371			283,544			339,183		18,224			6,706

Trustee deferred compensation and retirement plans		4,242,243			1,148,386			2,697,412			1,371,047		137,515			400,499

Total liabilities		4,701,956			1,211,563			6,750,034			1,388,604,657		65,337,097			443,923

Net assets applicable to shares outstanding	$	2,362,888,735		$	223,020,346		$	19,848,831,125		$	53,777,842,859	$	1,161,648,191		$	151,808,219

Net assets consist of:
Shares of beneficial interest	$	2,365,347,369		$	223,766,836		$	19,850,036,171		$	53,777,282,283	$	1,161,696,627		$	152,087,607

Distributable earnings (loss)		(2,458,634	)		(746,490	)		(1,205,046	)		560,576		(48,436	)		(279,388	)

	$	2,362,888,735		$	223,020,346		$	19,848,831,125		$	53,777,842,859	$	1,161,648,191		$	151,808,219

Net Assets:
Institutional Class	$	2,356,363,228		$	221,717,748		$	17,093,039,313		$	49,464,205,401	$	1,063,311,616		$	118,266,650

Private Investment Class	$	2,892,211		$	605,175		$	303,847,586		$	505,970,104	$	14,644,841		$	9,554,669

Personal Investment Class	$	10,250		$	92,853		$	265,106,098		$	9,360,221	$	3,812,664		$	1,677,129

Cash Management Class	$	2,922,067		$	496,042		$	452,222,119		$	747,955,590	$	252,997		$	4,596,658

Reserve Class	$	215,606		$	87,037		$	867,766,514		$	408,499,951	$	74,494,612		$	16,226,010

Resource Class	$	362,237		$	385		$	53,210,214		$	117,901,903	$	98,108		$	1,476,824

Corporate Class	$	23,138		$	21,106		$	266,547,880		$	1,082,096,274	$	5,033,353		$	10,279

CAVU Securities Class	$	99,998		$	-		$	547,091,401		$	1,441,853,415	$	-		$	-

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28 Short-Term Investments Trust

Statements of Assets and Liabilities-(continued)

August 31, 2021


	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		2,355,507,320		221,714,110		17,091,834,561		49,463,570,063		1,063,304,332		118,246,855

Private Investment Class		2,891,165		605,163		303,825,357		505,958,454		14,644,769		9,553,027

Personal Investment Class		10,246		92,850		265,087,709		9,360,026		3,812,673		1,676,778

Cash Management Class		2,921,011		496,034		452,190,570		747,945,735		252,996		4,595,842

Reserve Class		215,528		87,035		867,713,579		408,490,685		74,493,505		16,223,286

Resource Class		362,106		385		53,207,288		117,898,770		98,107		1,476,569

Corporate Class		23,129		21,106		266,528,645		1,082,095,578		5,033,318		10,277

CAVU Securities Class		99,962		-		547,040,941		1,441,849,681		-		-

Net asset value, offering and redemption price per share for each class	$	1.0004	$	1.0000	$	1.00	$	1.00	$	1.00	$	1.00

Cost of Investments	$	2,363,115,640	$	222,957,432	$	19,837,472,979	$	55,129,031,234	$	1,226,616,538	$	151,290,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29 Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2021


	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	$	5,304,722		$	347,608		$	22,906,414		$	39,213,423		$	1,359,111		$141,719

Expenses:
Advisory fees		3,682,808			362,050			30,842,557			39,069,697			1,651,651		338,636

Administrative services fees		1,077,307			106,317			9,078,072			17,147,659			565,687		74,910

Custodian fees		20,349			11,653			880,897			2,355,252			17,559		4,401

Distribution fees:
Private Investment Class		9,354			2,693			1,048,044			1,598,160			38,315		25,535

Personal Investment Class		55			1,581			1,560,536			51,413			6,801		10,493

Cash Management Class		2,345			400			337,881			433,409			211		3,846

Reserve Class		2,367			757			5,315,780			3,943,150			636,492		195,443

Resource Class		724			100			298,448			224,545			227		3,251

Corporate Class		11			6			123,740			60,512			2,286		3

Transfer agent fees		220,968			21,723			1,850,553			3,516,273			114,899		15,239

Trustees’ and officers’ fees and benefits		60,736			26,698			360,492			579,772			45,166		25,687

Registration and filing fees		101,698			94,236			281,389			268,282			99,375		103,928

Reports to shareholders		26,084			20,895			78,111			231,219			22,870		49,806

Professional services fees		47,979			38,739			141,772			360,693			42,598		35,900

Other		128,322			51,770			327,756			779,472			99,236		33,770

Total expenses		5,381,107			739,618			52,526,028			70,619,508			3,343,373		920,848

Less: Fees waived		(1,111,003	)		(416,484	)		(31,868,399	)		(41,370,765	)		(2,117,448	)	(796,323)

Net expenses		4,270,104			323,134			20,657,629			29,248,743			1,225,925		124,525

Net investment income		1,034,618			24,474			2,248,785			9,964,680			133,186		17,194

Realized and unrealized gain (loss)from:
Net realized gain from unaffiliated investment securities		2,613			552			30,818			542,485			47,304		-

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(496,709	)		(2,800	)		-			-			-		-

Net realized and unrealized gain (loss)		(494,096	)		(2,248	)		30,818			542,485			47,304		-

Net increase in net assets resulting from operations	$	540,522		$	22,226		$	2,279,603		$	10,507,165		$	180,490		$17,194

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30 Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2021 and 2020


	Invesco Liquid Assets Portfolio						Invesco STIC Prime Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	1,034,618		$	29,970,218		$	24,474		$	5,414,497

Net realized gain (loss)		2,613			(15,623	)		552			78

Change in net unrealized appreciation (depreciation)		(496,709	)		45,074			(2,800	)		(41,714	)

Net increase in net assets resulting from operations		540,522			29,999,669			22,226			5,372,861

Distributions to shareholders from distributable earnings:
Institutional Class		(1,033,839	)		(29,817,713	)		(24,275	)		(5,392,900	)

Private Investment Class		(318	)		(36,868	)		(92	)		(11,032	)

Personal Investment Class		(4	)		(74	)		(31	)		(2,832	)

Cash Management Class		(359	)		(107,505	)		(52	)		(5,280	)

Reserve Class		(29	)		(1,504	)		(11	)		(1,098	)

Resource Class		(40	)		(3,570	)		(9	)		(1,140	)

Corporate Class		(13	)		(2,984	)		(4	)		(215	)

CAVU Securities Class		(16	)		-			-			-

Total distributions from distributable earnings		(1,034,618	)		(29,970,218	)		(24,474	)		(5,414,497	)

Share transactions-net:
Institutional Class		(201,574,311	)		114,142,968			(99,033,118	)		(331,356,151	)

Private Investment Class		(648,893	)		(1,176,345	)		(671,036	)		(71,436	)

Personal Investment Class		-			-			(302,491	)		(45,201	)

Cash Management Class		(24,434	)		(6,335,509	)		(7,793	)		(96,257	)

Reserve Class		(62,582	)		(24,329	)		(18,402	)		(167,883	)

Resource Class		(3,337	)		2,906			(122,205	)		(674	)

Corporate Class		(15,522	)		(287,979	)		4			251

CAVU Securities Class		100,002			-			-			-

Net increase (decrease) in net assets resulting from share transactions		(202,229,077	)		106,321,712			(100,155,041	)		(331,737,351	)

Net increase (decrease) in net assets		(202,723,173	)		106,351,163			(100,157,289	)		(331,778,987	)

Net assets:
Beginning of year		2,565,611,908			2,459,260,745			323,177,635			654,956,622

End of year	$	2,362,888,735		$	2,565,611,908		$	223,020,346		$	323,177,635

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31 Short-Term Investments Trust

Statements of Changes in Net Assets-(continued)

For the years ended August 31, 2021 and 2020


	Invesco Treasury Portfolio						Invesco Government & Agency Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	2,248,785		$	163,580,411		$	9,964,680		$	264,467,683

Net realized gain (loss)		30,818			139,394			542,485			(189,477	)

Net increase in net assets resulting from operations		2,279,603			163,719,805			10,507,165			264,278,206

Distributions to shareholders from distributable earnings:
Institutional Class		(2,005,555	)		(146,246,982	)		(9,402,663	)		(254,196,609	)

Private Investment Class		(35,458	)		(3,446,279	)		(120,583	)		(4,200,784	)

Personal Investment Class		(28,813	)		(2,137,800	)		(2,025	)		(89,620	)

Cash Management Class		(42,921	)		(3,199,903	)		(128,425	)		(2,683,953	)

Reserve Class		(62,101	)		(1,117,598	)		(105,814	)		(1,290,595	)

Resource Class		(18,705	)		(4,967,684	)		(32,727	)		(1,599,458	)

Corporate Class		(41,758	)		(2,664,191	)		(52,287	)		(439,777	)

CAVU Securities Class		(13,474	)		-			(120,156	)		-

Total distributions from distributable earnings		(2,248,785	)		(163,780,437	)		(9,964,680	)		(264,500,796	)

Share transactions-net:
Institutional Class		(2,122,806,791	)		498,579,949			19,204,558,855			256,030,543

Private Investment Class		(118,976,592	)		(83,191,362	)		(76,121,055	)		49,500,711

Personal Investment Class		(16,713,545	)		(78,430,874	)		(4,169,839	)		(2,461,469	)

Cash Management Class		80,255,547			(24,723,778	)		316,471,282			66,475,768

Reserve Class		286,064,751			292,043,533			7,054,623			103,651,946

Resource Class		(582,467,587	)		3,118,922			(25,248,184	)		(37,467,649	)

Corporate Class		(867,085,822	)		704,514,058			1,050,827,823			(9,080,725	)

CAVU Securities Class		547,040,941			-			1,441,849,681			-

Net increase (decrease) in net assets resulting from share transactions		(2,794,689,098	)		1,311,910,448			21,915,223,186			426,649,125

Net increase (decrease) in net assets		(2,794,658,280	)		1,311,849,816			21,915,765,671			426,426,535

Net assets:
Beginning of year		22,643,489,405			21,331,639,589			31,862,077,188			31,435,650,653

End of year	$	19,848,831,125		$	22,643,489,405		$	53,777,842,859		$	31,862,077,188

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32 Short-Term Investments Trust

Statements of Changes in Net Assets-(continued)

For the years ended August 31, 2021 and 2020


	Invesco Treasury Obligations Portfolio						Invesco Tax-Free Cash Reserve Portfolio

	2021			2020			2021			2020

Operations:
Net investment income	$	133,186		$	10,091,353		$	17,194		$	1,534,657

Net realized gain (loss)		47,304			(57,411	)		-			-

Net increase in net assets resulting from operations		180,490			10,033,942			17,194			1,534,657

Distributions to shareholders from distributable earnings:
Institutional Class		(123,225	)		(9,782,969	)		(12,978	)		(1,172,112	)

Private Investment Class		(1,559	)		(65,930	)		(1,039	)		(106,524	)

Personal Investment Class		(128	)		(898	)		(195	)		(7,119	)

Cash Management Class		(29	)		(16,009	)		(490	)		(177,298	)

Reserve Class		(7,454	)		(212,244	)		(2,280	)		(50,307	)

Resource Class		(17	)		(1,150	)		(208	)		(21,222	)

Corporate Class		(774	)		(12,153	)		(4	)		(75	)

Total distributions from distributable earnings		(133,186	)		(10,091,353	)		(17,194	)		(1,534,657	)

Share transactions-net:
Institutional Class		(306,942,642	)		325,218,196			(32,730,801	)		(10,043,247	)

Private Investment Class		220,502			4,941,082			(580,210	)		(10,353,451	)

Personal Investment Class		3,070,903			630,111			(1,906,614	)		1,041,703

Cash Management Class		(87,640	)		(1,553,674	)		(893,331	)		(21,806,010	)

Reserve Class		19,907,010			(123,709	)		(10,596,705	)		6,820,117

Resource Class		(51,953	)		16,515			(1,527,247	)		1,886,657

Corporate Class		(5,409,097	)		10,431,998			-			85

Net increase (decrease) in net assets resulting from share transactions		(289,292,917	)		339,560,519			(48,234,908	)		(32,454,146	)

Net increase (decrease) in net assets		(289,245,613	)		339,503,108			(48,234,908	)		(32,454,146	)

Net assets:
Beginning of year		1,450,893,804			1,111,390,696			200,043,127			232,497,273

End of year	$	1,161,648,191		$	1,450,893,804		$	151,808,219		$	200,043,127

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

33 Short-Term Investments Trust

Financial Highlights

The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.

Reserve 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 investment income to average net assets
Invesco Liquid Assets Portfolio
Year ended 08/31/21	$	1.0006	$	0.0001	$	(0.0002	)	$	(0.0001	)	$	(0.0001	)	$	-		$	(0.0001	)	$	1.0004		(0.01	)%	$	216		0.21	%		1.09	%		0.01	%
Year ended 08/31/20		1.0004		0.0059		(0.0006	)		0.0053			(0.0051	)		-			(0.0051	)		1.0006		0.53			278		0.85			1.09			0.59
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
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
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
Invesco STIC Prime Portfolio
Year ended 08/31/21		1.0000		0.0001		(0.0000	)		0.0001			(0.0001	)		-			(0.0001	)		1.0000		0.01			87		0.13			1.17			0.01
Year ended 08/31/20		1.0001		0.0045		(0.0001	)		0.0044			(0.0045	)		-			(0.0045	)		1.0000		0.45			105		0.90			1.13			0.44
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
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
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
Invesco Treasury Portfolio
Year ended 08/31/21		1.00		0.00		0.00			0.00			(0.00	)		-			(0.00	)		1.00		0.01			867,767		0.10			1.08			0.01
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			1.08			0.44
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
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
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
Invesco Government & Agency Portfolio
Year ended 08/31/21		1.00		0.00		0.00			0.00			(0.00	)		-			(0.00	)		1.00		0.02			408,500		0.08			1.03			0.02
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			1.02			0.37
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
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
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
Invesco Treasury Obligations Portfolio
Year ended 08/31/21		1.00		0.00		0.00			0.00			(0.00	)		-			(0.00	)		1.00		0.01			74,495		0.10			1.08			0.01
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			1.07			0.27
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
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
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
Invesco Tax-Free Cash Reserve Portfolio
Year ended 08/31/21		1.00		0.00		-			0.00			(0.00	)		-			(0.00	)		1.00		0.01			16,226		0.07			1.27			0.01
Year ended 08/31/20		1.00		0.00		-			0.00			(0.00	)		-			(0.00	)		1.00		0.23			26,823		0.69			1.21			0.26
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
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
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

^(a)	Calculated using average shares outstanding.

