SHORT-TERM INVESTMENTS TRUST (Form: N-CSR, Received: 11/04/2022 09:41:39)

Office of the Fund

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Investment Adviser

Invesco Advisers, Inc.

1555 Peachtree Street, N.E.

Atlanta, GA 30309

Distributor

Invesco Distributors, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Auditors

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002-5021

Counsel to the Fund

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103-7018

Counsel to the Independent Trustees

Goodwin Procter LLP

901 New York Avenue, N.W.

Washington, D.C. 20001

Transfer Agent

Invesco Investment Services, Inc.

11 Greenway Plaza, Suite 1000

Houston, TX 77046-1173

Custodian

Bank of New York Mellon

2 Hanson Place

Brooklyn, NY 11217-1431

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: 8/31/22

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, 2022

		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, 2022, and is based on total net assets. Unless otherwise stated, all data is 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			27

Financial Highlights			33

Notes to Financial Statements			34

Report of Independent Registered Public Accounting Firm			47

Fund Expenses			48

Approval of Investment Advisory and Sub-Advisory Contracts			49

Tax Information			54

Trustees and Officers			T-1


2

Fund Data



Cash Management Class data as of 8/31/22

FUND	WEIGHTED AVERAGE MATURITY		WEIGHTED AVERAGE LIFE	TOTAL NET ASSETS

	Range During Reporting Period	At Reporting Period End	At Reporting Period End
Invesco Liquid Assets¹	13 - 52 days	17 days	35 days	$1.7 million
Invesco STIC Prime¹	2 - 14 days	6 days	7 days	369.0 thousand
Invesco Treasury²	4 - 58 days	4 days	93 days	394.8 million
Invesco Government & Agency²	14 - 56 days	14 days	105 days	1.1 billion
Invesco Treasury Obligations²	30 - 55 days	36 days	91 days	78.6 thousand
Invesco Tax-Free Cash Reserve³	8 - 15 days	9 days	9 days	3.7 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 is a Government Money Market Fund, as defined by Rule 2a-7 under the Investment Company Act of 1940, as amended (Rule 2a-7), that seeks to maintain a stable price of $1.00 per share by using the amortized cost method to value portfolio securities and rounding the share value to the nearest cent.

The Fund invests at least 99.5% of its total assets in cash, Government Securities, and repurchase agreements collateralized by cash or Government Securities. 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. 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 primarily invests in U.S. Treasury Obligations and Government Securities maturing within 397 calendar days of the date of purchase, with certain exceptions permitted by applicable regulations, and repurchase agreements collateralized fully by U.S. Treasury Obligations and Government Securities. The Fund may also hold cash.

The Fund is a Government Money Market Fund, as defined by Rule 2a-7, under the Investment Company Act of 1940, as amended (Rule 2a-7), that seeks to maintain a stable price of $1.00 per share by using the amortized cost method to value portfolio securities and rounding the share value to the nearest cent. The Fund invests at least 99.5% of its total assets in cash, Government Securities, and repurchase agreements collateralized by cash or Government Securities. 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. 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 primarily invests its assets in U.S. Treasury Obligations backed by full faith and credit of the US government maturing within 397 calendar days of the date of purchase, with certain exceptions permitted by applicable regulations. The Fund also seeks to distribute dividends that are exempt from state and local taxation in many states. The Fund is a Government Money Market Fund, as defined by Rule 2a-7 under the Investment Company Act of 1940, as amended (Rule 2a-7), that seeks to maintain a stable price of $1.00 per share by using the amortized cost method to value portfolio securities and rounding the share value to the nearest cent. The Fund invests at least 99.5% of its total assets in cash and Government Securities. 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.

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 8/31/22

	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		47.9	%		73.7	%		77.1	%		64.6	%		4.4	%		87.2	%
8 - 30		19.7			23.8			3.0			1.5			31.1			7.2
31 - 60		4.9			2.5			2.2			1.9			28.2			5.6
61 - 90		10.9			0.0			2.6			10.2			22.1			0.0
91 - 180		16.6			0.0			0.0			5.2			3.0			0.0
181+		0.0			0.0			15.1			16.6			11.2			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, 2022

Invesco Liquid Assets Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Commercial Paper-40.49%^(a)
Asset-Backed Securities - Fully Supported-0.58%
Ridgefield Funding Co., LLC (CEP - BNP Paribas S.A.) (SOFR + 0.52%)^(b)(c)(d)		2.86%		02/15/2023	$	10,000	$	10,000,000



Asset-Backed Securities - Fully Supported Bank-7.45%
Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.28%)^(b)(c)(d)		2.66%		11/21/2022		40,000		40,006,000


Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (1 mo. FEDL + 0.12%)^(b)(c)(d)		2.53%		09/01/2022		20,000		20,000,000


Matchpoint Finance PLC (SOFR + 0.45%) (Ireland)^(b)(c)(d)		2.79%		11/17/2022		20,000		20,007,380


Nieuw Amsterdam Receivables Corp. B.V. (CEP - Cooperatieve Rabobank UA) (Netherlands)^(b)(c)		2.51%		09/21/2022		30,000		29,956,600


Versailles Commercial Paper LLC (CEP - Natixis S.A.) (SOFR + 0.30%)^(b)(c)(d)		2.63%		01/09/2023		20,000		20,003,550


								129,973,530



Diversified Banks-23.02%
ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.34%		10/03/2022		30,000		29,935,293


Barclays Bank PLC^(c)		2.36%		09/26/2022		20,000		19,966,012


Barclays Bank PLC^(c)		2.55%		09/23/2022		50,000		49,924,867


DBS Bank Ltd. (Singapore)^(b)(c)		2.49%		09/16/2022		10,000		9,989,480


DBS Bank Ltd. (Singapore)^(b)(c)		2.91%		11/14/2022		30,000		29,820,000


DBS Bank Ltd. (Singapore)^(b)(c)		3.35%		01/17/2023		20,000		19,739,607


Korea Development Bank^(c)		3.19%		01/05/2023		20,000		19,773,093


Korea Development Bank^(c)		3.19%		01/06/2023		10,000		9,885,369


Mitsubishi UFJ Trust & Banking Corp.^(b)(c)		2.59%		09/20/2022		70,000		69,909,155


Skandinaviska Enskilda Banken AB (SOFR + 0.40%) (Sweden)^(b)(c)(d)		2.74%		11/17/2022		70,000		70,015,605


Svenska Handelsbanken AB (Sweden)^(b)(c)		0.34%		11/03/2022		22,850		22,746,251


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%) (Canada)^(b)(c)(d)		1.92%		09/06/2022		10,000		9,999,848


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.45%) (Canada)^(b)(c)(d)		2.73%		12/30/2022		15,000		15,002,940


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.46%) (Canada)^(c)(d)		2.85%		02/15/2023		25,000		25,019,600


								401,727,120



Diversified Capital Markets-4.01%
Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.40%)^(c)(d)		2.77%		01/12/2023		60,000		60,009,000


Great Bear Funding LLC (1 mo. OBFR + 0.40%)^(c)(d)		2.77%		01/12/2023		10,000		10,001,500


								70,010,500



Investment Banking & Brokerage-1.71%
Goldman Sachs International^(b)		0.45%		11/15/2022		30,000		29,820,197



Specialized Finance-3.72%
CDP Financial, Inc. (Canada)^(b)(c)		2.10%		09/14/2022		45,000		44,959,067


KEB Hana Bank^(b)(c)		2.26%		09/20/2022		20,000		19,973,556


								64,932,623


Total Commercial Paper (Cost $706,722,043)								706,463,970



Certificates of Deposit-22.98%
Australia & New Zealand Banking Group Ltd. (Cayman Islands)^(c)		2.32%		09/01/2022		52,000		52,000,000


Banco Santander S.A.^(c)		3.14%		12/15/2022		10,000		10,017,135


Cooperatieve Rabobank U.A. (Cayman Islands)^(c)		2.30%		09/01/2022		52,000		52,000,000


Credit Agricole Corporate & Investment Bank^(c)		2.30%		09/01/2022		53,000		53,000,000


Goldman Sachs Bank USA (SOFR + 0.21%)^(d)		2.58%		09/16/2022		30,000		30,001,272

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Korea Development Bank (SOFR + 0.57%)^(c)(d)		2.91%		02/10/2023	$	25,000	$	25,015,814


Korea Development Bank (SOFR + 0.55%) (South Korea)^(c)(d)		2.89%		02/15/2023		5,000		5,002,726


Norinchukin Bank^(c)		2.39%		09/02/2022		70,000		70,000,236


Skandinaviska Enskilda Banken AB^(c)		2.30%		09/01/2022		17,000		17,000,000


Toronto-Dominion Bank (The)^(c)		3.21%		01/09/2023		15,000		15,005,457


Westpac Banking Corp.^(c)		0.44%		11/23/2022		5,000		4,972,453


Woori Bank^(c)		2.38%		09/08/2022		50,000		50,000,594


Woori Bank^(c)		2.25%		09/23/2022		17,000		16,998,470


Total Certificates of Deposit (Cost $401,000,000)								401,014,157



Variable Rate Demand Notes-5.36%^(e)
Credit Enhanced-5.36%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)(d)(f)		2.67%		04/01/2047		9,100		9,099,999


Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(d)(f)		2.38%		05/01/2037		2,400		2,400,000


University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		2.33%		08/01/2045		82,040		82,040,000


Total Variable Rate Demand Notes (Cost $93,539,999)								93,539,999


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-68.83% (Cost $1,201,262,042)								1,201,018,126



					Repurchase Amount
Repurchase Agreements-31.31%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $125,058,819 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, non-agency asset-backed securities, corporate obligations and U.S. Treasury obligations valued at $129,922,546; 0.00% - 7.00%; 01/06/2023 - 05/20/2072)^(c)(h)		2.42%		09/07/2022		15,007,058		15,000,000


BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $25,011,910 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, agency and non-agency asset-backed securities and corporate obligations valued at $25,555,105; 0.45% -7.88%; 04/03/2023 - 05/20/2072)^(c)(h)		2.45%		09/07/2022		10,004,764		10,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/25/2022, aggregate maturing value of $65,031,092 (collateralized by non-agency asset-backed securities and corporate obligations valued at $70,914,260; 0.00% - 13.00%; 05/15/2023 - 09/01/2119)^(c)(h)		2.46%		09/01/2022		25,011,958		25,000,000


Citigroup Global Markets, Inc., joint open agreement dated 03/28/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $110,083,744; 0.00% - 10.97%; 11/10/2023 - 03/27/2062)⁽ⁱ⁾		2.89%		09/01/2022		45,111,700		45,000,000


Citigroup Global Markets, Inc., joint open agreement dated 08/11/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $203,594,466; 0.00% - 7.75%; 11/15/2026 - 10/25/2066)⁽ⁱ⁾		2.89%		09/01/2022		13,021,882		13,000,000


Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $400,184,333 (collateralized by agency and non-agency mortgage-backed securities, agency and non-agency asset-backed securities, corporate obligations, commercial paper and U.S. Treasury obligations valued at $422,240,222; 0.00% - 15.00%; 09/06/2022 - 05/15/2097)^(c)(h)		2.37%		09/01/2022		20,009,217		20,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/05/2022, aggregate maturing value of $10,025,083 (collateralized by an non-agency-backed asset-backed security, corporate obligations and non-agency mortgage-backed securities valued at $10,560,000; 3.39% - 7.00%; 09/09/2024 - 06/15/2050)^(c)		2.58%		09/09/2022		2,005,017		2,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by corporate obligations valued at $110,000,070; 7.72% - 9.50%; 10/01/2022 -02/15/2029)⁽ⁱ⁾		2.62%		09/01/2022		65,146,629		65,000,000

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,784,179; 4.13% - 7.50%; 11/01/2022 - 05/15/2061)⁽ⁱ⁾	2.52%	09/01/2022	$	7,015,188	$	7,000,000


J.P. Morgan Securities LLC, joint term agreement dated 07/22/2022, aggregate maturing value of $105,007,875 (collateralized by non-agency asset-backed securities, a corporate obligation and non-agency mortgage-backed securities valued at $114,262,653; 2.67% -7.36%; 05/15/2024 - 06/25/2047)^(j)	2.70%	09/01/2022		15,001,125		15,000,000


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $500,031,944 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,071; 0.00% - 5.50%; 08/25/2027 -06/16/2061)	2.30%	09/01/2022		85,005,431		85,000,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2022, aggregate maturing value of $290,140,972 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $318,943,657; 2.50% - 15.50%; 01/15/2023 -11/15/2095)^(c)(h)	2.50%	09/07/2022		53,025,764		53,000,000


RBC Dominion Securities Inc., joint agreement dated 08/31/2022, aggregate maturing value of $1,500,095,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,000; 0.25% - 5.50%; 09/30/2022 -06/25/2059)	2.30%	09/01/2022		16,371,229		16,370,183


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $62,815,397; 0.00% - 12.00%; 11/15/2022 - 05/15/2097)⁽ⁱ⁾	2.50%	09/01/2022		25,001,736		25,000,000


Societe Generale, joint open agreement dated 08/20/2021 (collateralized by corporate obligations valued at $92,505,932; 0.00% - 11.88%; 09/19/2022 - 08/15/2062)^(c)(i)	2.43%	09/01/2022		65,004,388		65,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2022, aggregate maturing value of $200,012,833 (collateralized by agency mortgage-backed securities valued at $204,000,000; 1.50% - 7.00%; 03/15/2032 - 08/01/2052)	2.31%	09/01/2022		85,005,454		85,000,000


Total Repurchase Agreements (Cost $546,370,183)						546,370,183


TOTAL INVESTMENTS IN SECURITIES(k)(l)-100.14% (Cost $1,747,632,225)						1,747,388,309


OTHER ASSETS LESS LIABILITIES-(0.14)%						(2,357,906	)


NET ASSETS-100.00%					$	1,745,030,403

Investment Abbreviations:


CEP		-Credit Enhancement Provider
FEDL		-Federal Funds Effective Rate
LOC		-Letter of Credit
OBFR		-Overnight Bank Funding Rate
RB		-Revenue Bonds
SOFR		-Secured Overnight Financing Rate
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, 2022

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, 2022 was $520,984,528, which represented 29.86% 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: 15.9%; France: 12.5%; Japan: 8.5%; Korea: 8.4%; Netherlands: 7.0%; Sweden: 6.3%; other countries less than 5% each: 14.2%.

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2022.

^(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, 2022.

^(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)	Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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

^(l)

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

Societe Generale S.A.		5.2	%

J.P. Morgan Chase & Co.		5.0

Skandinaviska Enskilda Banken AB		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, 2022

Invesco STIC Prime Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Certificates of Deposit-29.37%
Australia & New Zealand Banking Group Ltd. (Cayman Islands)^(a)		2.32%		09/01/2022	$	13,000	$	13,000,000


Banco Santander S.A. (SOFR + 0.45%) (Spain)^(a)(b)		2.50%		10/03/2022		8,000		8,001,773


Cooperatieve Rabobank U.A. (Cayman Islands)^(a)		2.30%		09/01/2022		13,000		13,000,000


Credit Agricole Corporate & Investment Bank^(a)		2.30%		09/01/2022		7,000		7,000,000


DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt Am Main (Germany)^(a)		2.29%		09/01/2022		13,000		13,000,000


Mizuho Securities (USA) LLC^(a)		2.32%		09/01/2022		15,000		15,000,000


Skandinaviska Enskilda Banken AB^(a)		2.30%		09/01/2022		13,000		13,000,000


Svenska Handelsbanken^(a)		2.29%		09/01/2022		13,000		13,000,000


Total Certificates of Deposit (Cost $95,001,855)								95,001,773



Commercial Paper-26.55%^(c)
Asset-Backed Securities - Fully Supported-4.01%
Bennington Stark Capital Co. LLC^(a)(d)		2.41%		09/09/2022		5,000		4,997,016


Ionic Capital III Trust^(a)		2.41%		09/20/2022		8,000		7,989,191


								12,986,207



Asset-Backed Securities - Fully Supported Bank-12.66%
Cancara Asset Securitisation LLC^(a)		2.43%		09/27/2022		3,000		2,994,382


Chesham Finance LLC (Multi - CEP’s)^(a)(d)		2.51%		09/22/2022		8,000		7,988,032


Concord Minutemen Capital Co. LLC^(a)(d)		2.35%		09/01/2022		2,000		1,999,874


Concord Minutemen Capital Co. LLC^(a)(d)		2.35%		09/06/2022		7,000		6,997,299


Ebury Finance LLC (Multi - CEP’s)^(a)(d)		2.51%		09/22/2022		8,000		7,988,032


LMA-Americas LLC^(a)(d)		2.45%		09/20/2022		8,000		7,988,964


Sheffield Receivables Co. LLC^(a)(d)		2.39%		09/22/2022		5,000		4,992,358


								40,948,941



Diversified Banks-4.94%
DBS Bank Ltd. (Singapore)^(a)(d)		2.49%		09/16/2022		8,000		7,991,583


Federation des Caisses Desjardins du Quebec (Canada)^(a)(d)		2.44%		09/22/2022		8,000		7,988,360


								15,979,943



Diversified Capital Markets-2.47%
Columbia Funding Co. LLC^(d)		2.41%		09/20/2022		3,000		2,995,947


Mackinac Funding Co. LLC^(a)(d)		2.51%		09/15/2022		5,000		4,995,021


								7,990,968



Specialized Finance-2.47%
KEB Hana Bank^(a)(d)		2.41%		09/01/2022		8,000		7,999,490


Total Commercial Paper (Cost $85,910,827)								85,905,549



Variable Rate Demand Notes-5.28%^(e)
Credit Enhanced-5.28%
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD RB (LOC - FHLB of Indianapolis)^(f)(g)		1.77%		12/01/2039		730		730,000


Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(a)(d)(g)		2.67%		04/01/2047		7,800		7,800,000


Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(g)		2.38%		05/01/2037		2,950		2,950,000


Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB (LOC - FHLMC)^(f)(g)		1.58%		06/01/2041		890		890,000

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


10		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco STIC Prime Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Credit Enhanced-(continued)
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)^(d)(g)		2.55%		01/01/2033	$	4,700	$	4,700,000


Total Variable Rate Demand Notes (Cost $17,070,000)								17,070,000


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-61.20% (Cost $197,982,682)								197,977,322



					Repurchase Amount
Repurchase Agreements-38.99%^(h)
BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $125,058,819 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, non-agency asset-backed securities, corporate obligations and U.S. Treasury obligations valued at $129,922,546; 0.00% - 7.00%; 01/06/2023 - 05/20/2072)^(a)(i)		2.42%		09/07/2022		3,001,412		3,000,000


BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $25,011,910 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, agency and non-agency asset-backed securities and corporate obligations valued at $25,555,105; 0.45% - 7.88%; 04/03/2023 - 05/20/2072)^(a)(i)		2.45%		09/07/2022		3,001,429		3,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/25/2022, aggregate maturing value of $65,031,092 (collateralized by non-agency asset-backed securities and corporate obligations valued at $70,914,260; 0.00% - 13.00%; 05/15/2023 - 09/01/2119)^(a)(i)		2.46%		09/01/2022		5,002,392		5,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/05/2022, aggregate maturing value of $10,025,083 (collateralized by an non-agency-backed asset-backed security, corporate obligations and non-agency mortgage-backed securities valued at $10,560,000; 3.39% - 7.00%; 09/09/2024 - 06/15/2050)^(a)(i)		2.58%		09/09/2022		8,020,067		8,000,000


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,784,179; 4.13% - 7.50%; 11/01/2022 - 05/15/2061)^(j)		2.52%		09/01/2022		8,017,358		8,000,000


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $500,031,944 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,071; 0.00% - 5.50%; 08/25/2027 - 06/16/2061)		2.30%		09/01/2022		30,001,917		30,000,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2022, aggregate maturing value of $290,140,972 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $318,943,657; 2.50% - 15.50%; 01/15/2023 - 11/15/2095)^(a)(i)		2.50%		09/07/2022		10,004,861		10,000,000


RBC Dominion Securities Inc., joint agreement dated 08/31/2022, aggregate maturing value of $1,500,095,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,000; 0.25% - 5.50%; 09/30/2022 - 06/25/2059)		2.30%		09/01/2022		24,117,422		24,115,881


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $62,815,397; 0.00% - 12.00%; 11/15/2022 - 05/15/2097)^(a)(j)		2.50%		09/01/2022		5,000,347		5,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2022, aggregate maturing value of $200,012,833 (collateralized by agency mortgage-backed securities valued at $204,000,000; 1.50% - 7.00%; 03/15/2032 - 08/01/2052)		2.31%		09/01/2022		30,001,925		30,000,000


Total Repurchase Agreements (Cost $126,115,881)								126,115,881


TOTAL INVESTMENTS IN SECURITIES^(k)(l)-100.19% (Cost $324,098,563)								324,093,203


OTHER ASSETS LESS LIABILITIES-(0.19)%								(611,050	)


NET ASSETS-100.00%							$	323,482,153

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, 2022

Invesco STIC Prime Portfolio–(continued)

Investment Abbreviations:


CEP		-Credit Enhancement Provider
FHLB		-Federal Home Loan Bank
FHLMC		-Federal Home Loan Mortgage Corp.
LOC		-Letter of Credit
RB		-Revenue Bonds
SOFR		-Secured Overnight Financing Rate
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: France: 10.8%; Sweden: 8.0%; Switzerland: 7.7%; Canada: 7.4%; Japan: 7.1%; other countries less than 5% each: 26.9%.

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2022.

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

^(d)

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, 2022 was $87,421,976, which represented 27.03% of the Fund’s Net Assets.

^(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, 2022.

^(f)	Security subject to the alternative minimum tax.

^(g)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(h)	Principal amount equals value at period end. See Note 1I.

⁽ⁱ⁾	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(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, 2022

Invesco Treasury Portfolio


					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value


U.S. Treasury Securities-22.85%
U.S. Treasury Bills-3.81%^(a)
U.S. Treasury Bills		0.12%		09/08/2022	$	100,000	$	99,997,764


U.S. Treasury Bills		1.76%		09/29/2022		500,000		499,319,444


U.S. Treasury Bills		2.12%		10/13/2022		350,000		349,138,417


								948,455,625



U.S. Treasury Floating Rate Notes-16.50%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		355,000		354,998,397


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		250,500		250,505,365


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		200,000		200,004,851


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		560,000		560,000,585


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.02%)^(b)		2.89%		01/31/2024		200,000		200,114,336


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.08%)^(b)		2.83%		04/30/2024		450,000		449,989,855


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024		2,088,500		2,087,618,487


								4,103,231,876



U.S. Treasury Notes-2.54%
U.S. Treasury Notes		1.50%		09/15/2022		150,000		150,081,402


U.S. Treasury Notes		1.38%		10/15/2022		200,000		200,311,469


U.S. Treasury Notes		1.88%		10/31/2022		180,000		180,524,852


U.S. Treasury Notes		2.00%		10/31/2022		100,000		100,311,695


								631,229,418


Total U.S. Treasury Securities (Cost $5,682,916,919)								5,682,916,919


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-22.85% (Cost $5,682,916,919)								5,682,916,919



					Repurchase Amount
Repurchase Agreements-77.26%^(c)
ABN AMRO Bank N.V., agreement dated 08/31/2022, maturing value of $450,028,750 (collateralized by U.S. Treasury obligations valued at $459,000,055; 0.13% - 3.13%; 08/15/2023 - 11/15/2047)		2.30%		09/01/2022		450,028,750		450,000,000


BMO Capital Markets Corp., agreement dated 08/31/2022, maturing value of $300,017,083 (collateralized by U.S. Treasury obligations valued at $306,000,052; 0.00% - 3.25%; 11/08/2022 - 11/15/2051)		2.05%		09/01/2022		300,017,083		300,000,000


BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30%		09/01/2022		12,200,779,444		12,200,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,250,079,861 (collateralized by U.S. Treasury obligations valued at $1,275,000,012; 0.00% - 5.38%; 10/27/2022 -02/15/2042)		2.30%		09/01/2022		1,250,079,861		1,250,000,000

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


13		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Treasury Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)	2.05%	09/01/2022	$	150,008,542	$	150,000,000


Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2022, maturing value of $150,008,333 (collateralized by U.S. Treasury obligations valued at $153,000,068; 1.25% - 2.88%; 04/30/2024 - 10/31/2028)	2.00%	09/01/2022		150,008,333		150,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)	1.00%	09/01/2022		252,007,000		252,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 - 11/15/2045)^(d)	2.32%	09/07/2022		100,045,768		100,000,656


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 -11/15/2040)^(d)	2.32%	09/07/2022		473,638,567		473,425,000


Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/31/2022, maturing value of $100,044,819 (collateralized by U.S. Treasury obligations valued at $102,006,477; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)^(d)	2.31%	09/07/2022		100,044,819		100,000,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $190,949,752 (collateralized by U.S. Treasury obligations valued at $194,268,500; 0.00%; 05/15/2029 - 08/15/2037)	2.31%	09/01/2022		190,949,752		190,937,500


Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2022, maturing value of $277,705,318 (collateralized by U.S. Treasury obligations valued at $282,133,500; 0.00%; 11/15/2039 - 02/15/2045)	2.31%	09/01/2022		277,705,318		277,687,500


RBC Dominion Securities Inc., agreement dated 08/31/2022, maturing value of $800,051,111 (collateralized by U.S. Treasury obligations valued at $816,000,003; 0.00% - 6.38%; 09/30/2022 - 08/15/2052)	2.30%	09/01/2022		800,051,111		800,000,000


RBC Dominion Securities Inc., term agreement dated 08/03/2022, maturing value of $300,653,083 (collateralized by U.S. Treasury obligations valued at $306,000,026; 0.13% - 6.38%; 09/30/2022 - 08/15/2052)^(d)	2.31%	09/06/2022		300,653,083		300,000,000


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(d)	2.30%	09/01/2022		325,290,694		325,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(d)	2.30%	09/07/2022		85,038,014		85,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)	2.30%	09/01/2022		75,004,792		75,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 - 05/15/2052)^(d)	2.30%	09/01/2022		100,044,722		100,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 - 02/15/2050)	2.30%	09/01/2022		1,439,977,519		1,439,885,526


Total Repurchase Agreements (Cost $19,218,936,182)						19,218,936,182


TOTAL INVESTMENTS IN SECURITIES-100.11% (Cost $24,901,853,101)						24,901,853,101


OTHER ASSETS LESS LIABILITIES-(0.11)%						(27,922,007	)


NET ASSETS-100.00%					$	24,873,931,094

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, 2022

Invesco Treasury Portfolio–(continued)

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, 2022.

^(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, 2022

Invesco Government & Agency Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-27.76%
U.S. Treasury Bills-13.45%^(a)
U.S. Treasury Bills		0.08%		09/08/2022	$	75,000	$	74,998,906


U.S. Treasury Bills		2.29%		10/04/2022		5,000		4,989,550


U.S. Treasury Bills		0.09%-0.10%		10/06/2022		860,000		859,923,073


U.S. Treasury Bills		2.50%		10/18/2022		3,000		2,990,248


U.S. Treasury Bills		2.20%		11/01/2022		1,000,000		996,297,639


U.S. Treasury Bills		2.51%		11/03/2022		525,000		522,712,311


U.S. Treasury Bills		2.25%		11/08/2022		750,000		746,840,833


U.S. Treasury Bills		2.60%		11/10/2022		100,000		99,498,333


U.S. Treasury Bills		2.62%		11/15/2022		670,000		666,370,834


U.S. Treasury Bills		2.63%		11/17/2022		733,000		728,908,027


U.S. Treasury Bills		2.76%		11/25/2022		500,000		496,763,554


U.S. Treasury Bills		2.71%		11/29/2022		800,000		794,679,778


U.S. Treasury Bills		2.75%		12/06/2022		600,000		595,631,998


U.S. Treasury Bills		1.78%		12/08/2022		600,000		597,120,433


U.S. Treasury Bills		2.81%		12/13/2022		650,000		644,829,975


U.S. Treasury Bills		2.92%		12/20/2022		600,000		594,701,665


U.S. Treasury Bills		2.96%		01/26/2023		750,000		741,057,500


U.S. Treasury Bills		1.18%		02/23/2023		121,000		120,311,813


								9,288,626,470



U.S. Treasury Floating Rate Notes-13.86%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		730,000		730,003,334


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		2.95%		01/31/2023		312,400		312,432,328


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		1,330,000		1,330,056,967


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		206,000		206,006,090


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		1,038,679		1,038,709,970


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		2.89%		01/31/2024		180,000		179,956,151


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		2.83%		04/30/2024		3,564,000		3,560,385,309


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024		2,214,000		2,213,247,714


								9,570,797,863



U.S. Treasury Notes-0.45%
U.S. Treasury Notes		1.50%		09/15/2022		210,000		210,113,048


U.S. Treasury Notes		1.75%		09/30/2022		100,000		100,132,293


								310,245,341


Total U.S. Treasury Securities (Cost $19,169,669,674)								19,169,669,674



U.S. Government Sponsored Agency Securities-7.28%
Federal Farm Credit Bank (FFCB)-4.32%
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		2.38%		10/07/2022		30,000		30,000,000

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, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.34%		10/21/2022	$	20,000	$	20,000,000


Federal Farm Credit Bank (SOFR + 0.08%)^(b)		2.37%		11/03/2022		35,000		35,000,000


Federal Farm Credit Bank (SOFR + 0.02%)^(b)		2.31%		06/12/2023		75,000		75,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		07/07/2023		143,000		143,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/08/2023		155,000		155,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/18/2023		21,500		21,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		09/20/2023		25,000		25,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/27/2023		60,000		60,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		12/15/2023		24,500		24,498,405


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		01/04/2024		229,000		229,000,000


Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.35%		01/10/2024		75,500		75,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		01/25/2024		15,000		15,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		02/05/2024		100,000		100,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		02/20/2024		80,000		80,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		02/23/2024		162,000		162,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		03/08/2024		95,000		95,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		03/15/2024		431,000		431,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		03/18/2024		445,000		445,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		04/04/2024		195,000		195,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		04/25/2024		345,000		345,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		05/09/2024		160,000		160,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		05/24/2024		62,000		62,000,000


								2,983,498,405



Federal Home Loan Bank (FHLB)-2.51%
Federal Home Loan Bank		1.85%		09/23/2022		150,000		149,831,333


Federal Home Loan Bank		2.01%		10/14/2022		375,000		374,104,167


Federal Home Loan Bank		1.44%		11/07/2022		1,215,000		1,211,766,412


								1,735,701,912



Federal National Mortgage Association (FNMA)-0.17%
Federal National Mortgage Association		1.86%		09/21/2022		115,000		114,881,806



U.S. International Development Finance Corp. (DFC)-0.28%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		06/15/2025		14,400		14,400,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		07/15/2025		15,667		15,666,669


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2025		3,421		3,421,053


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2026		4,250		4,250,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2026		7,083		7,083,333


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/30/2027		11,455		11,454,546


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		02/15/2028		12,222		12,222,222

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, 2022

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 Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		11/15/2028	$	56,818	$	56,818,182


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.35%		05/15/2030		7,111		7,111,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.90%		10/15/2030		7,333		7,333,333


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.47%		07/09/2026		20,400		20,400,000


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		03/15/2030		34,875		34,875,000


								195,035,338


Total U.S. Government Sponsored Agency Securities (Cost $5,029,117,461)								5,029,117,461


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-35.04% (Cost $24,198,787,135)								24,198,787,135



					Repurchase Amount

Repurchase Agreements-65.08%^(d)
BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30%		09/01/2022		37,002,363,889		37,000,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,750,111,806 (collateralized by U.S. Treasury obligations valued at $1,785,000,044; 0.13% - 6.13%; 03/31/2024 - 02/15/2052)		2.30%		09/01/2022		1,750,111,806		1,750,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)		2.05%		09/01/2022		350,019,931		350,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)		1.00%		09/01/2022		900,025,000		900,000,000


ING Financial Markets, LLC, joint term agreement dated 07/28/2022, aggregate maturing value of $501,796,667 (collateralized by agency mortgage-backed securities valued at $510,000,000; 1.50% - 8.00%; 08/01/2028 -09/01/2057)		2.31%		09/22/2022		401,437,333		400,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/27/2022 (collateralized by agency mortgage-backed securities valued at $918,000,002; 1.00% - 7.50%; 09/20/2027 - 02/16/2063)^(e)		2.32%		09/01/2022		786,568,038		785,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 -11/15/2045)^(f)		2.32%		09/07/2022		170,078,734		170,002,044


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(f)		2.32%		09/07/2022		1,051,599,174		1,051,125,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $434,162,857 (collateralized by U.S. Treasury obligations valued at $441,112,430; 0.00%; 02/15/2026 - 11/15/2043)		2.31%		09/01/2022		434,162,857		434,135,000

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, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(f)	2.30%	09/01/2022	$	300,268,333	$	300,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(f)	2.30%	09/07/2022		100,044,722		100,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)	2.30%	09/01/2022		100,006,389		100,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 -05/15/2052)^(f)	2.30%	09/01/2022		135,060,375		135,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 -02/15/2050)	2.30%	09/01/2022		1,259,958,205		1,259,877,713


Total Repurchase Agreements (Cost $44,935,139,757)						44,935,139,757


TOTAL INVESTMENTS IN SECURITIES-100.12% (Cost $69,133,926,892)						69,133,926,892


OTHER ASSETS LESS LIABILITIES-(0.12)%						(80,939,926	)


NET ASSETS-100.00%					$	69,052,986,966

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, 2022.