^(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

34 Short-Term Investments Trust

Notes to Financial Statements

August 31, 2021

NOTE 1–Significant Accounting Policies

Invesco Liquid Assets Portfolio determines its NAV per share multiple times each day.

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

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.

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

B.	Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is

35 Short-Term Investments Trust

recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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.

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.

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

Accounting Estimates – The 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.

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. The risk of material loss as a result of such indemnification claims is considered remote.

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.

LIBOR Risk – Certain Funds may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. 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. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on a Fund or the instruments in which a Fund invests cannot yet

36 Short-Term Investments Trust

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.

COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


	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, 2021, 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	%

37 Short-Term Investments Trust


		Private	Personal	Cash				CAVU
	Institutional	Investment	Investment	Management	Reserve	Resource	Corporate	Securities
	Class	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%	0.18%

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%	0.18%

Invesco Government & Agency Portfolio	0.18%	0.48%	0.73%	0.26%	1.05%	0.34%	0.21%	0.18%

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%	–

For the year ended August 31, 2021, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


	Expense
	Limitation

Invesco Liquid Assets Portfolio	$	946,890

Invesco STIC Prime Portfolio		299,622

Invesco Treasury Portfolio		6,830,582

Invesco Government & Agency Portfolio		–

Invesco Treasury Obligations Portfolio		361,074

Invesco Tax-Free Cash Reserve Portfolio		342,621


			Private		Personal		Cash
			Investment		Investment		Management		Reserve		Resource		Corporate
	Fund Level		Class		Class		Class		Class		Class		Class

Invesco Liquid Assets Portfolio	$	151,393	$	8,295	$	53	$	1,475	$	2,280	$	611	$	6

Invesco STIC Prime Portfolio		111,324		2,693		1,582		401		756		99		7

Invesco Treasury Portfolio		16,380,981		1,044,600		1,557,907		334,641		5,311,227		292,921		115,540

Invesco Government & Agency Portfolio		35,089,442		1,587,507		51,169		425,384		3,935,502		221,813		59,948

Invesco Treasury Obligations Portfolio		1,072,242		38,278		6,799		209		636,358		227		2,261

Invesco Tax-Free Cash Reserve Portfolio		215,131		25,535		10,493		3,846		195,443		3,251		3

38 Short-Term Investments Trust


	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%

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

NOTE 3–Additional Valuation Information


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

NOTE 4–Security Transactions with Affiliated Funds


	Securities Purchases	Securities Sales	Net Realized Gains

Invesco Liquid Assets Portfolio	$65,476,811	$102,280,976	$–

Invesco STIC Prime Portfolio	9,575,329	21,370,331	–

Invesco Tax-Free Cash Reserve Portfolio	171,264,956	187,032,086	–

NOTE 5–Trustees’ and Officers’ Fees and Benefits

39 Short-Term Investments Trust

NOTE 6–Cash Balances

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, 2021 and 2020

2021

2020

Ordinary

Income-Tax-

Ordinary

Income-Tax-

Long-Term

Income*

Exempt

Income*

Exempt

Capital Gains

Invesco Liquid Assets Portfolio

1,034,618

–

29,970,218

–

Invesco STIC Prime Portfolio

24,474

–

5,414,497

–

Invesco Treasury Portfolio

2,248,785

–

163,582,316

–

198,121

Invesco Government & Agency Portfolio

9,964,680

–

264,469,100

–

31,696

Invesco Treasury Obligations Portfolio

133,186

–

10,091,353

–

Invesco Tax-Free Cash Reserve Portfolio

5,579

11,615

–

1,534,657

–

*	Includes short-term capital gain distributions, if any.


Tax Components of Net Assets at Period-End:
	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
Invesco Liquid Assets Portfolio		$	173,842		$	–		$	(2,782,386)			$	162,920			$	(13,010)			$	2,365,347,369		$	2,362,888,735
Invesco STIC Prime Portfolio			–			–			(746,256	)			(234	)			–				223,766,836			223,020,346
Invesco Treasury Portfolio			649,173			2,727			(1,824,934	)			(32,012	)			–				19,850,036,171			19,848,831,125
Invesco Government & Agency Portfolio			1,536,646			–			(974,903	)			(1,167	)			–				53,777,282,283			53,777,842,859
Invesco Treasury Obligations Portfolio			79,762			–			(92,306	)			(22,651	)			(13,241	)			1,161,696,627			1,161,648,191
Invesco Tax-Free Cash Reserve Portfolio			–			–			(260,296	)			–				(19,092	)			152,087,607			151,808,219

40 Short-Term Investments Trust

The Funds have a capital loss carryforward as of August 31, 2021, as follows:


	Not Subject to
Fund	Expiration		Total*

Invesco Liquid Assets Portfolio		$13,010		$	13,010

Invesco Treasury Obligations Portfolio		13,241			13,241

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, 2021
								Net
								Unrealized
	Federal		Unrealized		Unrealized			Appreciation
	Tax Cost*		Appreciation		(Depreciation)			(Depreciation)

Invesco Liquid Assets Portfolio		$ 2,363,115,640		$169,949		$ (7,029	)		$162,920

Invesco STIC Prime Portfolio		222,957,432		396		(630	)		(234	)

Invesco Treasury Portfolio		19,837,504,991		–		(32,012	)		(32,012	)

Invesco Government & Agency Portfolio		55,129,032,401		–		(1,167	)		(1,167	)

Invesco Treasury Obligations Portfolio		1,226,639,189		–		(22,651	)		(22,651	)

NOTE 9–Reclassification of Permanent Differences


	Undistributed Net				Undistributed Net			Shares of
	Investment Income (Loss)				Realized Gain (Loss)			Beneficial Interest
Invesco Liquid Assets Portfolio		$	(2,780,000	)		$	–		$	2,780,000
Invesco STIC Prime Portfolio			(1,517,829	)			(552)			1,518,381
Invesco Treasury Portfolio			(1,819,350	)			–			1,819,350
Invesco Government & Agency Portfolio			354,175				(354,175)			–
Invesco Treasury Obligations Portfolio			–				–			–
Invesco Tax-Free Cash Reserve Portfolio			(155,342	)			–			155,342

NOTE 10–Share Information

Invesco Liquid Assets Portfolio


	Summary of Share Activity
			Years ended August 31,
	2021^(a)				2020
	Shares		Amount		Shares		Amount

Sold:
Institutional Class		17,486,805,323	$	17,494,025,296		15,429,264,962	$	15,436,049,996

Private Investment Class		371,715		371,900		556,769		556,939

Cash Management Class		6,058		6,061		57,447,877		57,471,129

Reserve Class		79,579		79,611		64,898		64,918

Resource Class		–		–		601		601

Corporate Class		1,001		1,001		172,360		172,517

CAVU Securities Class^(b)		99,962		100,002		–		–

41 Short-Term Investments Trust

NOTE 10–Share Information–(continued)


	Summary of Share Activity
				Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Issued as reinvestment of dividends:
Institutional Class		182,613		$	182,698			6,416,422		$	6,418,790

Private Investment Class		207			207			32,532			32,543

Cash Management Class		359			359			81,549			81,575

Reserve Class		28			28			1,504			1,504

Resource Class		37			37			3,570			3,570

Corporate Class		13			13			2,984			2,984


Reacquired:
Institutional Class		(17,688,475,913	)		(17,695,782,305	)		(15,321,899,211	)		(15,328,325,818	)

Private Investment Class		(1,020,552	)		(1,021,000	)		(1,765,341	)		(1,765,827	)

Cash Management Class		(30,840	)		(30,854	)		(63,868,033	)		(63,888,213	)

Reserve Class		(142,165	)		(142,221	)		(90,719	)		(90,751	)

Resource Class		(3,373	)		(3,374	)		(1,265	)		(1,265	)

Corporate Class		(16,529	)		(16,536	)		(463,261	)		(463,480	)

Net increase (decrease) in share activity		(202,142,477	)	$	(202,229,077)			105,958,198		$	106,321,712

^(a)	57% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	Commencement date of December 18, 2020.

42 Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco STIC Prime Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		1,439,605,312		$	1,439,605,312			1,515,191,563		$	1,515,273,645

Private Investment Class		17,500			17,500			46,700			46,700

Personal Investment Class		-			-			561			561

Cash Management Class		7,472			7,472			-			-

Reserve Class		4			4			281			281

Resource Class		-			-			182			182

Corporate Class		1,000			1,000			36			36


Issued as reinvestment of dividends:
Institutional Class		14,063			14,063			4,489,681			4,489,681

Private Investment Class		91			91			11,032			11,032

Personal Investment Class		27			27			2,832			2,832

Cash Management Class		15			15			3,278			3,278

Reserve Class		7			7			1,098			1,098

Resource Class		7			7			1,140			1,140

Corporate Class		4			4			215			215


Reacquired:
Institutional Class		(1,538,652,493	)		(1,538,652,493	)		(1,851,039,089	)		(1,851,119,477	)

Private Investment Class		(688,627	)		(688,627	)		(129,157	)		(129,168	)

Personal Investment Class		(302,518	)		(302,518	)		(48,590	)		(48,594	)

Cash Management Class		(15,280	)		(15,280	)		(99,534	)		(99,535	)

Reserve Class		(18,413	)		(18,413	)		(169,247	)		(169,262	)

Resource Class		(122,212	)		(122,212	)		(1,996	)		(1,996	)

Corporate Class		(1,000	)		(1,000	)		-			-

Net increase (decrease) in share activity		(100,155,041	)	$	(100,155,041	)		(331,739,014	)	$	(331,737,351	)

^(a)

43 Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		209,389,908,080		$	209,389,908,080			182,665,163,108		$	182,665,163,108

Private Investment Class		564,708,648			564,708,648			1,486,970,970			1,486,970,970

Personal Investment Class		1,460,181,973			1,460,181,973			2,422,880,087			2,422,880,087

Cash Management Class		834,202,437			834,202,437			861,417,932			861,417,932

Reserve Class		2,267,218,779			2,267,218,779			1,819,500,275			1,819,500,275

Resource Class		271,542,723			271,542,723			333,477,473			333,477,473

Corporate Class		4,259,846,179			4,259,846,179			6,641,915,581			6,641,915,581

CAVU Securities Class^(b)		1,619,862,326			1,619,862,326			-			-


Issued as reinvestment of dividends:
Institutional Class		497,496			497,496			45,062,613			45,062,613

Private Investment Class		11,961			11,961			1,524,217			1,524,217

Personal Investment Class		28,558			28,558			2,137,800			2,137,800

Cash Management Class		39,490			39,490			3,199,903			3,199,903

Reserve Class		56,643			56,643			1,117,598			1,117,598

Resource Class		4,380			4,380			377,525			377,525

Corporate Class		26,745			26,745			2,642,981			2,642,981


Reacquired:
Institutional Class		(211,513,212,367	)		(211,513,212,367	)		(182,211,645,772	)		(182,211,645,772	)

Private Investment Class		(683,697,201	)		(683,697,201	)		(1,571,686,549	)		(1,571,686,549	)

Personal Investment Class		(1,476,924,076	)		(1,476,924,076	)		(2,503,448,761	)		(2,503,448,761	)

Cash Management Class		(753,986,380	)		(753,986,380	)		(889,341,613	)		(889,341,613	)

Reserve Class		(1,981,210,671	)		(1,981,210,671	)		(1,528,574,340	)		(1,528,574,340	)

Resource Class		(854,014,690	)		(854,014,690	)		(330,736,076	)		(330,736,076	)

Corporate Class		(5,126,958,746	)		(5,126,958,746	)		(5,940,044,504	)		(5,940,044,504	)

CAVU Securities Class		(1,072,821,385	)		(1,072,821,385	)		-			-

Net increase (decrease) in share activity		(2,794,689,098	)	$	(2,794,689,098	)		1,311,910,448		$	1,311,910,448

^(a)

^(b)	Commencement date of December 18, 2020.

44 Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Government & Agency Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:
Institutional Class		287,998,117,369		$	287,998,117,369			262,928,153,701		$	262,928,153,701

Private Investment Class		1,566,476,737			1,566,476,737			2,584,479,157			2,584,479,157

Personal Investment Class		8,460,874			8,460,874			62,737,197			62,737,197

Cash Management Class		1,020,500,616			1,020,500,616			657,577,573			657,577,573

Reserve Class		1,184,114,517			1,184,114,517			1,172,921,187			1,172,921,187

Resource Class		1,448,949,173			1,448,949,173			1,825,896,962			1,825,896,962

Corporate Class		2,472,495,311			2,472,495,311			820,373,313			820,373,313

CAVU Securities Class^(b)		11,182,358,336			11,182,358,336			-			-


Issued as reinvestment of dividends:
Institutional Class		2,364,199			2,364,199			73,415,945			73,415,945

Private Investment Class		77,027			77,027			3,046,192			3,046,192

Personal Investment Class		1,664			1,664			89,620			89,620

Cash Management Class		62,947			62,947			2,363,772			2,363,772

Reserve Class		96,732			96,732			1,290,595			1,290,595

Resource Class		22,306			22,306			1,403,826			1,403,826

Corporate Class		20,996			20,996			26,956			26,956

CAVU Securities Class		68,987			68,987			-			-


Reacquired:
Institutional Class		(268,795,922,713	)		(268,795,922,713	)		(262,745,539,103	)		(262,745,539,103	)

Private Investment Class		(1,642,674,819	)		(1,642,674,819	)		(2,538,024,638	)		(2,538,024,638	)

Personal Investment Class		(12,632,377	)		(12,632,377	)		(65,288,286	)		(65,288,286	)

Cash Management Class		(704,092,281	)		(704,092,281	)		(593,465,577	)		(593,465,577	)

Reserve Class		(1,177,156,626	)		(1,177,156,626	)		(1,070,559,836	)		(1,070,559,836	)

Resource Class		(1,474,219,663	)		(1,474,219,663	)		(1,864,768,437	)		(1,864,768,437	)

Corporate Class		(1,421,688,484	)		(1,421,688,484	)		(829,480,994	)		(829,480,994	)

CAVU Securities Class		(9,740,577,642	)		(9,740,577,642	)		-			-

Net increase in share activity		21,915,223,186		$	21,915,223,186			426,649,125		$	426,649,125

^(a)

^(b)	Commencement date of December 18, 2020.

45 Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Obligations Portfolio


	Summary of Share Activity

	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount

Sold:

Institutional Class		1,758,486,047		$	1,758,486,047			2,007,630,177		$	2,007,630,177


Private Investment Class		8,037,650			8,037,650			17,752,712			17,752,712


Personal Investment Class		6,051,798			6,051,798			12,396,845			12,396,845


Cash Management Class		-			-			38,202,008			38,202,008


Reserve Class		332,356,357			332,356,357			108,199,892			108,199,892


Resource Class		52,034			52,034			2,952,538			2,952,538


Corporate Class		129			129			16,000,000			16,000,000


Issued as reinvestment of dividends:

Institutional Class		69,137			69,137			1,687,442			1,687,442


Private Investment Class		1,543			1,543			65,930			65,930


Personal Investment Class		102			102			282			282


Cash Management Class		27			27			16,009			16,009


Reserve Class		7,165			7,165			212,244			212,244


Resource Class		3			3			424			424


Corporate Class		774			774			11,998			11,998


Reacquired:

Institutional Class		(2,065,497,826	)		(2,065,497,826	)		(1,684,099,423	)		(1,684,099,423	)


Private Investment Class		(7,818,691	)		(7,818,691	)		(12,877,560	)		(12,877,560	)


Personal Investment Class		(2,980,997	)		(2,980,997	)		(11,767,016	)		(11,767,016	)


Cash Management Class		(87,667	)		(87,667	)		(39,771,691	)		(39,771,691	)


Reserve Class		(312,456,512	)		(312,456,512	)		(108,535,845	)		(108,535,845	)


Resource Class		(103,990	)		(103,990	)		(2,936,447	)		(2,936,447	)


Corporate Class		(5,410,000	)		(5,410,000	)		(5,580,000	)		(5,580,000	)

Net increase (decrease) in share activity		(289,292,917	)	$	(289,292,917	)		339,560,519		$	339,560,519

^(a)

In addition, 60% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

46 Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio


	Summary of Share Activity
	Years ended August 31,
	2021^(a)						2020
	Shares			Amount			Shares			Amount
Sold:
Institutional Class		147,021,640		$	147,021,640			310,891,005		$	310,891,005

Private Investment Class		2,274,008			2,274,008			11,295,911			11,295,911

Personal Investment Class		7,107,975			7,107,975			11,189,176			11,189,176

Cash Management Class		6,420,817			6,420,817			7,389,500			7,389,500

Reserve Class		28,135,345			28,135,345			58,297,928			58,297,928

Resource Class		394,392			394,392			4,102,971			4,102,971

Corporate Class		-			-			10			10


Issued as reinvestment of dividends:
Institutional Class		7,749			7,749			770,263			770,263

Private Investment Class		832			832			106,524			106,524

Personal Investment Class		195			195			7,119			7,119

Cash Management Class		230			230			164,121			164,121

Reserve Class		2,280			2,280			50,307			50,307

Resource Class		205			205			21,121			21,121

Corporate Class		-			-			75			75


Reacquired:
Institutional Class		(179,760,190	)		(179,760,190	)		(321,704,515	)		(321,704,515	)

Private Investment Class		(2,855,050	)		(2,855,050	)		(21,755,886	)		(21,755,886	)

Personal Investment Class		(9,014,784	)		(9,014,784	)		(10,154,592	)		(10,154,592	)

Cash Management Class		(7,314,378	)		(7,314,378	)		(29,359,631	)		(29,359,631	)

Reserve Class		(38,734,330	)		(38,734,330	)		(51,528,118	)		(51,528,118	)

Resource Class		(1,921,844	)		(1,921,844	)		(2,237,435	)		(2,237,435	)

Net increase (decrease) in share activity		(48,234,908	)	$	(48,234,908	)		(32,454,146	)	$	(32,454,146	)

(a)

47 Short-Term Investments Trust

Report of Independent Registered Public Accounting Firm

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 (constituting Short-Term Investments Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2021, including the related notes, and the financial highlights of the Reserve Class for each of the five years in the period ended August 31, 2021 (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, 2021, 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, 2021 and each of the financial highlights of the Reserve Class for each of the five years in the period ended August 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 25, 2021

48 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, 2021 through August 31, 2021.

Actual expenses

Hypothetical example for comparison purposes


Reserve Class	Beginning Account Value (03/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Reserve Class	Beginning Account Value (03/01/21)	Ending Account Value (08/31/21)¹	Expenses Paid During Period²	Ending Account Value (08/31/21)	Expenses Paid During Period²	Annualized Expense Ratio
Invesco Liquid Assets Portfolio	$1,000.00	$1,000.10	$0.86	$1,024.35	$0.87	0.17%
Invesco STIC Prime Portfolio	1,000.00	1,000.10	0.55	1,024.65	0.56	0.11
Invesco Treasury Portfolio	1,000.00	1,000.10	0.30	1,024.90	0.31	0.06
Invesco Government & Agency Portfolio	1,000.00	1,000.10	0.20	1,025.00	0.20	0.04
Invesco Treasury Obligations Portfolio	1,000.00	1,000.10	0.30	1,024.90	0.31	0.06
Invesco Tax-Free Cash Reserve Portfolio	1,000.00	1,000.10	0.25	1,024.95	0.26	0.05

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 184/365 to reflect the most recent fiscal half year.

49 Short-Term Investments Trust

Approval of Investment Advisory and Sub-Advisory Contracts

The Board’s Evaluation Process

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for

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

50 Short-Term Investments Trust

B.	Fund Investment Performance

Invesco Government & Agency Portfolio

Invesco Liquid Assets Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the second 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, which did not change its conclusions.

Invesco STIC Prime Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the third 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 reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. 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, which did not change its conclusions

Invesco Tax-Free Cash Reserve Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet Tax-Free National Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the second 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 reasonably comparable to the Index for the one and five year periods and the same as the three year period. 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, which did not change its conclusions.

Invesco Treasury Obligations Portfolio

Invesco Treasury Portfolio

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio, Invesco STIC Prime Portfolio and Invesco Treasury Portfolio

51 Short-Term Investments Trust

each Fund’s total expense ratio and its various components.

Invesco Liquid Assets Portfolio and Invesco Treasury Obligations Portfolio

management reasons for such relative total expenses.

Invesco Tax-Free Cash Reserve Portfolio

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit

D.	Economies of Scale and Breakpoints

Invesco Government & Agency Portfolio, Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Tax-Free Cash Reserve Portfolio and Invesco Treasury Portfolio

Invesco Treasury Obligations Portfolio

52 Short-Term Investments Trust

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

53 Short-Term Investments Trust

Tax Information

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, 2021:

Federal and State Income Tax


	Business Interest Income*	Qualified Dividend Income*	Corporate Dividends Received Deduction*	U.S. Treasury Obligations*	Tax-Exempt Interest Dividend*
Invesco Liquid Assets Portfolio	99.55%	0.00%	0.00%	1.79%	0.00%

Invesco STIC Prime Portfolio	58.31%	0.00%	0.00%	0.05%	0.00%

Invesco Treasury Portfolio	99.85%	0.00%	0.00%	87.39%	0.00%

Invesco Government & Agency Portfolio	99.21%	0.00%	0.00%	91.17%	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%	67.55%

*	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		$	-		0.00	%
Invesco STIC Prime Portfolio			-		0.00	%
Invesco Treasury Portfolio			-		100.00	%
Invesco Government & Agency Portfolio			354,175		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.

54 Short-Term Investments Trust

Trustees and Officers


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	184	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
Christopher L. Wilson – 1957 Trustee and Chair	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		184	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)
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		184	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 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		184	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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP		184	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School – Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank		184	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)
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; and Trustee of certain Oppenheimer Funds		184	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee
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		184	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP

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)
Prema Mathai-Davis – 1950 Trustee	1997	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		184	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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street		184	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); 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 Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)		184	Formerly: Elucida Oncology (nanotechnology & medical particles company)
Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP		184	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP		184	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)		184	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds

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)
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		184	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)

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 and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; 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, Oppenheimer Funds, Inc. Formerly: Vice President, Treasurer 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.; 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 and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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 and Vice President, Harbour view Asset Management Corporation; Secretary and Vice President, Oppenheimer Funds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., 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)
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, President and Chairman, Invesco Insurance Agency, Inc.; 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
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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; 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

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)
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.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A		N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A		N/A
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; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A		N/A
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President 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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A		N/A


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

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


SEC file numbers: 811-02729 and 002-58287		Invesco Distributors, Inc.		CM-STIT-AR-7

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. Only clients of CAVU Securities, LLC (CAVU) are eligible to purchase the Funds’ CAVU Securities Class. CAVU is a veteran and minority owned firm that measures the success of the firm not only based on financial performance, but also by the positive contributions it makes in giving back to the community, our country and those who have served our country. The CAVU Securities Class may not be purchased directly by individuals. In order to be a shareholder of the CAVU Securities Class, an individual generally needs to have a brokerage account with CAVU or its affiliates or another intermediary authorized by CAVU to offer the Fund’s CAVU Securities Class.

Unless otherwise stated, information presented in this report is as of August 31. 2021. and is based on total net assets. Unless otherwise stated, all data provided by Invesco.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Table of Contents


Fund Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		3

Fund Objectives and Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		4

Fund Composition by Maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		5

Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		6

Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		19

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		24

Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		25

Report of Independent Registered Public Accounting Firm . . . . . . . . . . .		33

Fund Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		34

Approval of Investment Advisory and Sub-Advisory Contracts . . . . . . . .		35

Tax Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		39

Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		T-1

Fund Data

CAVU Securities Class data as of 8/31/21

FUND

WEIGHTED

AVERAGE

MATURITY

WEIGHTED

AVERAGE

LIFE

TOTAL

NET

ASSETS

Range
During
Reporting
Period

At
Reporting
Period
End

Invesco Liquid Assets¹

33 - 52 days

48 days

68 days

$100.0 thousand

Invesco Treasury²

25 - 55 days

48 days

116 days

547.1 million

Invesco Government & Agency²

19 - 57 days

37 days

102 days

1.4 billion


3		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 Treasury Portfolio

Invesco Treasury Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.

Invesco Government & Agency Portfolio

Invesco Government & Agency Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity.


4		Short-Term Investments Trust

Fund Composition by Maturity


In days, as of 8/31/21
	Invesco Liquid Assets Portfolio			Invesco Treasury Portfolio			Invesco Government & Agency Portfolio


1 - 7		44.6	%		60.9	%		52.2	%


8 - 30		2.3			0.0			11.7


31 - 60		13.6			1.2			2.9


61 - 90		17.3			2.3			2.2


91 - 180		7.8			7.6			9.3


181+		14.4			28.0			21.7

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.