^(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, 2022.

^(d)	Principal amount equals value at period end. See Note 1I.

^(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.

^(f)	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

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


19		Short-Term Investments Trust

Schedule of Investments

August 31, 2022

Invesco Treasury Obligations Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-100.16%
U.S. Treasury Bills-84.76%^(a)
U.S. Treasury Bills		1.82%-2.06%		09/06/2022	$	54,300	$	54,286,133


U.S. Treasury Bills		1.23%		09/08/2022		10,000		9,997,608


U.S. Treasury Bills		2.04%-2.28%		09/13/2022		73,400		73,345,895


U.S. Treasury Bills		2.03%-2.15%		09/15/2022		82,500		82,431,857


U.S. Treasury Bills		1.25%-2.27%		09/20/2022		113,000		112,874,211


U.S. Treasury Bills		1.28%-2.31%		09/27/2022		87,000		86,872,643


U.S. Treasury Bills		1.39%-2.29%		10/04/2022		52,000		51,909,268


U.S. Treasury Bills		1.85%-2.24%		10/06/2022		33,700		33,635,803


U.S. Treasury Bills		1.51%-2.42%		10/11/2022		70,000		69,825,820


U.S. Treasury Bills		2.11%		10/13/2022		24,000		23,940,920


U.S. Treasury Bills		2.32%-2.50%		10/18/2022		89,500		89,214,567


U.S. Treasury Bills		2.49%		10/20/2022		4,500		4,484,871


U.S. Treasury Bills		2.07%		10/25/2022		14,000		13,956,740


U.S. Treasury Bills		2.54%		10/27/2022		45,000		44,823,600


U.S. Treasury Bills		2.20%		11/01/2022		24,000		23,911,143


U.S. Treasury Bills		2.51%		11/03/2022		30,000		29,869,275


U.S. Treasury Bills		2.24%		11/08/2022		24,000		23,898,907


U.S. Treasury Bills		2.55%-2.60%		11/10/2022		40,800		40,597,079


U.S. Treasury Bills		2.62%		11/15/2022		12,000		11,935,000


U.S. Treasury Bills		2.63%		11/17/2022		20,000		19,888,350


U.S. Treasury Bills		2.74%		11/22/2022		40,000		39,752,178


U.S. Treasury Bills		2.71%		11/29/2022		25,000		24,833,743


U.S. Treasury Bills		2.81%		12/13/2022		20,000		19,840,922


U.S. Treasury Bills		1.18%		02/23/2023		4,000		3,977,153


U.S. Treasury Bills		3.00%		07/13/2023		6,000		5,846,648


								995,950,334



U.S. Treasury Floating Rate Notes-15.40%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		45,000		44,999,800


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		2.95%		01/31/2023		11,000		11,000,764


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		19,000		19,000,509


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		17,500		17,500,388


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		30,000		30,000,601


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.02%)^(b)		2.89%		01/31/2024		8,000		7,998,051


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.08%)^(b)		2.83%		04/30/2024		25,500		25,474,783

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, 2022

Invesco Treasury Obligations Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Floating Rate Notes-(continued)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024	$	25,000	$	24,984,882


								180,959,778


TOTAL INVESTMENTS IN SECURITIES-100.16% (Cost $1,176,910,112)								1,176,910,112


OTHER ASSETS LESS LIABILITIES-(0.16)%								(1,828,082	)


NET ASSETS-100.00%							$	1,175,082,030

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, 2022.

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, 2022

Invesco Tax-Free Cash Reserve Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Municipal Obligations-99.87%
Alabama-7.40%
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)^(a)(b)(c)		1.75%		07/01/2040	$	11,220	$	11,220,000


Mobile Downtown Redevelopment Authority (The) (Austal USA LLC); Series 2011 B, Ref. VRD RB (LOC - Bank of America N.A.)^(b)(c)(d)		1.72%		05/01/2041		6,000		6,000,000


								17,220,000



Arizona-4.87%
Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC - Bank Of America N.A.)^(b)(c)		1.03%		01/01/2046		6,000		6,000,000


Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		1.67%		06/15/2031		2,685		2,685,000


Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		1.67%		06/15/2031		2,645		2,645,000


								11,330,000



California-3.22%
California (State of);
Series 2022 A-1		1.13%		09/15/2022		6,500		6,498,670


Series 2022 A-5		1.13%		09/15/2022		1,000		1,000,000


								7,498,670



Colorado-0.35%
Boulder (County of), CO (Imagine); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		1.63%		02/01/2031		825		825,000



Delaware-1.70%
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		09/01/2036		2,525		2,525,000


Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		05/01/2036		1,430		1,430,000


								3,955,000



District of Columbia-1.67%
District of Columbia (Georgetown University); Series 2007 C-2, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)		1.66%		04/01/2041		1,200		1,200,000


District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC -TD Bank N.A.)^(a)(b)(c)		1.48%		08/15/2038		2,695		2,695,000


								3,895,000



Florida-3.97%
Orange (County of), FL Convention Center (Nemours Foundation); Series 2009 C-2, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.60%		01/01/2037		4,100		4,100,000


Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.75%		11/01/2036		2,725		2,725,000


Palm Beach (County of), FL (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.70%		07/01/2032		2,400		2,400,000


								9,225,000



Georgia-2.12%
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)^(a)(b)(c)		1.68%		11/01/2030		1,920		1,920,000

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


22		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Georgia-(continued)
Private Colleges & Universities Authority (Emory University); Series 2022 B, VRD RB (SIFMA Municipal Swap Index + 0.03%)^(b)		1.46%		09/01/2052	$	3,000	$	3,000,000


								4,920,000



Illinois-11.19%
Illinois (State of) Development Finance Authority (St. Ignatius College); Series 2002, VRD RB (LOC - PNC Bank, N.A.)^(b)(c)		1.51%		06/01/2032		1,650		1,650,000


Illinois (State of) Development Finance Authority (YMCA Metropolitan Chicago); Series 2001, VRD RB (LOC - BMO Harris N.A.)^(a)(b)(c)		1.60%		06/01/2029		5,800		5,800,000


Illinois (State of) Educational Facilities Authority (The Adler Planetarium); Series 1997, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.56%		04/01/2031		725		725,000


Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB^(b)		1.47%		12/01/2046		5,730		5,730,000


Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.50%		01/01/2037		2,600		2,600,000


Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)^(b)(c)		1.68%		10/01/2033		2,625		2,625,000


Illinois (State of) Finance Authority (YMCA Metropolitan Chicago); Series 2004, VRD RB (LOC - BMO Harris Bank N.A.)^(a)(b)(c)		1.60%		06/01/2034		2,735		2,735,000


Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)^(b)(c)		1.65%		01/01/2041		4,160		4,160,000


								26,025,000



Indiana-5.28%
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		1.75%		08/01/2037		3,285		3,285,000


Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)^(a)(b)(c)		1.64%		06/01/2035		6,000		6,000,000


Indianapolis (City of), IN (Capital Place Apartments, Covington Square Apartments and the Woods at Oak Crossing); Series 2008, VRD RB (CEP - FNMA)^(b)		1.62%		05/15/2038		3,000		3,000,000


								12,285,000



Iowa-2.15%
Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB (LOC - Korea Devlopment Bank)^(a)(b)(c)(d)		1.77%		12/01/2041		5,000		5,000,000



Louisiana-2.66%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.63%		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)		1.60%		07/01/2047		4,085		4,085,000


Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		1.46%		07/01/2047		1,100		1,100,000


								6,185,000



Maryland-5.59%
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.48%		04/01/2035		5,000		5,000,000


Montgomery (County of), MD;
Series 2022 B, Commerical Paper Notes (LOC - JPMorgan Chase Bank N.A.)^(c)		1.33%		10/04/2022		5,000		5,000,000


Series 2022 B, Commerical Paper Notes (LOC - State Street Bank and Trust Company)^(c)		1.33%		10/04/2022		3,000		3,000,000


								13,000,000

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


23		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Massachusetts-1.29%
Massachusetts (Commonwealth of) Department of Transportation; Series 2010 A-1, VRD Metropolitan Highway System RB (LOC - TD Bank, N.A.)^(a)(b)(c)		1.49%		01/01/2037	$	3,000	$	3,000,000



Michigan-2.72%
Michigan State University Board of Trustees;
Series 2000 A-1, VRD RB^(b)		1.56%		08/15/2030		3,620		3,620,000


Series 2000 A-2, VRD RB^(b)		1.56%		08/15/2030		2,705		2,705,000


								6,325,000



Minnesota-3.08%
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)^(b)		1.75%		10/15/2033		1,175		1,175,000


Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)^(b)		1.67%		11/01/2035		3,600		3,600,000


St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)^(b)		1.67%		10/01/2033		2,385		2,385,000


								7,160,000



Mississippi-1.97%
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.);
Series 2010 C, VRD IDR^(b)		1.46%		12/01/2030		585		585,000


Series 2010 E, VRD IDR^(b)		1.46%		12/01/2030		4,000		4,000,000


								4,585,000



Missouri-1.93%
Bridgeton (City of), MO Industrial Development Authority (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)^(b)(c)		1.67%		11/01/2037		1,320		1,320,000


Kansas City (City of), MO (H Roe Bartle); Series 2008 F, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		1.49%		04/15/2025		1,915		1,915,000


Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)^(b)(c)		1.82%		08/01/2038		1,260		1,260,000


								4,495,000



New York-4.61%
Metropolitan Transportation Authority; Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.68%		11/15/2046		7,115		7,115,000


New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)^(a)(b)(c)		1.50%		05/01/2039		3,600		3,600,000


								10,715,000



North Carolina-1.31%
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1992 A, VRD RB^(b)		1.47%		06/01/2027		3,055		3,055,000



Ohio-2.72%
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)^(b)(c)		1.67%		08/02/2038		2,650		2,650,000


Ohio State University (The); Series 2014 B-1, VRD RB^(b)		1.53%		12/01/2034		3,670		3,670,000


								6,320,000



Pennsylvania-1.71%
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		06/01/2037		1,225		1,225,000


Haverford Township School District; Series 2009, VRD GO Bonds (LOC -TD Bank N.A.)^(a)(b)(c)		1.65%		03/01/2030		450		450,000

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, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Pennsylvania-(continued)
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		10/15/2025	$	310	$	310,000


Philadelphia (City of), PA; Series 2022 A, Commerical Paper Notes (LOC - Barclays Bank PLC)^(a)(c)		1.60%		09/27/2022		2,000		2,000,000


								3,985,000



Rhode Island-1.89%
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB^(b)		1.67%		09/01/2043		4,400		4,400,000



Texas-14.79%
Board of Regents of the University of Texas System; Series 2008 B, VRD RB^(b)		1.50%		08/01/2025		1,115		1,115,000


Garland (City of), TX; Series 2022, Commerical Paper Notes (LOC -Barclays Bank PLC)^(a)(c)		1.55%		09/15/2022		1,200		1,200,000


Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.69%		02/15/2042		6,200		6,200,000


Houston (City of), TX; Series 2022 H-2, Commerical Paper Notes		1.73%		09/07/2022		5,000		5,000,000


Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		1.68%		05/15/2034		5,250		5,250,000


San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.68%		04/01/2026		1,520		1,520,000


Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)^(b)		1.73%		05/01/2042		3,125		3,125,000


Texas A&M University; Series 2022 B		1.25%		10/05/2022		5,000		5,000,000


University of Texas System Board of Regents; Series 2022 A, Commerical Paper Notes		1.85%		09/16/2022		6,000		6,000,000


								34,410,000



Virginia-1.72%
Norfolk (City of), VA; Series 2007, VRD GO Bonds^(b)		1.46%		08/01/2037		4,000		4,000,000



Washington-2.37%
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		1.49%		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)		1.49%		11/01/2047		2,145		2,145,000


								5,520,000



West Virginia-3.09%
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)^(b)(c)		1.69%		07/01/2039		745		745,000


West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Truist Bank)^(b)(c)		1.74%		01/01/2034		6,445		6,445,000


								7,190,000



Wisconsin-2.50%
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)^(b)(c)		1.68%		10/01/2042		3,160		3,160,000


Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital); Series 2004, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.50%		08/15/2034		2,660		2,660,000


								5,820,000


TOTAL INVESTMENTS IN SECURITIES^(e)(f)-99.87% (Cost $232,343,670)								232,343,670


OTHER ASSETS LESS LIABILITIES-0.13%								290,991


NET ASSETS-100.00%							$	232,634,661

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, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)

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
SIFMA		- Securities Industry and Financial Markets Association
VRD		- Variable Rate Demand
YMCA		- Young Men’s Christian Association

Notes to Schedule of Investments:

^(a)	The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 11.1%; other countries less than 5% each: 15.6%.

^(b)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2022.

^(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)

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, 2022 was $11,000,000, which represented 4.73% of the Fund’s Net Assets.

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

^(f)


Entities		Percentage


Toronto-Dominion Bank		6.6%


PNC Bank N.A.		6.4


Federal Home Loan Mortgage Corporation		5.7


Bank of America N.A.		5.5

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


26		Short-Term Investments Trust

Statement of Assets and Liabilities

August 31, 2022


													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	$	1,201,018,126		$	197,977,322		$	5,682,916,919		$	24,198,787,135		$	1,176,910,112		$	232,343,670

Repurchase agreements, at value and cost		546,370,183			126,115,881			19,218,936,182			44,935,139,757			-			-

Cash		109,373			-			216,168			-			13,410			2,937

Receivable for:
Investments sold		-			-			-			-			-			230,000

Fund shares sold		-			-			3,426,958			12,440,927			-			-

Interest		1,498,126			114,844			15,648,843			39,762,105			427,495			353,878

Fund expenses absorbed		48,750			22,441			611,241			1,310,208			-			59,007

Investment for trustee deferred compensation and retirement plans		2,981,769			796,703			1,794,578			818,710			83,864			274,694

Other assets		-			132,222			406,980			2,382			791			29,200

Total assets		1,752,026,327			325,159,413			24,923,957,869			69,188,261,224			1,177,435,672			233,293,386


Liabilities:
Payable for:
Fund shares reacquired		-			-			1,436,975			4,312,518			-			-

Amount due custodian		-			-			-			75,388			-			-

Dividends		3,429,582			734,622			40,854,222			119,874,158			1,992,687			268,283

Accrued fees to affiliates		327,192			67,040			5,261,976			9,664,368			232,590			64,888

Accrued trustees’ and officers’ fees and benefits		5,177			3,013			24,875			75,569			4,088			2,853

Accrued operating expenses		38,091			24,350			390,285			209,322			26,751			29,818

Trustee deferred compensation and retirement plans		3,195,882			848,235			2,058,442			1,062,935			97,526			292,883

Total liabilities		6,995,924			1,677,260			50,026,775			135,274,258			2,353,642			658,725

Net assets applicable to shares outstanding	$	1,745,030,403		$	323,482,153		$	24,873,931,094		$	69,052,986,966		$	1,175,082,030		$	232,634,661


Net assets consist of:
Shares of beneficial interest	$	1,747,484,102		$	324,067,657		$	24,879,025,429		$	69,080,969,965		$	1,175,260,073		$	232,854,374

Distributable earnings (loss)		(2,453,699	)		(585,504	)		(5,094,335	)		(27,982,999	)		(178,043	)		(219,713	)

	$	1,745,030,403		$	323,482,153		$	24,873,931,094		$	69,052,986,966		$	1,175,082,030		$	232,634,661


Net Assets:
Institutional Class	$	1,741,681,355		$	322,472,595		$	21,420,556,964		$	61,165,374,792		$	1,102,134,048		$	196,759,517

Private Investment Class	$	1,072,938		$	457,312		$	381,788,814		$	577,941,151		$	14,564,541		$	14,764,249

Personal Investment Class	$	10,248		$	91,404		$	580,830,893		$	39,333,209		$	12,718,457		$	1,810,611

Cash Management Class	$	1,720,159		$	369,022		$	394,771,725		$	1,142,406,020		$	78,579		$	3,744,588

Reserve Class	$	175,005		$	70,263		$	987,384,416		$	598,751,170		$	42,146,780		$	14,785,359

Resource Class	$	247,941		$	386		$	77,389,574		$	135,003,087		$	98,294		$	760,040

Corporate Class	$	22,778		$	21,171		$	473,991,784		$	542,615,409		$	3,341,331		$	10,297

CAVU Securities Class	$	99,979		$	-		$	557,216,925		$	4,851,562,128		$	-		$	-

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


27		Short-Term Investments Trust

Statement of Assets and Liabilities–(continued)

August 31, 2022


													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			1,741,404,031			322,466,007			21,422,696,205			61,190,061,271			1,102,245,734			196,737,460

Private Investment Class			1,072,769			457,303			381,826,938			578,174,331			14,566,279			14,762,695

Personal Investment Class			10,246			91,402			580,888,890			39,349,084			12,720,093			1,810,436

Cash Management Class			1,719,889			369,015			394,811,148			1,142,867,105			78,588			3,744,177

Reserve Class			174,978			70,262			987,483,019			598,992,752			42,152,444			14,784,054

Resource Class			247,902			386			77,397,299			135,057,575			98,305			759,958

Corporate Class			22,774			21,170			474,039,115			542,834,320			3,341,703			10,296

CAVU Securities Class			99,963			-			557,272,567			4,853,520,238			-			-

Net asset value, offering and redemption price per share for each class		$	1.0002		$	1.0000		$	1.00		$	1.00		$	1.00		$	1.00

Cost of Investments		$	1,747,632,225		$	324,098,563		$	24,901,853,101		$	69,133,926,892		$	1,176,910,112		$	232,343,670

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


28		Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2022


	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	$	13,644,622		$	2,284,794		$	128,028,516		$	395,970,368		$	6,615,247		$	959,588


Expenses:
Advisory fees		3,122,309			449,298			32,265,270			60,899,961			1,503,064			363,316

Administrative services fees		933,129			133,092			9,470,158			26,994,896			497,724			80,410

Custodian fees		40,769			21,744			543,746			726,135			12,003			4,168

Distribution fees:
Private Investment Class		7,695			1,538			949,886			1,691,410			37,328			29,069

Personal Investment Class		56			509			1,991,022			147,296			58,197			8,227

Cash Management Class		1,945			361			376,542			674,250			91			3,393

Reserve Class		1,800			711			11,418,685			4,727,590			553,248			149,700

Resource Class		540			-			96,179			248,617			161			2,277

Corporate Class		7			7			70,495			221,276			1,054			4

Transfer agent fees		187,339			26,958			1,935,916			5,480,996			101,526			16,349

Trustees’ and officers’ fees and benefits		33,400			20,107			172,056			472,464			26,153			19,234

Registration and filing fees		100,319			80,466			857,680			874,196			95,458			95,946

Reports to shareholders		16,135			11,893			63,345			60,302			13,166			25,783

Professional services fees		50,201			38,656			145,043			320,773			49,349			37,674

Other		102,516			58,218			300,901			520,409			65,519			22,861

Total expenses		4,598,160			843,558			60,656,924			104,060,571			3,014,041			858,411

Less: Fees waived and expenses reimbursed		(945,472	)		(385,749	)		(28,703,024	)		(34,058,255	)		(1,332,072	)		(528,184	)

Net expenses		3,652,688			457,809			31,953,900			70,002,316			1,681,969			330,227

Net investment income		9,991,934			1,826,985			96,074,616			325,968,052			4,933,278			629,361

Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		3,959			624			(3,886,562	)		(28,543,577	)		(129,607	)		-

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(406,836	)		(5,126	)		-			-			-			-

Net realized and unrealized gain (loss)		(402,877	)		(4,502	)		(3,886,562	)		(28,543,577	)		(129,607	)		-

Net increase in net assets resulting from operations	$	9,589,057		$	1,822,483		$	92,188,054		$	297,424,475		$	4,803,671		$	629,361

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


29		Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021


	Invesco Liquid Assets Portfolio						Invesco STIC Prime Portfolio
	2022			2021			2022			2021

Operations:
Net investment income	$	9,991,934		$	1,034,618		$	1,826,985		$	24,474

Net realized gain		3,959			2,613			624			552

Change in net unrealized appreciation (depreciation)		(406,836	)		(496,709	)		(5,126	)		(2,800	)

Net increase in net assets resulting from operations		9,589,057			540,522			1,822,483			22,226


Distributions to shareholders from distributable earnings:
Institutional Class		(9,973,378	)		(1,033,839	)		(1,657,807	)		(24,275	)

Private Investment Class		(6,754	)		(318	)		(1,550	)		(92	)

Personal Investment Class		(32	)		(4	)		(240	)		(31	)

Cash Management Class		(9,759	)		(359	)		(1,672	)		(52	)

Reserve Class		(378	)		(29	)		(130	)		(11	)

Resource Class		(1,017	)		(40	)		(3	)		(9	)

Corporate Class		(112	)		(13	)		(95	)		(4	)

CAVU Securities Class		(504	)		(16	)		-			-

Total distributions from distributable earnings		(9,991,934	)		(1,034,618	)		(1,661,497	)		(24,474	)


Return of capital:
Institutional Class		-			-			(165,120	)		-

Private Investment Class		-			-			(154	)		-

Personal Investment Class		-			-			(24	)		-

Cash Management Class		-			-			(167	)		-

Reserve Class		-			-			(13	)		-

Resource Class		-			-			(1	)		-

Corporate Class		-			-			(9	)		-

Total return of capital		-			-			(165,488	)		-

Total distributions		(9,991,934	)		(1,034,618	)		(1,826,985	)		(24,474	)


Share transactions-net:
Institutional Class		(614,280,688	)		(201,574,311	)		100,759,349			(99,033,118	)

Private Investment Class		(1,818,407	)		(648,893	)		(147,861	)		(671,036	)

Personal Investment Class		-			-			(1,448	)		(302,491	)

Cash Management Class		(1,201,217	)		(24,434	)		(127,021	)		(7,793	)

Reserve Class		(40,550	)		(62,582	)		(16,775	)		(18,402	)

Resource Class		(114,240	)		(3,337	)		1			(122,205	)

Corporate Class		(354	)		(15,522	)		64			4

CAVU Securities Class		1			100,002			-			-

Net increase (decrease) in net assets resulting from share transactions		(617,455,455	)		(202,229,077	)		100,466,309			(100,155,041	)

Net increase (decrease) in net assets		(617,858,332	)		(202,723,173	)		100,461,807			(100,157,289	)


Net assets:
Beginning of year		2,362,888,735			2,565,611,908			223,020,346			323,177,635

End of year	$	1,745,030,403		$	2,362,888,735		$	323,482,153		$	223,020,346

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–(continued)

For the years ended August 31, 2022 and 2021


	Invesco Treasury Portfolio						Invesco Government & Agency Portfolio
	2022			2021			2022			2021

Operations:
Net investment income		$ 96,074,616			$ 2,248,785			$ 325,968,052			$ 9,964,680

Net realized gain (loss)		(3,886,562	)		30,818			(28,543,577	)		542,485

Net increase in net assets resulting from operations		92,188,054			2,279,603			297,424,475			10,507,165


Distributions to shareholders from distributable earnings:
Institutional Class		(85,408,911	)		(2,005,555	)		(295,190,284	)		(9,402,663	)

Private Investment Class		(1,268,453	)		(35,458	)		(2,186,097	)		(120,583	)

Personal Investment Class		(1,167,413	)		(28,813	)		(110,536	)		(2,025	)

Cash Management Class		(1,843,731	)		(42,921	)		(3,324,668	)		(128,425	)

Reserve Class		(2,122,002	)		(62,101	)		(1,225,131	)		(105,814	)

Resource Class		(267,315	)		(18,705	)		(863,585	)		(32,727	)

Corporate Class		(1,170,294	)		(41,758	)		(2,699,107	)		(52,287	)

CAVU Securities Class		(2,826,497	)		(13,474	)		(20,368,644	)		(120,156	)

Total distributions from distributable earnings		(96,074,616	)		(2,248,785	)		(325,968,052	)		(9,964,680	)


Share transactions-net:
Institutional Class		4,330,861,644			(2,122,806,791	)		11,726,491,208			19,204,558,855

Private Investment Class		78,001,581			(118,976,592	)		72,215,877			(76,121,055	)

Personal Investment Class		315,801,181			(16,713,545	)		29,989,058			(4,169,839	)

Cash Management Class		(57,379,422	)		80,255,547			394,921,370			316,471,282

Reserve Class		119,769,440			286,064,751			190,502,067			7,054,623

Resource Class		24,190,011			(582,467,587	)		17,158,805			(25,248,184	)

Corporate Class		207,510,470			(867,085,822	)		(539,261,258	)		1,050,827,823

CAVU Securities Class		10,231,626			547,040,941			3,411,670,557			1,441,849,681

Net increase (decrease) in net assets resulting from share transactions		5,028,986,531			(2,794,689,098	)		15,303,687,684			21,915,223,186

Net increase (decrease) in net assets		5,025,099,969			(2,794,658,280	)		15,275,144,107			21,915,765,671


Net assets:
Beginning of year		19,848,831,125			22,643,489,405			53,777,842,859			31,862,077,188

End of year		$24,873,931,094			$19,848,831,125			$69,052,986,966			$53,777,842,859

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, 2022 and 2021


	Invesco Treasury Obligations Portfolio								Invesco Tax-Free Cash Reserve Portfolio
	2022				2021				2022				2021

Operations:
Net investment income		$	4,933,278			$	133,186			$	629,361			$	17,194

Net realized gain (loss)			(129,607	)			47,304				-				-

Net increase in net assets resulting from operations			4,803,671				180,490				629,361				17,194


Distributions to shareholders from distributable earnings:
Institutional Class			(4,768,439	)			(123,225	)			(576,238	)			(12,978	)

Private Investment Class			(48,742	)			(1,559	)			(26,690	)			(1,039	)

Personal Investment Class			(29,749	)			(128	)			(2,178	)			(195	)

Cash Management Class			(319	)			(29	)			(11,012	)			(490	)

Reserve Class			(71,516	)			(7,454	)			(10,273	)			(2,280	)

Resource Class			(360	)			(17	)			(2,938	)			(208	)

Corporate Class			(14,153	)			(774	)			(32	)			(4	)

Total distributions from distributable earnings			(4,933,278	)			(133,186	)			(629,361	)			(17,194	)


Share transactions-net:
Institutional Class			38,941,402				(306,942,642	)			78,490,605				(32,730,801	)

Private Investment Class			(78,490	)			220,502				5,209,668				(580,210	)

Personal Investment Class			8,907,420				3,070,903				133,658				(1,906,614	)

Cash Management Class			(174,408	)			(87,640	)			(851,665	)			(893,331	)

Reserve Class			(32,341,061	)			19,907,010				(1,439,232	)			(10,596,705	)

Resource Class			198				(51,953	)			(716,611	)			(1,527,247	)

Corporate Class			(1,691,615	)			(5,409,097	)			19				-

Net increase (decrease) in net assets resulting from share transactions			13,563,446				(289,292,917	)			80,826,442				(48,234,908	)

Net increase (decrease) in net assets			13,433,839				(289,245,613	)			80,826,442				(48,234,908	)


Net assets:
Beginning of year			1,161,648,191				1,450,893,804				151,808,219				200,043,127

End of year		$	1,175,082,030			$	1,161,648,191			$	232,634,661			$	151,808,219

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


32		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


	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			Return of capital			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 08/31/22		$1.0004		$0.0044		$(0.0000	)		$0.0044			$(0.0046	)		$ -			$ -			$(0.0046	)		$1.0002		0.45	%		$ 1,720		0.21	%		0.30	%		0.45	%
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
Invesco STIC Prime Portfolio
Year ended 08/31/22		1.0000		0.0046		(0.0000	)		0.0046			(0.0042	)		-			(0.0004	)		(0.0046	)		1.0000		0.47			369		0.19			0.36			0.57
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
Invesco Treasury Portfolio
Year ended 08/31/22		1.00		0.00		0.00			0.00			(0.00	)		-			-			(0.00	)		1.00		0.42			394,772		0.16			0.29			0.44
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
Invesco Government & Agency Portfolio
Year ended 08/31/22		1.00		0.01		(0.01	)		0.00			(0.00	)		-			-			(0.00	)		1.00		0.47			1,142,406		0.15			0.24			0.50
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
Invesco Treasury Obligations Portfolio
Year ended 08/31/22		1.00		0.00		(0.00	)		0.00			(0.00	)		-			-			(0.00	)		1.00		0.40			79		0.16			0.29			0.43
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
Invesco Tax-Free Cash Reserve Portfolio
Year ended 08/31/22		1.00		0.00		-			0.00			(0.00	)		-			-			(0.00	)		1.00		0.28			3,745		0.18			0.45			0.35
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

^(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.


33		Short-Term Investments Trust

Notes to Financial Statements

August 31, 2022

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. 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 normally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 and not reliable are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. 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


34		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.


35		Short-Term Investments Trust

on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of each Fund that holds securities of that entity will be adversely impacted.

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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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 the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:


	First	Next	Over
	$250 million	$250 million	$500 million

Invesco Liquid Assets Portfolio	0.15%	0.15%	0.15%

Invesco STIC Prime Portfolio	0.15%	0.15%	0.15%

Invesco Treasury Portfolio	0.15%	0.15%	0.15%

Invesco Government & Agency Portfolio	0.10%	0.10%	0.10%

Invesco Treasury Obligations Portfolio	0.20%	0.15%	0.10%

Invesco Tax-Free Cash Reserve Portfolio	0.20%	0.20%	0.20%

For the year ended August 31, 2022, 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).


36		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, 2022. 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, 2022, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


		Expense Limitation

Invesco Liquid Assets Portfolio		$ 839,352

Invesco STIC Prime Portfolio		301,276

Invesco Treasury Portfolio		7,035,844

Invesco Government & Agency Portfolio		1,730,545

Invesco Treasury Obligations Portfolio		333,450

Invesco Tax-Free Cash Reserve Portfolio		302,421

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, 2022 are shown below:


			Private		Personal		Cash
			Investment		Investment		Management		Reserve		Resource		Corporate
	Fund Level		Class		Class		Class		Class		Class		Class



Invesco Liquid Assets Portfolio	$	98,734	$	4,760	$	34	$	1,074	$	1,206	$	309	$	3



Invesco STIC Prime Portfolio		82,545		915		311		206		491		1		4



Invesco Treasury Portfolio		11,717,027		518,670		1,157,113		208,147		7,972,623		51,028		42,572



Invesco Government & Agency Portfolio		27,703,436		911,921		57,615		374,418		3,045,451		106,195		128,674



Invesco Treasury Obligations Portfolio		536,300		19,938		27,410		61		414,286		83		544



Invesco Tax-Free Cash Reserve Portfolio		99,306		14,819		4,105		1,861		104,414		1,256		2

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, 2022, 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, 2022, 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


37		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, 2022, 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, 2022, each Fund engaged in transactions with affiliates as listed below:


	Securities Purchases			Securities Sales			Net Realized Gains

Invesco Liquid Assets Portfolio		$	22,055,624		$	16,400,013	$-

Invesco STIC Prime Portfolio			8,610,216			14,201,999	-

Invesco Tax-Free Cash Reserve Portfolio			241,775,804			207,889,996	-

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.