5		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Liquid Assets Portfolio


	Interest Rate		Maturity Date	Principal Amount (000)		Value
Commercial Paper-44.60%^(a)
Asset-Backed Securities - Fully Supported-3.17%
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.20%	09/02/2021	$	20,000	$	19,999,913
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)^(b)(c)		0.18%	11/08/2021		55,000		54,991,461
							74,991,374

Asset-Backed Securities - Fully Supported Bank-8.49%
Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.08%)^(b)(c)(d)		0.15%	01/26/2022		50,000		50,007,500
Anglesea Funding LLC (Multi - CEP’s), (1 mo. OBFR + 0.06%)^(b)(c)(d)		0.13%	02/18/2022		25,000		25,003,167
Bedford Row Funding Corp. (CEP - Royal Bank of Canada), (3 mo. USD LIBOR + 0.08%)^(b)(c)(d)		0.21%	10/21/2021		10,000		10,001,719
Concord Minutemen Capital Co. LLC (Multi - CEP’s)^(b)(c)		0.13%	10/08/2021		15,000		14,998,496
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.20%	09/03/2021		40,000		39,999,750
LMA-Americas LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)^(b)(c)		0.14%	10/25/2021		10,500		10,498,364
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)^(b)(c)		0.10%	09/02/2021		35,000		34,999,854
Versailles Commercial Paper LLC (CEP - Natixis S.A.), (1 mo. USD LIBOR + 0.09%)^(b)(c)(d)		0.18%	09/01/2021		15,000		15,001,038
							200,509,888

Consumer Finance-2.12%
Toyota Finance Australia Ltd.^(c)		0.14%	11/16/2021		50,000		49,988,771

Diversified Banks-26.13%
Agricultural Bank of China Ltd.^(b)(c)		0.17%	11/22/2021		70,000		69,968,852
ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.17%	04/04/2022		23,700		23,681,941
Barclays Bank PLC^(b)(c)		0.18%	09/10/2021		30,000		29,999,375
Barclays Bank PLC^(b)(c)		0.16%	12/03/2021		5,000		4,998,329
Barclays Bank PLC^(b)(c)		0.18%	01/06/2022		20,000		19,989,476
Barclays Bank PLC^(b)(c)		0.16%	02/10/2022		25,000		24,982,002
DBS Bank Ltd.^(b)(c)		0.16%	10/01/2021		50,000		49,995,910
Dexia Credit Local S.A.^(b)(c)		0.17%	02/28/2022		70,000		69,952,487
DNB Bank ASA^(b)(c)		0.05%	09/07/2021		39,000		38,999,659
HSBC Bank PLC^(b)(c)		0.26%	10/08/2021		25,000		24,995,408
National Australia Bank Ltd. (3 mo. USD LIBOR + 0.06%)^(b)(c)(d)		0.19%	11/10/2021		50,000		50,011,354
Natixis S.A.^(c)		0.20%	10/14/2021		35,000		34,996,792
Nordea Bank Abp^(b)(c)		0.13%	11/18/2021		50,000		49,991,112
Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.19%	10/01/2021		25,000		25,001,831
Royal Bank of Canada^(b)(c)		0.20%	06/16/2022		15,000		14,975,796
Toronto-Dominion Bank (The)^(b)(c)		0.21%	06/22/2022		25,000		24,965,993
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)^(b)(c)(d)		0.16%	07/08/2022		10,000		10,004,440
United Overseas Bank Ltd.^(b)(c)		0.27%	09/28/2021		25,000		24,998,367
United Overseas Bank Ltd.^(b)(c)		0.28%	10/04/2021		25,000		24,997,993
							617,507,117

Diversified Capital Markets-1.69%
UBS AG (3 mo. USD LIBOR + 0.07%)^(b)(c)(d)		0.22%	10/04/2021		10,000		10,000,347
UBS AG^(b)(c)		0.25%	08/18/2022		30,000		29,932,240
							39,932,587

Regional Banks-3.00%
ASB Finance Ltd.^(b)(c)		0.19%	11/10/2021		20,000		19,996,884

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


6		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Regional Banks-(continued)
ASB Finance Ltd.^(b)(c)		0.25%		03/18/2022	$	20,920	$	20,904,851
ASB Finance Ltd.^(b)(c)		0.21%		07/08/2022		30,000		29,956,460
								70,858,195
Total Commercial Paper (Cost $1,053,659,584)								1,053,787,932

Certificates of Deposit-35.83%
Bank of Montreal^(c)		0.21%		06/24/2022		10,000		10,002,465
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%)^(c)(d)		0.18%		11/09/2021		20,000		20,004,002
Bank of Nova Scotia (The) (SOFR + 0.11%)^(c)(d)		0.16%		04/20/2022		50,000		49,999,380
Canadian Imperial Bank of Commerce^(c)		0.04%		09/01/2021		118,000		118,000,000
China Construction Bank Corp.^(c)		0.16%		11/22/2021		70,000		69,997,901
Credit Agricole Corporate & Investment Bank S.A.^(c)		0.05%		09/01/2021		68,000		68,000,000
Goldman Sachs Bank USA		0.17%		02/04/2022		35,000		35,001,217
Mizuho Bank Ltd.^(c)		0.08%		09/01/2021		64,418		64,418,489
Nordea Bank Abp^(c)		0.04%		09/01/2021		69,000		69,000,000
Royal Bank of Canada (3 mo. USD LIBOR + 0.04%)^(c)(d)		0.18%		10/07/2021		25,000		25,001,655
Skandinaviska Enskilda Banken AB^(c)		0.04%		09/01/2021		118,000		118,000,000
Svenska Handelsbanken AB^(c)		0.03%		09/01/2021		105,000		105,000,000
Svenska Handelsbanken AB^(c)		0.21%		01/03/2022		14,300		14,304,959
Toronto-Dominion Bank (The) (SOFR + 0.20%)^(c)(d)		0.25%		02/16/2022		25,000		25,013,293
Westpac Banking Corp. (SOFR + 0.13%)^(c)(d)		0.18%		07/15/2022		55,000		55,007,268
Total Certificates of Deposit (Cost $846,716,057)								846,750,629

Variable Rate Demand Notes-3.97%^(e)
Credit Enhanced-3.97%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)(f)		0.13%		04/01/2047		9,200		9,199,999
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(f)		0.13%		05/01/2037		2,500		2,500,000
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		0.05%		08/01/2045		82,040		82,040,000
Total Variable Rate Demand Notes (Cost $93,739,999)								93,739,999
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-84.40% (Cost $1,994,115,640)								1,994,278,560

					Repurchase Amount

Repurchase Agreements-15.62%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2021, aggregate maturing value of $100,003,111 (collateralized by U.S. Treasury obligations, domestic and foreign corporate obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and domestic and foreign non-agency asset-backed securities valued at $103,174,606; 0.00% - 8.40%; 09/09/2021 - 07/20/2071)^(c)(h)		0.16%		09/07/2021		27,000,840		27,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $10,000,447 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, a domestic corporate obligation and a U.S. Treasury obligation valued at $10,316,976; 0.13% - 5.51%; 02/28/2023 - 07/20/2071)^(c)(h)		0.23%		09/01/2021		10,000,447		10,000,000
BMO Capital Markets Corp., term agreement dated 08/25/2021, maturing value of $20,000,700 (collateralized by domestic agency and non-agency mortgage-backed securities, a domestic non-agency asset-backed security, U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $20,552,976; 0.08% - 6.30%; 10/01/2021 - 07/20/2071)^(c)(h)		0.18%		09/01/2021		20,000,700		20,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date	Repurchase Amount		Value
Citigroup Global Markets, Inc., joint open agreement dated 01/22/2021 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $203,550,733; 0.00% - 7.26%; 09/14/2022 - 12/01/2061)⁽ⁱ⁾		0.54%	09/01/2021	$	8,003,631	$	8,000,000
Citigroup Global Markets, Inc., joint open agreement dated 10/28/2020 (collateralized by domestic non-agency mortgage-backed securities, domestic non-agency asset-backed securities and domestic and foreign corporate obligations valued at $55,232,635; 0.00% - 7.70%; 10/27/2022 - 06/04/2081)⁽ⁱ⁾		0.54%	09/01/2021		10,004,504		10,000,000
Citigroup Global Markets, Inc., open agreement dated 10/02/2020 (collateralized by domestic and foreign corporate obligations valued at $55,001,324; 1.60% - 9.63%; 09/01/2025 - 07/01/2036)⁽ⁱ⁾		0.55%	09/01/2021		50,022,937		50,000,000
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $10,000,000 (collateralized by domestic and foreign non-agency asset-backed securities, foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $10,500,000; 0.04% - 4.70%; 08/21/2028 - 05/15/2061)^(c)(d)		0.33%	10/05/2021		2,000,000		2,000,000
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 $31,922,998; 0.00% - 8.75%; 12/01/2021 - 07/25/2059)⁽ⁱ⁾		0.46%	09/01/2021		15,005,697		15,000,000
J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic and foreign corporate obligations valued at $110,000,292; 3.88% - 9.00%; 01/15/2024 - 04/01/2044)⁽ⁱ⁾		0.37%	09/01/2021		65,020,439		65,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by domestic and foreign equity securities valued at $15,753,648; 0.00% - 8.38%; 01/31/2028 - 06/23/2050)⁽ⁱ⁾		0.27%	09/01/2021		7,001,618		7,000,000
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by domestic and foreign corporate obligations valued at $52,503,917; 0.45% - 5.01%; 11/01/2024 - 07/01/2051)^(c)(i)		0.20%	09/01/2021		25,004,319		25,000,000
Mizuho Securities (USA) LLC, joint open agreement dated 07/02/2021 (collateralized by domestic and foreign equity securities valued at $52,500,236; 0.00%)^(c)(i)		0.22%	09/01/2021		20,000,122		20,000,000
RBC Capital Markets LLC, joint agreement dated 08/31/2021, aggregate maturing value of $100,000,556 (collateralized by a foreign non-agency asset-backed security, domestic and foreign corporate obligations and foreign commercial paper valued at $105,000,765; 0.00% - 6.75%; 10/15/2021 - 06/01/2070)^(c)		0.20%	09/01/2021		20,000,111		20,000,000
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $63,611,054; 0.23% -13.00%; 11/10/2021 - 08/01/2118)^(c)(i)		0.25%	09/01/2021		25,000,174		25,000,000
Societe Generale, joint open agreement dated 08/20/2021 (collateralized by domestic and foreign corporate obligations valued at $92,242,834; 0.20% - 11.88%; 06/27/2022 - 09/14/2077)^(c)(i)		0.18%	09/01/2021		65,000,325		65,000,000
Total Repurchase Agreements (Cost $369,000,000)							369,000,000
TOTAL INVESTMENTS IN SECURITIES^(j)(k)-100.02% (Cost $2,363,115,640)							2,363,278,560
OTHER ASSETS LESS LIABILITIES-(0.02)%							(389,825	)
NET ASSETS-100.00%						$	2,362,888,735

Investment Abbreviations:

CEP	-Credit Enhancement Provider

FEDL	-Federal Funds Effective Rate

LIBOR

-London Interbank Offered Rate

LOC	-Letter of Credit

OBFR	-Overnight Bank Funding Rate

RB	-Revenue Bonds

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.


8		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Liquid Assets Portfolio–(continued)

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)

^(c)

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2021.

^(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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

^(j)	Also represents cost for federal income tax purposes.

^(k)


Entities		Percentage
Svenska Handelsbanken AB		5.1%
Nordea Bank Abp		5.0
Credit Agricole S.A.		5.0

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Short-Term Investments Trust

Schedule of Investments

August 31, 2021

Invesco Treasury Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-39.07%
U.S. Treasury Bills-3.43%^(a)
U.S. Treasury Bills		0.04%-0.05%		10/07/2021	$	230,335	$	230,314,483
U.S. Treasury Bills		0.11%		12/02/2021		150,000		149,957,834
U.S. Treasury Bills		0.07%		06/16/2022		150,000		149,916,000
U.S. Treasury Bills		0.08%		07/14/2022		150,000		149,901,250
								680,089,567

U.S. Treasury Notes-35.64%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		450,000		450,057,692
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		500,000		499,930,751
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		744,000		744,295,573
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		450,000		450,007,504
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		605,000		604,987,984
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		100,000		100,000,000
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		250,500		250,513,490
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		627,000		627,026,147
U.S. Treasury Notes		1.38%		01/31/2022		200,000		201,076,487
U.S. Treasury Notes		1.50%		01/31/2022		165,000		165,974,159
U.S. Treasury Notes		1.88%		01/31/2022		200,000		201,493,851
U.S. Treasury Notes		2.50%		02/15/2022		300,000		303,305,676
U.S. Treasury Notes		1.13%		02/28/2022		100,000		100,515,124
U.S. Treasury Notes		2.38%		03/15/2022		250,000		253,064,728
U.S. Treasury Notes		1.75%		03/31/2022		300,000		302,897,976
U.S. Treasury Notes		1.88%		03/31/2022		100,000		101,024,476
U.S. Treasury Notes		1.75%		04/30/2022		200,000		202,206,942
U.S. Treasury Notes		1.75%		06/15/2022		200,000		202,607,488
U.S. Treasury Notes		0.13%		06/30/2022		200,000		200,058,176
U.S. Treasury Notes		1.75%		06/30/2022		100,000		101,367,436
U.S. Treasury Notes		2.13%		06/30/2022		200,000		203,367,765
U.S. Treasury Notes		1.75%		07/15/2022		200,000		202,868,812
U.S. Treasury Notes		0.13%		07/31/2022		200,000		200,073,756
U.S. Treasury Notes		1.88%		07/31/2022		250,000		254,067,706
U.S. Treasury Notes		1.50%		09/15/2022		150,000		152,203,664
								7,074,993,363
Total U.S. Treasury Securities (Cost $7,755,082,930)								7,755,082,930
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-39.07% (Cost $7,755,082,930)								7,755,082,930