38		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, 2022 and 2021:


	2022									2021
	Ordinary Income*			Ordinary Income-Tax- Exempt			Return of Capital			Ordinary Income*			Ordinary Income-Tax- Exempt			Return of Capital

Invesco Liquid Assets Portfolio		$	9,991,934		$	-		$	-		$	1,034,618		$	-		$	-

Invesco STIC Prime Portfolio			1,661,497			-			165,488			24,474			-			-

Invesco Treasury Portfolio			96,074,616			-			-			2,248,785			-			-

Invesco Government & Agency Portfolio			325,968,052			-			-			9,964,680			-			-

Invesco Treasury Obligations Portfolio			4,933,278			-			-			133,186			-			-

Invesco Tax-Free Cash Reserve Portfolio			-			629,361			-			5,579			11,615			-

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

Tax Components of Net Assets at Period-End:


						Net
						Unrealized
	Undistributed		Temporary			Appreciation						Shares of
	Ordinary		Book/Tax			(Depreciation)-			Capital Loss			Beneficial		Total
	Income		Differences			Investments			Carryforwards			Interest		Net Assets



Invesco Liquid Assets Portfolio	$	-	$	(2,200,732	)	$	(243,916	)	$	(9,051	)	$	1,747,484,102	$	1,745,030,403



Invesco STIC Prime Portfolio		-		(580,144	)		(5,360	)		-			324,067,657		323,482,153



Invesco Treasury Portfolio		284,026		(1,459,786	)		-			(3,918,575	)		24,879,025,429		24,873,931,094



Invesco Government & Agency Portfolio		1,351,614		(789,869	)		-			(28,544,744	)		69,080,969,965		69,052,986,966



Invesco Treasury Obligations Portfolio		56,908		(69,452	)		(8,870	)		(156,629	)		1,175,260,073		1,175,082,030



Invesco Tax-Free Cash Reserve Portfolio		-		(200,621	)		-			(19,092	)		232,854,374		232,634,661

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.


39		Short-Term Investments Trust

The Funds have a capital loss carryforward as of August 31, 2022, as follows:


	Short-Term			Long-Term
	Not Subject to			Not Subject to
Fund	Expiration			Expiration			Total*

Invesco Liquid Assets Portfolio		$	9,051		$	-		$	9,051

Invesco Treasury Portfolio			3,918,575			-			3,918,575

Invesco Government & Agency Portfolio			28,544,744			-			28,544,744

Invesco Treasury Obligations Portfolio			132,371			24,258			156,629

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, 2022
											Net
											Unrealized
	Federal			Unrealized			Unrealized				Appreciation
	Tax Cost*			Appreciation			(Depreciation)				(Depreciation)

Invesco Liquid Assets Portfolio		$	1,747,632,225		$	115,759		$	(359,675	)	$(243,916)

Invesco STIC Prime Portfolio			324,098,563			-			(5,360	)	(5,360)

Invesco Treasury Obligations Portfolio			1,176,918,982			-			(8,870	)	(8,870)

For Invesco Treasury Obligations Portfolio, cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end. For Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Tax-Free Cash Reserve Portfolio, cost of investments are the same for tax and financial reporting purposes.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of taxable overdistributions, dividend redesignations and return of capital, on August 31, 2022, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and shares of beneficial interest. These reclassifications had no effect on the net assets or the distributable earnings of each Fund.


	Undistributed Net				Undistributed Net				Shares of
	Investment Income (Loss)				Realized Gain (Loss)				Beneficial Interest

Invesco Liquid Assets Portfolio		$	407,812			$	-		$(407,812)

Invesco STIC Prime Portfolio			166,112				(624	)	(165,488)

Invesco Treasury Portfolio			44,131				(46,858	)	2,727

Invesco Government & Agency Portfolio			(1	)			3		(2)

Invesco Treasury Obligations Portfolio			-				-		-

Invesco Tax-Free Cash Reserve Portfolio			59,675				-		(59,675)

NOTE 10–Share Information

Invesco Liquid Assets Portfolio


	Summary of Share Activity
	Years ended August 31,
	2022^(a)				2021
	Shares		Amount		Shares		Amount
Sold:

Institutional Class		16,021,220,223	$	16,021,997,196		17,486,805,323	$17,494,025,296

Private Investment Class		173		173		371,715	371,900

Cash Management Class		1		1		6,058	6,061

Reserve Class		7,065		7,068		79,579	79,611

Corporate Class		-		-		1,001	1,001

CAVU Securities Class^(b)		1		1		99,962	100,002


40		Short-Term Investments Trust

NOTE 10–Share Information–(continued)


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Institutional Class		331,500		$	331,481			182,613		$	182,698


Private Investment Class		3,597			3,597			207			207


Cash Management Class		5,971			5,971			359			359


Reserve Class		174			174			28			28


Resource Class		599			599			37			37


Corporate Class		70			70			13			13



Reacquired:
Institutional Class		(16,635,655,012	)		(16,636,609,365	)		(17,688,475,913	)		(17,695,782,305	)


Private Investment Class		(1,822,166	)		(1,822,177	)		(1,020,552	)		(1,021,000	)


Cash Management Class		(1,207,094	)		(1,207,189	)		(30,840	)		(30,854	)


Reserve Class		(47,789	)		(47,792	)		(142,165	)		(142,221	)


Resource Class		(114,803	)		(114,839	)		(3,373	)		(3,374	)


Corporate Class		(425	)		(424	)		(16,529	)		(16,536	)


Net increase (decrease) in share activity		(617,277,915	)	$	(617,455,455	)		(202,142,477	)	$	(202,229,077	)

^(a)	45% 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.


41		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco STIC Prime Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		1,898,258,845		$	1,898,293,281			1,439,605,312		$	1,439,605,312


Private Investment Class		66,475			66,475			17,500			17,500


Personal Investment Class		45			45			-			-


Cash Management Class		47,921			47,925			7,472			7,472


Reserve Class		1			1			4			4


Corporate Class		-			-			1,000			1,000



Issued as reinvestment of dividends:
Institutional Class		718,725			718,729			14,063			14,063


Private Investment Class		961			961			91			91


Personal Investment Class		131			131			27			27


Cash Management Class		351			351			15			15


Reserve Class		62			62			7			7


Resource Class		1			1			7			7


Corporate Class		64			64			4			4



Reacquired:
Institutional Class		(1,798,225,673	)		(1,798,252,661	)		(1,538,652,493	)		(1,538,652,493	)


Private Investment Class		(215,296	)		(215,297	)		(688,627	)		(688,627	)


Personal Investment Class		(1,624	)		(1,624	)		(302,518	)		(302,518	)


Cash Management Class		(175,291	)		(175,297	)		(15,280	)		(15,280	)


Reserve Class		(16,836	)		(16,838	)		(18,413	)		(18,413	)


Resource Class		-			-			(122,212	)		(122,212	)


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


Net increase (decrease) in share activity		100,458,862		$	100,466,309			(100,155,041	)	$	(100,155,041	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 94% 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.


42		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		132,066,034,066		$	132,066,034,066			209,389,908,080		$	209,389,908,080


Private Investment Class		1,001,410,898			1,001,410,898			564,708,648			564,708,648


Personal Investment Class		2,236,178,971			2,236,178,971			1,460,181,973			1,460,181,973


Cash Management Class		1,488,319,714			1,488,319,714			834,202,437			834,202,437


Reserve Class		3,559,612,942			3,559,612,942			2,267,218,779			2,267,218,779


Resource Class		215,964,855			215,964,855			271,542,723			271,542,723


Corporate Class		4,502,000,934			4,502,000,934			4,259,846,179			4,259,846,179


CAVU Securities Class^(b)		12,888,063,731			12,888,063,731			1,619,862,326			1,619,862,326



Issued as reinvestment of dividends:
Institutional Class		10,223,078			10,223,078			497,496			497,496


Private Investment Class		184,233			184,233			11,961			11,961


Personal Investment Class		398,914			398,914			28,558			28,558


Cash Management Class		1,071,516			1,071,516			39,490			39,490


Reserve Class		971,014			971,014			56,643			56,643


Resource Class		130,138			130,138			4,380			4,380


Corporate Class		261,029			261,029			26,745			26,745


CAVU Securities Class		1,880			1,880			-			-



Reacquired:
Institutional Class		(127,745,395,500	)		(127,745,395,500	)		(211,513,212,367	)		(211,513,212,367	)


Private Investment Class		(923,593,550	)		(923,593,550	)		(683,697,201	)		(683,697,201	)


Personal Investment Class		(1,920,776,704	)		(1,920,776,704	)		(1,476,924,076	)		(1,476,924,076	)


Cash Management Class		(1,546,770,652	)		(1,546,770,652	)		(753,986,380	)		(753,986,380	)


Reserve Class		(3,440,814,516	)		(3,440,814,516	)		(1,981,210,671	)		(1,981,210,671	)


Resource Class		(191,904,982	)		(191,904,982	)		(854,014,690	)		(854,014,690	)


Corporate Class		(4,294,751,493	)		(4,294,751,493	)		(5,126,958,746	)		(5,126,958,746	)


CAVU Securities Class		(12,877,833,985	)		(12,877,833,985	)		(1,072,821,385	)		(1,072,821,385	)


Net increase (decrease) in share activity		5,028,986,531		$	5,028,986,531			(2,794,689,098	)	$	(2,794,689,098	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 34% 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.


43		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Government & Agency Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		454,339,645,288		$	454,339,645,288			287,998,117,369		$	287,998,117,369


Private Investment Class		1,778,974,054			1,778,974,054			1,566,476,737			1,566,476,737


Personal Investment Class		97,861,174			97,861,174			8,460,874			8,460,874


Cash Management Class		1,341,733,532			1,341,733,532			1,020,500,616			1,020,500,616


Reserve Class		2,373,222,673			2,373,222,673			1,184,114,517			1,184,114,517


Resource Class		1,481,464,937			1,481,464,937			1,448,949,173			1,448,949,173


Corporate Class		10,354,778,887			10,354,778,887			2,472,495,311			2,472,495,311


CAVU Securities Class^(b)		77,360,488,467			77,360,488,467			11,182,358,336			11,182,358,336



Issued as reinvestment of dividends:
Institutional Class		49,592,996			49,592,996			2,364,199			2,364,199


Private Investment Class		747,946			747,946			77,027			77,027


Personal Investment Class		55,691			55,691			1,664			1,664


Cash Management Class		463,867			463,867			62,947			62,947


Reserve Class		542,028			542,028			96,732			96,732


Resource Class		486,110			486,110			22,306			22,306


Corporate Class		1,161,309			1,161,309			20,996			20,996


CAVU Securities Class		7,176,754			7,176,754			68,987			68,987



Reacquired:
Institutional Class		(442,662,747,076	)		(442,662,747,076	)		(268,795,922,713	)		(268,795,922,713	)


Private Investment Class		(1,707,506,123	)		(1,707,506,123	)		(1,642,674,819	)		(1,642,674,819	)


Personal Investment Class		(67,927,807	)		(67,927,807	)		(12,632,377	)		(12,632,377	)


Cash Management Class		(947,276,029	)		(947,276,029	)		(704,092,281	)		(704,092,281	)


Reserve Class		(2,183,262,634	)		(2,183,262,634	)		(1,177,156,626	)		(1,177,156,626	)


Resource Class		(1,464,792,242	)		(1,464,792,242	)		(1,474,219,663	)		(1,474,219,663	)


Corporate Class		(10,895,201,454	)		(10,895,201,454	)		(1,421,688,484	)		(1,421,688,484	)


CAVU Securities Class		(73,955,994,664	)		(73,955,994,664	)		(9,740,577,642	)		(9,740,577,642	)


Net increase in share activity		15,303,687,684		$	15,303,687,684			21,915,223,186		$	21,915,223,186

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 36% 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 Treasury Obligations Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		2,034,763,395		$	2,034,763,395			1,758,486,047		$	1,758,486,047


Private Investment Class		4,862,034			4,862,034			8,037,650			8,037,650


Personal Investment Class		25,412,787			25,412,787			6,051,798			6,051,798


Reserve Class		237,156,939			237,156,939			332,356,357			332,356,357


Resource Class		891,607			891,607			52,034			52,034


Corporate Class		-			-			129			129



Issued as reinvestment of dividends:
Institutional Class		1,208,158			1,208,158			69,137			69,137


Private Investment Class		25,960			25,960			1,543			1,543


Personal Investment Class		13,163			13,163			102			102


Cash Management Class		185			185			27			27


Reserve Class		26,868			26,868			7,165			7,165


Resource Class		-			-			3			3


Corporate Class		8,385			8,385			774			774



Reacquired:
Institutional Class		(1,997,030,151	)		(1,997,030,151	)		(2,065,497,826	)		(2,065,497,826	)


Private Investment Class		(4,966,484	)		(4,966,484	)		(7,818,691	)		(7,818,691	)


Personal Investment Class		(16,518,530	)		(16,518,530	)		(2,980,997	)		(2,980,997	)


Cash Management Class		(174,593	)		(174,593	)		(87,667	)		(87,667	)


Reserve Class		(269,524,868	)		(269,524,868	)		(312,456,512	)		(312,456,512	)


Resource Class		(891,409	)		(891,409	)		(103,990	)		(103,990	)


Corporate Class		(1,700,000	)		(1,700,000	)		(5,410,000	)		(5,410,000	)


Net increase (decrease) in share activity		13,563,446		$	13,563,446			(289,292,917	)	$	(289,292,917	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% 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, 51% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


45		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		264,322,787		$	264,322,787			147,021,640		$	147,021,640


Private Investment Class		8,658,509			8,658,509			2,274,008			2,274,008


Personal Investment Class		4,144,947			4,144,947			7,107,975			7,107,975


Cash Management Class		4,995,075			4,995,075			6,420,817			6,420,817


Reserve Class		44,954,869			44,954,869			28,135,345			28,135,345


Resource Class		-			-			394,392			394,392



Issued as reinvestment of dividends:
Institutional Class		203,648			203,648			7,749			7,749


Private Investment Class		10,734			10,734			832			832


Personal Investment Class		619			619			195			195


Cash Management Class		1,959			1,959			230			230


Reserve Class		2,238			2,238			2,280			2,280


Resource Class		1,890			1,890			205			205


Corporate Class		19			19			-			-



Reacquired:
Institutional Class		(186,035,830	)		(186,035,830	)		(179,760,190	)		(179,760,190	)


Private Investment Class		(3,459,575	)		(3,459,575	)		(2,855,050	)		(2,855,050	)


Personal Investment Class		(4,011,908	)		(4,011,908	)		(9,014,784	)		(9,014,784	)


Cash Management Class		(5,848,699	)		(5,848,699	)		(7,314,378	)		(7,314,378	)


Reserve Class		(46,396,339	)		(46,396,339	)		(38,734,330	)		(38,734,330	)


Resource Class		(718,501	)		(718,501	)		(1,921,844	)		(1,921,844	)


Net increase (decrease) in share activity		80,826,442		$	80,826,442			(48,234,908	)	$	(48,234,908	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 76% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


46		Short-Term Investments Trust

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, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, 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, 2022 (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, 2022, 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, 2022 and each of the financial highlights of the Cash Management Class for each of the five years in the period ended August 31, 2022 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, 2022 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 26, 2022

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


47		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, 2022 through August 31, 2022.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.


				HYPOTHETICAL
		ACTUAL		(5% annual return before expenses)
Cash Management Class	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)¹	Expenses Paid During Period²	Ending Account Value (08/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Invesco Liquid Assets Portfolio	$1,000.00	$1,004.80	$1.31	$1,023.89	$1.33	0.26%
Invesco STIC Prime Portfolio	1,000.00	1,004.60	1.36	1,023.84	1.38	0.27
Invesco Treasury Portfolio	1,000.00	1,004.20	1.26	1,023.95	1.28	0.25
Invesco Government & Agency Portfolio	1,000.00	1,004.50	1.26	1,023.95	1.28	0.25
Invesco Treasury Obligations Portfolio	1,000.00	1,003.90	1.62	1,023.59	1.63	0.32
Invesco Tax-Free Cash Reserve Portfolio	1,000.00	1,002.80	1.51	1,023.69	1.53	0.30

The actual ending account value is based on the actual total return of the Funds for the period March 1, 2022 through August 31, 2022, 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.


48		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 13, 2022, 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, 2022. 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 and the Senior Officer, an officer of the Invesco Funds who reports directly 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, 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. As part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

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 13, 2022.

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, and reports related to, Invesco Advisers’ global security program and 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 remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. 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’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. 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


49		Short-Term Investments Trust

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

Invesco Government & Agency Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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

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 equal to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, 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, 2021 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 below the performance of the Index for the one year period, equal to the performance of the Index for the three year period and reasonably comparable to 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, 2021 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 equal to the performance of the Index for the one and three year periods and reasonably comparable to 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 Treasury Obligations Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco Treasury Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio


50		Short-Term Investments Trust

Institutional Class shares of the 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 the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of 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. The Board further noted that Invesco Advisers has voluntarily undertaken to waive fees to the extent necessary to assist the Fund in attempting to maintain a positive yield.

The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2021.

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

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 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 the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses.

accounts have all-inclusive fee structures, which are not easily un-bundled.

Invesco STIC Prime Portfolio


51		Short-Term Investments Trust

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.

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 there were only four other funds in the Fund’s expense group.

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 compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2021.

Invesco Treasury Obligations Portfolio

expenses to a specified percentage of average daily net assets for each class of the Fund. The Board further noted that Invesco Advisers has voluntarily undertaken to waive fees to the extent necessary to assist the Fund in attempting to maintain a positive yield.

Invesco Treasury Portfolio


52		Short-Term Investments Trust

the Fund’s total expense ratio and its various components.

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 the Fund’s expense ratio as it grows in size. The Board considered 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 the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to 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 advisers.

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, 2022:


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		95.79	%		0.00	%		0.00	%		0.07	%		0.00	%
Invesco STIC Prime Portfolio		98.68	%		0.00	%		0.00	%		0.00	%		0.00	%
Invesco Treasury Portfolio		100.00	%		0.00	%		0.00	%		40.21	%		0.00	%
Invesco Government & Agency Portfolio		100.00	%		0.00	%		0.00	%		43.13	%		0.00	%
Invesco Treasury Obligations Portfolio		100.00	%		0.00	%		0.00	%		100.00	%		0.00	%
Invesco Tax-Free Cash Reserve Portfolio		0.00	%		0.00	%		0.00	%		0.00	%		100.00	%

*	The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.


Non-Resident Alien Shareholders
	Qualified Short-Term Gains			Qualified Interest Income**
Invesco Liquid Assets Portfolio		$	-		0.00	%
Invesco STIC Prime Portfolio			624		0.00	%
Invesco Treasury Portfolio			-		100.00	%
Invesco Government & Agency Portfolio			-		100.00	%
Invesco Treasury Obligations Portfolio			-		100.00	%
Invesco Tax-Free Cash Reserve Portfolio			-		0.00	%

**	The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year.


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.


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)	190	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
Beth Ann Brown – 1968 Trustee and Chair	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	190	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) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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	190	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)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of 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	190	Insperity, Inc. (formerly known as Administaff) (human resources provider); Member of Regional Board of Directors and Board of Directors, 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	190	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; 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	190	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	190	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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)
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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	190	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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	190	None
Ann Barnett Stern²– 1957 Trustee	2017	President and Chief Executive Officerr, Houston Endowment, Inc. a private philanthropic institution (private philanthropic institution) Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP & Andrews and Kurth LLP	190	Trustee and Board Vice Chair of Holdsworth Center (non-profit); Trustee and Chair of Nomination/Governance Committee, Good Reason Houston, (non-profit); Trustee and Investment Committee member of University of Texas Law School Foundation (non-profit); Board Member of Greater Houston Partnership (non-profit); Advisory Board member, Baker Institute for Public Policy at Rice University (non-profit) Formerly: Director and Audit Committee Member of Federal Reserve Bank of Dallas
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	190	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management, 1994-2007; Trustee and Chair, Weiss Peck and Greer Funds Board, 2004-2005; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management, 1984-1994.	190	Formerly: Trustee and Governance Chair, Oppenheimer Funds, 2014-2019; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America, 2016-2019

²	Effective September 14, 2022, Ms. Ann Barnett Stern resigned as a Trustee of the Trust.


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
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; 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
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); 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: Senior Vice President, Invesco Distributors, Inc.; 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
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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) 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


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–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; 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
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.; Senior Vice President, The Invesco Funds; 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.; 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


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)
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 and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Net capital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A
			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 77002-5021

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-6		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-3



		Annual Report to Shareholders		August 31, 2022

		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, 2022, and is based on total net assets. Unless otherwise stated, all data is 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			27

Financial Highlights			33

Notes to Financial Statements			34

Report of Independent Registered Public Accounting Firm			47

Fund Expenses			48

Approval of Investment Advisory and Sub-Advisory Contracts			49

Tax Information			54

Trustees and Officers			T-1

Fund Data



Corporate Class data as of 8/31/22

FUND	WEIGHTED AVERAGE MATURITY		WEIGHTED AVERAGE LIFE	TOTAL NET ASSETS
	Range During Reporting Period	At Reporting Period End	At Reporting Period End
Invesco Liquid Assets¹	13 - 52 days	17 days	35 days	$22.8 thousand
Invesco STIC Prime¹	2 - 14 days	6 days	7 days	21.2 thousand
Invesco Treasury²	4 - 58 days	4 days	93 days	474.0 million
Invesco Government & Agency²	14 - 56 days	14 days	105 days	542.6 million
Invesco Treasury Obligations²	30 - 55 days	36 days	91 days	3.3 million
Invesco Tax-Free Cash Reserve³	8 - 15 days	9 days	9 days	10.3 thousand

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.

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 8/31/22

	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		47.9	%		73.7	%		77.1	%		64.6	%		4.4	%		87.2	%
8 - 30		19.7			23.8			3.0			1.5			31.1			7.2
31 - 60		4.9			2.5			2.2			1.9			28.2			5.6
61 - 90		10.9			0.0			2.6			10.2			22.1			0.0
91 - 180		16.6			0.0			0.0			5.2			3.0			0.0
181+		0.0			0.0			15.1			16.6			11.2			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, 2022

Invesco Liquid Assets Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Commercial Paper-40.49%^(a)
Asset-Backed Securities - Fully Supported-0.58%
Ridgefield Funding Co., LLC (CEP - BNP Paribas S.A.) (SOFR + 0.52%)^(b)(c)(d)		2.86%		02/15/2023	$	10,000	$	10,000,000



Asset-Backed Securities - Fully Supported Bank-7.45%
Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.28%)^(b)(c)(d)		2.66%		11/21/2022		40,000		40,006,000


Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (1 mo. FEDL + 0.12%)^(b)(c)(d)		2.53%		09/01/2022		20,000		20,000,000


Matchpoint Finance PLC (SOFR + 0.45%) (Ireland)^(b)(c)(d)		2.79%		11/17/2022		20,000		20,007,380


Nieuw Amsterdam Receivables Corp. B.V. (CEP - Cooperatieve Rabobank UA) (Netherlands)^(b)(c)		2.51%		09/21/2022		30,000		29,956,600


Versailles Commercial Paper LLC (CEP - Natixis S.A.) (SOFR + 0.30%)^(b)(c)(d)		2.63%		01/09/2023		20,000		20,003,550


								129,973,530



Diversified Banks-23.02%
ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.34%		10/03/2022		30,000		29,935,293


Barclays Bank PLC^(c)		2.36%		09/26/2022		20,000		19,966,012


Barclays Bank PLC^(c)		2.55%		09/23/2022		50,000		49,924,867


DBS Bank Ltd. (Singapore)^(b)(c)		2.49%		09/16/2022		10,000		9,989,480


DBS Bank Ltd. (Singapore)^(b)(c)		2.91%		11/14/2022		30,000		29,820,000


DBS Bank Ltd. (Singapore)^(b)(c)		3.35%		01/17/2023		20,000		19,739,607


Korea Development Bank^(c)		3.19%		01/05/2023		20,000		19,773,093


Korea Development Bank^(c)		3.19%		01/06/2023		10,000		9,885,369


Mitsubishi UFJ Trust & Banking Corp.^(b)(c)		2.59%		09/20/2022		70,000		69,909,155


Skandinaviska Enskilda Banken AB (SOFR + 0.40%) (Sweden)^(b)(c)(d)		2.74%		11/17/2022		70,000		70,015,605


Svenska Handelsbanken AB (Sweden)^(b)(c)		0.34%		11/03/2022		22,850		22,746,251


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%) (Canada)^(b)(c)(d)		1.92%		09/06/2022		10,000		9,999,848


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.45%) (Canada)^(b)(c)(d)		2.73%		12/30/2022		15,000		15,002,940


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.46%) (Canada)^(c)(d)		2.85%		02/15/2023		25,000		25,019,600


								401,727,120



Diversified Capital Markets-4.01%
Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.40%)^(c)(d)		2.77%		01/12/2023		60,000		60,009,000


Great Bear Funding LLC (1 mo. OBFR + 0.40%)^(c)(d)		2.77%		01/12/2023		10,000		10,001,500


								70,010,500



Investment Banking & Brokerage-1.71%
Goldman Sachs International^(b)		0.45%		11/15/2022		30,000		29,820,197



Specialized Finance-3.72%
CDP Financial, Inc. (Canada)^(b)(c)		2.10%		09/14/2022		45,000		44,959,067


KEB Hana Bank^(b)(c)		2.26%		09/20/2022		20,000		19,973,556


								64,932,623


Total Commercial Paper (Cost $706,722,043)								706,463,970



Certificates of Deposit-22.98%
Australia & New Zealand Banking Group Ltd. (Cayman Islands)^(c)		2.32%		09/01/2022		52,000		52,000,000


Banco Santander S.A.^(c)		3.14%		12/15/2022		10,000		10,017,135


Cooperatieve Rabobank U.A. (Cayman Islands)^(c)		2.30%		09/01/2022		52,000		52,000,000


Credit Agricole Corporate & Investment Bank^(c)		2.30%		09/01/2022		53,000		53,000,000


Goldman Sachs Bank USA (SOFR + 0.21%)^(d)		2.58%		09/16/2022		30,000		30,001,272

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Korea Development Bank (SOFR + 0.57%)^(c)(d)		2.91%		02/10/2023	$	25,000	$	25,015,814


Korea Development Bank (SOFR + 0.55%) (South Korea)^(c)(d)		2.89%		02/15/2023		5,000		5,002,726


Norinchukin Bank^(c)		2.39%		09/02/2022		70,000		70,000,236


Skandinaviska Enskilda Banken AB^(c)		2.30%		09/01/2022		17,000		17,000,000


Toronto-Dominion Bank (The)^(c)		3.21%		01/09/2023		15,000		15,005,457


Westpac Banking Corp.^(c)		0.44%		11/23/2022		5,000		4,972,453


Woori Bank^(c)		2.38%		09/08/2022		50,000		50,000,594


Woori Bank^(c)		2.25%		09/23/2022		17,000		16,998,470


Total Certificates of Deposit (Cost $401,000,000)								401,014,157



Variable Rate Demand Notes-5.36%^(e)
Credit Enhanced-5.36%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)(d)(f)		2.67%		04/01/2047		9,100		9,099,999


Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(d)(f)		2.38%		05/01/2037		2,400		2,400,000


University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		2.33%		08/01/2045		82,040		82,040,000


Total Variable Rate Demand Notes (Cost $93,539,999)								93,539,999


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-68.83% (Cost $1,201,262,042)								1,201,018,126



					Repurchase Amount
Repurchase Agreements-31.31%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $125,058,819 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, non-agency asset-backed securities, corporate obligations and U.S. Treasury obligations valued at $129,922,546; 0.00% - 7.00%; 01/06/2023 - 05/20/2072)^(c)(h)		2.42%		09/07/2022		15,007,058		15,000,000


BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $25,011,910 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, agency and non-agency asset-backed securities and corporate obligations valued at $25,555,105; 0.45% - 7.88%; 04/03/2023 - 05/20/2072)^(c)(h)		2.45%		09/07/2022		10,004,764		10,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/25/2022, aggregate maturing value of $65,031,092 (collateralized by non-agency asset-backed securities and corporate obligations valued at $70,914,260; 0.00% - 13.00%; 05/15/2023 - 09/01/2119)^(c)(h)		2.46%		09/01/2022		25,011,958		25,000,000


Citigroup Global Markets, Inc., joint open agreement dated 03/28/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $110,083,744; 0.00% - 10.97%; 11/10/2023 - 03/27/2062)⁽ⁱ⁾		2.89%		09/01/2022		45,111,700		45,000,000


Citigroup Global Markets, Inc., joint open agreement dated 08/11/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $203,594,466; 0.00% - 7.75%; 11/15/2026 - 10/25/2066)⁽ⁱ⁾		2.89%		09/01/2022		13,021,882		13,000,000


Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $400,184,333 (collateralized by agency and non-agency mortgage-backed securities, agency and non-agency asset-backed securities, corporate obligations, commercial paper and U.S. Treasury obligations valued at $422,240,222; 0.00% - 15.00%; 09/06/2022 - 05/15/2097)^(c)(h)		2.37%		09/01/2022		20,009,217		20,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/05/2022, aggregate maturing value of $10,025,083 (collateralized by an non-agency-backed asset-backed security, corporate obligations and non-agency mortgage-backed securities valued at $10,560,000; 3.39% - 7.00%; 09/09/2024 - 06/15/2050)^(c)		2.58%		09/09/2022		2,005,017		2,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by corporate obligations valued at $110,000,070; 7.72% - 9.50%; 10/01/2022 -02/15/2029)⁽ⁱ⁾		2.62%		09/01/2022		65,146,629		65,000,000

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,784,179; 4.13% - 7.50%; 11/01/2022 - 05/15/2061)⁽ⁱ⁾	2.52%	09/01/2022	$	7,015,188	$	7,000,000


J.P. Morgan Securities LLC, joint term agreement dated 07/22/2022, aggregate maturing value of $105,007,875 (collateralized by non-agency asset-backed securities, a corporate obligation and non-agency mortgage-backed securities valued at $114,262,653; 2.67% - 7.36%; 05/15/2024 - 06/25/2047)^(j)	2.70%	09/01/2022		15,001,125		15,000,000


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $500,031,944 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,071; 0.00% - 5.50%; 08/25/2027 - 06/16/2061)	2.30%	09/01/2022		85,005,431		85,000,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2022, aggregate maturing value of $290,140,972 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $318,943,657; 2.50% - 15.50%; 01/15/2023 - 11/15/2095)^(c)(h)	2.50%	09/07/2022		53,025,764		53,000,000


RBC Dominion Securities Inc., joint agreement dated 08/31/2022, aggregate maturing value of $1,500,095,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,000; 0.25% - 5.50%; 09/30/2022 - 06/25/2059)	2.30%	09/01/2022		16,371,229		16,370,183


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $62,815,397; 0.00% - 12.00%; 11/15/2022 - 05/15/2097)⁽ⁱ⁾	2.50%	09/01/2022		25,001,736		25,000,000


Societe Generale, joint open agreement dated 08/20/2021 (collateralized by corporate obligations valued at $92,505,932; 0.00% - 11.88%; 09/19/2022 - 08/15/2062)^(c)(i)	2.43%	09/01/2022		65,004,388		65,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2022, aggregate maturing value of $200,012,833 (collateralized by agency mortgage-backed securities valued at $204,000,000; 1.50% - 7.00%; 03/15/2032 - 08/01/2052)	2.31%	09/01/2022		85,005,454		85,000,000


Total Repurchase Agreements (Cost $546,370,183)						546,370,183


TOTAL INVESTMENTS IN SECURITIES^(k)(l)-100.14% (Cost $1,747,632,225)						1,747,388,309


OTHER ASSETS LESS LIABILITIES-(0.14)%						(2,357,906	)


NET ASSETS-100.00%					$	1,745,030,403

Investment Abbreviations:


CEP		-Credit Enhancement Provider
FEDL		-Federal Funds Effective Rate
LOC		-Letter of Credit
OBFR		-Overnight Bank Funding Rate
RB		-Revenue Bonds
SOFR		-Secured Overnight Financing Rate
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, 2022

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, 2022.

^(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, 2022.

^(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)	Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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

^(l)


Entities	Percentage
Societe Generale S.A.		5.2%
J.P. Morgan Chase & Co.		5.0
Skandinaviska Enskilda Banken AB		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, 2022

Invesco STIC Prime Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Certificates of Deposit-29.37%
Australia & New Zealand Banking Group Ltd. (Cayman Islands)^(a)		2.32%		09/01/2022	$	13,000	$	13,000,000


Banco Santander S.A. (SOFR + 0.45%) (Spain)^(a)(b)		2.50%		10/03/2022		8,000		8,001,773


Cooperatieve Rabobank U.A. (Cayman Islands)^(a)		2.30%		09/01/2022		13,000		13,000,000


Credit Agricole Corporate & Investment Bank^(a)		2.30%		09/01/2022		7,000		7,000,000


DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt Am Main (Germany)^(a)		2.29%		09/01/2022		13,000		13,000,000


Mizuho Securities (USA) LLC^(a)		2.32%		09/01/2022		15,000		15,000,000


Skandinaviska Enskilda Banken AB^(a)		2.30%		09/01/2022		13,000		13,000,000


Svenska Handelsbanken^(a)		2.29%		09/01/2022		13,000		13,000,000


Total Certificates of Deposit (Cost $95,001,855)								95,001,773



Commercial Paper-26.55%^(c)
Asset-Backed Securities - Fully Supported-4.01%
Bennington Stark Capital Co. LLC^(a)(d)		2.41%		09/09/2022		5,000		4,997,016


Ionic Capital III Trust^(a)		2.41%		09/20/2022		8,000		7,989,191


								12,986,207



Asset-Backed Securities - Fully Supported Bank-12.66%
Cancara Asset Securitisation LLC^(a)		2.43%		09/27/2022		3,000		2,994,382


Chesham Finance LLC (Multi - CEP’s)^(a)(d)		2.51%		09/22/2022		8,000		7,988,032


Concord Minutemen Capital Co. LLC^(a)(d)		2.35%		09/01/2022		2,000		1,999,874


Concord Minutemen Capital Co. LLC^(a)(d)		2.35%		09/06/2022		7,000		6,997,299


Ebury Finance LLC (Multi - CEP’s)^(a)(d)		2.51%		09/22/2022		8,000		7,988,032


LMA-Americas LLC^(a)(d)		2.45%		09/20/2022		8,000		7,988,964


Sheffield Receivables Co. LLC^(a)(d)		2.39%		09/22/2022		5,000		4,992,358


								40,948,941



Diversified Banks-4.94%
DBS Bank Ltd. (Singapore)^(a)(d)		2.49%		09/16/2022		8,000		7,991,583


Federation des Caisses Desjardins du Quebec (Canada)^(a)(d)		2.44%		09/22/2022		8,000		7,988,360


								15,979,943



Diversified Capital Markets-2.47%
Columbia Funding Co. LLC^(d)		2.41%		09/20/2022		3,000		2,995,947


Mackinac Funding Co. LLC^(a)(d)		2.51%		09/15/2022		5,000		4,995,021


								7,990,968



Specialized Finance-2.47%
KEB Hana Bank^(a)(d)		2.41%		09/01/2022		8,000		7,999,490


Total Commercial Paper (Cost $85,910,827)								85,905,549



Variable Rate Demand Notes-5.28%^(e)
Credit Enhanced-5.28%
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD RB (LOC - FHLB of Indianapolis)^(f)(g)		1.77%		12/01/2039		730		730,000


Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(a)(d)(g)		2.67%		04/01/2047		7,800		7,800,000


Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(g)		2.38%		05/01/2037		2,950		2,950,000


Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB (LOC - FHLMC)^(f)(g)		1.58%		06/01/2041		890		890,000

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


10		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco STIC Prime Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Credit Enhanced-(continued)
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)^(d)(g)		2.55%		01/01/2033	$	4,700	$	4,700,000


Total Variable Rate Demand Notes (Cost $17,070,000)								17,070,000


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-61.20% (Cost $197,982,682)								197,977,322



					Repurchase Amount

Repurchase Agreements-38.99%^(h)
BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $125,058,819 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, non-agency asset-backed securities, corporate obligations and U.S. Treasury obligations valued at $129,922,546; 0.00% - 7.00%; 01/06/2023 - 05/20/2072)^(a)(i)		2.42%		09/07/2022		3,001,412		3,000,000


BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $25,011,910 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, agency and non-agency asset-backed securities and corporate obligations valued at $25,555,105; 0.45% - 7.88%; 04/03/2023 - 05/20/2072)^(a)(i)		2.45%		09/07/2022		3,001,429		3,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/25/2022, aggregate maturing value of $65,031,092 (collateralized by non-agency asset-backed securities and corporate obligations valued at $70,914,260; 0.00% - 13.00%; 05/15/2023 - 09/01/2119)^(a)(i)		2.46%		09/01/2022		5,002,392		5,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/05/2022, aggregate maturing value of $10,025,083 (collateralized by an non-agency-backed asset-backed security, corporate obligations and non-agency mortgage-backed securities valued at $10,560,000; 3.39% - 7.00%; 09/09/2024 - 06/15/2050)^(a)(i)		2.58%		09/09/2022		8,020,067		8,000,000


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,784,179; 4.13% - 7.50%; 11/01/2022 - 05/15/2061)^(j)		2.52%		09/01/2022		8,017,358		8,000,000


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $500,031,944 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,071; 0.00% - 5.50%; 08/25/2027 - 06/16/2061)		2.30%		09/01/2022		30,001,917		30,000,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2022, aggregate maturing value of $290,140,972 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $318,943,657; 2.50% - 15.50%; 01/15/2023 - 11/15/2095)^(a)(i)		2.50%		09/07/2022		10,004,861		10,000,000


RBC Dominion Securities Inc., joint agreement dated 08/31/2022, aggregate maturing value of $1,500,095,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,000; 0.25% - 5.50%; 09/30/2022 - 06/25/2059)		2.30%		09/01/2022		24,117,422		24,115,881


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $62,815,397; 0.00% - 12.00%; 11/15/2022 - 05/15/2097)^(a)(j)		2.50%		09/01/2022		5,000,347		5,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2022, aggregate maturing value of $200,012,833 (collateralized by agency mortgage-backed securities valued at $204,000,000; 1.50% - 7.00%; 03/15/2032 - 08/01/2052)		2.31%		09/01/2022		30,001,925		30,000,000


Total Repurchase Agreements (Cost $126,115,881)								126,115,881


TOTAL INVESTMENTS IN SECURITIES^(k)(l)-100.19% (Cost $324,098,563)								324,093,203


OTHER ASSETS LESS LIABILITIES-(0.19)%								(611,050	)


NET ASSETS-100.00%							$	323,482,153

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, 2022

Invesco STIC Prime Portfolio–(continued)


Investment Abbreviations:
CEP		-Credit Enhancement Provider
FHLB		-Federal Home Loan Bank
FHLMC		-Federal Home Loan Mortgage Corp.
LOC		-Letter of Credit
RB		-Revenue Bonds
SOFR		-Secured Overnight Financing Rate
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: France: 10.8%; Sweden: 8.0%; Switzerland: 7.7%; Canada: 7.4%; Japan: 7.1%; other countries less than 5% each: 26.9%.

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2022.

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

^(d)

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, 2022 was $87,421,976, which represented 27.03% of the Fund’s Net Assets.

^(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, 2022.

^(f)	Security subject to the alternative minimum tax.

^(g)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(h)	Principal amount equals value at period end. See Note 1I.

⁽ⁱ⁾	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(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, 2022

Invesco Treasury Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-22.85%
U.S. Treasury Bills-3.81%^(a)
U.S. Treasury Bills		0.12%		09/08/2022	$	100,000	$	99,997,764


U.S. Treasury Bills		1.76%		09/29/2022		500,000		499,319,444


U.S. Treasury Bills		2.12%		10/13/2022		350,000		349,138,417


								948,455,625



U.S. Treasury Floating Rate Notes-16.50%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		355,000		354,998,397


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		250,500		250,505,365


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		200,000		200,004,851


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		560,000		560,000,585


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.02%)^(b)		2.89%		01/31/2024		200,000		200,114,336


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.08%)^(b)		2.83%		04/30/2024		450,000		449,989,855


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024		2,088,500		2,087,618,487


								4,103,231,876



U.S. Treasury Notes-2.54%
U.S. Treasury Notes		1.50%		09/15/2022		150,000		150,081,402


U.S. Treasury Notes		1.38%		10/15/2022		200,000		200,311,469


U.S. Treasury Notes		1.88%		10/31/2022		180,000		180,524,852


U.S. Treasury Notes		2.00%		10/31/2022		100,000		100,311,695


								631,229,418


Total U.S. Treasury Securities (Cost $5,682,916,919)								5,682,916,919


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-22.85% (Cost $5,682,916,919)								5,682,916,919



					Repurchase Amount

Repurchase Agreements-77.26%^(c)
ABN AMRO Bank N.V., agreement dated 08/31/2022, maturing value of $450,028,750 (collateralized by U.S. Treasury obligations valued at $459,000,055; 0.13% - 3.13%; 08/15/2023 - 11/15/2047)		2.30%		09/01/2022		450,028,750		450,000,000


BMO Capital Markets Corp., agreement dated 08/31/2022, maturing value of $300,017,083 (collateralized by U.S. Treasury obligations valued at $306,000,052; 0.00% - 3.25%; 11/08/2022 - 11/15/2051)		2.05%		09/01/2022		300,017,083		300,000,000


BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30%		09/01/2022		12,200,779,444		12,200,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,250,079,861 (collateralized by U.S. Treasury obligations valued at $1,275,000,012; 0.00% - 5.38%; 10/27/2022 - 02/15/2042)		2.30%		09/01/2022		1,250,079,861		1,250,000,000

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


13		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Treasury Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)	2.05%	09/01/2022	$	150,008,542	$	150,000,000


Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2022, maturing value of $150,008,333 (collateralized by U.S. Treasury obligations valued at $153,000,068; 1.25% - 2.88%; 04/30/2024 - 10/31/2028)	2.00%	09/01/2022		150,008,333		150,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)	1.00%	09/01/2022		252,007,000		252,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 - 11/15/2045)^(d)	2.32%	09/07/2022		100,045,768		100,000,656


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(d)	2.32%	09/07/2022		473,638,567		473,425,000


Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/31/2022, maturing value of $100,044,819 (collateralized by U.S. Treasury obligations valued at $102,006,477; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)^(d)	2.31%	09/07/2022		100,044,819		100,000,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $190,949,752 (collateralized by U.S. Treasury obligations valued at $194,268,500; 0.00%; 05/15/2029 - 08/15/2037)	2.31%	09/01/2022		190,949,752		190,937,500


Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2022, maturing value of $277,705,318 (collateralized by U.S. Treasury obligations valued at $282,133,500; 0.00%; 11/15/2039 - 02/15/2045)	2.31%	09/01/2022		277,705,318		277,687,500


RBC Dominion Securities Inc., agreement dated 08/31/2022, maturing value of $800,051,111 (collateralized by U.S. Treasury obligations valued at $816,000,003; 0.00% - 6.38%; 09/30/2022 - 08/15/2052)	2.30%	09/01/2022		800,051,111		800,000,000


RBC Dominion Securities Inc., term agreement dated 08/03/2022, maturing value of $300,653,083 (collateralized by U.S. Treasury obligations valued at $306,000,026; 0.13% - 6.38%; 09/30/2022 - 08/15/2052)^(d)	2.31%	09/06/2022		300,653,083		300,000,000


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(d)	2.30%	09/01/2022		325,290,694		325,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(d)	2.30%	09/07/2022		85,038,014		85,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)	2.30%	09/01/2022		75,004,792		75,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 - 05/15/2052)^(d)	2.30%	09/01/2022		100,044,722		100,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 - 02/15/2050)	2.30%	09/01/2022		1,439,977,519		1,439,885,526


Total Repurchase Agreements (Cost $19,218,936,182)						19,218,936,182


TOTAL INVESTMENTS IN SECURITIES-100.11% (Cost $24,901,853,101)						24,901,853,101


OTHER ASSETS LESS LIABILITIES-(0.11)%						(27,922,007	)


NET ASSETS-100.00%					$	24,873,931,094

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, 2022

Invesco Treasury Portfolio–(continued)

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, 2022.

^(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, 2022

Invesco Government & Agency Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-27.76%

U.S. Treasury Bills-13.45%^(a)
U.S. Treasury Bills		0.08%		09/08/2022	$	75,000	$	74,998,906


U.S. Treasury Bills		2.29%		10/04/2022		5,000		4,989,550


U.S. Treasury Bills		0.09%-0.10%		10/06/2022		860,000		859,923,073


U.S. Treasury Bills		2.50%		10/18/2022		3,000		2,990,248


U.S. Treasury Bills		2.20%		11/01/2022		1,000,000		996,297,639


U.S. Treasury Bills		2.51%		11/03/2022		525,000		522,712,311


U.S. Treasury Bills		2.25%		11/08/2022		750,000		746,840,833


U.S. Treasury Bills		2.60%		11/10/2022		100,000		99,498,333


U.S. Treasury Bills		2.62%		11/15/2022		670,000		666,370,834


U.S. Treasury Bills		2.63%		11/17/2022		733,000		728,908,027


U.S. Treasury Bills		2.76%		11/25/2022		500,000		496,763,554


U.S. Treasury Bills		2.71%		11/29/2022		800,000		794,679,778


U.S. Treasury Bills		2.75%		12/06/2022		600,000		595,631,998


U.S. Treasury Bills		1.78%		12/08/2022		600,000		597,120,433


U.S. Treasury Bills		2.81%		12/13/2022		650,000		644,829,975


U.S. Treasury Bills		2.92%		12/20/2022		600,000		594,701,665


U.S. Treasury Bills		2.96%		01/26/2023		750,000		741,057,500


U.S. Treasury Bills		1.18%		02/23/2023		121,000		120,311,813


								9,288,626,470



U.S. Treasury Floating Rate Notes-13.86%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		730,000		730,003,334


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		2.95%		01/31/2023		312,400		312,432,328


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		1,330,000		1,330,056,967


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		206,000		206,006,090


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		1,038,679		1,038,709,970


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		2.89%		01/31/2024		180,000		179,956,151


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		2.83%		04/30/2024		3,564,000		3,560,385,309


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024		2,214,000		2,213,247,714


								9,570,797,863



U.S. Treasury Notes-0.45%
U.S. Treasury Notes		1.50%		09/15/2022		210,000		210,113,048
U.S. Treasury Notes		1.75%		09/30/2022		100,000		100,132,293


								310,245,341


Total U.S. Treasury Securities (Cost $19,169,669,674)								19,169,669,674



U.S. Government Sponsored Agency Securities-7.28%
Federal Farm Credit Bank (FFCB)-4.32%
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		2.38%		10/07/2022		30,000		30,000,000

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, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.34%		10/21/2022	$	20,000	$	20,000,000


Federal Farm Credit Bank (SOFR + 0.08%)^(b)		2.37%		11/03/2022		35,000		35,000,000


Federal Farm Credit Bank (SOFR + 0.02%)^(b)		2.31%		06/12/2023		75,000		75,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		07/07/2023		143,000		143,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/08/2023		155,000		155,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/18/2023		21,500		21,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		09/20/2023		25,000		25,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/27/2023		60,000		60,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		12/15/2023		24,500		24,498,405


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		01/04/2024		229,000		229,000,000


Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.35%		01/10/2024		75,500		75,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		01/25/2024		15,000		15,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		02/05/2024		100,000		100,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		02/20/2024		80,000		80,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		02/23/2024		162,000		162,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		03/08/2024		95,000		95,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		03/15/2024		431,000		431,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		03/18/2024		445,000		445,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		04/04/2024		195,000		195,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		04/25/2024		345,000		345,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		05/09/2024		160,000		160,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		05/24/2024		62,000		62,000,000


								2,983,498,405



Federal Home Loan Bank (FHLB)-2.51%
Federal Home Loan Bank		1.85%		09/23/2022		150,000		149,831,333


Federal Home Loan Bank		2.01%		10/14/2022		375,000		374,104,167


Federal Home Loan Bank		1.44%		11/07/2022		1,215,000		1,211,766,412


								1,735,701,912



Federal National Mortgage Association (FNMA)-0.17%
Federal National Mortgage Association		1.86%		09/21/2022		115,000		114,881,806



U.S. International Development Finance Corp. (DFC)-0.28%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		06/15/2025		14,400		14,400,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		07/15/2025		15,667		15,666,669


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2025		3,421		3,421,053


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2026		4,250		4,250,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2026		7,083		7,083,333


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/30/2027		11,455		11,454,546


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		02/15/2028		12,222		12,222,222

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, 2022

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 Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		11/15/2028	$	56,818	$	56,818,182


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.35%		05/15/2030		7,111		7,111,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.90%		10/15/2030		7,333		7,333,333


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.47%		07/09/2026		20,400		20,400,000


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		03/15/2030		34,875		34,875,000


								195,035,338


Total U.S. Government Sponsored Agency Securities (Cost $5,029,117,461)								5,029,117,461


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-35.04% (Cost $24,198,787,135)								24,198,787,135



					Repurchase Amount
Repurchase Agreements-65.08%^(d)
BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30%		09/01/2022		37,002,363,889		37,000,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,750,111,806 (collateralized by U.S. Treasury obligations valued at $1,785,000,044; 0.13% - 6.13%; 03/31/2024 - 02/15/2052)		2.30%		09/01/2022		1,750,111,806		1,750,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)		2.05%		09/01/2022		350,019,931		350,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)		1.00%		09/01/2022		900,025,000		900,000,000


ING Financial Markets, LLC, joint term agreement dated 07/28/2022, aggregate maturing value of $501,796,667 (collateralized by agency mortgage-backed securities valued at $510,000,000; 1.50% - 8.00%; 08/01/2028 - 09/01/2057)		2.31%		09/22/2022		401,437,333		400,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/27/2022 (collateralized by agency mortgage-backed securities valued at $918,000,002; 1.00% - 7.50%; 09/20/2027 - 02/16/2063)^(e)		2.32%		09/01/2022		786,568,038		785,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 - 11/15/2045)^(f)		2.32%		09/07/2022		170,078,734		170,002,044


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(f)		2.32%		09/07/2022		1,051,599,174		1,051,125,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $434,162,857 (collateralized by U.S. Treasury obligations valued at $441,112,430; 0.00%; 02/15/2026 - 11/15/2043)		2.31%		09/01/2022		434,162,857		434,135,000

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, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date	Repurchase Amount		Value


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(f)		2.30%	09/01/2022	$	300,268,333	$	300,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(f)		2.30%	09/07/2022		100,044,722		100,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)		2.30%	09/01/2022		100,006,389		100,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 - 05/15/2052)^(f)		2.30%	09/01/2022		135,060,375		135,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 -02/15/2050)		2.30%	09/01/2022		1,259,958,205		1,259,877,713


Total Repurchase Agreements (Cost $44,935,139,757)							44,935,139,757


TOTAL INVESTMENTS IN SECURITIES-100.12% (Cost $69,133,926,892)							69,133,926,892


OTHER ASSETS LESS LIABILITIES-(0.12)%							(80,939,926	)


NET ASSETS-100.00%						$	69,052,986,966

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, 2022.

^(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, 2022.

^(d)	Principal amount equals value at period end. See Note 1I.

^(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.

^(f)	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

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


19		Short-Term Investments Trust

Schedule of Investments

August 31, 2022

Invesco Treasury Obligations Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-100.16%
U.S. Treasury Bills-84.76%^(a)
U.S. Treasury Bills		1.82%-2.06%		09/06/2022	$	54,300	$	54,286,133


U.S. Treasury Bills		1.23%		09/08/2022		10,000		9,997,608


U.S. Treasury Bills		2.04%-2.28%		09/13/2022		73,400		73,345,895


U.S. Treasury Bills		2.03%-2.15%		09/15/2022		82,500		82,431,857


U.S. Treasury Bills		1.25%-2.27%		09/20/2022		113,000		112,874,211


U.S. Treasury Bills		1.28%-2.31%		09/27/2022		87,000		86,872,643


U.S. Treasury Bills		1.39%-2.29%		10/04/2022		52,000		51,909,268


U.S. Treasury Bills		1.85%-2.24%		10/06/2022		33,700		33,635,803


U.S. Treasury Bills		1.51%-2.42%		10/11/2022		70,000		69,825,820


U.S. Treasury Bills		2.11%		10/13/2022		24,000		23,940,920


U.S. Treasury Bills		2.32%-2.50%		10/18/2022		89,500		89,214,567


U.S. Treasury Bills		2.49%		10/20/2022		4,500		4,484,871


U.S. Treasury Bills		2.07%		10/25/2022		14,000		13,956,740


U.S. Treasury Bills		2.54%		10/27/2022		45,000		44,823,600


U.S. Treasury Bills		2.20%		11/01/2022		24,000		23,911,143


U.S. Treasury Bills		2.51%		11/03/2022		30,000		29,869,275


U.S. Treasury Bills		2.24%		11/08/2022		24,000		23,898,907


U.S. Treasury Bills		2.55%-2.60%		11/10/2022		40,800		40,597,079


U.S. Treasury Bills		2.62%		11/15/2022		12,000		11,935,000


U.S. Treasury Bills		2.63%		11/17/2022		20,000		19,888,350


U.S. Treasury Bills		2.74%		11/22/2022		40,000		39,752,178


U.S. Treasury Bills		2.71%		11/29/2022		25,000		24,833,743


U.S. Treasury Bills		2.81%		12/13/2022		20,000		19,840,922


U.S. Treasury Bills		1.18%		02/23/2023		4,000		3,977,153


U.S. Treasury Bills		3.00%		07/13/2023		6,000		5,846,648


								995,950,334



U.S. Treasury Floating Rate Notes-15.40%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		45,000		44,999,800


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		2.95%		01/31/2023		11,000		11,000,764


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		19,000		19,000,509


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		17,500		17,500,388


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		30,000		30,000,601


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.02%)^(b)		2.89%		01/31/2024		8,000		7,998,051


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.08%)^(b)		2.83%		04/30/2024		25,500		25,474,783

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, 2022

Invesco Treasury Obligations Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Floating Rate Notes-(continued)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024	$	25,000	$	24,984,882


								180,959,778


TOTAL INVESTMENTS IN SECURITIES-100.16% (Cost $ 1,176,910,112)								1,176,910,112


OTHER ASSETS LESS LIABILITIES-(0.16)%								(1,828,082	)


NET ASSETS-100.00%							$	1,175,082,030

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, 2022.

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, 2022

Invesco Tax-Free Cash Reserve Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Municipal Obligations-99.87%
Alabama-7.40%
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)^(a)(b)(c)		1.75%		07/01/2040	$	11,220	$	11,220,000


Mobile Downtown Redevelopment Authority (The) (Austal USA LLC); Series 2011 B, Ref. VRD RB (LOC - Bank of America N.A.)^(b)(c)(d)		1.72%		05/01/2041		6,000		6,000,000


								17,220,000



Arizona-4.87%
Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC - Bank Of America N.A.)^(b)(c)		1.03%		01/01/2046		6,000		6,000,000


Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		1.67%		06/15/2031		2,685		2,685,000


Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		1.67%		06/15/2031		2,645		2,645,000


								11,330,000



California-3.22%
California (State of);
Series 2022 A-1		1.13%		09/15/2022		6,500		6,498,670


Series 2022 A-5		1.13%		09/15/2022		1,000		1,000,000


								7,498,670



Colorado-0.35%
Boulder (County of), CO (Imagine); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		1.63%		02/01/2031		825		825,000



Delaware-1.70%
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		09/01/2036		2,525		2,525,000


Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		05/01/2036		1,430		1,430,000


								3,955,000



District of Columbia-1.67%
District of Columbia (Georgetown University); Series 2007 C-2, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)		1.66%		04/01/2041		1,200		1,200,000


District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.48%		08/15/2038		2,695		2,695,000


								3,895,000



Florida-3.97%
Orange (County of), FL Convention Center (Nemours Foundation); Series 2009 C-2, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.60%		01/01/2037		4,100		4,100,000


Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.75%		11/01/2036		2,725		2,725,000


Palm Beach (County of), FL (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.70%		07/01/2032		2,400		2,400,000


								9,225,000



Georgia-2.12%
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)^(a)(b)(c)		1.68%		11/01/2030		1,920		1,920,000

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


22		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Georgia-(continued)
Private Colleges & Universities Authority (Emory University); Series 2022 B, VRD RB (SIFMA Municipal Swap Index + 0.03%)^(b)		1.46%		09/01/2052	$	3,000	$	3,000,000


								4,920,000



Illinois-11.19%
Illinois (State of) Development Finance Authority (St. Ignatius College); Series 2002, VRD RB (LOC - PNC Bank, N.A.)^(b)(c)		1.51%		06/01/2032		1,650		1,650,000


Illinois (State of) Development Finance Authority (YMCA Metropolitan Chicago); Series 2001, VRD RB (LOC - BMO Harris N.A.)^(a)(b)(c)		1.60%		06/01/2029		5,800		5,800,000


Illinois (State of) Educational Facilities Authority (The Adler Planetarium); Series 1997, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.56%		04/01/2031		725		725,000


Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB^(b)		1.47%		12/01/2046		5,730		5,730,000


Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.50%		01/01/2037		2,600		2,600,000


Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)^(b)(c)		1.68%		10/01/2033		2,625		2,625,000


Illinois (State of) Finance Authority (YMCA Metropolitan Chicago); Series 2004, VRD RB (LOC - BMO Harris Bank N.A.)^(a)(b)(c)		1.60%		06/01/2034		2,735		2,735,000


Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)^(b)(c)		1.65%		01/01/2041		4,160		4,160,000


								26,025,000



Indiana-5.28%
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		1.75%		08/01/2037		3,285		3,285,000


Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)^(a)(b)(c)		1.64%		06/01/2035		6,000		6,000,000


Indianapolis (City of), IN (Capital Place Apartments, Covington Square Apartments and the Woods at Oak Crossing); Series 2008, VRD RB (CEP - FNMA)^(b)		1.62%		05/15/2038		3,000		3,000,000


								12,285,000



Iowa-2.15%
Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB (LOC - Korea Devlopment Bank)^(a)(b)(c)(d)		1.77%		12/01/2041		5,000		5,000,000



Louisiana-2.66%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.63%		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)		1.60%		07/01/2047		4,085		4,085,000


Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		1.46%		07/01/2047		1,100		1,100,000


								6,185,000



Maryland-5.59%
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.48%		04/01/2035		5,000		5,000,000


Montgomery (County of), MD;
Series 2022 B, Commerical Paper Notes (LOC - JPMorgan Chase Bank N.A.)^(c)		1.33%		10/04/2022		5,000		5,000,000


Series 2022 B, Commerical Paper Notes (LOC - State Street Bank and Trust Company)^(c)		1.33%		10/04/2022		3,000		3,000,000


								13,000,000

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


23		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Massachusetts-1.29%
Massachusetts (Commonwealth of) Department of Transportation; Series 2010 A-1, VRD Metropolitan Highway System RB (LOC - TD Bank, N.A.)^(a)(b)(c)		1.49%		01/01/2037	$	3,000	$	3,000,000



Michigan-2.72%
Michigan State University Board of Trustees;
Series 2000 A-1, VRD RB^(b)		1.56%		08/15/2030		3,620		3,620,000


Series 2000 A-2, VRD RB^(b)		1.56%		08/15/2030		2,705		2,705,000


								6,325,000



Minnesota-3.08%
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)^(b)		1.75%		10/15/2033		1,175		1,175,000


Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)^(b)		1.67%		11/01/2035		3,600		3,600,000


St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)^(b)		1.67%		10/01/2033		2,385		2,385,000


								7,160,000



Mississippi-1.97%
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.);
Series 2010 C, VRD IDR^(b)		1.46%		12/01/2030		585		585,000


Series 2010 E, VRD IDR^(b)		1.46%		12/01/2030		4,000		4,000,000


								4,585,000



Missouri-1.93%
Bridgeton (City of), MO Industrial Development Authority (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)^(b)(c)		1.67%		11/01/2037		1,320		1,320,000


Kansas City (City of), MO (H Roe Bartle); Series 2008 F, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		1.49%		04/15/2025		1,915		1,915,000


Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)^(b)(c)		1.82%		08/01/2038		1,260		1,260,000


								4,495,000



New York-4.61%
Metropolitan Transportation Authority; Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.68%		11/15/2046		7,115		7,115,000


New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)^(a)(b)(c)		1.50%		05/01/2039		3,600		3,600,000


								10,715,000



North Carolina-1.31%
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1992 A, VRD RB^(b)		1.47%		06/01/2027		3,055		3,055,000



Ohio-2.72%
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)^(b)(c)		1.67%		08/02/2038		2,650		2,650,000


Ohio State University (The); Series 2014 B-1, VRD RB^(b)		1.53%		12/01/2034		3,670		3,670,000


								6,320,000



Pennsylvania-1.71%
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		06/01/2037		1,225		1,225,000


Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)^(a)(b)(c)		1.65%		03/01/2030		450		450,000

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, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Pennsylvania-(continued)
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		10/15/2025	$	310	$	310,000


Philadelphia (City of), PA; Series 2022 A, Commerical Paper Notes (LOC - Barclays Bank PLC)^(a)(c)		1.60%		09/27/2022		2,000		2,000,000


								3,985,000



Rhode Island-1.89%
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB^(b)		1.67%		09/01/2043		4,400		4,400,000



Texas-14.79%
Board of Regents of the University of Texas System; Series 2008 B, VRD RB^(b)		1.50%		08/01/2025		1,115		1,115,000
Garland (City of), TX; Series 2022, Commerical Paper Notes (LOC - Barclays Bank PLC)^(a)(c)		1.55%		09/15/2022		1,200		1,200,000


Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.69%		02/15/2042		6,200		6,200,000


Houston (City of), TX; Series 2022 H-2, Commerical Paper Notes		1.73%		09/07/2022		5,000		5,000,000
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		1.68%		05/15/2034		5,250		5,250,000


San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.68%		04/01/2026		1,520		1,520,000


Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)^(b)		1.73%		05/01/2042		3,125		3,125,000


Texas A&M University; Series 2022 B		1.25%		10/05/2022		5,000		5,000,000


University of Texas System Board of Regents; Series 2022 A, Commerical Paper Notes		1.85%		09/16/2022		6,000		6,000,000


								34,410,000



Virginia-1.72%
Norfolk (City of), VA; Series 2007, VRD GO Bonds^(b)		1.46%		08/01/2037		4,000		4,000,000



Washington-2.37%
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		1.49%		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)		1.49%		11/01/2047		2,145		2,145,000


								5,520,000



West Virginia-3.09%
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)^(b)(c)		1.69%		07/01/2039		745		745,000


West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Truist Bank)^(b)(c)		1.74%		01/01/2034		6,445		6,445,000


								7,190,000



Wisconsin-2.50%
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)^(b)(c)		1.68%		10/01/2042		3,160		3,160,000


Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital); Series 2004, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.50%		08/15/2034		2,660		2,660,000


								5,820,000


TOTAL INVESTMENTS IN SECURITIES^(e)(f)-99.87% (Cost $232,343,670)								232,343,670


OTHER ASSETS LESS LIABILITIES-0.13%								290,991


NET ASSETS-100.00%							$	232,634,661

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, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


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
SIFMA		- Securities Industry and Financial Markets Association
VRD		- Variable Rate Demand
YMCA		- Young Men’s Christian Association

Notes to Schedule of Investments:

^(a)	The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 11.1%; other countries less than 5% each: 15.6%.

^(b)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2022.

^(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)

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, 2022 was $11,000,000, which represented 4.73% of the Fund’s Net Assets.