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value

Repurchase Agreements-60.87%^(c)
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05%		09/01/2021	$	250,000,347	$	250,000,000
Citigroup Global Markets, Inc., joint term agreement dated 08/26/2021, aggregate maturing value of $300,003,208 (collateralized by U.S. Treasury obligations valued at $306,000,020; 0.00%; 02/15/2046 - 11/15/2047)^(d)		0.06%		09/02/2021		120,001,283		120,000,000
Credit Agricole Corporate & Investment Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,001; 3.00% - 4.38%; 05/15/2040 - 08/15/2048)		0.05%		09/01/2021		250,000,347		250,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(d)		0.05%		09/01/2021		100,004,722		100,000,000
DNB Bank ASA, agreement dated 08/31/2021, maturing value of $300,000,417 (collateralized by U.S. Treasury obligations valued at $306,000,080; 0.13% -4.38%; 07/15/2026 - 05/15/2041)		0.05%		09/01/2021		300,000,417		300,000,000
Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $6,000,008,333 (collateralized by U.S. Treasury obligations valued at $6,000,008,395; 0.13% - 2.75%; 12/31/2022 - 05/15/2046)		0.05%		09/01/2021		6,000,008,333		6,000,000,000
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06%		09/01/2021		335,000,512		335,000,000
Goldman Sachs & Co., agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,000; 0.00% - 1.50%; 08/15/2022 - 02/15/2042)		0.05%		09/01/2021		250,000,347		250,000,000
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% -1.88%; 09/16/2021 - 07/31/2023)^(e)		0.05%		09/01/2021		630,026,250		630,000,000
Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 -11/15/2045)^(d)		0.07%		09/01/2021		100,001,767		100,000,406
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 -02/15/2030)^(d)		0.07%		09/01/2021		299,629,078		299,625,000
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/25/2021, maturing value of $100,001,167 (collateralized by U.S. Treasury obligations valued at $102,001,248; 0.50% - 0.63%; 03/31/2025 - 08/15/2030)^(d)		0.06%		09/01/2021		100,001,167		100,000,000
Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $271,875,453 (collateralized by U.S. Treasury obligations valued at $276,195,250; 0.00%; 08/15/2027 - 08/15/2037)		0.06%		09/01/2021		271,875,453		271,875,000
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $340,563,068 (collateralized by U.S. Treasury obligations valued at $347,231,500; 0.00%; 08/15/2033 -02/15/2045)		0.06%		09/01/2021		340,563,068		340,562,500
RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,038; 0.00% - 3.00%; 09/30/2021 - 08/15/2051)^(d)		0.05%		11/17/2021		250,029,514		250,000,000
Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(e)		0.05%		09/01/2021		1,205,001,674		1,205,000,000
Societe Generale, joint term agreement dated 08/25/2021, aggregate maturing value of $250,002,431 (collateralized by U.S. Treasury obligations valued at $255,000,001; 0.00% - 6.88%; 09/09/2021 - 02/15/2049)^(d)		0.05%		09/01/2021		40,000,389		40,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Treasury Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(d)		0.05%		09/07/2021	$	200,001,944	$	200,000,000
Standard Chartered Bank, agreement dated 08/31/2021, maturing value of $250,000,347 (collateralized by U.S. Treasury obligations valued at $255,000,405; 0.09% - 3.88%; 02/15/2022 - 05/15/2051)		0.05%		09/01/2021		250,000,347		250,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 -08/31/2024)		0.05%		09/01/2021		290,327,546		290,327,143
Wells Fargo Securities, LLC, agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by a U.S. Treasury obligation valued at $510,000,001; 2.00%; 02/15/2050)		0.05%		09/01/2021		500,000,694		500,000,000
Total Repurchase Agreements (Cost $12,082,390,049)								12,082,390,049
TOTAL INVESTMENTS IN SECURITIES-99.94% (Cost $19,837,472,979)								19,837,472,979
OTHER ASSETS LESS LIABILITIES-0.06%								11,358,146
NET ASSETS-100.00%							$	19,848,831,125

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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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, 2021

Invesco Government & Agency Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value
U.S. Treasury Securities-32.73%
U.S. Treasury Bills-13.99%^(a)
U.S. Treasury Bills		0.02%		09/09/2021	$	1,000,000	$	999,994,444
U.S. Treasury Bills		0.02%		09/16/2021		750,000		749,992,188
U.S. Treasury Bills		0.01%		09/21/2021		1,530,000		1,529,990,956
U.S. Treasury Bills		0.03%-0.14%		10/07/2021		380,000		379,978,750
U.S. Treasury Bills		0.05%		10/12/2021		250,000		249,985,763
U.S. Treasury Bills		0.14%		11/04/2021		75,000		74,982,000
U.S. Treasury Bills		0.05%		12/02/2021		1,379,424		1,379,267,091
U.S. Treasury Bills		0.05%		01/20/2022		200,000		199,960,833
U.S. Treasury Bills		0.06%		02/03/2022		300,000		299,928,958
U.S. Treasury Bills		0.05%		02/17/2022		651,866		651,712,992
U.S. Treasury Bills		0.07%		02/24/2022		50,000		49,982,889
U.S. Treasury Bills		0.06%		03/24/2022		10,000		9,996,600
U.S. Treasury Bills		0.06%		04/21/2022		250,000		249,895,278
U.S. Treasury Bills		0.07%		06/16/2022		400,000		399,777,999
U.S. Treasury Bills		0.08%		08/11/2022		300,000		299,770,667
								7,525,217,408

U.S. Treasury Notes-18.74%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%)^(b)		0.35%		10/31/2021		550,000		550,094,508
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.15%)^(b)		0.20%		01/31/2022		25,000		24,998,355
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)^(b)		0.16%		04/30/2022		107,000		107,059,042
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		07/31/2022		287,000		287,018,002
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		0.10%		10/31/2022		730,000		730,023,588
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		0.09%		01/31/2023		412,400		412,544,410
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.08%		04/30/2023		1,330,000		1,330,143,243
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		0.07%		07/31/2023		1,055,000		1,055,039,361
U.S. Treasury Notes		1.13%		09/30/2021		62,000		62,053,006
U.S. Treasury Notes		1.50%		09/30/2021		50,000		50,056,641
U.S. Treasury Notes		2.13%		09/30/2021		50,000		50,082,360
U.S. Treasury Notes		2.88%		11/15/2021		100,000		100,574,950
U.S. Treasury Notes		1.38%		01/31/2022		453,000		455,486,327
U.S. Treasury Notes		1.50%		01/31/2022		173,000		174,020,051
U.S. Treasury Notes		1.88%		01/31/2022		633,000		637,728,976
U.S. Treasury Notes		2.50%		02/15/2022		330,940		334,593,757
U.S. Treasury Notes		1.13%		02/28/2022		200,000		201,029,333
U.S. Treasury Notes		1.75%		02/28/2022		100,000		100,830,762
U.S. Treasury Notes		1.88%		02/28/2022		303,000		305,696,355
U.S. Treasury Notes		2.38%		03/15/2022		46,000		46,569,385
U.S. Treasury Notes		1.75%		03/31/2022		650,000		656,301,352
U.S. Treasury Notes		1.88%		03/31/2022		925,000		934,661,756

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. Treasury Notes-(continued)
U.S. Treasury Notes		1.88%		04/30/2022	$	150,000	$	151,795,054
U.S. Treasury Notes		1.75%		05/15/2022		135,000		136,587,761
U.S. Treasury Notes		2.13%		05/15/2022		190,000		192,740,984
U.S. Treasury Notes		1.75%		06/30/2022		400,000		405,482,261
U.S. Treasury Notes		2.13%		06/30/2022		365,000		371,124,912
U.S. Treasury Notes		2.00%		07/31/2022		210,000		213,658,573
								10,077,995,065
Total U.S. Treasury Securities (Cost $17,603,212,473)								17,603,212,473

U.S. Government Sponsored Agency Securities-14.52%
Federal Farm Credit Bank (FFCB)-4.21%
Federal Farm Credit Bank (SOFR + 0.28%)^(b)		0.33%		10/01/2021		365,000		365,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		10/15/2021		100,000		100,000,306
Federal Farm Credit Bank		0.07%		02/09/2022		243,750		243,743,367
Federal Farm Credit Bank (SOFR + 0.10%)^(b)		0.15%		02/22/2022		16,555		16,555,000
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		03/10/2022		28,000		28,000,000
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14%		06/17/2022		65,000		65,000,000
Federal Farm Credit Bank (SOFR + 0.20%)^(b)		0.25%		06/23/2022		12,000		12,012,287
Federal Farm Credit Bank (SOFR + 0.19%)^(b)		0.24%		07/14/2022		28,000		28,000,000
Federal Farm Credit Bank (SOFR + 0.15%)^(b)		0.20%		07/28/2022		45,000		45,000,000
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		08/11/2022		108,000		108,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		08/26/2022		97,500		97,495,134
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		0.14%		10/07/2022		30,000		30,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		10/12/2022		18,000		18,001,014
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		10/21/2022		20,000		20,000,000
Federal Farm Credit Bank (SOFR + 0.08%)^(b)		0.13%		11/03/2022		35,000		35,000,000
Federal Farm Credit Bank (SOFR + 0.01%)^(b)		0.06%		11/16/2022		185,000		184,995,466
Federal Farm Credit Bank (SOFR + 0.07%)^(b)		0.12%		11/18/2022		56,000		56,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		12/01/2022		74,000		74,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		12/28/2022		350,000		350,000,000
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.11%		02/09/2023		18,000		18,000,000
Federal Farm Credit Bank (SOFR + 0.05%)^(b)		0.10%		02/17/2023		165,000		165,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		06/14/2023		58,000		58,000,000
Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.08%		07/07/2023		143,000		143,000,000
								2,260,802,574

Federal Home Loan Bank (FHLB)-7.82%
Federal Home Loan Bank^(a)		0.05%		09/01/2021		41,000		41,000,000
Federal Home Loan Bank^(a)		0.02%		09/10/2021		302,000		301,998,112
Federal Home Loan Bank^(a)		0.02%-0.03%		09/15/2021		396,675		396,671,120
Federal Home Loan Bank^(a)		0.03%		09/20/2021		104,500		104,498,345
Federal Home Loan Bank		0.04%		09/21/2021		85,000		85,000,000
Federal Home Loan Bank		0.04%		09/28/2021		392,000		391,998,235
Federal Home Loan Bank		0.04%		09/29/2021		252,110		252,108,842
Federal Home Loan Bank		0.03%		09/30/2021		350,000		349,995,568
Federal Home Loan Bank		0.04%		10/08/2021		439,000		438,997,382
Federal Home Loan Bank^(a)		0.01%		10/08/2021		3,100		3,099,952

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

Federal Home Loan Bank (FHLB)-(continued)
Federal Home Loan Bank		0.04%		10/29/2021	$	35,000	$	34,999,545
Federal Home Loan Bank (SOFR + 0.17%)^(b)		0.22%		11/12/2021		127,000		127,000,000
Federal Home Loan Bank (SOFR + 0.15%)^(b)		0.20%		11/15/2021		355,000		355,000,000
Federal Home Loan Bank		0.07%		02/11/2022		34,560		34,559,065
Federal Home Loan Bank		0.05%		03/17/2022		200,000		199,985,373
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12%		04/14/2022		45,000		45,000,000
Federal Home Loan Bank (SOFR + 0.07%)^(b)		0.12%		04/28/2022		28,000		28,000,000
Federal Home Loan Bank		0.06%		05/06/2022		29,000		28,997,847
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		05/12/2022		35,000		35,000,000
Federal Home Loan Bank (SOFR + 0.13%)^(b)		0.18%		08/05/2022		80,000		80,000,000
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14%		08/19/2022		380,000		380,006,319
Federal Home Loan Bank (SOFR + 0.09%)^(b)		0.14%		10/05/2022		80,000		80,000,000
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		12/08/2022		63,200		63,203,547
Federal Home Loan Bank (SOFR + 0.06%)^(b)		0.11%		12/16/2022		3,500		3,501,373
Federal Home Loan Bank (SOFR + 0.04%)^(b)		0.09%		05/19/2023		221,000		221,000,000
Federal Home Loan Bank (SOFR + 0.03%)^(b)		0.08%		06/07/2023		125,000		125,000,000
								4,206,620,625

Federal Home Loan Mortgage Corp. (FHLMC)-1.39%
Federal Home Loan Mortgage Corp. (SOFR + 0.32%)^(b)		0.37%		09/30/2021		412,000		412,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.31%)^(b)		0.36%		01/03/2022		145,000		145,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.09%)^(b)		0.14%		09/16/2022		190,000		190,000,000
								747,000,000

Federal National Mortgage Association (FNMA)-0.65%
Federal National Mortgage Association (SOFR + 0.30%)^(b)		0.35%		01/07/2022		350,000		350,000,000

U.S. International Development Finance Corp. (DFC)-0.45%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		06/15/2025		19,200		19,200,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		07/15/2025		20,889		20,888,891
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/15/2025		4,474		4,473,684
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/15/2026		13,750		13,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		08/13/2027		12,600		12,600,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		09/30/2027		12,000		12,000,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		02/15/2028		14,444		14,444,445
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		11/15/2028		65,909		65,909,091
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		05/15/2030		7,839		7,839,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		10/15/2030		8,000		8,000,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		07/09/2026		25,500		25,500,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


15		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value

U.S. International Development Finance Corp. (DFC)-(continued)
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		0.09%		03/15/2030	$	39,375	$	39,375,000
								243,980,111
Total U.S. Government Sponsored Agency Securities (Cost $7,808,403,310)								7,808,403,310
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-47.25% (Cost $25,411,615,783)								25,411,615,783

					Repurchase Amount
Repurchase Agreements-55.26%^(d)
ABN AMRO Bank N.V., joint agreement dated 08/31/2021, aggregate maturing value of $450,000,625 (collateralized by U.S. Treasury obligations valued at $459,000,022; 0.13% - 3.38%; 08/15/2022 - 05/15/2047)		0.05%		09/01/2021		200,000,278		200,000,000
BNP Paribas Securities Corp., joint term agreement dated 08/26/2021, aggregate maturing value of $500,004,861 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0.00% - 7.00%; 11/04/2021 - 07/01/2051)^(e)		0.05%		09/02/2021		385,003,743		385,000,000
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $1,000,001,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,008; 1.88% - 4.75%; 02/15/2037 - 11/15/2044)		0.05%		09/01/2021		750,001,042		750,000,000
BofA Securities, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $895,001,243 (collateralized by domestic agency mortgage-backed securities valued at $912,900,000; 1.50% - 6.00%; 05/01/2025 - 08/01/2059)		0.05%		09/01/2021		54,000,075		54,000,000
Citigroup Global Markets, Inc., joint agreement dated 08/31/2021, aggregate maturing value of $900,001,250 (collateralized by U.S. Treasury obligations valued at $918,000,025; 0.00%; 08/15/2047 - 02/15/2051)		0.05%		09/01/2021		395,000,549		395,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/29/2021, aggregate maturing value of $250,011,806 (collateralized by U.S. Treasury obligations valued at $255,000,000; 4.38% - 4.50%; 08/15/2039 - 05/15/2040)^(e)		0.05%		09/01/2021		150,007,083		150,000,000
Federal Reserve Bank of New York, agreement dated 08/31/2021, maturing value of $16,000,022,222 (collateralized by U.S. Treasury obligations valued at $16,000,022,273; 0.13% - 2.75%; 12/31/2022 - 05/15/2046)		0.05%		09/01/2021		16,000,022,222		16,000,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $50,000,007 (collateralized by a U.S. Treasury obligation valued at $51,000,058; 1.00%; 07/31/2028)		0.01%		09/01/2021		50,000,007		50,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2021, maturing value of $500,000,694 (collateralized by U.S. Treasury obligations valued at $510,000,044; 0.13% - 2.88%; 02/28/2025 - 08/15/2028)		0.05%		09/01/2021		500,000,694		500,000,000
Fixed Income Clearing Corp. - Bank of Nova Scotia, joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,292 (collateralized by U.S. Treasury obligations valued at $1,531,508,107; 0.63% - 3.00%; 09/30/2021 - 08/15/2030)		0.06%		09/01/2021		730,001,115		730,000,000
Fixed Income Clearing Corp. - BNP Paribas Securities Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,250,001,736 (collateralized by U.S. Treasury obligations valued at $1,270,427,200; 0.38% - 4.25%; 11/30/2025 - 05/15/2041)		0.05%		09/01/2021		960,001,333		960,000,000
Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2021, maturing value of $2,000,001,667 (collateralized by U.S. Treasury obligations valued at $2,040,000,068; 1.00% - 1.13%; 07/31/2028 - 08/31/2028)		0.03%		09/01/2021		2,000,001,667		2,000,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


16		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate	Maturity Date		Repurchase Amount		Value
Goldman Sachs & Co., term agreement dated 08/26/2021, maturing value of $295,003,155 (collateralized by U.S. Treasury obligations valued at $300,900,000; 0.00% - 3.63%; 08/11/2022 - 02/15/2046)^(e)	0.06%		09/02/2021	$	295,003,155	$	295,000,000
ING Financial Markets, LLC, joint term agreement dated 08/06/2021, aggregate maturing value of $350,022,118 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 6.00%; 06/01/2027 - 05/01/2058)	0.07%		09/10/2021		300,018,958		300,000,000
ING Financial Markets, LLC, joint term agreement dated 08/26/2021, aggregate maturing value of $350,018,667 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 1.50% - 5.50%; 10/01/2038 - 01/01/2057)	0.06%		09/27/2021		275,014,667		275,000,000
J.P. Morgan Securities LLC, agreement dated 08/31/2021, maturing value of $250,000,417 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 0.27% - 7.50%; 11/25/2024 - 10/16/2062)	0.06%		09/01/2021		250,000,417		250,000,000
J.P. Morgan Securities LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,694 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 1.50% - 7.50%; 07/01/2025 - 09/01/2051)	0.05%		09/01/2021		44,000,061		44,000,000
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,000,167; 0.00% - 1.88%; 09/16/2021 - 07/31/2023)^(f)	0.05%		09/01/2021		150,006,250		150,000,000
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $295,800,033; 1.50% - 6.00%; 02/28/2023 - 09/01/2051)^(f)	0.07%		09/01/2021		240,014,000		240,000,000
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $255,000,016; 0.00% - 7.63%; 09/16/2021 - 04/01/2056)^(f)	0.06%		09/01/2021		210,010,500		210,000,000
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 $408,000,049; 0.00% - 7.50%; 04/30/2026 - 03/25/2060)^(f)	0.07%		09/01/2021		275,016,042		275,000,000
Metropolitan Life Insurance Co., joint term agreement dated 08/25/2021, aggregate maturing value of $350,013,001 (collateralized by U.S. Treasury obligations valued at $356,159,795; 0.00% - 0.13%; 08/31/2022 - 11/15/2045)^(e)	0.07%		09/01/2021		170,004,751		170,002,437
Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $500,000,764 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 0.39% -4.50%; 01/25/2024 - 05/20/2069)	0.06%		09/01/2021		52,000,079		52,000,000
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/25/2021, aggregate maturing value of $1,000,513,618 (collateralized by U.S. Treasury obligations valued at $1,021,689,587; 0.50% - 1.50%; 02/28/2025 - 02/15/2030)^(e)	0.07%		09/01/2021		530,032,214		530,025,000
Prudential Insurance Co. of America, agreement dated 08/31/2021, maturing value of $556,508,428 (collateralized by U.S. Treasury obligations valued at $567,283,180; 0.00%; 02/15/2026 - 11/15/2043)	0.06%		09/01/2021		556,508,428		556,507,500
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2021, maturing value of $40,625,068 (collateralized by a U.S. Treasury obligation valued at $41,396,500; 0.00%; 08/15/2033)	0.06%		09/01/2021		40,625,068		40,625,000
RBC Capital Markets LLC, joint term agreement dated 08/31/2021, aggregate maturing value of $750,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,159; 0.00% - 8.15%; 09/14/2021 - 08/20/2065)^(b)(e)	0.09%		11/01/2021		600,000,000		600,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


17		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2021

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value
RBC Dominion Securities Inc., joint agreement dated 08/31/2021, aggregate maturing value of $2,000,002,778 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $2,040,000,055; 0.00% - 5.00%; 09/09/2021 - 08/01/2051)		0.05%		09/01/2021	$	1,544,002,144	$	1,544,000,000
RBC Dominion Securities Inc., term agreement dated 08/24/2021, maturing value of $250,029,514 (collateralized by U.S. Treasury obligations valued at $255,000,023; 0.13% - 6.25%; 10/15/2021 - 11/15/2050)^(e)		0.05%		11/17/2021		250,029,514		250,000,000
Societe Generale, joint open agreement dated 08/10/2021 (collateralized by U.S. Treasury obligations valued at $1,785,000,007; 0.00% - 8.00%; 09/09/2021 - 08/15/2051)^(f)		0.05%		09/01/2021		320,000,444		320,000,000
Societe Generale, joint term agreement dated 08/31/2021, aggregate maturing value of $750,007,292 (collateralized by U.S. Treasury obligations valued at $765,000,006; 0.00% - 8.00%; 09/09/2021 - 08/15/2050)^(e)		0.05%		09/07/2021		400,003,889		400,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,150,001,917 (collateralized by domestic agency mortgage-backed securities valued at $1,173,000,000; 3.00% - 4.00%; 08/20/2042 - 12/20/2049)		0.06%		09/01/2021		396,231,775		396,231,115
Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2021, aggregate maturing value of $1,500,002,083 (collateralized by U.S. Treasury obligations valued at $1,530,000,093; 0.00% - 2.75%; 11/04/2021 - 08/31/2024)		0.05%		09/01/2021		531,025,137		531,024,399
TD Securities (USA) LLC, term agreement dated 08/25/2021, maturing value of $70,000,749 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $71,400,075; 1.25% - 2.13%; 11/15/2021 - 04/30/2028)^(e)		0.06%		09/01/2021		70,000,749		70,000,000
Wells Fargo Securities, LLC, joint agreement dated 08/31/2021, aggregate maturing value of $500,000,833 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00% - 4.50%; 01/01/2031 - 08/01/2051)		0.06%		09/01/2021		44,000,073		44,000,000
Total Repurchase Agreements (Cost $29,717,415,451)								29,717,415,451
TOTAL INVESTMENTS IN SECURITIES-102.51% (Cost $55,129,031,234)								55,129,031,234
OTHER ASSETS LESS LIABILITIES-(2.51)%								(1,351,188,375	)
NET ASSETS-100.00%							$	53,777,842,859

Investment Abbreviations:

SOFR -Secured Overnight Financing Rate

VRD -Variable Rate Demand

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, 2021.

^(c)	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, 2021.

^(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 rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


18		Short-Term Investments Trust

Statements of Assets and Liabilities

August 31, 2021


	Invesco Liquid Assets Portfolio			Invesco Treasury Portfolio			Invesco Government & Agency Portfolio

Assets:
Investments in unaffiliated securities, at value	$	1,994,278,560		$	7,755,082,930		$	25,411,615,783

Repurchase agreements, at value and cost		369,000,000			12,082,390,049			29,717,415,451

Cash		-			577,336			6,677,836

Receivable for:
Interest		148,594			12,374,635			24,570,252

Fund expenses absorbed		170,952			2,460,098			5,082,215

Investment for trustee deferred compensation and retirement plans		3,992,585			2,389,618			1,085,979

Other assets		-			306,493			-

Total assets		2,367,590,691			19,855,581,159			55,166,447,516


Liabilities:
Payable for:
Investments purchased		-			-			1,379,267,090

Amount due custodian		1,414			-			-

Dividends		13,727			179,381			1,104,647

Accrued fees to affiliates		415,265			3,558,150			6,465,959

Accrued trustees’ and officers’ fees and benefits		6,795			31,547			56,731

Accrued operating expenses		22,512			283,544			339,183

Trustee deferred compensation and retirement plans		4,242,243			2,697,412			1,371,047

Total liabilities		4,701,956			6,750,034			1,388,604,657

Net assets applicable to shares outstanding	$	2,362,888,735		$	19,848,831,125		$	53,777,842,859


Net assets consist of:
Shares of beneficial interest	$	2,365,347,369		$	19,850,036,171		$	53,777,282,283

Distributable earnings (loss)		(2,458,634	)		(1,205,046	)		560,576

	$	2,362,888,735		$	19,848,831,125		$	53,777,842,859


Net Assets:
Institutional Class	$	2,356,363,228		$	17,093,039,313		$	49,464,205,401

Private Investment Class	$	2,892,211		$	303,847,586		$	505,970,104

Personal Investment Class	$	10,250		$	265,106,098		$	9,360,221

Cash Management Class	$	2,922,067		$	452,222,119		$	747,955,590

Reserve Class	$	215,606		$	867,766,514		$	408,499,951

Resource Class	$	362,237		$	53,210,214		$	117,901,903

Corporate Class	$	23,138		$	266,547,880		$	1,082,096,274

CAVU Securities Class	$	99,998		$	547,091,401		$	1,441,853,415

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


19		Short-Term Investments Trust

Schedule of Assets and Liabilities–(continued)

August 31, 2021


	Invesco Liquid Assets Portfolio		Invesco Treasury Portfolio		Invesco Government & Agency Portfolio


Shares outstanding, no par value, unlimited number of shares authorized:
Institutional Class		2,355,507,320		17,091,834,561		49,463,570,063

Private Investment Class		2,891,165		303,825,357		505,958,454

Personal Investment Class		10,246		265,087,709		9,360,026

Cash Management Class		2,921,011		452,190,570		747,945,735

Reserve Class		215,528		867,713,579		408,490,685

Resource Class		362,106		53,207,288		117,898,770

Corporate Class		23,129		266,528,645		1,082,095,578

CAVU Securities Class		99,962		547,040,941		1,441,849,681

Net asset value, offering and redemption price per share for each class	$	1.0004	$	1.00	$	1.00

Cost of Investments	$	2,363,115,640	$	19,837,472,979	$	55,129,031,234

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


20		Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2021


	Invesco Liquid Assets Portfolio			Invesco Treasury Portfolio			Invesco Government & Agency Portfolio
Investment income:

Interest	$	5,304,722		$	22,906,414		$	39,213,423

Expenses:
Advisory fees		3,682,808			30,842,557			39,069,697
Administrative services fees		1,077,307			9,078,072			17,147,659
Custodian fees		20,349			880,897			2,355,252
Distribution fees:
Private Investment Class		9,354			1,048,044			1,598,160
Personal Investment Class		55			1,560,536			51,413
Cash Management Class		2,345			337,881			433,409
Reserve Class		2,367			5,315,780			3,943,150
Resource Class		724			298,448			224,545
Corporate Class		11			123,740			60,512
Transfer agent fees		220,968			1,850,553			3,516,273
Trustees’ and officers’ fees and benefits		60,736			360,492			579,772
Registration and filing fees		101,698			281,389			268,282
Reports to shareholders		26,084			78,111			231,219
Professional services fees		47,979			141,772			360,693
Other		128,322			327,756			779,472
Total expenses		5,381,107			52,526,028			70,619,508
Less: Fees waived		(1,111,003	)		(31,868,399	)		(41,370,765)
Net expenses		4,270,104			20,657,629			29,248,743
Net investment income		1,034,618			2,248,785			9,964,680
Realized and unrealized gain (loss) from:
Net realized gain from unaffiliated investment securities		2,613			30,818			542,485
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(496,709	)		-			-
Net realized and unrealized gain (loss)		(494,096	)		30,818			542,485
Net increase in net assets resulting from operations	$	540,522		$	2,279,603		$	10,507,165

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


21		Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2021 and 2020


	Invesco Liquid Assets Portfolio						Invesco Treasury Portfolio
	2021			2020			2021			2020
Operations:
Net investment income	$	1,034,618		$	29,970,218		$	2,248,785		$	163,580,411

Net realized gain (loss)		2,613			(15,623	)		30,818			139,394

Change in net unrealized appreciation (depreciation)		(496,709	)		45,074			-			-

Net increase in net assets resulting from operations		540,522			29,999,669			2,279,603			163,719,805


Distributions to shareholders from distributable earnings:
Institutional Class		(1,033,839	)		(29,817,713	)		(2,005,555	)		(146,246,982	)

Private Investment Class		(318	)		(36,868	)		(35,458	)		(3,446,279	)

Personal Investment Class		(4	)		(74	)		(28,813	)		(2,137,800	)

Cash Management Class		(359	)		(107,505	)		(42,921	)		(3,199,903	)

Reserve Class		(29	)		(1,504	)		(62,101	)		(1,117,598	)

Resource Class		(40	)		(3,570	)		(18,705	)		(4,967,684	)

Corporate Class		(13	)		(2,984	)		(41,758	)		(2,664,191	)

CAVU Securities Class		(16	)		-			(13,474	)		-

Total distributions from distributable earnings		(1,034,618	)		(29,970,218	)		(2,248,785	)		(163,780,437	)


Share transactions-net:
Institutional Class		(201,574,311	)		114,142,968			(2,122,806,791	)		498,579,949

Private Investment Class		(648,893	)		(1,176,345	)		(118,976,592	)		(83,191,362	)

Personal Investment Class		-			-			(16,713,545	)		(78,430,874	)