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

^(f)


Entities		Percentage


Toronto-Dominion Bank		6.6%


PNC Bank N.A.		6.4


Federal Home Loan Mortgage Corporation		5.7


Bank of America N.A.		5.5

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


26		Short-Term Investments Trust

Statement of Assets and Liabilities

August 31, 2022


													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	$	1,201,018,126		$	197,977,322		$	5,682,916,919		$	24,198,787,135		$	1,176,910,112		$	232,343,670

Repurchase agreements, at value and cost		546,370,183			126,115,881			19,218,936,182			44,935,139,757			-			-

Cash		109,373			-			216,168			-			13,410			2,937

Receivable for:
Investments sold		-			-			-			-			-			230,000

Fund shares sold		-			-			3,426,958			12,440,927			-			-

Interest		1,498,126			114,844			15,648,843			39,762,105			427,495			353,878

Fund expenses absorbed		48,750			22,441			611,241			1,310,208			-			59,007

Investment for trustee deferred compensation and retirement plans		2,981,769			796,703			1,794,578			818,710			83,864			274,694

Other assets		-			132,222			406,980			2,382			791			29,200

Total assets		1,752,026,327			325,159,413			24,923,957,869			69,188,261,224			1,177,435,672			233,293,386


Liabilities:
Payable for:
Fund shares reacquired		-			-			1,436,975			4,312,518			-			-

Amount due custodian		-			-			-			75,388			-			-

Dividends		3,429,582			734,622			40,854,222			119,874,158			1,992,687			268,283

Accrued fees to affiliates		327,192			67,040			5,261,976			9,664,368			232,590			64,888

Accrued trustees’ and officers’ fees and benefits		5,177			3,013			24,875			75,569			4,088			2,853

Accrued operating expenses		38,091			24,350			390,285			209,322			26,751			29,818

Trustee deferred compensation and retirement plans		3,195,882			848,235			2,058,442			1,062,935			97,526			292,883

Total liabilities		6,995,924			1,677,260			50,026,775			135,274,258			2,353,642			658,725

Net assets applicable to shares outstanding	$	1,745,030,403		$	323,482,153		$	24,873,931,094		$	69,052,986,966		$	1,175,082,030		$	232,634,661


Net assets consist of:
Shares of beneficial interest	$	1,747,484,102		$	324,067,657		$	24,879,025,429		$	69,080,969,965		$	1,175,260,073		$	232,854,374

Distributable earnings (loss)		(2,453,699	)		(585,504	)		(5,094,335	)		(27,982,999	)		(178,043	)		(219,713	)

	$	1,745,030,403		$	323,482,153		$	24,873,931,094		$	69,052,986,966		$	1,175,082,030		$	232,634,661


Net Assets:
Institutional Class	$	1,741,681,355		$	322,472,595		$	21,420,556,964		$	61,165,374,792		$	1,102,134,048		$	196,759,517

Private Investment Class	$	1,072,938		$	457,312		$	381,788,814		$	577,941,151		$	14,564,541		$	14,764,249

Personal Investment Class	$	10,248		$	91,404		$	580,830,893		$	39,333,209		$	12,718,457		$	1,810,611

Cash Management Class	$	1,720,159		$	369,022		$	394,771,725		$	1,142,406,020		$	78,579		$	3,744,588

Reserve Class	$	175,005		$	70,263		$	987,384,416		$	598,751,170		$	42,146,780		$	14,785,359

Resource Class	$	247,941		$	386		$	77,389,574		$	135,003,087		$	98,294		$	760,040

Corporate Class	$	22,778		$	21,171		$	473,991,784		$	542,615,409		$	3,341,331		$	10,297

CAVU Securities Class	$	99,979		$	-		$	557,216,925		$	4,851,562,128		$	-		$	-

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


27		Short-Term Investments Trust

Statement of Assets and Liabilities–(continued)

August 31, 2022


									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		1,741,404,031		322,466,007		21,422,696,205		61,190,061,271		1,102,245,734		196,737,460

Private Investment Class		1,072,769		457,303		381,826,938		578,174,331		14,566,279		14,762,695

Personal Investment Class		10,246		91,402		580,888,890		39,349,084		12,720,093		1,810,436

Cash Management Class		1,719,889		369,015		394,811,148		1,142,867,105		78,588		3,744,177

Reserve Class		174,978		70,262		987,483,019		598,992,752		42,152,444		14,784,054

Resource Class		247,902		386		77,397,299		135,057,575		98,305		759,958

Corporate Class		22,774		21,170		474,039,115		542,834,320		3,341,703		10,296

CAVU Securities Class		99,963		-		557,272,567		4,853,520,238		-		-

Net asset value, offering and redemption price per share for each class	$	1.0002	$	1.0000	$	1.00	$	1.00	$	1.00	$	1.00

Cost of Investments	$	1,747,632,225	$	324,098,563	$	24,901,853,101	$	69,133,926,892	$	1,176,910,112	$	232,343,670

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


28		Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2022


													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	$	13,644,622		$	2,284,794		$	128,028,516		$	395,970,368		$	6,615,247		$	959,588


Expenses:
Advisory fees		3,122,309			449,298			32,265,270			60,899,961			1,503,064			363,316

Administrative services fees		933,129			133,092			9,470,158			26,994,896			497,724			80,410

Custodian fees		40,769			21,744			543,746			726,135			12,003			4,168

Distribution fees:

Private Investment Class		7,695			1,538			949,886			1,691,410			37,328			29,069

Personal Investment Class		56			509			1,991,022			147,296			58,197			8,227

Cash Management Class		1,945			361			376,542			674,250			91			3,393

Reserve Class		1,800			711			11,418,685			4,727,590			553,248			149,700

Resource Class		540			-			96,179			248,617			161			2,277

Corporate Class		7			7			70,495			221,276			1,054			4

Transfer agent fees		187,339			26,958			1,935,916			5,480,996			101,526			16,349

Trustees’ and officers’ fees and benefits		33,400			20,107			172,056			472,464			26,153			19,234

Registration and filing fees		100,319			80,466			857,680			874,196			95,458			95,946

Reports to shareholders		16,135			11,893			63,345			60,302			13,166			25,783

Professional services fees		50,201			38,656			145,043			320,773			49,349			37,674

Other		102,516			58,218			300,901			520,409			65,519			22,861

Total expenses		4,598,160			843,558			60,656,924			104,060,571			3,014,041			858,411

Less: Fees waived and expenses reimbursed		(945,472	)		(385,749	)		(28,703,024	)		(34,058,255	)		(1,332,072	)		(528,184	)

Net expenses		3,652,688			457,809			31,953,900			70,002,316			1,681,969			330,227

Net investment income		9,991,934			1,826,985			96,074,616			325,968,052			4,933,278			629,361

Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		3,959			624			(3,886,562	)		(28,543,577	)		(129,607	)		-

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(406,836	)		(5,126	)		-			-			-			-

Net realized and unrealized gain (loss)		(402,877	)		(4,502	)		(3,886,562	)		(28,543,577	)		(129,607	)		-

Net increase in net assets resulting from operations	$	9,589,057		$	1,822,483		$	92,188,054		$	297,424,475		$	4,803,671		$	629,361

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


29		Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021


	Invesco Liquid Assets Portfolio						Invesco STIC Prime Portfolio

	2022			2021			2022			2021

Operations:
Net investment income	$	9,991,934		$	1,034,618		$	1,826,985		$	24,474

Net realized gain		3,959			2,613			624			552

Change in net unrealized appreciation (depreciation)		(406,836	)		(496,709	)		(5,126	)		(2,800	)

Net increase in net assets resulting from operations		9,589,057			540,522			1,822,483			22,226


Distributions to shareholders from distributable earnings:
Institutional Class		(9,973,378	)		(1,033,839	)		(1,657,807	)		(24,275	)

Private Investment Class		(6,754	)		(318	)		(1,550	)		(92	)

Personal Investment Class		(32	)		(4	)		(240	)		(31	)

Cash Management Class		(9,759	)		(359	)		(1,672	)		(52	)

Reserve Class		(378	)		(29	)		(130	)		(11	)

Resource Class		(1,017	)		(40	)		(3	)		(9	)

Corporate Class		(112	)		(13	)		(95	)		(4	)

CAVU Securities Class		(504	)		(16	)		-			-

Total distributions from distributable earnings		(9,991,934	)		(1,034,618	)		(1,661,497	)		(24,474	)


Return of capital:
Institutional Class		-			-			(165,120	)		-

Private Investment Class		-			-			(154	)		-

Personal Investment Class		-			-			(24	)		-

Cash Management Class		-			-			(167	)		-

Reserve Class		-			-			(13	)		-

Resource Class		-			-			(1	)		-

Corporate Class		-			-			(9	)		-

Total return of capital		-			-			(165,488	)		-

Total distributions		(9,991,934	)		(1,034,618	)		(1,826,985	)		(24,474	)


Share transactions-net:
Institutional Class		(614,280,688	)		(201,574,311	)		100,759,349			(99,033,118	)

Private Investment Class		(1,818,407	)		(648,893	)		(147,861	)		(671,036	)

Personal Investment Class		-			-			(1,448	)		(302,491	)

Cash Management Class		(1,201,217	)		(24,434	)		(127,021	)		(7,793	)

Reserve Class		(40,550	)		(62,582	)		(16,775	)		(18,402	)

Resource Class		(114,240	)		(3,337	)		1			(122,205	)

Corporate Class		(354	)		(15,522	)		64			4

CAVU Securities Class		1			100,002			-			-

Net increase (decrease) in net assets resulting from share transactions		(617,455,455	)		(202,229,077	)		100,466,309			(100,155,041	)

Net increase (decrease) in net assets		(617,858,332	)		(202,723,173	)		100,461,807			(100,157,289	)


Net assets:
Beginning of year		2,362,888,735			2,565,611,908			223,020,346			323,177,635

End of year	$	1,745,030,403		$	2,362,888,735		$	323,482,153		$	223,020,346

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–(continued)

For the years ended August 31, 2022 and 2021


	Invesco Treasury Portfolio						Invesco Government & Agency Portfolio

	2022			2021			2022			2021

Operations:
Net investment income	$	96,074,616		$	2,248,785		$	325,968,052		$	9,964,680

Net realized gain (loss)		(3,886,562	)		30,818			(28,543,577	)		542,485

Net increase in net assets resulting from operations		92,188,054			2,279,603			297,424,475			10,507,165


Distributions to shareholders from distributable earnings:
Institutional Class		(85,408,911	)		(2,005,555	)		(295,190,284	)		(9,402,663	)

Private Investment Class		(1,268,453	)		(35,458	)		(2,186,097	)		(120,583	)

Personal Investment Class		(1,167,413	)		(28,813	)		(110,536	)		(2,025	)

Cash Management Class		(1,843,731	)		(42,921	)		(3,324,668	)		(128,425	)

Reserve Class		(2,122,002	)		(62,101	)		(1,225,131	)		(105,814	)

Resource Class		(267,315	)		(18,705	)		(863,585	)		(32,727	)

Corporate Class		(1,170,294	)		(41,758	)		(2,699,107	)		(52,287	)

CAVU Securities Class		(2,826,497	)		(13,474	)		(20,368,644	)		(120,156	)

Total distributions from distributable earnings		(96,074,616	)		(2,248,785	)		(325,968,052	)		(9,964,680	)


Share transactions-net:
Institutional Class		4,330,861,644			(2,122,806,791	)		11,726,491,208			19,204,558,855

Private Investment Class		78,001,581			(118,976,592	)		72,215,877			(76,121,055	)

Personal Investment Class		315,801,181			(16,713,545	)		29,989,058			(4,169,839	)

Cash Management Class		(57,379,422	)		80,255,547			394,921,370			316,471,282

Reserve Class		119,769,440			286,064,751			190,502,067			7,054,623

Resource Class		24,190,011			(582,467,587	)		17,158,805			(25,248,184	)

Corporate Class		207,510,470			(867,085,822	)		(539,261,258	)		1,050,827,823

CAVU Securities Class		10,231,626			547,040,941			3,411,670,557			1,441,849,681

Net increase (decrease) in net assets resulting from share transactions		5,028,986,531			(2,794,689,098	)		15,303,687,684			21,915,223,186

Net increase (decrease) in net assets		5,025,099,969			(2,794,658,280	)		15,275,144,107			21,915,765,671


Net assets:
Beginning of year		19,848,831,125			22,643,489,405			53,777,842,859			31,862,077,188

End of year	$	24,873,931,094		$	19,848,831,125		$	69,052,986,966		$	53,777,842,859

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, 2022 and 2021


	Invesco Treasury Obligations Portfolio						Invesco Tax-Free Cash Reserve Portfolio

	2022			2021			2022			2021

Operations:
Net investment income	$	4,933,278		$	133,186		$	629,361		$	17,194

Net realized gain (loss)		(129,607	)		47,304			-			-

Net increase in net assets resulting from operations		4,803,671			180,490			629,361			17,194


Distributions to shareholders from distributable earnings:
Institutional Class		(4,768,439	)		(123,225	)		(576,238	)		(12,978	)

Private Investment Class		(48,742	)		(1,559	)		(26,690	)		(1,039	)

Personal Investment Class		(29,749	)		(128	)		(2,178	)		(195	)

Cash Management Class		(319	)		(29	)		(11,012	)		(490	)

Reserve Class		(71,516	)		(7,454	)		(10,273	)		(2,280	)

Resource Class		(360	)		(17	)		(2,938	)		(208	)

Corporate Class		(14,153	)		(774	)		(32	)		(4	)

Total distributions from distributable earnings		(4,933,278	)		(133,186	)		(629,361	)		(17,194	)


Share transactions-net:
Institutional Class		38,941,402			(306,942,642	)		78,490,605			(32,730,801	)

Private Investment Class		(78,490	)		220,502			5,209,668			(580,210	)

Personal Investment Class		8,907,420			3,070,903			133,658			(1,906,614	)

Cash Management Class		(174,408	)		(87,640	)		(851,665	)		(893,331	)

Reserve Class		(32,341,061	)		19,907,010			(1,439,232	)		(10,596,705	)

Resource Class		198			(51,953	)		(716,611	)		(1,527,247	)

Corporate Class		(1,691,615	)		(5,409,097	)		19			-

Net increase (decrease) in net assets resulting from share transactions		13,563,446			(289,292,917	)		80,826,442			(48,234,908	)

Net increase (decrease) in net assets		13,433,839			(289,245,613	)		80,826,442			(48,234,908	)


Net assets:
Beginning of year		1,161,648,191			1,450,893,804			151,808,219			200,043,127

End of year	$	1,175,082,030		$	1,161,648,191		$	232,634,661		$	151,808,219

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


32		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			Return of capital			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 08/31/22		$1.0004		$0.0047		$(0.0000	)		$0.0047		$(0.0049	)		$ -			$ -			$(0.0049	)		$1.0002		0.47	%		$ 23		0.19	%		0.25	%		0.47	%
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
Invesco STIC Prime Portfolio
Year ended 08/31/22		1.0000		0.0049		(0.0000	)		0.0049		(0.0045	)		-			(0.0004	)		(0.0049	)		1.0000		0.49			21		0.16			0.31			0.60
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
Invesco Treasury Portfolio
Year ended 08/31/22		1.00		0.00		(0.00	)		0.00		(0.00	)		-			-			(0.00	)		1.00		0.45			473,992		0.14			0.24			0.46
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
Invesco Government & Agency Portfolio
Year ended 08/31/22		1.00		0.01		(0.01	)		0.00		(0.00	)		-			-			(0.00	)		1.00		0.49			542,615		0.12			0.19			0.53
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
Invesco Treasury Obligations Portfolio
Year ended 08/31/22		1.00		0.00		(0.00	)		0.00		(0.00	)		-			-			(0.00	)		1.00		0.42			3,341		0.15			0.24			0.44
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
Invesco Tax-Free Cash Reserve Portfolio
Year ended 08/31/22		1.00		0.00		-			0.00		(0.00	)		-			-			(0.00	)		1.00		0.31			10		0.16			0.40			0.37
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

^(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.


33		Short-Term Investments Trust

Notes to Financial Statements

August 31, 2022

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


34		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.


35		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.

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, 2022, 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%


36		Short-Term Investments Trust


	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 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, 2022, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


	Expense Limitation


Invesco Liquid Assets Portfolio	$	839,352


Invesco STIC Prime Portfolio		301,276


Invesco Treasury Portfolio		7,035,844


Invesco Government & Agency Portfolio		1,730,545


Invesco Treasury Obligations Portfolio		333,450


Invesco Tax-Free Cash Reserve Portfolio		302,421

Voluntary fee waivers for the year ended August 31, 2022 are shown below:


	Fund Level		Private Investment Class		Personal Investment Class		Cash Management Class		Reserve Class		Resource Class		Corporate Class


Invesco Liquid Assets Portfolio	$	98,734	$	4,760	$	34	$	1,074	$	1,206	$	309	$	3


Invesco STIC Prime Portfolio		82,545		915		311		206		491		1		4


Invesco Treasury Portfolio		11,717,027		518,670		1,157,113		208,147		7,972,623		51,028		42,572


Invesco Government & Agency Portfolio		27,703,436		911,921		57,615		374,418		3,045,451		106,195		128,674


Invesco Treasury Obligations Portfolio		536,300		19,938		27,410		61		414,286		83		544


Invesco Tax-Free Cash Reserve Portfolio		99,306		14,819		4,105		1,861		104,414		1,256		2


37		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		$ 22,055,624		$ 16,400,013	$-


Invesco STIC Prime Portfolio		8,610,216		14,201,999	-


Invesco Tax-Free Cash Reserve Portfolio		241,775,804		207,889,996	-

NOTE 5–Trustees’ and Officers’ Fees and Benefits


38		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, 2022 and 2021:


	2022									2021
	Ordinary Income*			Ordinary Income-Tax- Exempt			Return of Capital			Ordinary Income*			Ordinary Income-Tax- Exempt			Return of Capital
Invesco Liquid Assets Portfolio		$	9,991,934		$	-		$	-		$	1,034,618		$	-	$-
Invesco STIC Prime Portfolio			1,661,497			-			165,488			24,474			-	-
Invesco Treasury Portfolio			96,074,616			-			-			2,248,785			-	-
Invesco Government & Agency Portfolio			325,968,052			-			-			9,964,680			-	-
Invesco Treasury Obligations Portfolio			4,933,278			-			-			133,186			-	-
Invesco Tax-Free Cash Reserve Portfolio			-			629,361			-			5,579			11,615	-

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

Tax Components of Net Assets at Period-End:


	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets


Invesco Liquid Assets Portfolio		$ -		$(2,200,732	)		$(243,916	)		$ (9,051	)		$ 1,747,484,102		$ 1,745,030,403


Invesco STIC Prime Portfolio		-		(580,144	)		(5,360	)		-			324,067,657		323,482,153


Invesco Treasury Portfolio		284,026		(1,459,786	)		-			(3,918,575	)		24,879,025,429		24,873,931,094


Invesco Government & Agency Portfolio		1,351,614		(789,869	)		-			(28,544,744	)		69,080,969,965		69,052,986,966


Invesco Treasury Obligations Portfolio		56,908		(69,452	)		(8,870	)		(156,629	)		1,175,260,073		1,175,082,030


Invesco Tax-Free Cash Reserve Portfolio		-		(200,621	)		-			(19,092	)		232,854,374		232,634,661


39		Short-Term Investments Trust

The Funds have a capital loss carryforward as of August 31, 2022, as follows:


	Short-Term		Long-Term
Fund	Not Subject to Expiration		Not Subject to Expiration		Total*


Invesco Liquid Assets Portfolio	$	9,051	$	-	$	9,051


Invesco Treasury Portfolio		3,918,575		-		3,918,575


Invesco Government & Agency Portfolio		28,544,744		-		28,544,744


Invesco Treasury Obligations Portfolio		132,371		24,258		156,629


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, 2022
	Federal Tax Cost*		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)


Invesco Liquid Assets Portfolio	$	1,747,632,225		$115,759		$(359,675)		$(243,916)


Invesco STIC Prime Portfolio		324,098,563		-		(5,360)		(5,360)


Invesco Treasury Obligations Portfolio		1,176,918,982		-		(8,870)		(8,870)

NOTE 9–Reclassification of Permanent Differences


	Undistributed Net				Undistributed Net				Shares of
	Investment Income (Loss)				Realized Gain (Loss)				Beneficial Interest
Invesco Liquid Assets Portfolio		$	407,812			$	-		$(407,812)
Invesco STIC Prime Portfolio			166,112				(624	)	(165,488)
Invesco Treasury Portfolio			44,131				(46,858	)	2,727
Invesco Government & Agency Portfolio			(1	)			3		(2)
Invesco Treasury Obligations Portfolio			-				-		-
Invesco Tax-Free Cash Reserve Portfolio			59,675				-		(59,675)

NOTE 10–Share Information

Invesco Liquid Assets Portfolio


			Summary of Share Activity


	Years ended August 31,
	2022^(a)				2021
	Shares		Amount		Shares		Amount


Sold:
Institutional Class		16,021,220,223	$	16,021,997,196		17,486,805,323	$	17,494,025,296


Private Investment Class		173		173		371,715		371,900


Cash Management Class		1		1		6,058		6,061


Reserve Class		7,065		7,068		79,579		79,611


Corporate Class		-		-		1,001		1,001


CAVU Securities Class^(b)		1		1		99,962		100,002


40		Short-Term Investments Trust

NOTE 10–Share Information–(continued)


				Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Institutional Class		331,500		$	331,481			182,613		$	182,698


Private Investment Class		3,597			3,597			207			207


Cash Management Class		5,971			5,971			359			359


Reserve Class		174			174			28			28


Resource Class		599			599			37			37


Corporate Class		70			70			13			13



Reacquired:
Institutional Class		(16,635,655,012	)		(16,636,609,365	)		(17,688,475,913	)		(17,695,782,305	)


Private Investment Class		(1,822,166	)		(1,822,177	)		(1,020,552	)		(1,021,000	)


Cash Management Class		(1,207,094	)		(1,207,189	)		(30,840	)		(30,854	)


Reserve Class		(47,789	)		(47,792	)		(142,165	)		(142,221	)


Resource Class		(114,803	)		(114,839	)		(3,373	)		(3,374	)


Corporate Class		(425	)		(424	)		(16,529	)		(16,536	)


Net increase (decrease) in share activity		(617,277,915	)	$	(617,455,455	)		(202,142,477	)	$	(202,229,077	)

^(a)	45% 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.


41		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco STIC Prime Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		1,898,258,845		$	1,898,293,281			1,439,605,312		$	1,439,605,312


Private Investment Class		66,475			66,475			17,500			17,500


Personal Investment Class		45			45			-			-


Cash Management Class		47,921			47,925			7,472			7,472


Reserve Class		1			1			4			4


Corporate Class		-			-			1,000			1,000



Issued as reinvestment of dividends:
Institutional Class		718,725			718,729			14,063			14,063


Private Investment Class		961			961			91			91


Personal Investment Class		131			131			27			27


Cash Management Class		351			351			15			15


Reserve Class		62			62			7			7


Resource Class		1			1			7			7


Corporate Class		64			64			4			4



Reacquired:
Institutional Class		(1,798,225,673	)		(1,798,252,661	)		(1,538,652,493	)		(1,538,652,493	)


Private Investment Class		(215,296	)		(215,297	)		(688,627	)		(688,627	)


Personal Investment Class		(1,624	)		(1,624	)		(302,518	)		(302,518	)


Cash Management Class		(175,291	)		(175,297	)		(15,280	)		(15,280	)


Reserve Class		(16,836	)		(16,838	)		(18,413	)		(18,413	)


Resource Class		-			-			(122,212	)		(122,212	)


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


Net increase (decrease) in share activity		100,458,862		$	100,466,309			(100,155,041	)	$	(100,155,041	)

^(a)


42		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		132,066,034,066		$	132,066,034,066			209,389,908,080		$	209,389,908,080


Private Investment Class		1,001,410,898			1,001,410,898			564,708,648			564,708,648


Personal Investment Class		2,236,178,971			2,236,178,971			1,460,181,973			1,460,181,973


Cash Management Class		1,488,319,714			1,488,319,714			834,202,437			834,202,437


Reserve Class		3,559,612,942			3,559,612,942			2,267,218,779			2,267,218,779


Resource Class		215,964,855			215,964,855			271,542,723			271,542,723


Corporate Class		4,502,000,934			4,502,000,934			4,259,846,179			4,259,846,179


CAVU Securities Class^(b)		12,888,063,731			12,888,063,731			1,619,862,326			1,619,862,326



Issued as reinvestment of dividends:
Institutional Class		10,223,078			10,223,078			497,496			497,496


Private Investment Class		184,233			184,233			11,961			11,961


Personal Investment Class		398,914			398,914			28,558			28,558


Cash Management Class		1,071,516			1,071,516			39,490			39,490


Reserve Class		971,014			971,014			56,643			56,643


Resource Class		130,138			130,138			4,380			4,380


Corporate Class		261,029			261,029			26,745			26,745


CAVU Securities Class		1,880			1,880			-			-



Reacquired:
Institutional Class		(127,745,395,500	)		(127,745,395,500	)		(211,513,212,367	)		(211,513,212,367	)


Private Investment Class		(923,593,550	)		(923,593,550	)		(683,697,201	)		(683,697,201	)


Personal Investment Class		(1,920,776,704	)		(1,920,776,704	)		(1,476,924,076	)		(1,476,924,076	)


Cash Management Class		(1,546,770,652	)		(1,546,770,652	)		(753,986,380	)		(753,986,380	)


Reserve Class		(3,440,814,516	)		(3,440,814,516	)		(1,981,210,671	)		(1,981,210,671	)


Resource Class		(191,904,982	)		(191,904,982	)		(854,014,690	)		(854,014,690	)


Corporate Class		(4,294,751,493	)		(4,294,751,493	)		(5,126,958,746	)		(5,126,958,746	)


CAVU Securities Class		(12,877,833,985	)		(12,877,833,985	)		(1,072,821,385	)		(1,072,821,385	)


Net increase (decrease) in share activity		5,028,986,531		$	5,028,986,531			(2,794,689,098	)	$	(2,794,689,098	)

^(a)

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


43		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Government & Agency Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		454,339,645,288		$	454,339,645,288			287,998,117,369		$	287,998,117,369


Private Investment Class		1,778,974,054			1,778,974,054			1,566,476,737			1,566,476,737


Personal Investment Class		97,861,174			97,861,174			8,460,874			8,460,874


Cash Management Class		1,341,733,532			1,341,733,532			1,020,500,616			1,020,500,616


Reserve Class		2,373,222,673			2,373,222,673			1,184,114,517			1,184,114,517


Resource Class		1,481,464,937			1,481,464,937			1,448,949,173			1,448,949,173


Corporate Class		10,354,778,887			10,354,778,887			2,472,495,311			2,472,495,311


CAVU Securities Class^(b)		77,360,488,467			77,360,488,467			11,182,358,336			11,182,358,336



Issued as reinvestment of dividends:
Institutional Class		49,592,996			49,592,996			2,364,199			2,364,199


Private Investment Class		747,946			747,946			77,027			77,027


Personal Investment Class		55,691			55,691			1,664			1,664


Cash Management Class		463,867			463,867			62,947			62,947


Reserve Class		542,028			542,028			96,732			96,732


Resource Class		486,110			486,110			22,306			22,306


Corporate Class		1,161,309			1,161,309			20,996			20,996


CAVU Securities Class		7,176,754			7,176,754			68,987			68,987



Reacquired:
Institutional Class		(442,662,747,076	)		(442,662,747,076	)		(268,795,922,713	)		(268,795,922,713	)


Private Investment Class		(1,707,506,123	)		(1,707,506,123	)		(1,642,674,819	)		(1,642,674,819	)


Personal Investment Class		(67,927,807	)		(67,927,807	)		(12,632,377	)		(12,632,377	)


Cash Management Class		(947,276,029	)		(947,276,029	)		(704,092,281	)		(704,092,281	)


Reserve Class		(2,183,262,634	)		(2,183,262,634	)		(1,177,156,626	)		(1,177,156,626	)


Resource Class		(1,464,792,242	)		(1,464,792,242	)		(1,474,219,663	)		(1,474,219,663	)


Corporate Class		(10,895,201,454	)		(10,895,201,454	)		(1,421,688,484	)		(1,421,688,484	)


CAVU Securities Class		(73,955,994,664	)		(73,955,994,664	)		(9,740,577,642	)		(9,740,577,642	)


Net increase in share activity		15,303,687,684		$	15,303,687,684			21,915,223,186		$	21,915,223,186

^(a)

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


44		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Obligations Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		2,034,763,395		$	2,034,763,395			1,758,486,047		$	1,758,486,047


Private Investment Class		4,862,034			4,862,034			8,037,650			8,037,650


Personal Investment Class		25,412,787			25,412,787			6,051,798			6,051,798


Reserve Class		237,156,939			237,156,939			332,356,357			332,356,357


Resource Class		891,607			891,607			52,034			52,034


Corporate Class		-			-			129			129



Issued as reinvestment of dividends:
Institutional Class		1,208,158			1,208,158			69,137			69,137


Private Investment Class		25,960			25,960			1,543			1,543


Personal Investment Class		13,163			13,163			102			102


Cash Management Class		185			185			27			27


Reserve Class		26,868			26,868			7,165			7,165


Resource Class		-			-			3			3


Corporate Class		8,385			8,385			774			774



Reacquired:
Institutional Class		(1,997,030,151	)		(1,997,030,151	)		(2,065,497,826	)		(2,065,497,826	)


Private Investment Class		(4,966,484	)		(4,966,484	)		(7,818,691	)		(7,818,691	)


Personal Investment Class		(16,518,530	)		(16,518,530	)		(2,980,997	)		(2,980,997	)


Cash Management Class		(174,593	)		(174,593	)		(87,667	)		(87,667	)


Reserve Class		(269,524,868	)		(269,524,868	)		(312,456,512	)		(312,456,512	)


Resource Class		(891,409	)		(891,409	)		(103,990	)		(103,990	)


Corporate Class		(1,700,000	)		(1,700,000	)		(5,410,000	)		(5,410,000	)


Net increase (decrease) in share activity		13,563,446		$	13,563,446			(289,292,917	)	$	(289,292,917	)

^(a)

In addition, 51% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


45		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		264,322,787		$	264,322,787			147,021,640		$	147,021,640


Private Investment Class		8,658,509			8,658,509			2,274,008			2,274,008


Personal Investment Class		4,144,947			4,144,947			7,107,975			7,107,975


Cash Management Class		4,995,075			4,995,075			6,420,817			6,420,817


Reserve Class		44,954,869			44,954,869			28,135,345			28,135,345


Resource Class		-			-			394,392			394,392



Issued as reinvestment of dividends:
Institutional Class		203,648			203,648			7,749			7,749


Private Investment Class		10,734			10,734			832			832


Personal Investment Class		619			619			195			195


Cash Management Class		1,959			1,959			230			230


Reserve Class		2,238			2,238			2,280			2,280


Resource Class		1,890			1,890			205			205


Corporate Class		19			19			-			-



Reacquired:
Institutional Class		(186,035,830	)		(186,035,830	)		(179,760,190	)		(179,760,190	)


Private Investment Class		(3,459,575	)		(3,459,575	)		(2,855,050	)		(2,855,050	)


Personal Investment Class		(4,011,908	)		(4,011,908	)		(9,014,784	)		(9,014,784	)


Cash Management Class		(5,848,699	)		(5,848,699	)		(7,314,378	)		(7,314,378	)


Reserve Class		(46,396,339	)		(46,396,339	)		(38,734,330	)		(38,734,330	)


Resource Class		(718,501	)		(718,501	)		(1,921,844	)		(1,921,844	)


Net increase (decrease) in share activity		80,826,442		$	80,826,442			(48,234,908	)	$	(48,234,908	)

^(a)


46		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, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights of the Corporate Class for each of the five years in the period ended August 31, 2022 (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, 2022, 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, 2022 and each of the financial highlights of the Corporate Class for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 26, 2022


47		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, 2022 through August 31, 2022.

Actual expenses

Hypothetical example for comparison purposes


Corporate Class	Beginning Account Value (03/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
Corporate Class	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)¹	Expenses Paid During Period²	Ending Account Value (08/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Invesco Liquid Assets Portfolio	$1,000.00	$1,005.00	$1.06	$1,024.15	$1.07	0.21%
Invesco STIC Prime Portfolio	1,000.00	1,004.80	1.06	1,024.15	1.07	0.21
Invesco Treasury Portfolio	1,000.00	1,004.40	1.11	1,024.10	1.12	0.22
Invesco Government & Agency Portfolio	1,000.00	1,004.80	1.11	1,024.10	1.12	0.22
Invesco Treasury Obligations Portfolio	1,000.00	1,004.20	1.11	1,024.10	1.12	0.22
Invesco Tax-Free Cash Reserve Portfolio	1,000.00	1,003.00	1.21	1,024.00	1.22	0.24

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.


48		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

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials


49		Short-Term Investments Trust

B.	Fund Investment Performance

Invesco Government & Agency Portfolio

Invesco Liquid Assets Portfolio

Invesco STIC Prime Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period, equal to the performance of the Index for the three year period and reasonably comparable to 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, 2021 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 equal to the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as

Invesco Treasury Obligations Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco Treasury Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio


50		Short-Term Investments Trust

Invesco Liquid Assets Portfolio

accounts have all-inclusive fee structures, which are not easily un-bundled.

Invesco STIC Prime Portfolio


51		Short-Term Investments Trust

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 there were only four other funds in the Fund’s expense group.

Invesco Treasury Obligations Portfolio

Invesco Treasury Portfolio


52		Short-Term Investments Trust

the Fund’s total expense ratio and its various components.

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

Invesco Treasury Obligations Portfolio

E.	Profitability and Financial Resources

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,


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, 2022:


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	95.79%	0.00%	0.00%	0.07%	0.00%


Invesco STIC Prime Portfolio	98.68%	0.00%	0.00%	0.00%	0.00%


Invesco Treasury Portfolio	100.00%	0.00%	0.00%	40.21%	0.00%


Invesco Government & Agency Portfolio	100.00%	0.00%	0.00%	43.13%	0.00%


Invesco Treasury Obligations Portfolio	100.00%	0.00%	0.00%	100.00%	0.00%


Invesco Tax-Free Cash Reserve Portfolio	0.00%	0.00%	0.00%	0.00%	100.00%

*	The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.


Non-Resident Alien Shareholders
	Qualified Short-Term Gains	Qualified Interest Income**


Invesco Liquid Assets Portfolio	$ -	0.00%


Invesco STIC Prime Portfolio	624	0.00%


Invesco Treasury Portfolio	-	100.00%


Invesco Government & Agency Portfolio	-	100.00%


Invesco Treasury Obligations Portfolio	-	100.00%


Invesco Tax-Free Cash Reserve Portfolio	-	0.00%

**	The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year.


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)	190	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
Beth Ann Brown - 1968 Trustee and Chair	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	190	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) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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	190	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)
Eli Jones - 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of 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	190	Insperity, Inc. (formerly known as Administaff) (human resources provider); Member of Regional Board of Directors and Board of Directors, 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	190	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; 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	190	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis - 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	190	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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)
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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	190	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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	190	None
Ann Barnett Stern²- 1957 Trustee	2017	President and Chief Executive Officerr, Houston Endowment, Inc. a private philanthropic institution (private philanthropic institution) Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP & Andrews and Kurth LLP	190	Trustee and Board Vice Chair of Holdsworth Center (non-profit); Trustee and Chair of Nomination/Governance Committee, Good Reason Houston, (non-profit); Trustee and Investment Committee member of University of Texas Law School Foundation (non-profit); Board Member of Greater Houston Partnership (non-profit); Advisory Board member, Baker Institute for Public Policy at Rice University (non-profit) Formerly: Director and Audit Committee Member of Federal Reserve Bank of Dallas
Robert C. Troccoli - 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	190	None
Daniel S. Vandivort - 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management, 1994-2007; Trustee and Chair, Weiss Peck and Greer Funds Board, 2004-2005; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management, 1984-1994.	190	Formerly: Trustee and Governance Chair, Oppenheimer Funds, 2014-2019; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America, 2016-2019

²	Effective September 14, 2022, Ms. Ann Barnett Stern resigned as a Trustee of the Trust.


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
Officers
Sheri Morris - 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; 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
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); 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: Senior Vice President, Invesco Distributors, Inc.; 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
Andrew R. Schlossberg - 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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)	N/A	N/A
		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


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–(continued)
John M. Zerr - 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; 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
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.; Senior Vice President, The Invesco Funds; 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.; and Senior Vice President, Invesco Group Services, Inc.	N/A	N/A
		Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds
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	N/A	N/A
		Formerly: Senior Vice President and Treasurer, Fidelity Investments


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)
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 and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. - 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A N/A	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 77002-5021

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-6		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, 2022

		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, 2022, and is based on total net assets. Unless otherwise stated, all data is 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			27

Financial Highlights			33

Notes to Financial Statements			34

Report of Independent Registered Public Accounting Firm			47

Fund Expenses			48

Approval of Investment Advisory and Sub-Advisory Contracts			49

Tax Information			54

Trustees and Officers			T-1


2

Fund Data



Institutional Class data as of 8/31/22

FUND	WEIGHTED AVERAGE MATURITY		WEIGHTED AVERAGE LIFE	TOTAL NET ASSETS
	Range During Reporting Period	At Reporting Period End	At Reporting Period End
Invesco Liquid Assets¹	13 - 52 days	17 days	35 days	$1.7 billion
Invesco STIC Prime¹	2 - 14 days	6 days	7 days	322.5 million
Invesco Treasury²	4 - 58 days	4 days	93 days	21.4 billion
Invesco Government & Agency²	14 - 56 days	14 days	105 days	61.2 billion
Invesco Treasury Obligations²	30 - 55 days	36 days	91 days	1.1 billion
Invesco Tax-Free Cash Reserve³	8 - 15 days	9 days	9 days	196.8 million

Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.


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.

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 8/31/22
	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	47.9%	73.7%	77.1%	64.6%	4.4%	87.2%
8 - 30	19.7	23.8	3.0	1.5	31.1	7.2
31 - 60	4.9	2.5	2.2	1.9	28.2	5.6
61 - 90	10.9	0.0	2.6	10.2	22.1	0.0
91 - 180	16.6	0.0	0.0	5.2	3.0	0.0
181+	0.0	0.0	15.1	16.6	11.2	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, 2022

Invesco Liquid Assets Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Commercial Paper-40.49%^(a)
Asset-Backed Securities - Fully Supported-0.58%
Ridgefield Funding Co., LLC (CEP - BNP Paribas S.A.) (SOFR + 0.52%)^(b)(c)(d)		2.86%		02/15/2023	$	10,000	$	10,000,000



Asset-Backed Securities - Fully Supported Bank-7.45%
Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.28%)^(b)(c)(d)		2.66%		11/21/2022		40,000		40,006,000


Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (1 mo. FEDL + 0.12%)^(b)(c)(d)		2.53%		09/01/2022		20,000		20,000,000


Matchpoint Finance PLC (SOFR + 0.45%) (Ireland)^(b)(c)(d)		2.79%		11/17/2022		20,000		20,007,380


Nieuw Amsterdam Receivables Corp. B.V. (CEP - Cooperatieve Rabobank UA) (Netherlands)^(b)(c)		2.51%		09/21/2022		30,000		29,956,600


Versailles Commercial Paper LLC (CEP - Natixis S.A.) (SOFR + 0.30%)^(b)(c)(d)		2.63%		01/09/2023		20,000		20,003,550


								129,973,530



Diversified Banks-23.02%
ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.34%		10/03/2022		30,000		29,935,293


Barclays Bank PLC^(c)		2.36%		09/26/2022		20,000		19,966,012


Barclays Bank PLC^(c)		2.55%		09/23/2022		50,000		49,924,867


DBS Bank Ltd. (Singapore)^(b)(c)		2.49%		09/16/2022		10,000		9,989,480


DBS Bank Ltd. (Singapore)^(b)(c)		2.91%		11/14/2022		30,000		29,820,000


DBS Bank Ltd. (Singapore)^(b)(c)		3.35%		01/17/2023		20,000		19,739,607


Korea Development Bank^(c)		3.19%		01/05/2023		20,000		19,773,093


Korea Development Bank^(c)		3.19%		01/06/2023		10,000		9,885,369


Mitsubishi UFJ Trust & Banking Corp.^(b)(c)		2.59%		09/20/2022		70,000		69,909,155


Skandinaviska Enskilda Banken AB (SOFR + 0.40%) (Sweden)^(b)(c)(d)		2.74%		11/17/2022		70,000		70,015,605


Svenska Handelsbanken AB (Sweden)^(b)(c)		0.34%		11/03/2022		22,850		22,746,251


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%) (Canada)^(b)(c)(d)		1.92%		09/06/2022		10,000		9,999,848


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.45%) (Canada)^(b)(c)(d)		2.73%		12/30/2022		15,000		15,002,940


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.46%) (Canada)^(c)(d)		2.85%		02/15/2023		25,000		25,019,600


								401,727,120



Diversified Capital Markets-4.01%
Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.40%)^(c)(d)		2.77%		01/12/2023		60,000		60,009,000


Great Bear Funding LLC (1 mo. OBFR + 0.40%)^(c)(d)		2.77%		01/12/2023		10,000		10,001,500


								70,010,500



Investment Banking & Brokerage-1.71%
Goldman Sachs International^(b)		0.45%		11/15/2022		30,000		29,820,197



Specialized Finance-3.72%
CDP Financial, Inc. (Canada)^(b)(c)		2.10%		09/14/2022		45,000		44,959,067


KEB Hana Bank^(b)(c)		2.26%		09/20/2022		20,000		19,973,556


								64,932,623


Total Commercial Paper (Cost $706,722,043)								706,463,970



Certificates of Deposit-22.98%
Australia & New Zealand Banking Group Ltd. (Cayman Islands)^(c)		2.32%		09/01/2022		52,000		52,000,000


Banco Santander S.A.^(c)		3.14%		12/15/2022		10,000		10,017,135


Cooperatieve Rabobank U.A. (Cayman Islands)^(c)		2.30%		09/01/2022		52,000		52,000,000


Credit Agricole Corporate & Investment Bank^(c)		2.30%		09/01/2022		53,000		53,000,000


Goldman Sachs Bank USA (SOFR + 0.21%)^(d)		2.58%		09/16/2022		30,000		30,001,272

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Korea Development Bank (SOFR + 0.57%)^(c)(d)		2.91%		02/10/2023	$	25,000	$	25,015,814


Korea Development Bank (SOFR + 0.55%) (South Korea)^(c)(d)		2.89%		02/15/2023		5,000		5,002,726


Norinchukin Bank^(c)		2.39%		09/02/2022		70,000		70,000,236


Skandinaviska Enskilda Banken AB^(c)		2.30%		09/01/2022		17,000		17,000,000


Toronto-Dominion Bank (The)^(c)		3.21%		01/09/2023		15,000		15,005,457


Westpac Banking Corp.^(c)		0.44%		11/23/2022		5,000		4,972,453


Woori Bank^(c)		2.38%		09/08/2022		50,000		50,000,594


Woori Bank^(c)		2.25%		09/23/2022		17,000		16,998,470


Total Certificates of Deposit (Cost $401,000,000)								401,014,157



Variable Rate Demand Notes-5.36%^(e)
Credit Enhanced-5.36%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)(d)(f)		2.67%		04/01/2047		9,100		9,099,999


Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(d)(f)		2.38%		05/01/2037		2,400		2,400,000


University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		2.33%		08/01/2045		82,040		82,040,000


Total Variable Rate Demand Notes (Cost $93,539,999)								93,539,999


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-68.83% (Cost $1,201,262,042)								1,201,018,126



					Repurchase Amount
Repurchase Agreements-31.31%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $125,058,819 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, non-agency asset-backed securities, corporate obligations and U.S. Treasury obligations valued at $129,922,546; 0.00% - 7.00%; 01/06/2023 - 05/20/2072)^(c)(h)		2.42%		09/07/2022		15,007,058		15,000,000


BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $25,011,910 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, agency and non-agency asset-backed securities and corporate obligations valued at $25,555,105; 0.45% - 7.88%; 04/03/2023 - 05/20/2072)^(c)(h)		2.45%		09/07/2022		10,004,764		10,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/25/2022, aggregate maturing value of $65,031,092 (collateralized by non-agency asset-backed securities and corporate obligations valued at $70,914,260; 0.00% - 13.00%; 05/15/2023 - 09/01/2119)^(c)(h)		2.46%		09/01/2022		25,011,958		25,000,000


Citigroup Global Markets, Inc., joint open agreement dated 03/28/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $110,083,744; 0.00% - 10.97%; 11/10/2023 - 03/27/2062)⁽ⁱ⁾		2.89%		09/01/2022		45,111,700		45,000,000


Citigroup Global Markets, Inc., joint open agreement dated 08/11/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $203,594,466; 0.00% - 7.75%; 11/15/2026 - 10/25/2066)⁽ⁱ⁾		2.89%		09/01/2022		13,021,882		13,000,000


Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $400,184,333 (collateralized by agency and non-agency mortgage-backed securities, agency and non-agency asset-backed securities, corporate obligations, commercial paper and U.S. Treasury obligations valued at $422,240,222; 0.00% - 15.00%; 09/06/2022 - 05/15/2097)^(c)(h)		2.37%		09/01/2022		20,009,217		20,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/05/2022, aggregate maturing value of $10,025,083 (collateralized by an non-agency-backed asset-backed security, corporate obligations and non-agency mortgage-backed securities valued at $10,560,000; 3.39% - 7.00%; 09/09/2024 - 06/15/2050)^(c)		2.58%		09/09/2022		2,005,017		2,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by corporate obligations valued at $110,000,070; 7.72% - 9.50%; 10/01/2022 - 02/15/2029)⁽ⁱ⁾		2.62%		09/01/2022		65,146,629		65,000,000

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,784,179; 4.13% - 7.50%; 11/01/2022 - 05/15/2061)⁽ⁱ⁾	2.52%	09/01/2022	$	7,015,188	$	7,000,000


J.P. Morgan Securities LLC, joint term agreement dated 07/22/2022, aggregate maturing value of $105,007,875 (collateralized by non-agency asset-backed securities, a corporate obligation and non-agency mortgage-backed securities valued at $114,262,653; 2.67% - 7.36%; 05/15/2024 - 06/25/2047)^(j)	2.70%	09/01/2022		15,001,125		15,000,000


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $500,031,944 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,071; 0.00% - 5.50%; 08/25/2027 - 06/16/2061)	2.30%	09/01/2022		85,005,431		85,000,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2022, aggregate maturing value of $290,140,972 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $318,943,657; 2.50% - 15.50%; 01/15/2023 - 11/15/2095)^(c)(h)	2.50%	09/07/2022		53,025,764		53,000,000


RBC Dominion Securities Inc., joint agreement dated 08/31/2022, aggregate maturing value of $1,500,095,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,000; 0.25% - 5.50%; 09/30/2022 - 06/25/2059)	2.30%	09/01/2022		16,371,229		16,370,183


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $62,815,397; 0.00% - 12.00%; 11/15/2022 - 05/15/2097)⁽ⁱ⁾	2.50%	09/01/2022		25,001,736		25,000,000


Societe Generale, joint open agreement dated 08/20/2021 (collateralized by corporate obligations valued at $92,505,932; 0.00% - 11.88%; 09/19/2022 - 08/15/2062)^(c)(i)	2.43%	09/01/2022		65,004,388		65,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2022, aggregate maturing value of $200,012,833 (collateralized by agency mortgage-backed securities valued at $204,000,000; 1.50% - 7.00%; 03/15/2032 - 08/01/2052)	2.31%	09/01/2022		85,005,454		85,000,000


Total Repurchase Agreements (Cost $546,370,183)						546,370,183


TOTAL INVESTMENTS IN SECURITIES^(k)(l)-100.14% (Cost $1,747,632,225)						1,747,388,309


OTHER ASSETS LESS LIABILITIES-(0.14)%						(2,357,906	)


NET ASSETS-100.00%					$	1,745,030,403


Investment Abbreviations:

CEP		-Credit Enhancement Provider
FEDL		-Federal Funds Effective Rate
LOC		-Letter of Credit
OBFR		-Overnight Bank Funding Rate
RB		-Revenue Bonds
SOFR		-Secured Overnight Financing Rate
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, 2022

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, 2022.

^(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, 2022.

^(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)	Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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

^(l)


Entities	Percentage


Societe Generale S.A.		5.2%


J.P. Morgan Chase & Co.		5.0


Skandinaviska Enskilda Banken AB		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, 2022

Invesco STIC Prime Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Certificates of Deposit-29.37%
Australia & New Zealand Banking Group Ltd. (Cayman Islands)^(a)		2.32%		09/01/2022	$	13,000	$	13,000,000


Banco Santander S.A. (SOFR + 0.45%) (Spain)^(a)(b)		2.50%		10/03/2022		8,000		8,001,773


Cooperatieve Rabobank U.A. (Cayman Islands)^(a)		2.30%		09/01/2022		13,000		13,000,000


Credit Agricole Corporate & Investment Bank^(a)		2.30%		09/01/2022		7,000		7,000,000


DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt Am Main (Germany)^(a)		2.29%		09/01/2022		13,000		13,000,000


Mizuho Securities (USA) LLC^(a)		2.32%		09/01/2022		15,000		15,000,000


Skandinaviska Enskilda Banken AB^(a)		2.30%		09/01/2022		13,000		13,000,000


Svenska Handelsbanken^(a)		2.29%		09/01/2022		13,000		13,000,000


Total Certificates of Deposit (Cost $95,001,855)								95,001,773



Commercial Paper-26.55%^(c)
Asset-Backed Securities - Fully Supported-4.01%
Bennington Stark Capital Co. LLC^(a)(d)		2.41%		09/09/2022		5,000		4,997,016


Ionic Capital III Trust^(a)		2.41%		09/20/2022		8,000		7,989,191


								12,986,207



Asset-Backed Securities - Fully Supported Bank-12.66%
Cancara Asset Securitisation LLC^(a)		2.43%		09/27/2022		3,000		2,994,382


Chesham Finance LLC (Multi - CEP’s)^(a)(d)		2.51%		09/22/2022		8,000		7,988,032


Concord Minutemen Capital Co. LLC^(a)(d)		2.35%		09/01/2022		2,000		1,999,874


Concord Minutemen Capital Co. LLC^(a)(d)		2.35%		09/06/2022		7,000		6,997,299


Ebury Finance LLC (Multi - CEP’s)^(a)(d)		2.51%		09/22/2022		8,000		7,988,032


LMA-Americas LLC^(a)(d)		2.45%		09/20/2022		8,000		7,988,964


Sheffield Receivables Co. LLC^(a)(d)		2.39%		09/22/2022		5,000		4,992,358


								40,948,941



Diversified Banks-4.94%
DBS Bank Ltd. (Singapore)^(a)(d)		2.49%		09/16/2022		8,000		7,991,583


Federation des Caisses Desjardins du Quebec (Canada)^(a)(d)		2.44%		09/22/2022		8,000		7,988,360


								15,979,943



Diversified Capital Markets-2.47%
Columbia Funding Co. LLC^(d)		2.41%		09/20/2022		3,000		2,995,947


Mackinac Funding Co. LLC^(a)(d)		2.51%		09/15/2022		5,000		4,995,021


								7,990,968



Specialized Finance-2.47%
KEB Hana Bank^(a)(d)		2.41%		09/01/2022		8,000		7,999,490


Total Commercial Paper (Cost $85,910,827)								85,905,549



Variable Rate Demand Notes-5.28%^(e)
Credit Enhanced-5.28%
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD RB (LOC - FHLB of Indianapolis)^(f)(g)		1.77%		12/01/2039		730		730,000


Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(a)(d)(g)		2.67%		04/01/2047		7,800		7,800,000


Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(g)		2.38%		05/01/2037		2,950		2,950,000


Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB (LOC - FHLMC)^(f)(g)		1.58%		06/01/2041		890		890,000

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


10		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco STIC Prime Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Credit Enhanced-(continued)
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)^(d)(g)		2.55%		01/01/2033	$	4,700	$	4,700,000


Total Variable Rate Demand Notes (Cost $17,070,000)								17,070,000


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-61.20% (Cost $197,982,682)								197,977,322



					Repurchase Amount
Repurchase Agreements-38.99%^(h)
BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $125,058,819 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, non-agency asset-backed securities, corporate obligations and U.S. Treasury obligations valued at $129,922,546; 0.00% - 7.00%; 01/06/2023 - 05/20/2072)^(a)(i)		2.42%		09/07/2022		3,001,412		3,000,000


BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $25,011,910 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, agency and non-agency asset-backed securities and corporate obligations valued at $25,555,105; 0.45% - 7.88%; 04/03/2023 - 05/20/2072)^(a)(i)		2.45%		09/07/2022		3,001,429		3,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/25/2022, aggregate maturing value of $65,031,092 (collateralized by non-agency asset-backed securities and corporate obligations valued at $70,914,260; 0.00% - 13.00%; 05/15/2023 - 09/01/2119)^(a)(i)		2.46%		09/01/2022		5,002,392		5,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/05/2022, aggregate maturing value of $10,025,083 (collateralized by an non-agency-backed asset-backed security, corporate obligations and non-agency mortgage-backed securities valued at $10,560,000; 3.39% - 7.00%; 09/09/2024 - 06/15/2050)^(a)(i)		2.58%		09/09/2022		8,020,067		8,000,000


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,784,179; 4.13% - 7.50%; 11/01/2022 - 05/15/2061)^(j)		2.52%		09/01/2022		8,017,358		8,000,000


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $500,031,944 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,071; 0.00% - 5.50%; 08/25/2027 - 06/16/2061)		2.30%		09/01/2022		30,001,917		30,000,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2022, aggregate maturing value of $290,140,972 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $318,943,657; 2.50% - 15.50%; 01/15/2023 - 11/15/2095)^(a)(i)		2.50%		09/07/2022		10,004,861		10,000,000


RBC Dominion Securities Inc., joint agreement dated 08/31/2022, aggregate maturing value of $1,500,095,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,000; 0.25% - 5.50%; 09/30/2022 - 06/25/2059)		2.30%		09/01/2022		24,117,422		24,115,881


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $62,815,397; 0.00% - 12.00%; 11/15/2022 - 05/15/2097)^(a)(j)		2.50%		09/01/2022		5,000,347		5,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2022, aggregate maturing value of $200,012,833 (collateralized by agency mortgage-backed securities valued at $204,000,000; 1.50% - 7.00%; 03/15/2032 - 08/01/2052)		2.31%		09/01/2022		30,001,925		30,000,000


Total Repurchase Agreements (Cost $126,115,881)								126,115,881


TOTAL INVESTMENTS IN SECURITIES^(k)(l)-100.19% (Cost $324,098,563)								324,093,203


OTHER ASSETS LESS LIABILITIES-(0.19)%								(611,050	)


NET ASSETS-100.00%							$	323,482,153

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, 2022

Invesco STIC Prime Portfolio–(continued)

Investment Abbreviations:


CEP		-Credit Enhancement Provider
FHLB		-Federal Home Loan Bank
FHLMC		-Federal Home Loan Mortgage Corp.
LOC		-Letter of Credit
RB		-Revenue Bonds
SOFR		-Secured Overnight Financing Rate
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: France: 10.8%; Sweden: 8.0%; Switzerland: 7.7%; Canada: 7.4%; Japan: 7.1%; other countries less than 5% each: 26.9%.

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2022.

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

^(d)

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, 2022 was $87,421,976, which represented 27.03% of the Fund’s Net Assets.

^(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, 2022.

^(f)	Security subject to the alternative minimum tax.

^(g)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(h)	Principal amount equals value at period end. See Note 1I.

⁽ⁱ⁾	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(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, 2022

Invesco Treasury Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-22.85%
U.S. Treasury Bills-3.81%^(a)
U.S. Treasury Bills		0.12%		09/08/2022	$	100,000	$	99,997,764


U.S. Treasury Bills		1.76%		09/29/2022		500,000		499,319,444


U.S. Treasury Bills		2.12%		10/13/2022		350,000		349,138,417


								948,455,625



U.S. Treasury Floating Rate Notes-16.50%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		355,000		354,998,397


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		250,500		250,505,365


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		200,000		200,004,851


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		560,000		560,000,585


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		2.89%		01/31/2024		200,000		200,114,336


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		2.83%		04/30/2024		450,000		449,989,855


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024		2,088,500		2,087,618,487


								4,103,231,876



U.S. Treasury Notes-2.54%
U.S. Treasury Notes		1.50%		09/15/2022		150,000		150,081,402


U.S. Treasury Notes		1.38%		10/15/2022		200,000		200,311,469


U.S. Treasury Notes		1.88%		10/31/2022		180,000		180,524,852


U.S. Treasury Notes		2.00%		10/31/2022		100,000		100,311,695


								631,229,418


Total U.S. Treasury Securities (Cost $5,682,916,919)								5,682,916,919


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-22.85% (Cost $5,682,916,919)								5,682,916,919



					Repurchase Amount
Repurchase Agreements-77.26%^(c)
ABN AMRO Bank N.V., agreement dated 08/31/2022, maturing value of $450,028,750 (collateralized by U.S. Treasury obligations valued at $459,000,055; 0.13% - 3.13%; 08/15/2023 - 11/15/2047)		2.30%		09/01/2022		450,028,750		450,000,000


BMO Capital Markets Corp., agreement dated 08/31/2022, maturing value of $300,017,083 (collateralized by U.S. Treasury obligations valued at $306,000,052; 0.00% - 3.25%; 11/08/2022 - 11/15/2051)		2.05%		09/01/2022		300,017,083		300,000,000


BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30%		09/01/2022		12,200,779,444		12,200,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,250,079,861 (collateralized by U.S. Treasury obligations valued at $1,275,000,012; 0.00% - 5.38%; 10/27/2022 - 02/15/2042)		2.30%		09/01/2022		1,250,079,861		1,250,000,000

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


13		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Treasury Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)	2.05%	09/01/2022	$	150,008,542	$	150,000,000


Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2022, maturing value of $150,008,333 (collateralized by U.S. Treasury obligations valued at $153,000,068; 1.25% - 2.88%; 04/30/2024 - 10/31/2028)	2.00%	09/01/2022		150,008,333		150,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)	1.00%	09/01/2022		252,007,000		252,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 - 11/15/2045)^(d)	2.32%	09/07/2022		100,045,768		100,000,656


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(d)	2.32%	09/07/2022		473,638,567		473,425,000


Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/31/2022, maturing value of $100,044,819 (collateralized by U.S. Treasury obligations valued at $102,006,477; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)^(d)	2.31%	09/07/2022		100,044,819		100,000,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $190,949,752 (collateralized by U.S. Treasury obligations valued at $194,268,500; 0.00%; 05/15/2029 - 08/15/2037)	2.31%	09/01/2022		190,949,752		190,937,500


Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2022, maturing value of $277,705,318 (collateralized by U.S. Treasury obligations valued at $282,133,500; 0.00%; 11/15/2039 - 02/15/2045)	2.31%	09/01/2022		277,705,318		277,687,500


RBC Dominion Securities Inc., agreement dated 08/31/2022, maturing value of $800,051,111 (collateralized by U.S. Treasury obligations valued at $816,000,003; 0.00% - 6.38%; 09/30/2022 - 08/15/2052)	2.30%	09/01/2022		800,051,111		800,000,000


RBC Dominion Securities Inc., term agreement dated 08/03/2022, maturing value of $300,653,083 (collateralized by U.S. Treasury obligations valued at $306,000,026; 0.13% - 6.38%; 09/30/2022 - 08/15/2052)^(d)	2.31%	09/06/2022		300,653,083		300,000,000


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(d)	2.30%	09/01/2022		325,290,694		325,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(d)	2.30%	09/07/2022		85,038,014		85,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)	2.30%	09/01/2022		75,004,792		75,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 - 05/15/2052)^(d)	2.30%	09/01/2022		100,044,722		100,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 - 02/15/2050)	2.30%	09/01/2022		1,439,977,519		1,439,885,526


Total Repurchase Agreements (Cost $19,218,936,182)						19,218,936,182


TOTAL INVESTMENTS IN SECURITIES-100.11% (Cost $24,901,853,101)						24,901,853,101


OTHER ASSETS LESS LIABILITIES-(0.11)%						(27,922,007	)


NET ASSETS-100.00%					$	24,873,931,094

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, 2022

Invesco Treasury Portfolio–(continued)

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, 2022.

^(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, 2022

Invesco Government & Agency Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-27.76%
U.S. Treasury Bills-13.45%^(a)
U.S. Treasury Bills		0.08%		09/08/2022	$	75,000	$	74,998,906


U.S. Treasury Bills		2.29%		10/04/2022		5,000		4,989,550


U.S. Treasury Bills		0.09%-0.10%		10/06/2022		860,000		859,923,073


U.S. Treasury Bills		2.50%		10/18/2022		3,000		2,990,248


U.S. Treasury Bills		2.20%		11/01/2022		1,000,000		996,297,639


U.S. Treasury Bills		2.51%		11/03/2022		525,000		522,712,311


U.S. Treasury Bills		2.25%		11/08/2022		750,000		746,840,833


U.S. Treasury Bills		2.60%		11/10/2022		100,000		99,498,333


U.S. Treasury Bills		2.62%		11/15/2022		670,000		666,370,834


U.S. Treasury Bills		2.63%		11/17/2022		733,000		728,908,027


U.S. Treasury Bills		2.76%		11/25/2022		500,000		496,763,554


U.S. Treasury Bills		2.71%		11/29/2022		800,000		794,679,778


U.S. Treasury Bills		2.75%		12/06/2022		600,000		595,631,998


U.S. Treasury Bills		1.78%		12/08/2022		600,000		597,120,433


U.S. Treasury Bills		2.81%		12/13/2022		650,000		644,829,975


U.S. Treasury Bills		2.92%		12/20/2022		600,000		594,701,665


U.S. Treasury Bills		2.96%		01/26/2023		750,000		741,057,500


U.S. Treasury Bills		1.18%		02/23/2023		121,000		120,311,813


								9,288,626,470



U.S. Treasury Floating Rate Notes-13.86%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		730,000		730,003,334


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		2.95%		01/31/2023		312,400		312,432,328


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		1,330,000		1,330,056,967


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		206,000		206,006,090


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		1,038,679		1,038,709,970


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		2.89%		01/31/2024		180,000		179,956,151


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		2.83%		04/30/2024		3,564,000		3,560,385,309


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024		2,214,000		2,213,247,714


								9,570,797,863



U.S. Treasury Notes-0.45%
U.S. Treasury Notes		1.50%		09/15/2022		210,000		210,113,048


U.S. Treasury Notes		1.75%		09/30/2022		100,000		100,132,293


								310,245,341


Total U.S. Treasury Securities (Cost $19,169,669,674)								19,169,669,674



U.S. Government Sponsored Agency Securities-7.28%
Federal Farm Credit Bank (FFCB)-4.32%
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		2.38%		10/07/2022		30,000		30,000,000

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, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.34%		10/21/2022	$	20,000	$	20,000,000


Federal Farm Credit Bank (SOFR + 0.08%)^(b)		2.37%		11/03/2022		35,000		35,000,000


Federal Farm Credit Bank (SOFR + 0.02%)^(b)		2.31%		06/12/2023		75,000		75,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		07/07/2023		143,000		143,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/08/2023		155,000		155,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/18/2023		21,500		21,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		09/20/2023		25,000		25,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/27/2023		60,000		60,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		12/15/2023		24,500		24,498,405


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		01/04/2024		229,000		229,000,000


Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.35%		01/10/2024		75,500		75,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		01/25/2024		15,000		15,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		02/05/2024		100,000		100,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		02/20/2024		80,000		80,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		02/23/2024		162,000		162,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		03/08/2024		95,000		95,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		03/15/2024		431,000		431,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		03/18/2024		445,000		445,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		04/04/2024		195,000		195,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		04/25/2024		345,000		345,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		05/09/2024		160,000		160,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		05/24/2024		62,000		62,000,000


								2,983,498,405



Federal Home Loan Bank (FHLB)-2.51%
Federal Home Loan Bank		1.85%		09/23/2022		150,000		149,831,333


Federal Home Loan Bank		2.01%		10/14/2022		375,000		374,104,167


Federal Home Loan Bank		1.44%		11/07/2022		1,215,000		1,211,766,412


								1,735,701,912



Federal National Mortgage Association (FNMA)-0.17%
Federal National Mortgage Association		1.86%		09/21/2022		115,000		114,881,806



U.S. International Development Finance Corp. (DFC)-0.28%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		06/15/2025		14,400		14,400,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		07/15/2025		15,667		15,666,669


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2025		3,421		3,421,053


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2026		4,250		4,250,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2026		7,083		7,083,333


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/30/2027		11,455		11,454,546


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		02/15/2028		12,222		12,222,222

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, 2022

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 Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		11/15/2028	$	56,818	$	56,818,182


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.35%		05/15/2030		7,111		7,111,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.90%		10/15/2030		7,333		7,333,333


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.47%		07/09/2026		20,400		20,400,000


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		03/15/2030		34,875		34,875,000


								195,035,338


Total U.S. Government Sponsored Agency Securities (Cost $5,029,117,461)								5,029,117,461


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-35.04% (Cost $24,198,787,135)								24,198,787,135



					Repurchase Amount
Repurchase Agreements-65.08%^(d)
BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30%		09/01/2022		37,002,363,889		37,000,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,750,111,806 (collateralized by U.S. Treasury obligations valued at $1,785,000,044; 0.13% - 6.13%; 03/31/2024 - 02/15/2052)		2.30%		09/01/2022		1,750,111,806		1,750,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)		2.05%		09/01/2022		350,019,931		350,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)		1.00%		09/01/2022		900,025,000		900,000,000


ING Financial Markets, LLC, joint term agreement dated 07/28/2022, aggregate maturing value of $501,796,667 (collateralized by agency mortgage-backed securities valued at $510,000,000; 1.50% - 8.00%; 08/01/2028 - 09/01/2057)		2.31%		09/22/2022		401,437,333		400,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/27/2022 (collateralized by agency mortgage-backed securities valued at $918,000,002; 1.00% - 7.50%; 09/20/2027 - 02/16/2063)^(e)		2.32%		09/01/2022		786,568,038		785,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 - 11/15/2045)^(f)		2.32%		09/07/2022		170,078,734		170,002,044


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(f)		2.32%		09/07/2022		1,051,599,174		1,051,125,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $434,162,857 (collateralized by U.S. Treasury obligations valued at $441,112,430; 0.00%; 02/15/2026 - 11/15/2043)		2.31%		09/01/2022		434,162,857		434,135,000

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, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(f)	2.30%	09/01/2022	$	300,268,333	$	300,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(f)	2.30%	09/07/2022		100,044,722		100,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)	2.30%	09/01/2022		100,006,389		100,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 - 05/15/2052)^(f)	2.30%	09/01/2022		135,060,375		135,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 - 02/15/2050)	2.30%	09/01/2022		1,259,958,205		1,259,877,713


Total Repurchase Agreements (Cost $44,935,139,757)						44,935,139,757


TOTAL INVESTMENTS IN SECURITIES-100.12% (Cost $69,133,926,892)						69,133,926,892


OTHER ASSETS LESS LIABILITIES-(0.12)%						(80,939,926	)


NET ASSETS-100.00%					$	69,052,986,966

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, 2022.