Cash Management Class		(24,434	)		(6,335,509	)		80,255,547			(24,723,778	)

Reserve Class		(62,582	)		(24,329	)		286,064,751			292,043,533

Resource Class		(3,337	)		2,906			(582,467,587	)		3,118,922

Corporate Class		(15,522	)		(287,979	)		(867,085,822	)		704,514,058

CAVU Securities Class		100,002			-			547,040,941			-

Net increase (decrease) in net assets resulting from share transactions		(202,229,077	)		106,321,712			(2,794,689,098	)		1,311,910,448

Net increase (decrease) in net assets		(202,723,173	)		106,351,163			(2,794,658,280	)		1,311,849,816


Net assets:
Beginning of year		2,565,611,908			2,459,260,745			22,643,489,405			21,331,639,589

End of year	$	2,362,888,735		$	2,565,611,908		$	19,848,831,125		$	22,643,489,405

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


22		Short-Term Investments Trust

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2021 and 2020


	Invesco Government & Agency Portfolio
	2021			2020
Operations:
Net investment income	$	9,964,680		$	264,467,683

Net realized gain (loss)		542,485			(189,477	)

Net increase in net assets resulting from operations		10,507,165			264,278,206


Distributions to shareholders from distributable earnings:
Institutional Class		(9,402,663	)		(254,196,609	)

Private Investment Class		(120,583	)		(4,200,784	)

Personal Investment Class		(2,025	)		(89,620	)

Cash Management Class		(128,425	)		(2,683,953	)

Reserve Class		(105,814	)		(1,290,595	)

Resource Class		(32,727	)		(1,599,458	)

Corporate Class		(52,287	)		(439,777	)

CAVU Securities Class		(120,156	)		-

Total distributions from distributable earnings		(9,964,680	)		(264,500,796	)


Share transactions-net:
Institutional Class		19,204,558,855			256,030,543

Private Investment Class		(76,121,055	)		49,500,711

Personal Investment Class		(4,169,839	)		(2,461,469	)

Cash Management Class		316,471,282			66,475,768

Reserve Class		7,054,623			103,651,946

Resource Class		(25,248,184	)		(37,467,649	)

Corporate Class		1,050,827,823			(9,080,725	)

CAVU Securities Class		1,441,849,681			-

Net increase in net assets resulting from share transactions		21,915,223,186			426,649,125

Net increase in net assets		21,915,765,671			426,426,535


Net assets:
Beginning of year		31,862,077,188			31,435,650,653

End of year	$	53,777,842,859		$	31,862,077,188

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


23		Short-Term Investments Trust

Financial Highlights

The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.


CAVU Securities 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			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 investment income to average net assets
Invesco Liquid Assets Portfolio
Period ended 08/31/21^(c)	$	1.0004	$	0.0002	$	(0.0000	)	$	0.0002	$	(0.0002	)	$	1.0004		0.02%	$	100		0.17%^(d)		0.22%^(d)		0.05%^(d)
Invesco Treasury Portfolio
Period ended 08/31/21^(c)		1.00		0.00		0.00			0.00		(0.00	)		1.00		0.01		547,091		0.04^(d)		0.21^(d)		0.07^(d)
Invesco Government & Agency Portfolio
Period ended 08/31/21^(c)		1.00		0.00		0.00			0.00		(0.00	)		1.00		0.02		1,441,853		0.04^(d)		0.16^(d)		0.06^(d)

^(a)	Calculated using average shares outstanding.

^(b)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.

^(c)	Commencement date of December 18, 2020.

^(d)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


24		Short-Term Investments Trust

Notes to Financial Statements

August 31, 2021

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 Treasury Portfolio and Invesco Government & Agency 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 Treasury Portfolio and Invesco Government & Agency Portfolio.

Each Fund currently offers eight different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class, Corporate Class and CAVU Securities Class. On December 18, 2020, each Fund began offering CAVU Securities class shares.

Invesco Liquid Assets Portfolio, an institutional money market fund, prices and transacts in its shares at a floating net asset value (“NAV”) reflecting the current market-based values of its 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 to round its NAV to four decimal places (e.g., $1.0000).

Invesco Liquid Assets Portfolio determines its NAV per share multiple times each day.

Invesco Treasury Portfolio and Invesco Government & Agency Portfolio, each a “government 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.

Invesco Liquid Assets 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 the required minimum or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio and Invesco Government & Agency 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.

Security Valuations - Invesco Liquid Assets 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.

Invesco Treasury Portfolio and Invesco Government & Agency 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.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.


25		Short-Term Investments Trust

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.

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.

LIBOR Risk - Certain Funds may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. 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. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on a Fund or the instruments in which a Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any 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. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to a Fund.


26		Short-Term Investments Trust

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.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


	First $250 million	Next $250 million	Over $500 million

Invesco Liquid Assets 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%

For the year ended August 31, 2021, 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 Treasury Portfolio		0.15%

Invesco Government & Agency Portfolio		0.10%

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, 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, 2021, 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, Corporate Class and CAVU Securities 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	CAVU Securities Class

Invesco Liquid Assets Portfolio	0.18%	0.48%	0.73%	0.26%	1.05%	0.38%	0.21%	0.18%

Invesco Treasury Portfolio	0.18%	0.48%	0.73%	0.26%	1.05%	0.34%	0.21%	0.18%

Invesco Government & Agency Portfolio	0.18%	0.48%	0.73%	0.26%	1.05%	0.34%	0.21%	0.18%

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”).

For the year ended August 31, 2021, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


	Expense Limitation

Invesco Liquid Assets Portfolio	$	946,890

Invesco Treasury Portfolio		6,830,582

Invesco Government & Agency Portfolio		-


27		Short-Term Investments Trust

Voluntary fee waivers for the year ended August 31, 2021 are shown below:


	Fund Level		Private Investment Class		Personal Investment Class		Cash Management Class		Reserve Class		Resource Class		Corporate Class

Invesco Liquid Assets Portfolio	$	151,393	$	8,295	$	53	$	1,475	$	2,280	$	611	$	6

Invesco Treasury Portfolio		16,380,981		1,044,600		1,557,907		334,641		5,311,227		292,921		115,540

Invesco Government & Agency Portfolio		35,089,442		1,587,507		51,169		425,384		3,935,502		221,813		59,948

NOTE 3–Additional Valuation Information

NOTE 4–Security Transactions with Affiliated Funds


	Securities Purchases			Securities Sales			Net Realized Gains

Invesco Liquid Assets Portfolio		$	65,476,811		$	102,280,976	$-

NOTE 5–Trustees’ and Officers’ Fees and Benefits


28		Short-Term Investments Trust

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, 2021 and 2020


	2021	2020

	Ordinary Income*	Ordinary Income*	Long-Term Capital Gains

Invesco Liquid Assets Portfolio	$1,034,618	$ 29,970,218		$ -

Invesco Treasury Portfolio	2,248,785	163,582,316		198,121

Invesco Government & Agency Portfolio	9,964,680	264,469,100		31,696

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Temporary Book/Tax Differences	Net Unrealized Appreciation (Depreciation)- Investments	Capital Loss Carryforwards	Shares of Beneficial Interest	Total Net Assets

Invesco Liquid Assets Portfolio	$ 173,842	$ -	$(2,782,386)	$162,920	$(13,010)	$ 2,365,347,369		$ 2,362,888,735

Invesco Treasury Portfolio	649,173	2,727	(1,824,934)	(32,012)	-	19,850,036,171		19,848,831,125

Invesco Government & Agency Portfolio	1,536,646	-	(974,903)	(1,167)	-	53,777,282,283		53,777,842,859

The Funds have a capital loss carryforward as of August 31, 2021, as follows:


Fund	Not Subject to Expiration			Total*

Invesco Liquid Assets Portfolio		$	13,010		$	13,010

*	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, 2021

	Federal Tax Cost*	Unrealized Appreciation	Unrealized (Depreciation)	Net Unrealized Appreciation (Depreciation)

Invesco Liquid Assets Portfolio	$ 2,363,115,640	$169,949	$ (7,029)		$162,920

Invesco Treasury Portfolio	19,837,504,991	-	(32,012)		(32,012)

Invesco Government & Agency Portfolio	55,129,032,401	-	(1,167)		(1,167)

For Invesco Treasury Portfolio and Invesco Government & Agency 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, cost of investments are the same for tax and financial reporting purposes.


29		Short-Term Investments Trust

NOTE 9–Reclassification of Permanent Differences


	Undistributed Net Investment Income (Loss)	Undistributed Net Realized Gain (Loss)	Shares of Beneficial Interest

Invesco Liquid Assets Portfolio	$(2,780,000)	$ -	$2,780,000

Invesco Treasury Portfolio	(1,819,350)	-	1,819,350

Invesco Government & Agency Portfolio	354,175	(354,175)	-

NOTE 10–Share Information

Invesco Liquid Assets Portfolio


	Summary of Share Activity

	Years ended August 31,

	2021^(a)						2020

	Shares			Amount			Shares			Amount

Sold:

Institutional Class		17,486,805,323		$	17,494,025,296			15,429,264,962		$	15,436,049,996

Private Investment Class		371,715			371,900			556,769			556,939

Cash Management Class		6,058			6,061			57,447,877			57,471,129

Reserve Class		79,579			79,611			64,898			64,918

Resource Class		-			-			601			601

Corporate Class		1,001			1,001			172,360			172,517

CAVU Securities Class^(b)		99,962			100,002			-			-

Issued as reinvestment of dividends:

Institutional Class		182,613			182,698			6,416,422			6,418,790

Private Investment Class		207			207			32,532			32,543

Cash Management Class		359			359			81,549			81,575

Reserve Class		28			28			1,504			1,504

Resource Class		37			37			3,570			3,570

Corporate Class		13			13			2,984			2,984

Reacquired:

Institutional Class		(17,688,475,913	)		(17,695,782,305	)		(15,321,899,211	)		(15,328,325,818	)

Private Investment Class		(1,020,552	)		(1,021,000	)		(1,765,341	)		(1,765,827	)

Cash Management Class		(30,840	)		(30,854	)		(63,868,033	)		(63,888,213	)

Reserve Class		(142,165	)		(142,221	)		(90,719	)		(90,751	)

Resource Class		(3,373	)		(3,374	)		(1,265	)		(1,265	)

Corporate Class		(16,529	)		(16,536	)		(463,261	)		(463,480	)

Net increase (decrease) in share activity		(202,142,477	)	$	(202,229,077	)		105,958,198		$	106,321,712

^(a)	57% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	Commencement date of December 18, 2020.


30		Short-Term Investments Trust

NOTE 10-Share Information-(continued)

Invesco Treasury Portfolio


				Summary of Share Activity
	Years ended August 31,
	2021^(a)					2020
	Shares			Amount		Shares			Amount
Sold:

Institutional Class		209,389,908,080			$ 209,389,908,080		182,665,163,108			$ 182,665,163,108
Private Investment Class		564,708,648			564,708,648		1,486,970,970			1,486,970,970
Personal Investment Class		1,460,181,973			1,460,181,973		2,422,880,087			2,422,880,087
Cash Management Class		834,202,437			834,202,437		861,417,932			861,417,932
Reserve Class		2,267,218,779			2,267,218,779		1,819,500,275			1,819,500,275
Resource Class		271,542,723			271,542,723		333,477,473			333,477,473
Corporate Class		4,259,846,179			4,259,846,179		6,641,915,581			6,641,915,581
CAVU Securities Class^(b)		1,619,862,326			1,619,862,326		-			-

Issued as reinvestment of dividends:

Institutional Class		497,496			497,496		45,062,613			45,062,613
Private Investment Class		11,961			11,961		1,524,217			1,524,217
Personal Investment Class		28,558			28,558		2,137,800			2,137,800
Cash Management Class		39,490			39,490		3,199,903			3,199,903
Reserve Class		56,643			56,643		1,117,598			1,117,598
Resource Class		4,380			4,380		377,525			377,525
Corporate Class		26,745			26,745		2,642,981			2,642,981

Reacquired:

Institutional Class		(211,513,212,367	)		(211,513,212,367)		(182,211,645,772	)		(182,211,645,772	)
Private Investment Class		(683,697,201	)		(683,697,201)		(1,571,686,549	)		(1,571,686,549	)
Personal Investment Class		(1,476,924,076	)		(1,476,924,076)		(2,503,448,761	)		(2,503,448,761	)
Cash Management Class		(753,986,380	)		(753,986,380)		(889,341,613	)		(889,341,613	)
Reserve Class		(1,981,210,671	)		(1,981,210,671)		(1,528,574,340	)		(1,528,574,340	)
Resource Class		(854,014,690	)		(854,014,690)		(330,736,076	)		(330,736,076	)
Corporate Class		(5,126,958,746	)		(5,126,958,746)		(5,940,044,504	)		(5,940,044,504	)
CAVU Securities Class		(1,072,821,385	)		(1,072,821,385)		-			-
Net increase (decrease) in share activity		(2,794,689,098	)		$ (2,794,689,098)		1,311,910,448			$ 1,311,910,448

^(a)

^(b)	Commencement date of December 18, 2020.