^(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, 2022.

^(d)	Principal amount equals value at period end. See Note 1I.

^(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.

^(f)	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

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


19		Short-Term Investments Trust

Schedule of Investments

August 31, 2022

Invesco Treasury Obligations Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-100.16%
U.S. Treasury Bills-84.76%^(a)
U.S. Treasury Bills		1.82%-2.06%		09/06/2022	$	54,300	$	54,286,133


U.S. Treasury Bills		1.23%		09/08/2022		10,000		9,997,608


U.S. Treasury Bills		2.04%-2.28%		09/13/2022		73,400		73,345,895


U.S. Treasury Bills		2.03%-2.15%		09/15/2022		82,500		82,431,857


U.S. Treasury Bills		1.25%-2.27%		09/20/2022		113,000		112,874,211


U.S. Treasury Bills		1.28%-2.31%		09/27/2022		87,000		86,872,643


U.S. Treasury Bills		1.39%-2.29%		10/04/2022		52,000		51,909,268


U.S. Treasury Bills		1.85%-2.24%		10/06/2022		33,700		33,635,803


U.S. Treasury Bills		1.51%-2.42%		10/11/2022		70,000		69,825,820


U.S. Treasury Bills		2.11%		10/13/2022		24,000		23,940,920


U.S. Treasury Bills		2.32%-2.50%		10/18/2022		89,500		89,214,567


U.S. Treasury Bills		2.49%		10/20/2022		4,500		4,484,871


U.S. Treasury Bills		2.07%		10/25/2022		14,000		13,956,740


U.S. Treasury Bills		2.54%		10/27/2022		45,000		44,823,600


U.S. Treasury Bills		2.20%		11/01/2022		24,000		23,911,143


U.S. Treasury Bills		2.51%		11/03/2022		30,000		29,869,275


U.S. Treasury Bills		2.24%		11/08/2022		24,000		23,898,907


U.S. Treasury Bills		2.55%-2.60%		11/10/2022		40,800		40,597,079


U.S. Treasury Bills		2.62%		11/15/2022		12,000		11,935,000


U.S. Treasury Bills		2.63%		11/17/2022		20,000		19,888,350


U.S. Treasury Bills		2.74%		11/22/2022		40,000		39,752,178


U.S. Treasury Bills		2.71%		11/29/2022		25,000		24,833,743


U.S. Treasury Bills		2.81%		12/13/2022		20,000		19,840,922


U.S. Treasury Bills		1.18%		02/23/2023		4,000		3,977,153


U.S. Treasury Bills		3.00%		07/13/2023		6,000		5,846,648


								995,950,334



U.S. Treasury Floating Rate Notes-15.40%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		45,000		44,999,800


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		2.95%		01/31/2023		11,000		11,000,764


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		19,000		19,000,509


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		17,500		17,500,388


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		30,000		30,000,601


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		2.89%		01/31/2024		8,000		7,998,051


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		2.83%		04/30/2024		25,500		25,474,783

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, 2022

Invesco Treasury Obligations Portfolio–(continued)


	Interest Rate	Maturity Date		Principal Amount (000)		Value


U.S. Treasury Floating Rate Notes-(continued)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)	2.94%		07/31/2024	$	25,000	$	24,984,882


							180,959,778


TOTAL INVESTMENTS IN SECURITIES-100.16% (Cost $ 1,176,910,112)							1,176,910,112


OTHER ASSETS LESS LIABILITIES-(0.16)%							(1,828,082	)


NET ASSETS-100.00%						$	1,175,082,030

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, 2022.

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, 2022

Invesco Tax-Free Cash Reserve Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Municipal Obligations-99.87%
Alabama-7.40%
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)^(a)(b)(c)		1.75%		07/01/2040	$	11,220	$	11,220,000


Mobile Downtown Redevelopment Authority (The) (Austal USA LLC); Series 2011 B, Ref. VRD RB (LOC - Bank of America N.A.)^(b)(c)(d)		1.72%		05/01/2041		6,000		6,000,000


								17,220,000



Arizona-4.87%
Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC - Bank Of America N.A.)^(b)(c)		1.03%		01/01/2046		6,000		6,000,000


Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		1.67%		06/15/2031		2,685		2,685,000


Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		1.67%		06/15/2031		2,645		2,645,000


								11,330,000



California-3.22%
California (State of);
Series 2022 A-1		1.13%		09/15/2022		6,500		6,498,670


Series 2022 A-5		1.13%		09/15/2022		1,000		1,000,000


								7,498,670



Colorado-0.35%
Boulder (County of), CO (Imagine); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		1.63%		02/01/2031		825		825,000



Delaware-1.70%
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		09/01/2036		2,525		2,525,000


Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		05/01/2036		1,430		1,430,000


								3,955,000



District of Columbia-1.67%
District of Columbia (Georgetown University); Series 2007 C-2, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)		1.66%		04/01/2041		1,200		1,200,000


District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.48%		08/15/2038		2,695		2,695,000


								3,895,000



Florida-3.97%
Orange (County of), FL Convention Center (Nemours Foundation); Series 2009 C-2, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.60%		01/01/2037		4,100		4,100,000


Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.75%		11/01/2036		2,725		2,725,000


Palm Beach (County of), FL (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.70%		07/01/2032		2,400		2,400,000


								9,225,000



Georgia-2.12%
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)^(a)(b)(c)		1.68%		11/01/2030		1,920		1,920,000

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


22		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Georgia-(continued)
Private Colleges & Universities Authority (Emory University); Series 2022 B, VRD RB (SIFMA Municipal Swap Index + 0.03%)^(b)		1.46%		09/01/2052	$	3,000	$	3,000,000


								4,920,000



Illinois-11.19%
Illinois (State of) Development Finance Authority (St. Ignatius College); Series 2002, VRD RB (LOC - PNC Bank, N.A.)^(b)(c)		1.51%		06/01/2032		1,650		1,650,000


Illinois (State of) Development Finance Authority (YMCA Metropolitan Chicago); Series 2001, VRD RB (LOC - BMO Harris N.A.)^(a)(b)(c)		1.60%		06/01/2029		5,800		5,800,000


Illinois (State of) Educational Facilities Authority (The Adler Planetarium); Series 1997, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.56%		04/01/2031		725		725,000


Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB^(b)		1.47%		12/01/2046		5,730		5,730,000


Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.50%		01/01/2037		2,600		2,600,000


Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)^(b)(c)		1.68%		10/01/2033		2,625		2,625,000


Illinois (State of) Finance Authority (YMCA Metropolitan Chicago); Series 2004, VRD RB (LOC - BMO Harris Bank N.A.)^(a)(b)(c)		1.60%		06/01/2034		2,735		2,735,000


Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)^(b)(c)		1.65%		01/01/2041		4,160		4,160,000


								26,025,000



Indiana-5.28%
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		1.75%		08/01/2037		3,285		3,285,000


Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)^(a)(b)(c)		1.64%		06/01/2035		6,000		6,000,000


Indianapolis (City of), IN (Capital Place Apartments, Covington Square Apartments and the Woods at Oak Crossing); Series 2008, VRD RB (CEP - FNMA)^(b)		1.62%		05/15/2038		3,000		3,000,000


								12,285,000



Iowa-2.15%
Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB (LOC - Korea Devlopment Bank)^(a)(b)(c)(d)		1.77%		12/01/2041		5,000		5,000,000



Louisiana-2.66%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.63%		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)		1.60%		07/01/2047		4,085		4,085,000


Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		1.46%		07/01/2047		1,100		1,100,000


								6,185,000



Maryland-5.59%
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.48%		04/01/2035		5,000		5,000,000


Montgomery (County of), MD;
Series 2022 B, Commerical Paper Notes (LOC - JPMorgan Chase Bank N.A.)^(c)		1.33%		10/04/2022		5,000		5,000,000


Series 2022 B, Commerical Paper Notes (LOC - State Street Bank and Trust Company)^(c)		1.33%		10/04/2022		3,000		3,000,000


								13,000,000

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


23		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Massachusetts-1.29%
Massachusetts (Commonwealth of) Department of Transportation; Series 2010 A-1, VRD Metropolitan Highway System RB (LOC - TD Bank, N.A.)^(a)(b)(c)		1.49%		01/01/2037	$	3,000	$	3,000,000



Michigan-2.72%
Michigan State University Board of Trustees;
Series 2000 A-1, VRD RB^(b)		1.56%		08/15/2030		3,620		3,620,000


Series 2000 A-2, VRD RB^(b)		1.56%		08/15/2030		2,705		2,705,000


								6,325,000



Minnesota-3.08%
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)^(b)		1.75%		10/15/2033		1,175		1,175,000


Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)^(b)		1.67%		11/01/2035		3,600		3,600,000


St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)^(b)		1.67%		10/01/2033		2,385		2,385,000


								7,160,000



Mississippi-1.97%
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.);
Series 2010 C, VRD IDR^(b)		1.46%		12/01/2030		585		585,000


Series 2010 E, VRD IDR^(b)		1.46%		12/01/2030		4,000		4,000,000


								4,585,000



Missouri-1.93%
Bridgeton (City of), MO Industrial Development Authority (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)^(b)(c)		1.67%		11/01/2037		1,320		1,320,000


Kansas City (City of), MO (H Roe Bartle); Series 2008 F, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		1.49%		04/15/2025		1,915		1,915,000


Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)^(b)(c)		1.82%		08/01/2038		1,260		1,260,000


								4,495,000



New York-4.61%
Metropolitan Transportation Authority; Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.68%		11/15/2046		7,115		7,115,000


New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)^(a)(b)(c)		1.50%		05/01/2039		3,600		3,600,000


								10,715,000



North Carolina-1.31%
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1992 A, VRD RB^(b)		1.47%		06/01/2027		3,055		3,055,000



Ohio-2.72%
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)^(b)(c)		1.67%		08/02/2038		2,650		2,650,000


Ohio State University (The); Series 2014 B-1, VRD RB^(b)		1.53%		12/01/2034		3,670		3,670,000


								6,320,000



Pennsylvania-1.71%
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		06/01/2037		1,225		1,225,000


Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)^(a)(b)(c)		1.65%		03/01/2030		450		450,000

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, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Pennsylvania-(continued)
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		10/15/2025	$	310	$	310,000


Philadelphia (City of), PA; Series 2022 A, Commerical Paper Notes (LOC - Barclays Bank PLC)^(a)(c)		1.60%		09/27/2022		2,000		2,000,000


								3,985,000



Rhode Island-1.89%
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB^(b)		1.67%		09/01/2043		4,400		4,400,000



Texas-14.79%
Board of Regents of the University of Texas System; Series 2008 B, VRD RB^(b)		1.50%		08/01/2025		1,115		1,115,000


Garland (City of), TX; Series 2022, Commerical Paper Notes (LOC - Barclays Bank PLC)^(a)(c)		1.55%		09/15/2022		1,200		1,200,000


Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.69%		02/15/2042		6,200		6,200,000


Houston (City of), TX; Series 2022 H-2, Commerical Paper Notes		1.73%		09/07/2022		5,000		5,000,000


Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		1.68%		05/15/2034		5,250		5,250,000


San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.68%		04/01/2026		1,520		1,520,000


Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)^(b)		1.73%		05/01/2042		3,125		3,125,000


Texas A&M University; Series 2022 B		1.25%		10/05/2022		5,000		5,000,000


University of Texas System Board of Regents; Series 2022 A, Commerical Paper Notes		1.85%		09/16/2022		6,000		6,000,000


								34,410,000



Virginia-1.72%
Norfolk (City of), VA; Series 2007, VRD GO Bonds^(b)		1.46%		08/01/2037		4,000		4,000,000



Washington-2.37%
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		1.49%		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)		1.49%		11/01/2047		2,145		2,145,000


								5,520,000



West Virginia-3.09%
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)^(b)(c)		1.69%		07/01/2039		745		745,000


West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Truist Bank)^(b)(c)		1.74%		01/01/2034		6,445		6,445,000


								7,190,000



Wisconsin-2.50%
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)^(b)(c)		1.68%		10/01/2042		3,160		3,160,000


Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital); Series 2004, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.50%		08/15/2034		2,660		2,660,000


								5,820,000


TOTAL INVESTMENTS IN SECURITIES^(e)(f)-99.87% (Cost $232,343,670)								232,343,670


OTHER ASSETS LESS LIABILITIES-0.13%								290,991


NET ASSETS-100.00%							$	232,634,661

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, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)

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
SIFMA		- Securities Industry and Financial Markets Association
VRD		- Variable Rate Demand
YMCA		- Young Men’s Christian Association

Notes to Schedule of Investments:

^(a)	The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 11.1%; other countries less than 5% each: 15.6%.

^(b)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2022.

^(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)

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, 2022 was $11,000,000, which represented 4.73% of the Fund’s Net Assets.

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

^(f)


Entities	Percentage

Toronto-Dominion Bank		6.6	%

PNC Bank N.A.		6.4

Federal Home Loan Mortgage Corporation		5.7

Bank of America N.A.		5.5

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


26		Short-Term Investments Trust

Statement of Assets and Liabilities

August 31, 2022


													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	$	1,201,018,126		$	197,977,322		$	5,682,916,919		$	24,198,787,135		$	1,176,910,112		$	232,343,670

Repurchase agreements, at value and cost		546,370,183			126,115,881			19,218,936,182			44,935,139,757			-			-

Cash		109,373			-			216,168			-			13,410			2,937

Receivable for:
Investments sold		-			-			-			-			-			230,000

Fund shares sold		-			-			3,426,958			12,440,927			-			-

Interest		1,498,126			114,844			15,648,843			39,762,105			427,495			353,878

Fund expenses absorbed		48,750			22,441			611,241			1,310,208			-			59,007

Investment for trustee deferred compensation and retirement plans		2,981,769			796,703			1,794,578			818,710			83,864			274,694

Other assets		-			132,222			406,980			2,382			791			29,200

Total assets		1,752,026,327			325,159,413			24,923,957,869			69,188,261,224			1,177,435,672			233,293,386


Liabilities:
Payable for:
Fund shares reacquired		-			-			1,436,975			4,312,518			-			-

Amount due custodian		-			-			-			75,388			-			-

Dividends		3,429,582			734,622			40,854,222			119,874,158			1,992,687			268,283

Accrued fees to affiliates		327,192			67,040			5,261,976			9,664,368			232,590			64,888

Accrued trustees’ and officers’ fees and benefits		5,177			3,013			24,875			75,569			4,088			2,853

Accrued operating expenses		38,091			24,350			390,285			209,322			26,751			29,818

Trustee deferred compensation and retirement plans		3,195,882			848,235			2,058,442			1,062,935			97,526			292,883

Total liabilities		6,995,924			1,677,260			50,026,775			135,274,258			2,353,642			658,725

Net assets applicable to shares outstanding	$	1,745,030,403		$	323,482,153		$	24,873,931,094		$	69,052,986,966		$	1,175,082,030		$	232,634,661


Net assets consist of:
Shares of beneficial interest	$	1,747,484,102		$	324,067,657		$	24,879,025,429		$	69,080,969,965		$	1,175,260,073		$	232,854,374

Distributable earnings (loss)		(2,453,699	)		(585,504	)		(5,094,335	)		(27,982,999	)		(178,043	)		(219,713	)

	$	1,745,030,403		$	323,482,153		$	24,873,931,094		$	69,052,986,966		$	1,175,082,030		$	232,634,661


Net Assets:
Institutional Class	$	1,741,681,355		$	322,472,595		$	21,420,556,964		$	61,165,374,792		$	1,102,134,048		$	196,759,517

Private Investment Class	$	1,072,938		$	457,312		$	381,788,814		$	577,941,151		$	14,564,541		$	14,764,249

Personal Investment Class	$	10,248		$	91,404		$	580,830,893		$	39,333,209		$	12,718,457		$	1,810,611

Cash Management Class	$	1,720,159		$	369,022		$	394,771,725		$	1,142,406,020		$	78,579		$	3,744,588

Reserve Class	$	175,005		$	70,263		$	987,384,416		$	598,751,170		$	42,146,780		$	14,785,359

Resource Class	$	247,941		$	386		$	77,389,574		$	135,003,087		$	98,294		$	760,040

Corporate Class	$	22,778		$	21,171		$	473,991,784		$	542,615,409		$	3,341,331		$	10,297

CAVU Securities Class	$	99,979		$	-		$	557,216,925		$	4,851,562,128		$	-		$	-

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


27		Short-Term Investments Trust

Statement of Assets and Liabilities–(continued)

August 31, 2022


									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		1,741,404,031		322,466,007		21,422,696,205		61,190,061,271		1,102,245,734		196,737,460

Private Investment Class		1,072,769		457,303		381,826,938		578,174,331		14,566,279		14,762,695

Personal Investment Class		10,246		91,402		580,888,890		39,349,084		12,720,093		1,810,436

Cash Management Class		1,719,889		369,015		394,811,148		1,142,867,105		78,588		3,744,177

Reserve Class		174,978		70,262		987,483,019		598,992,752		42,152,444		14,784,054

Resource Class		247,902		386		77,397,299		135,057,575		98,305		759,958

Corporate Class		22,774		21,170		474,039,115		542,834,320		3,341,703		10,296

CAVU Securities Class		99,963		-		557,272,567		4,853,520,238		-		-

Net asset value, offering and redemption price per share for each class	$	1.0002	$	1.0000	$	1.00	$	1.00	$	1.00	$	1.00

Cost of Investments	$	1,747,632,225	$	324,098,563	$	24,901,853,101	$	69,133,926,892	$	1,176,910,112	$	232,343,670

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


28		Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2022


	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	$	13,644,622		$	2,284,794		$	128,028,516		$	395,970,368		$	6,615,247		$	959,588


Expenses:
Advisory fees		3,122,309			449,298			32,265,270			60,899,961			1,503,064			363,316

Administrative services fees		933,129			133,092			9,470,158			26,994,896			497,724			80,410

Custodian fees		40,769			21,744			543,746			726,135			12,003			4,168

Distribution fees:
Private Investment Class		7,695			1,538			949,886			1,691,410			37,328			29,069

Personal Investment Class		56			509			1,991,022			147,296			58,197			8,227

Cash Management Class		1,945			361			376,542			674,250			91			3,393

Reserve Class		1,800			711			11,418,685			4,727,590			553,248			149,700

Resource Class		540			-			96,179			248,617			161			2,277

Corporate Class		7			7			70,495			221,276			1,054			4

Transfer agent fees		187,339			26,958			1,935,916			5,480,996			101,526			16,349

Trustees’ and officers’ fees and benefits		33,400			20,107			172,056			472,464			26,153			19,234

Registration and filing fees		100,319			80,466			857,680			874,196			95,458			95,946

Reports to shareholders		16,135			11,893			63,345			60,302			13,166			25,783

Professional services fees		50,201			38,656			145,043			320,773			49,349			37,674

Other		102,516			58,218			300,901			520,409			65,519			22,861

Total expenses		4,598,160			843,558			60,656,924			104,060,571			3,014,041			858,411

Less: Fees waived and expenses reimbursed		(945,472	)		(385,749	)		(28,703,024	)		(34,058,255	)		(1,332,072	)		(528,184	)

Net expenses		3,652,688			457,809			31,953,900			70,002,316			1,681,969			330,227

Net investment income		9,991,934			1,826,985			96,074,616			325,968,052			4,933,278			629,361

Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		3,959			624			(3,886,562	)		(28,543,577	)		(129,607	)		-

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(406,836	)		(5,126	)		-			-			-			-

Net realized and unrealized gain (loss)		(402,877	)		(4,502	)		(3,886,562	)		(28,543,577	)		(129,607	)		-

Net increase in net assets resulting from operations	$	9,589,057		$	1,822,483		$	92,188,054		$	297,424,475		$	4,803,671		$	629,361

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


29		Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021


	Invesco Liquid Assets Portfolio						Invesco STIC Prime Portfolio
	2022			2021			2022			2021

Operations:
Net investment income	$	9,991,934		$	1,034,618		$	1,826,985		$	24,474

Net realized gain		3,959			2,613			624			552

Change in net unrealized appreciation (depreciation)		(406,836	)		(496,709	)		(5,126	)		(2,800	)

Net increase in net assets resulting from operations		9,589,057			540,522			1,822,483			22,226


Distributions to shareholders from distributable earnings:
Institutional Class		(9,973,378	)		(1,033,839	)		(1,657,807	)		(24,275	)

Private Investment Class		(6,754	)		(318	)		(1,550	)		(92	)

Personal Investment Class		(32	)		(4	)		(240	)		(31	)

Cash Management Class		(9,759	)		(359	)		(1,672	)		(52	)

Reserve Class		(378	)		(29	)		(130	)		(11	)

Resource Class		(1,017	)		(40	)		(3	)		(9	)

Corporate Class		(112	)		(13	)		(95	)		(4	)

CAVU Securities Class		(504	)		(16	)		-			-

Total distributions from distributable earnings		(9,991,934	)		(1,034,618	)		(1,661,497	)		(24,474	)


Return of capital:
Institutional Class		-			-			(165,120	)		-

Private Investment Class		-			-			(154	)		-

Personal Investment Class		-			-			(24	)		-

Cash Management Class		-			-			(167	)		-

Reserve Class		-			-			(13	)		-

Resource Class		-			-			(1	)		-

Corporate Class		-			-			(9	)		-

Total return of capital		-			-			(165,488	)		-

Total distributions		(9,991,934	)		(1,034,618	)		(1,826,985	)		(24,474	)


Share transactions-net:
Institutional Class		(614,280,688	)		(201,574,311	)		100,759,349			(99,033,118	)

Private Investment Class		(1,818,407	)		(648,893	)		(147,861	)		(671,036	)

Personal Investment Class		-			-			(1,448	)		(302,491	)

Cash Management Class		(1,201,217	)		(24,434	)		(127,021	)		(7,793	)

Reserve Class		(40,550	)		(62,582	)		(16,775	)		(18,402	)

Resource Class		(114,240	)		(3,337	)		1			(122,205	)

Corporate Class		(354	)		(15,522	)		64			4

CAVU Securities Class		1			100,002			-			-

Net increase (decrease) in net assets resulting from share transactions		(617,455,455	)		(202,229,077	)		100,466,309			(100,155,041	)

Net increase (decrease) in net assets		(617,858,332	)		(202,723,173	)		100,461,807			(100,157,289	)


Net assets:
Beginning of year		2,362,888,735			2,565,611,908			223,020,346			323,177,635

End of year	$	1,745,030,403		$	2,362,888,735		$	323,482,153		$	223,020,346

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–(continued)

For the years ended August 31, 2022 and 2021


	Invesco Treasury Portfolio						Invesco Government & Agency Portfolio
	2022			2021			2022			2021

Operations:
Net investment income	$	96,074,616		$	2,248,785		$	325,968,052		$	9,964,680

Net realized gain (loss)		(3,886,562	)		30,818			(28,543,577	)		542,485

Net increase in net assets resulting from operations		92,188,054			2,279,603			297,424,475			10,507,165


Distributions to shareholders from distributable earnings:
Institutional Class		(85,408,911	)		(2,005,555	)		(295,190,284	)		(9,402,663	)

Private Investment Class		(1,268,453	)		(35,458	)		(2,186,097	)		(120,583	)

Personal Investment Class		(1,167,413	)		(28,813	)		(110,536	)		(2,025	)

Cash Management Class		(1,843,731	)		(42,921	)		(3,324,668	)		(128,425	)

Reserve Class		(2,122,002	)		(62,101	)		(1,225,131	)		(105,814	)

Resource Class		(267,315	)		(18,705	)		(863,585	)		(32,727	)

Corporate Class		(1,170,294	)		(41,758	)		(2,699,107	)		(52,287	)

CAVU Securities Class		(2,826,497	)		(13,474	)		(20,368,644	)		(120,156	)

Total distributions from distributable earnings		(96,074,616	)		(2,248,785	)		(325,968,052	)		(9,964,680	)


Share transactions-net:
Institutional Class		4,330,861,644			(2,122,806,791	)		11,726,491,208			19,204,558,855

Private Investment Class		78,001,581			(118,976,592	)		72,215,877			(76,121,055	)

Personal Investment Class		315,801,181			(16,713,545	)		29,989,058			(4,169,839	)

Cash Management Class		(57,379,422	)		80,255,547			394,921,370			316,471,282

Reserve Class		119,769,440			286,064,751			190,502,067			7,054,623

Resource Class		24,190,011			(582,467,587	)		17,158,805			(25,248,184	)

Corporate Class		207,510,470			(867,085,822	)		(539,261,258	)		1,050,827,823

CAVU Securities Class		10,231,626			547,040,941			3,411,670,557			1,441,849,681

Net increase (decrease) in net assets resulting from share transactions		5,028,986,531			(2,794,689,098	)		15,303,687,684			21,915,223,186

Net increase (decrease) in net assets		5,025,099,969			(2,794,658,280	)		15,275,144,107			21,915,765,671


Net assets:
Beginning of year		19,848,831,125			22,643,489,405			53,777,842,859			31,862,077,188

End of year	$	24,873,931,094		$	19,848,831,125		$	69,052,986,966		$	53,777,842,859

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, 2022 and 2021


	Invesco Treasury Obligations Portfolio						Invesco Tax-Free Cash Reserve Portfolio
	2022			2021			2022			2021

Operations:
Net investment income	$	4,933,278		$	133,186		$	629,361		$	17,194

Net realized gain (loss)		(129,607	)		47,304			-			-

Net increase in net assets resulting from operations		4,803,671			180,490			629,361			17,194


Distributions to shareholders from distributable earnings:
Institutional Class		(4,768,439	)		(123,225	)		(576,238	)		(12,978	)

Private Investment Class		(48,742	)		(1,559	)		(26,690	)		(1,039	)

Personal Investment Class		(29,749	)		(128	)		(2,178	)		(195	)

Cash Management Class		(319	)		(29	)		(11,012	)		(490	)

Reserve Class		(71,516	)		(7,454	)		(10,273	)		(2,280	)

Resource Class		(360	)		(17	)		(2,938	)		(208	)

Corporate Class		(14,153	)		(774	)		(32	)		(4	)

Total distributions from distributable earnings		(4,933,278	)		(133,186	)		(629,361	)		(17,194	)


Share transactions-net:
Institutional Class		38,941,402			(306,942,642	)		78,490,605			(32,730,801	)

Private Investment Class		(78,490	)		220,502			5,209,668			(580,210	)

Personal Investment Class		8,907,420			3,070,903			133,658			(1,906,614	)

Cash Management Class		(174,408	)		(87,640	)		(851,665	)		(893,331	)

Reserve Class		(32,341,061	)		19,907,010			(1,439,232	)		(10,596,705	)

Resource Class		198			(51,953	)		(716,611	)		(1,527,247	)

Corporate Class		(1,691,615	)		(5,409,097	)		19			-

Net increase (decrease) in net assets resulting from share transactions		13,563,446			(289,292,917	)		80,826,442			(48,234,908	)

Net increase (decrease) in net assets		13,433,839			(289,245,613	)		80,826,442			(48,234,908	)


Net assets:
Beginning of year		1,161,648,191			1,450,893,804			151,808,219			200,043,127

End of year	$	1,175,082,030		$	1,161,648,191		$	232,634,661		$	151,808,219

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


32		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			Return of capital			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 08/31/22	$1.0004		$0.0048		$(0.0000	)		$0.0048		$(0.0050	)		$ -			$ -			$(0.0050	)		$1.0002		0.48	%		$1,741,681		0.18	%		0.22	%		0.48	%
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
Invesco STIC Prime Portfolio
Year ended 08/31/22	1.0000		0.0050		(0.0000	)		0.0050		(0.0045	)		-			(0.0005	)		(0.0050	)		1.0000		0.50			322,473		0.15			0.28			0.61
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
Invesco Treasury Portfolio
Year ended 08/31/22	1.00		0.00		(0.00	)		0.00		(0.00	)		-			-			(0.00	)		1.00		0.46			21,420,557		0.13			0.21			0.47
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
Invesco Government & Agency Portfolio
Year ended 08/31/22	1.00		0.01		(0.00	)		0.01		(0.01	)		-			-			(0.01	)		1.00		0.51			61,165,375		0.11			0.16			0.54
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
Invesco Treasury Obligations Portfolio
Year ended 08/31/22	1.00		0.00		(0.00	)		0.00		(0.00	)		-			-			(0.00	)		1.00		0.44			1,102,134		0.13			0.21			0.45
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
Invesco Tax-Free Cash Reserve Portfolio
Year ended 08/31/22	1.00		0.00		-			0.00		(0.00	)		-			-			(0.00	)		1.00		0.32			196,760		0.15			0.37			0.38
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

^(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.


33		Short-Term Investments Trust

Notes to Financial Statements

August 31, 2022

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


34		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.


35		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.