31		Short-Term Investments Trust

NOTE 10-Share Information-(continued)

Invesco Government & Agency Portfolio


				Summary of Share Activity
	Years ended August 31,
	2021^(a)					2020
	Shares			Amount		Shares			Amount
Sold:

Institutional Class		287,998,117,369			$ 287,998,117,369		262,928,153,701			$ 262,928,153,701
Private Investment Class		1,566,476,737			1,566,476,737		2,584,479,157			2,584,479,157
Personal Investment Class		8,460,874			8,460,874		62,737,197			62,737,197
Cash Management Class		1,020,500,616			1,020,500,616		657,577,573			657,577,573
Reserve Class		1,184,114,517			1,184,114,517		1,172,921,187			1,172,921,187
Resource Class		1,448,949,173			1,448,949,173		1,825,896,962			1,825,896,962
Corporate Class		2,472,495,311			2,472,495,311		820,373,313			820,373,313
CAVU Securities Class^(b)		11,182,358,336			11,182,358,336		-			-

Issued as reinvestment of dividends:

Institutional Class		2,364,199			2,364,199		73,415,945			73,415,945
Private Investment Class		77,027			77,027		3,046,192			3,046,192
Personal Investment Class		1,664			1,664		89,620			89,620
Cash Management Class		62,947			62,947		2,363,772			2,363,772
Reserve Class		96,732			96,732		1,290,595			1,290,595
Resource Class		22,306			22,306		1,403,826			1,403,826
Corporate Class		20,996			20,996		26,956			26,956
CAVU Securities Class		68,987			68,987		-			-

Reacquired:

Institutional Class		(268,795,922,713	)		(268,795,922,713)		(262,745,539,103	)		(262,745,539,103)
Private Investment Class		(1,642,674,819	)		(1,642,674,819)		(2,538,024,638	)		(2,538,024,638)
Personal Investment Class		(12,632,377	)		(12,632,377)		(65,288,286	)		(65,288,286)
Cash Management Class		(704,092,281	)		(704,092,281)		(593,465,577	)		(593,465,577)
Reserve Class		(1,177,156,626	)		(1,177,156,626)		(1,070,559,836	)		(1,070,559,836)
Resource Class		(1,474,219,663	)		(1,474,219,663)		(1,864,768,437	)		(1,864,768,437)
Corporate Class		(1,421,688,484	)		(1,421,688,484)		(829,480,994	)		(829,480,994)
CAVU Securities Class		(9,740,577,642	)		(9,740,577,642)		-			-
Net increase in share activity		21,915,223,186			$ 21,915,223,186		426,649,125			$ 426,649,125

^(a)

^(b)	Commencement date of December 18, 2020.


32		Short-Term Investments Trust

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Short-Term Investments Trust and Shareholders of Invesco Liquid Assets Portfolio, Invesco Treasury Portfolio and Invesco Government & Agency 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 Treasury Portfolio and Invesco Government & Agency Portfolio (three of the funds constituting Short-Term Investments Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2021, including the related notes, and the financial highlights of the CAVU Securities Class for the period December 18, 2020 (commencement of operations) through August 31, 2021 (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, 2021, 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, 2021, and each of the financial highlights of the CAVU Securities Class for the period December 18, 2020 (commencement of operations) through August 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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, 2021 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 25, 2021


33		Short-Term Investments Trust

Calculating your ongoing Fund expenses

Example

As a shareholder in the CAVU Securities Class, you incur ongoing costs, including 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, 2021 through August 31, 2021.

Actual expenses

Hypothetical example for comparison purposes


CAVU Securities Class	Beginning Account Value (03/01/21)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
CAVU Securities Class	Beginning Account Value (03/01/21)	Ending Account Value (08/31/21)¹	Expenses Paid During Period²	Ending Account Value (08/31/21)	Expenses Paid During Period²	Annualized Expense Ratio

Invesco Liquid Assets Portfolio	$1,000.00	$1,000.10	$0.86	$1,024.35	$0.87	0.17%

Invesco Treasury Portfolio	1,000.00	1,000.10	0.30	1,024.90	0.31	0.06

Invesco Government & Agency Portfolio	1,000.00	1,000.10	0.20	1,025.00	0.20	0.04

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 184/365 to reflect the most recent fiscal half year.


34		Short-Term Investments Trust

Approval of Investment Advisory and Sub-Advisory Contracts

The Board’s Evaluation Process

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for

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


35		Short-Term Investments Trust

B. Fund Investment Performance

Invesco Government & Agency Portfolio

Invesco Liquid Assets Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the second 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, which did not change its conclusions.

Invesco STIC Prime Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the iMoneyNet First Tier Institutional Funds Category (Index). The Board noted that performance of Institutional Class shares of the Fund was in the third 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 reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. 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, which did not change its conclusions

Invesco Tax-Free Cash Reserve Portfolio

being the worst performing funds). The Board noted that performance of Institutional Class shares of the Fund was reasonably comparable to the Index for the one and five year periods and the same as the three year period. 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, which did not change its conclusions.

Invesco Treasury Obligations Portfolio

Invesco Treasury Portfolio

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio, Invesco STIC Prime Portfolio and Invesco Treasury Portfolio


36		Short-Term Investments Trust

each Fund’s total expense ratio and its various components.

Invesco Liquid Assets Portfolio and Invesco Treasury Obligations Portfolio

management reasons for such relative total expenses.

Invesco Tax-Free Cash Reserve Portfolio

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit

D.	Economies of Scale and Breakpoints

Invesco Government & Agency Portfolio, Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Tax-Free Cash Reserve Portfolio and Invesco Treasury Portfolio

Invesco Treasury Obligations Portfolio

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates


38		Short-Term Investments Trust

Tax Information

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, 2021:


Federal and State Income Tax
	Business Interest Income*		Qualified Dividend Income*		Corporate Dividends Received Deduction*		U.S. Treasury Obligations*		Tax-Exempt Interest Dividend*
Invesco Liquid Assets Portfolio		99.55%		0.00%		0.00%		1.79%		0.00%
Invesco Treasury Portfolio		99.85%		0.00%		0.00%		87.39%		0.00%
Invesco Government & Agency Portfolio		99.21%		0.00%		0.00%		91.17%		0.00%

*	The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

**	The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year.


39		Short-Term Investments Trust

Trustees and Officers


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)	184	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
Christopher L. Wilson – 1957 Trustee and Chair	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	184	Director, ISO New England, Inc. (non-profit organization managing regional electricity market) Formerly: enaible, Inc. (artificial intelligence technology)








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	184	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 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	184	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); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	184	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); Independent Directors Council (professional organization) Eisenhower Foundation (non-profit)















Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean, Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	184	Insperity, Inc. (formerly known as Administaff) (human resources provider); First Financial Bancorp (regional bank)







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; and Trustee of certain Oppenheimer Funds	184	Trustee of the University of Florida National Board Foundation; Member of the Cartica Funds Board of Directors (private investment funds) Formerly: Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee















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	184	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP


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)
Prema Mathai-Davis – 1950 Trustee	1997	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	184	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; Director of Columbia Equity Financial Corp. (privately held financial advisor); and Member of the Vestry of Trinity Church Wall Street	184	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); 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 Pulitzer Center for Crisis Reporting (non-profit journalism)














Teresa M. Ressel — 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury; Director, Atlantic Power Corporation (power generation company) and ON Semiconductor Corporation (semiconductor manufacturing)	184	Formerly: Elucida Oncology (nanotechnology & medical particles company)









Ann Barnett Stern – 1957 Trustee	2017	President, Chief Executive Officer and Board Member, Houston Endowment, Inc. a private philanthropic institution Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney at Beck, Redden and Secrest, LLP and Andrews and Kurth LLP	184	Director and Audit Committee member of Federal Reserve Bank of Dallas; Trustee and Board Chair of Good Reason Houston (nonprofit); Trustee, Vice Chair, Chair of Nomination/Governance Committee, Chair of Personnel Committee of Holdsworth Center (nonprofit); Trustee and Investment Committee member of University of Texas Law School Foundation (nonprofit); Board Member of Greater Houston Partnership
















Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	184	None



Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management)	184	Formerly: Trustee, Board of Trustees, Treasurer and Chairman of the Audit Committee, Huntington Disease Foundation of America; Trustee and Governance Chair, of certain Oppenheimer Funds


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)
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	184	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement (non-profit)


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 and Principal Executive Officer	1999	Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds; 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, Treasurer 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.; 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 and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser)	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 and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation 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.; Secretary, Sovereign G./P. Holdings Inc.; and Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., 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)
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, President and Chairman, Invesco Insurance Agency, Inc.; 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





















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; 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; President, Trimark Investments Ltd./Placements Trimark Ltée and Director and Chairman, Invesco Trust Company Formerly: Director and Senior Vice President, Invesco Insurance Agency, Inc.; 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


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)
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.; Chairman and Director, INVESCO Private Capital Investments, Inc.; Chairman and Director, INVESCO Realty, Inc. Chairman and Director, INVESCO Realty, Inc.; and Senior Vice President, Invesco Group Services, Inc. Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds	N/A	N/A












Adrien Deberghes- 1967 Principal Financial Officer, Treasurer and Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A








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; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A





Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds and Senior Vice President 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; Vice President, Invesco Advisers, Inc.; Assistant Treasurer, Invesco Capital Management LLC, Assistant Treasurer and Chief Tax 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; Assistant Treasurer, Invesco Specialized Products, LLC Formerly: Senior Vice President – Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS)	N/A	N/A


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

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

LOGO


SEC file numbers: 811-02729 and 002-58287		Invesco Distributors, Inc.		CM-STIT-AR-8

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 Cynthia Hostetler, Anthony J. LaCava, Jr., Robert C. Troccoli and James Vaughn. Cynthia Hostetler, Anthony J. LaCava, 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.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PricewaterhouseCoopers LLC (“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 2021		Fees Billed for Services Rendered to the Registrant for fiscal year end 2020
Audit Fees	$	121,950	$	129,163
Audit-Related Fees	$	0	$	0
Tax Fees⁽¹⁾	$	97,386	$	85,963
All Other Fees	$	0	$	0

Total Fees	$	219,336	$	215,126

(1)	Tax Fees for the fiscal years ended August 31, 2021 and August 31, 2020 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 2021 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 2020 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees⁽¹⁾	$	821,000	$	701,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0

Total Fees	$	821,000	$	701,000

(1)	Audit-Related Fees for the fiscal years ended 2021 and 2020 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

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.

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.

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

IV.

Non-Audit Service Types

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

Audit-Related Services

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

Tax Services

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

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

Other Services

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s

independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

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

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

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

VI.

Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges

for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII.

Delegation

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

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

VIII.

Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

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

IX.

Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

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

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

•

Management functions;

•

Human resources;

•

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

•

Legal services;

•

Expert services unrelated to the audit;

•

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

•

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

•

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

•

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

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

•

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

•

Financial information systems design and implementation;

•

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

•

Actuarial services; and

•

Internal audit outsourcing services.

(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 $5,966,000 for the fiscal year ended August 31, 2021 and $5,769,000 for the fiscal year ended August 31, 2020. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $6,884,386 for the fiscal year ended August 31, 2021 and $6,555,963 for the fiscal year ended August 31, 2020.

PwC provided audit services to the Investment Company complex of approximately $31 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 21, 2021, 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 21, 2021, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.


13(a) (1)		Code of Ethics.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

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 4, 2021

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 4, 2021


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		November 4, 2021

THE INVESCO FUNDS CODE OF ETHICS FOR COVERED OFFICERS

Introduction

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

•

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

•

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

•

compliance with applicable governmental laws, rules and regulations;

•

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

•

accountability for adherence to the Code.

II.

Covered Officers Should Act Honestly and Candidly

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

Each Covered Officer must:

•

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

•

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

•

adhere to a high standard of business ethics; and

•

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

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

III.

Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

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

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Funds that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended and the Investment Advisers Act of 1940, as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. Therefore, as to the existing statutory and regulatory

prohibitions on individual behavior, they will be deemed to be incorporated in this Code and therefore any material violation will also be deemed a violation of this Code. Covered Officers must in all cases comply with applicable statutes and regulations. In addition, the Funds and their investment adviser have adopted Codes of Ethics designed to prevent, identify and/or correct violations of these statutes and regulations. This Code does not, and is not intended to, repeat or replace such Codes of Ethics.

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

Each Covered Officer must:

•

avoid conflicts of interest wherever possible;

•

handle any actual or apparent conflict of interest ethically;

•

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

•

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

•

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

•

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

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

•

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

•

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

•

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

•

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer’s employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries

thereof, such as compensation or equity ownership, and other than an interest arising from a de minimis ownership interest in a company with which the Funds execute portfolios transactions or a company that receives commissions or other fees related to its sales and redemptions of shares of the Funds (for purposes of this section of the Code an ownership interest of 1% or less shall constitute a de minimis ownership interest, and an ownership interest of more than 1% creates a rebuttable presumption that there may be a material conflict of interest).

IV.

Disclosure

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

Each Covered Officer must:

•

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

•

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

Compliance

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

VI.

Reporting and Accountability

Each Covered Officer must:

•

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

•

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

•

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

•

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

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

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

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

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

•

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

•

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

•

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

•

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

•

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

•

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

VII.

Other Policies and Procedures

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

VIII.

Amendments

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

IX.

Confidentiality

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

Exhibit A

Persons Covered by this Code of Ethics:

Sheri Morris – Principal Executive Officer

Adrien Deberghes – Principal Financial Officer

INVESCO FUNDS

CODE OF ETHICS FOR COVERED OFFICERS—ACKNOWLEDGEMENT

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

I also recognize my obligation to promote:

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

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

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

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

5. Accountability for adherence to the Code.



Date				Name:
				Title:

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

1. I have reviewed this report on Form N-CSR of Short-Term Investments Trust;

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

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

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

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

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

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

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

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

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

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


Date: November 4, 2021		/s/ Sheri Morris
		Sheri Morris, Principal Executive Officer

I, Adrien Deberghes, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of Short-Term Investments Trust;

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


Date: November 4, 2021		/s/ Adrien Deberghes
		Adrien Deberghes, Principal Financial Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of Short-Term Investments Trust (the “Company”) on Form N-CSR for the period ended August 31, 2021, as filed with the Securities and Exchange Commission (the “Report”), I, Sheri Morris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: November 4, 2021		/s/ Sheri Morris
		Sheri Morris, Principal Executive Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of Short-Term Investments Trust (the “Company”) on Form N-CSR for the period ended August 31, 2021, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: November 4, 2021		/s/ Adrien Deberghes
		Adrien Deberghes, Principal Financial Officer