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, 2022, 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%


36		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, 2022, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


	Expense Limitation


Invesco Liquid Assets Portfolio	$	839,352


Invesco STIC Prime Portfolio		301,276


Invesco Treasury Portfolio		7,035,844


Invesco Government & Agency Portfolio		1,730,545


Invesco Treasury Obligations Portfolio		333,450


Invesco Tax-Free Cash Reserve Portfolio		302,421

Voluntary fee waivers for the year ended August 31, 2022 are shown below:


			Private		Personal		Cash
			Investment		Investment		Management		Reserve		Resource		Corporate
	Fund Level		Class		Class		Class		Class		Class		Class


Invesco Liquid Assets Portfolio	$	98,734	$	4,760	$	34	$	1,074	$	1,206	$	309	$	3


Invesco STIC Prime Portfolio		82,545		915		311		206		491		1		4


Invesco Treasury Portfolio		11,717,027		518,670		1,157,113		208,147		7,972,623		51,028		42,572


Invesco Government & Agency Portfolio		27,703,436		911,921		57,615		374,418		3,045,451		106,195		128,674


Invesco Treasury Obligations Portfolio		536,300		19,938		27,410		61		414,286		83		544


Invesco Tax-Free Cash Reserve Portfolio		99,306		14,819		4,105		1,861		104,414		1,256		2


37		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		$	22,055,624		$	16,400,013		$	-
Invesco STIC Prime Portfolio			8,610,216			14,201,999			-
Invesco Tax-Free Cash Reserve Portfolio			241,775,804			207,889,996			-

NOTE 5–Trustees’ and Officers’ Fees and Benefits


38		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, 2022 and 2021:


	2022						2021
	Ordinary Income*		Ordinary Income-Tax- Exempt		Return of Capital		Ordinary Income*		Ordinary Income-Tax- Exempt		Return of Capital
Invesco Liquid Assets Portfolio	$	9,991,934	$	-	$	-	$	1,034,618	$	-	$-


Invesco STIC Prime Portfolio		1,661,497		-		165,488		24,474		-	-


Invesco Treasury Portfolio		96,074,616		-		-		2,248,785		-	-


Invesco Government & Agency Portfolio		325,968,052		-		-		9,964,680		-	-


Invesco Treasury Obligations Portfolio		4,933,278		-		-		133,186		-	-


Invesco Tax-Free Cash Reserve Portfolio		-		629,361		-		5,579		11,615	-

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

Tax Components of Net Assets at Period-End:


						Net
						Unrealized
	Undistributed		Temporary			Appreciation						Shares of
	Ordinary		Book/Tax			(Depreciation)-			Capital Loss			Beneficial		Total
	Income		Differences			Investments			Carryforwards			Interest		Net Assets


Invesco Liquid Assets Portfolio	$	-	$	(2,200,732	)	$	(243,916	)	$	(9,051	)	$	1,747,484,102	$	1,745,030,403


Invesco STIC Prime Portfolio		-		(580,144	)		(5,360	)		-			324,067,657		323,482,153


Invesco Treasury Portfolio		284,026		(1,459,786	)		-			(3,918,575	)		24,879,025,429		24,873,931,094


Invesco Government & Agency Portfolio		1,351,614		(789,869	)		-			(28,544,744	)		69,080,969,965		69,052,986,966


Invesco Treasury Obligations Portfolio		56,908		(69,452	)		(8,870	)		(156,629	)		1,175,260,073		1,175,082,030


Invesco Tax-Free Cash Reserve Portfolio		-		(200,621	)		-			(19,092	)		232,854,374		232,634,661


39		Short-Term Investments Trust

The Funds have a capital loss carryforward as of August 31, 2022, as follows:


	Short-Term			Long-Term
	Not Subject to			Not Subject to
Fund	Expiration			Expiration			Total*
Invesco Liquid Assets Portfolio		$	9,051		$	-		$	9,051
Invesco Treasury Portfolio			3,918,575			-			3,918,575
Invesco Government & Agency Portfolio			28,544,744			-			28,544,744
Invesco Treasury Obligations Portfolio			132,371			24,258			156,629
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, 2022
											Net
											Unrealized
	Federal			Unrealized			Unrealized				Appreciation
	Tax Cost*			Appreciation			(Depreciation)				(Depreciation)
Invesco Liquid Assets Portfolio		$	1,747,632,225		$	115,759		$	(359,675	)		$	(243,916	)
Invesco STIC Prime Portfolio			324,098,563			-			(5,360	)			(5,360	)
Invesco Treasury Obligations Portfolio			1,176,918,982			-			(8,870	)			(8,870	)

NOTE 9–Reclassification of Permanent Differences


	Undistributed Net				Undistributed Net				Shares of
	Investment Income (Loss)				Realized Gain (Loss)				Beneficial Interest
Invesco Liquid Assets Portfolio		$	407,812			$	-			$	(407,812	)
Invesco STIC Prime Portfolio			166,112				(624	)			(165,488	)
Invesco Treasury Portfolio			44,131				(46,858	)			2,727
Invesco Government & Agency Portfolio			(1	)			3				(2	)
Invesco Treasury Obligations Portfolio			-				-				-
Invesco Tax-Free Cash Reserve Portfolio			59,675				-				(59,675	)

NOTE 10–Share Information

Invesco Liquid Assets Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)				2021
	Shares		Amount		Shares		Amount


Sold:
Institutional Class		16,021,220,223	$	16,021,997,196		17,486,805,323	$	17,494,025,296


Private Investment Class		173		173		371,715		371,900


Cash Management Class		1		1		6,058		6,061


Reserve Class		7,065		7,068		79,579		79,611


Corporate Class		-		-		1,001		1,001


CAVU Securities Class^(b)		1		1		99,962		100,002


40		Short-Term Investments Trust

NOTE 10–Share Information–(continued)


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Institutional Class		331,500		$	331,481			182,613		$	182,698


Private Investment Class		3,597			3,597			207			207


Cash Management Class		5,971			5,971			359			359


Reserve Class		174			174			28			28


Resource Class		599			599			37			37


Corporate Class		70			70			13			13



Reacquired:
Institutional Class		(16,635,655,012	)		(16,636,609,365	)		(17,688,475,913	)		(17,695,782,305	)


Private Investment Class		(1,822,166	)		(1,822,177	)		(1,020,552	)		(1,021,000	)


Cash Management Class		(1,207,094	)		(1,207,189	)		(30,840	)		(30,854	)


Reserve Class		(47,789	)		(47,792	)		(142,165	)		(142,221	)


Resource Class		(114,803	)		(114,839	)		(3,373	)		(3,374	)


Corporate Class		(425	)		(424	)		(16,529	)		(16,536	)


Net increase (decrease) in share activity		(617,277,915	)	$	(617,455,455	)		(202,142,477	)	$	(202,229,077	)

^(a)	45% 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.


41		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco STIC Prime Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		1,898,258,845		$	1,898,293,281			1,439,605,312		$	1,439,605,312


Private Investment Class		66,475			66,475			17,500			17,500


Personal Investment Class		45			45			-			-


Cash Management Class		47,921			47,925			7,472			7,472


Reserve Class		1			1			4			4


Corporate Class		-			-			1,000			1,000



Issued as reinvestment of dividends:
Institutional Class		718,725			718,729			14,063			14,063


Private Investment Class		961			961			91			91


Personal Investment Class		131			131			27			27


Cash Management Class		351			351			15			15


Reserve Class		62			62			7			7


Resource Class		1			1			7			7


Corporate Class		64			64			4			4



Reacquired:
Institutional Class		(1,798,225,673	)		(1,798,252,661	)		(1,538,652,493	)		(1,538,652,493	)


Private Investment Class		(215,296	)		(215,297	)		(688,627	)		(688,627	)


Personal Investment Class		(1,624	)		(1,624	)		(302,518	)		(302,518	)


Cash Management Class		(175,291	)		(175,297	)		(15,280	)		(15,280	)


Reserve Class		(16,836	)		(16,838	)		(18,413	)		(18,413	)


Resource Class		-			-			(122,212	)		(122,212	)


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


Net increase (decrease) in share activity		100,458,862		$	100,466,309			(100,155,041	)	$	(100,155,041	)

^(a)


42		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		132,066,034,066		$	132,066,034,066			209,389,908,080		$	209,389,908,080


Private Investment Class		1,001,410,898			1,001,410,898			564,708,648			564,708,648


Personal Investment Class		2,236,178,971			2,236,178,971			1,460,181,973			1,460,181,973


Cash Management Class		1,488,319,714			1,488,319,714			834,202,437			834,202,437


Reserve Class		3,559,612,942			3,559,612,942			2,267,218,779			2,267,218,779


Resource Class		215,964,855			215,964,855			271,542,723			271,542,723


Corporate Class		4,502,000,934			4,502,000,934			4,259,846,179			4,259,846,179


CAVU Securities Class^(b)		12,888,063,731			12,888,063,731			1,619,862,326			1,619,862,326



Issued as reinvestment of dividends:
Institutional Class		10,223,078			10,223,078			497,496			497,496


Private Investment Class		184,233			184,233			11,961			11,961


Personal Investment Class		398,914			398,914			28,558			28,558


Cash Management Class		1,071,516			1,071,516			39,490			39,490


Reserve Class		971,014			971,014			56,643			56,643


Resource Class		130,138			130,138			4,380			4,380


Corporate Class		261,029			261,029			26,745			26,745


CAVU Securities Class		1,880			1,880			-			-



Reacquired:
Institutional Class		(127,745,395,500	)		(127,745,395,500	)		(211,513,212,367	)		(211,513,212,367	)


Private Investment Class		(923,593,550	)		(923,593,550	)		(683,697,201	)		(683,697,201	)


Personal Investment Class		(1,920,776,704	)		(1,920,776,704	)		(1,476,924,076	)		(1,476,924,076	)


Cash Management Class		(1,546,770,652	)		(1,546,770,652	)		(753,986,380	)		(753,986,380	)


Reserve Class		(3,440,814,516	)		(3,440,814,516	)		(1,981,210,671	)		(1,981,210,671	)


Resource Class		(191,904,982	)		(191,904,982	)		(854,014,690	)		(854,014,690	)


Corporate Class		(4,294,751,493	)		(4,294,751,493	)		(5,126,958,746	)		(5,126,958,746	)


CAVU Securities Class		(12,877,833,985	)		(12,877,833,985	)		(1,072,821,385	)		(1,072,821,385	)


Net increase (decrease) in share activity		5,028,986,531		$	5,028,986,531			(2,794,689,098	)	$	(2,794,689,098	)

^(a)

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


43		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Government & Agency Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		454,339,645,288		$	454,339,645,288			287,998,117,369		$	287,998,117,369


Private Investment Class		1,778,974,054			1,778,974,054			1,566,476,737			1,566,476,737


Personal Investment Class		97,861,174			97,861,174			8,460,874			8,460,874


Cash Management Class		1,341,733,532			1,341,733,532			1,020,500,616			1,020,500,616


Reserve Class		2,373,222,673			2,373,222,673			1,184,114,517			1,184,114,517


Resource Class		1,481,464,937			1,481,464,937			1,448,949,173			1,448,949,173


Corporate Class		10,354,778,887			10,354,778,887			2,472,495,311			2,472,495,311


CAVU Securities Class^(b)		77,360,488,467			77,360,488,467			11,182,358,336			11,182,358,336



Issued as reinvestment of dividends:
Institutional Class		49,592,996			49,592,996			2,364,199			2,364,199


Private Investment Class		747,946			747,946			77,027			77,027


Personal Investment Class		55,691			55,691			1,664			1,664


Cash Management Class		463,867			463,867			62,947			62,947


Reserve Class		542,028			542,028			96,732			96,732


Resource Class		486,110			486,110			22,306			22,306


Corporate Class		1,161,309			1,161,309			20,996			20,996


CAVU Securities Class		7,176,754			7,176,754			68,987			68,987



Reacquired:
Institutional Class		(442,662,747,076	)		(442,662,747,076	)		(268,795,922,713	)		(268,795,922,713	)


Private Investment Class		(1,707,506,123	)		(1,707,506,123	)		(1,642,674,819	)		(1,642,674,819	)


Personal Investment Class		(67,927,807	)		(67,927,807	)		(12,632,377	)		(12,632,377	)


Cash Management Class		(947,276,029	)		(947,276,029	)		(704,092,281	)		(704,092,281	)


Reserve Class		(2,183,262,634	)		(2,183,262,634	)		(1,177,156,626	)		(1,177,156,626	)


Resource Class		(1,464,792,242	)		(1,464,792,242	)		(1,474,219,663	)		(1,474,219,663	)


Corporate Class		(10,895,201,454	)		(10,895,201,454	)		(1,421,688,484	)		(1,421,688,484	)


CAVU Securities Class		(73,955,994,664	)		(73,955,994,664	)		(9,740,577,642	)		(9,740,577,642	)


Net increase in share activity		15,303,687,684		$	15,303,687,684			21,915,223,186		$	21,915,223,186

^(a)

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


44		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Obligations Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		2,034,763,395		$	2,034,763,395			1,758,486,047		$	1,758,486,047


Private Investment Class		4,862,034			4,862,034			8,037,650			8,037,650


Personal Investment Class		25,412,787			25,412,787			6,051,798			6,051,798


Reserve Class		237,156,939			237,156,939			332,356,357			332,356,357


Resource Class		891,607			891,607			52,034			52,034


Corporate Class		-			-			129			129



Issued as reinvestment of dividends:
Institutional Class		1,208,158			1,208,158			69,137			69,137


Private Investment Class		25,960			25,960			1,543			1,543


Personal Investment Class		13,163			13,163			102			102


Cash Management Class		185			185			27			27


Reserve Class		26,868			26,868			7,165			7,165


Resource Class		-			-			3			3


Corporate Class		8,385			8,385			774			774



Reacquired:
Institutional Class		(1,997,030,151	)		(1,997,030,151	)		(2,065,497,826	)		(2,065,497,826	)


Private Investment Class		(4,966,484	)		(4,966,484	)		(7,818,691	)		(7,818,691	)


Personal Investment Class		(16,518,530	)		(16,518,530	)		(2,980,997	)		(2,980,997	)


Cash Management Class		(174,593	)		(174,593	)		(87,667	)		(87,667	)


Reserve Class		(269,524,868	)		(269,524,868	)		(312,456,512	)		(312,456,512	)


Resource Class		(891,409	)		(891,409	)		(103,990	)		(103,990	)


Corporate Class		(1,700,000	)		(1,700,000	)		(5,410,000	)		(5,410,000	)


Net increase (decrease) in share activity		13,563,446		$	13,563,446			(289,292,917	)	$	(289,292,917	)

^(a)

In addition, 51% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


45		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		264,322,787		$	264,322,787			147,021,640		$	147,021,640


Private Investment Class		8,658,509			8,658,509			2,274,008			2,274,008


Personal Investment Class		4,144,947			4,144,947			7,107,975			7,107,975


Cash Management Class		4,995,075			4,995,075			6,420,817			6,420,817


Reserve Class		44,954,869			44,954,869			28,135,345			28,135,345


Resource Class		-			-			394,392			394,392



Issued as reinvestment of dividends:
Institutional Class		203,648			203,648			7,749			7,749


Private Investment Class		10,734			10,734			832			832


Personal Investment Class		619			619			195			195


Cash Management Class		1,959			1,959			230			230


Reserve Class		2,238			2,238			2,280			2,280


Resource Class		1,890			1,890			205			205


Corporate Class		19			19			-			-



Reacquired:
Institutional Class		(186,035,830	)		(186,035,830	)		(179,760,190	)		(179,760,190	)


Private Investment Class		(3,459,575	)		(3,459,575	)		(2,855,050	)		(2,855,050	)


Personal Investment Class		(4,011,908	)		(4,011,908	)		(9,014,784	)		(9,014,784	)


Cash Management Class		(5,848,699	)		(5,848,699	)		(7,314,378	)		(7,314,378	)


Reserve Class		(46,396,339	)		(46,396,339	)		(38,734,330	)		(38,734,330	)


Resource Class		(718,501	)		(718,501	)		(1,921,844	)		(1,921,844	)


Net increase (decrease) in share activity		80,826,442		$	80,826,442			(48,234,908	)	$	(48,234,908	)

^(a)


46		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, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights of the Institutional Class for each of the five years in the period ended August 31, 2022 (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, 2022, 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, 2022 and each of the financial highlights of the Institutional Class for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 26, 2022


47		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, 2022 through August 31, 2022.

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
Institutional Class	(03/01/22)	(08/31/22)¹	Period²	(08/31/22)	Period²	Ratio
Invesco Liquid Assets Portfolio	$1,000.00	$1,005.20	$0.91	$1,024.30	$0.92	0.18%
Invesco STIC Prime Portfolio	1,000.00	1,005.00	0.91	1,024.30	0.92	0.18
Invesco Treasury Portfolio	1,000.00	1,004.60	0.91	1,024.30	0.92	0.18
Invesco Government & Agency Portfolio	1,000.00	1,004.90	0.76	1,024.45	0.77	0.15
Invesco Treasury Obligations Portfolio	1,000.00	1,004.30	0.91	1,024.30	0.92	0.18
Invesco Tax-Free Cash Reserve Portfolio	1,000.00	1,003.20	1.01	1,024.20	1.02	0.20

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.


48		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

(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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, 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. As part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

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 services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials


49		Short-Term Investments Trust

B.	Fund Investment Performance

Invesco Government & Agency Portfolio

Invesco Liquid Assets Portfolio

Invesco STIC Prime Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period, equal to the performance of the Index for the three year period and reasonably comparable to 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, 2021 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 equal to the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as

Invesco Treasury Obligations Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco Treasury Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio


50		Short-Term Investments Trust

Invesco Liquid Assets Portfolio

accounts have all-inclusive fee structures, which are not easily un-bundled.

Invesco STIC Prime Portfolio


51		Short-Term Investments Trust

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 there were only four other funds in the Fund’s expense group.

Invesco Treasury Obligations Portfolio

Invesco Treasury Portfolio


52		Short-Term Investments Trust

the Fund’s total expense ratio and its various components.

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

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,


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, 2022:


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		95.79	%		0.00	%		0.00	%		0.07	%		0.00	%
Invesco STIC Prime Portfolio		98.68	%		0.00	%		0.00	%		0.00	%		0.00	%
Invesco Treasury Portfolio		100.00	%		0.00	%		0.00	%		40.21	%		0.00	%
Invesco Government & Agency Portfolio		100.00	%		0.00	%		0.00	%		43.13	%		0.00	%
Invesco Treasury Obligations Portfolio		100.00	%		0.00	%		0.00	%		100.00	%		0.00	%
Invesco Tax-Free Cash Reserve Portfolio		0.00	%		0.00	%		0.00	%		0.00	%		100.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.


Non-Resident Alien Shareholders
	Qualified Short-Term Gains	Qualified Interest Income**


Invesco Liquid Assets Portfolio	$ -	0.00%


Invesco STIC Prime Portfolio	624	0.00%


Invesco Treasury Portfolio	-	100.00%


Invesco Government & Agency Portfolio	-	100.00%


Invesco Treasury Obligations Portfolio	-	100.00%


Invesco Tax-Free Cash Reserve Portfolio	-	0.00%

** The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year.


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	190	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
Beth Ann Brown – 1968 Trustee and Chair	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	190	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) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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	190	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)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of 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	190	Insperity, Inc. (formerly known as Administaff) (human resources provider); Member of Regional Board of Directors and Board of Directors, 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	190	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; 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	190	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	190	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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)
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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	190	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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	190	None
Ann Barnett Stern²– 1957 Trustee	2017	President and Chief Executive Officerr, Houston Endowment, Inc. a private philanthropic institution (private philanthropic institution) Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP & Andrews and Kurth LLP	190	Trustee and Board Vice Chair of Holdsworth Center (non-profit); Trustee and Chair of Nomination/Governance Committee, Good Reason Houston, (non-profit); Trustee and Investment Committee member of University of Texas Law School Foundation (non-profit); Board Member of Greater Houston Partnership (non-profit); Advisory Board member, Baker Institute for Public Policy at Rice University (non-profit) Formerly: Director and Audit Committee Member of Federal Reserve Bank of Dallas
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	190	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management, 1994-2007; Trustee and Chair, Weiss Peck and Greer Funds Board, 2004-2005; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management, 1984-1994.	190	Formerly: Trustee and Governance Chair, Oppenheimer Funds, 2014-2019; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America, 2016-2019

²	Effective September 14, 2022, Ms. Ann Barnett Stern resigned as a Trustee of the Trust.


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
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; 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
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); 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: Senior Vice President, Invesco Distributors, Inc.; 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
Andrew R. Schlossberg –1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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) 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


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–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; 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
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.; Senior Vice President, The Invesco Funds; 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.; 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


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)
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 and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A
			N/A	N/A


T-6		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




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


		Annual Report to Shareholders		August 31, 2022

		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, 2022, and is based on total net assets. Unless otherwise stated, all data is 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			27

Financial Highlights			33

Notes to Financial Statements			34

Report of Independent Registered Public Accounting Firm			47

Fund Expenses			48

Approval of Investment Advisory and Sub-Advisory Contracts			49

Tax Information			54

Trustees and Officers			T-1

Fund Data



Personal Investment Class data as of 8/31/22

FUND	WEIGHTED AVERAGE MATURITY		WEIGHTED AVERAGE LIFE	TOTAL NET ASSETS

	Range During Reporting Period	At Reporting Period End	At Reporting Period End
Invesco Liquid Assets¹	13 - 52 days	17 days	35 days	$10.2 thousand
Invesco STIC Prime¹	2 - 14 days	6 days	7 days	91.4 thousand
Invesco Treasury²	4 - 58 days	4 days	93 days	580.8 million
Invesco Government & Agency²	14 - 56 days	14 days	105 days	39.3 million
Invesco Treasury Obligations²	30 - 55 days	36 days	91 days	12.7 million
Invesco Tax-Free Cash Reserve³	8 - 15 days	9 days	9 days	1.8 million

Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.


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.

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 8/31/22
	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		47.9	%		73.7	%		77.1	%		64.6	%		4.4	%		87.2	%
8 - 30		19.7			23.8			3.0			1.5			31.1			7.2
31 - 60		4.9			2.5			2.2			1.9			28.2			5.6
61 - 90		10.9			0.0			2.6			10.2			22.1			0.0
91 - 180		16.6			0.0			0.0			5.2			3.0			0.0
181+		0.0			0.0			15.1			16.6			11.2			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, 2022

Invesco Liquid Assets Portfolio


	Interest Rate			Maturity Date		Principal Amount (000)		Value


Commercial Paper-40.49%^(a)
Asset-Backed Securities - Fully Supported-0.58%
Ridgefield Funding Co., LLC (CEP - BNP Paribas S.A.) (SOFR + 0.52%)^(b)(c)(d)		2.86	%		02/15/2023	$	10,000	$	10,000,000



Asset-Backed Securities - Fully Supported Bank-7.45%
Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.28%)^(b)(c)(d)		2.66	%		11/21/2022		40,000		40,006,000


Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (1 mo. FEDL + 0.12%)^(b)(c)(d)		2.53	%		09/01/2022		20,000		20,000,000


Matchpoint Finance PLC (SOFR + 0.45%) (Ireland)^(b)(c)(d)		2.79	%		11/17/2022		20,000		20,007,380


Nieuw Amsterdam Receivables Corp. B.V. (CEP - Cooperatieve Rabobank UA) (Netherlands)^(b)(c)		2.51	%		09/21/2022		30,000		29,956,600


Versailles Commercial Paper LLC (CEP - Natixis S.A.) (SOFR + 0.30%)^(b)(c)(d)		2.63	%		01/09/2023		20,000		20,003,550


									129,973,530



Diversified Banks-23.02%
ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.34	%		10/03/2022		30,000		29,935,293


Barclays Bank PLC^(c)		2.36	%		09/26/2022		20,000		19,966,012


Barclays Bank PLC^(c)		2.55	%		09/23/2022		50,000		49,924,867


DBS Bank Ltd. (Singapore)^(b)(c)		2.49	%		09/16/2022		10,000		9,989,480


DBS Bank Ltd. (Singapore)^(b)(c)		2.91	%		11/14/2022		30,000		29,820,000


DBS Bank Ltd. (Singapore)^(b)(c)		3.35	%		01/17/2023		20,000		19,739,607


Korea Development Bank^(c)		3.19	%		01/05/2023		20,000		19,773,093


Korea Development Bank^(c)		3.19	%		01/06/2023		10,000		9,885,369


Mitsubishi UFJ Trust & Banking Corp.^(b)(c)		2.59	%		09/20/2022		70,000		69,909,155


Skandinaviska Enskilda Banken AB (SOFR + 0.40%) (Sweden)^(b)(c)(d)		2.74	%		11/17/2022		70,000		70,015,605


Svenska Handelsbanken AB (Sweden)^(b)(c)		0.34	%		11/03/2022		22,850		22,746,251


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%) (Canada)^(b)(c)(d)		1.92	%		09/06/2022		10,000		9,999,848


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.45%) (Canada)^(b)(c)(d)		2.73	%		12/30/2022		15,000		15,002,940


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.46%) (Canada)^(c)(d)		2.85	%		02/15/2023		25,000		25,019,600


									401,727,120



Diversified Capital Markets-4.01%
Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.40%)^(c)(d)		2.77	%		01/12/2023		60,000		60,009,000


Great Bear Funding LLC (1 mo. OBFR + 0.40%)^(c)(d)		2.77	%		01/12/2023		10,000		10,001,500


									70,010,500



Investment Banking & Brokerage-1.71%
Goldman Sachs International^(b)		0.45	%		11/15/2022		30,000		29,820,197



Specialized Finance-3.72%
CDP Financial, Inc. (Canada)^(b)(c)		2.10	%		09/14/2022		45,000		44,959,067


KEB Hana Bank^(b)(c)		2.26	%		09/20/2022		20,000		19,973,556


									64,932,623


Total Commercial Paper (Cost $706,722,043)									706,463,970



Certificates of Deposit-22.98%
Australia & New Zealand Banking Group Ltd. (Cayman Islands)^(c)		2.32	%		09/01/2022		52,000		52,000,000


Banco Santander S.A.^(c)		3.14	%		12/15/2022		10,000		10,017,135


Cooperatieve Rabobank U.A. (Cayman Islands)^(c)		2.30	%		09/01/2022		52,000		52,000,000


Credit Agricole Corporate & Investment Bank^(c)		2.30	%		09/01/2022		53,000		53,000,000


Goldman Sachs Bank USA (SOFR + 0.21%)^(d)		2.58	%		09/16/2022		30,000		30,001,272

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate			Maturity Date		Principal Amount (000)		Value


Korea Development Bank (SOFR + 0.57%)^(c)(d)		2.91	%		02/10/2023	$	25,000	$	25,015,814


Korea Development Bank (SOFR + 0.55%) (South Korea)^(c)(d)		2.89	%		02/15/2023		5,000		5,002,726


Norinchukin Bank^(c)		2.39	%		09/02/2022		70,000		70,000,236


Skandinaviska Enskilda Banken AB^(c)		2.30	%		09/01/2022		17,000		17,000,000


Toronto-Dominion Bank (The)^(c)		3.21	%		01/09/2023		15,000		15,005,457


Westpac Banking Corp.^(c)		0.44	%		11/23/2022		5,000		4,972,453


Woori Bank^(c)		2.38	%		09/08/2022		50,000		50,000,594


Woori Bank^(c)		2.25	%		09/23/2022		17,000		16,998,470


Total Certificates of Deposit (Cost $401,000,000)									401,014,157



Variable Rate Demand Notes-5.36%^(e)
Credit Enhanced-5.36%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)(d)(f)		2.67	%		04/01/2047		9,100		9,099,999


Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(d)(f)		2.38	%		05/01/2037		2,400		2,400,000


University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		2.33	%		08/01/2045		82,040		82,040,000


Total Variable Rate Demand Notes (Cost $93,539,999)									93,539,999


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-68.83% (Cost $1,201,262,042)									1,201,018,126



						Repurchase Amount

Repurchase Agreements-31.31%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $125,058,819 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, non-agency asset-backed securities, corporate obligations and U.S. Treasury obligations valued at $129,922,546; 0.00% - 7.00%; 01/06/2023 - 05/20/2072)^(c)(h)		2.42	%		09/07/2022		15,007,058		15,000,000


BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $25,011,910 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, agency and non-agency asset-backed securities and corporate obligations valued at $25,555,105; 0.45% - 7.88%; 04/03/2023 - 05/20/2072)^(c)(h)		2.45	%		09/07/2022		10,004,764		10,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/25/2022, aggregate maturing value of $65,031,092 (collateralized by non-agency asset-backed securities and corporate obligations valued at $70,914,260; 0.00% - 13.00%; 05/15/2023 - 09/01/2119)^(c)(h)		2.46	%		09/01/2022		25,011,958		25,000,000


Citigroup Global Markets, Inc., joint open agreement dated 03/28/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $110,083,744; 0.00% - 10.97%; 11/10/2023 - 03/27/2062)⁽ⁱ⁾		2.89	%		09/01/2022		45,111,700		45,000,000


Citigroup Global Markets, Inc., joint open agreement dated 08/11/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $203,594,466; 0.00% - 7.75%; 11/15/2026 - 10/25/2066)⁽ⁱ⁾		2.89	%		09/01/2022		13,021,882		13,000,000


Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $400,184,333 (collateralized by agency and non-agency mortgage-backed securities, agency and non-agency asset-backed securities, corporate obligations, commercial paper and U.S. Treasury obligations valued at $422,240,222; 0.00% - 15.00%; 09/06/2022 - 05/15/2097)^(c)(h)		2.37	%		09/01/2022		20,009,217		20,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/05/2022, aggregate maturing value of $10,025,083 (collateralized by an non-agency-backed asset-backed security, corporate obligations and non-agency mortgage-backed securities valued at $10,560,000; 3.39% - 7.00%; 09/09/2024 - 06/15/2050)^(c)		2.58	%		09/09/2022		2,005,017		2,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by corporate obligations valued at $110,000,070; 7.72% - 9.50%; 10/01/2022 - 02/15/2029)⁽ⁱ⁾		2.62	%		09/01/2022		65,146,629		65,000,000

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate			Maturity Date		Repurchase Amount		Value


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,784,179; 4.13% - 7.50%; 11/01/2022 - 05/15/2061)⁽ⁱ⁾		2.52	%		09/01/2022	$	7,015,188	$	7,000,000


J.P. Morgan Securities LLC, joint term agreement dated 07/22/2022, aggregate maturing value of $105,007,875 (collateralized by non-agency asset-backed securities, a corporate obligation and non-agency mortgage-backed securities valued at $114,262,653; 2.67% - 7.36%; 05/15/2024 - 06/25/2047)^(j)		2.70	%		09/01/2022		15,001,125		15,000,000


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $500,031,944 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,071; 0.00% - 5.50%; 08/25/2027 - 06/16/2061)		2.30	%		09/01/2022		85,005,431		85,000,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2022, aggregate maturing value of $290,140,972 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $318,943,657; 2.50% - 15.50%; 01/15/2023 - 11/15/2095)^(c)(h)		2.50	%		09/07/2022		53,025,764		53,000,000


RBC Dominion Securities Inc., joint agreement dated 08/31/2022, aggregate maturing value of $1,500,095,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,000; 0.25% - 5.50%; 09/30/2022 - 06/25/2059)		2.30	%		09/01/2022		16,371,229		16,370,183


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $62,815,397; 0.00% - 12.00%; 11/15/2022 - 05/15/2097)⁽ⁱ⁾		2.50	%		09/01/2022		25,001,736		25,000,000


Societe Generale, joint open agreement dated 08/20/2021 (collateralized by corporate obligations valued at $92,505,932; 0.00% - 11.88%; 09/19/2022 - 08/15/2062)^(c)(i)		2.43	%		09/01/2022		65,004,388		65,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2022, aggregate maturing value of $200,012,833 (collateralized by agency mortgage-backed securities valued at $204,000,000; 1.50% - 7.00%; 03/15/2032 - 08/01/2052)		2.31	%		09/01/2022		85,005,454		85,000,000


Total Repurchase Agreements (Cost $546,370,183)									546,370,183


TOTAL INVESTMENTS IN SECURITIES^(k)(l)-100.14% (Cost $1,747,632,225)									1,747,388,309


OTHER ASSETS LESS LIABILITIES-(0.14)%									(2,357,906	)


NET ASSETS-100.00%								$	1,745,030,403

Investment Abbreviations:

CEP -Credit Enhancement Provider

FEDL -Federal Funds Effective Rate

LOC -Letter of Credit

OBFR -Overnight Bank Funding Rate

RB -Revenue Bonds

SOFR -Secured Overnight Financing Rate

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, 2022

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, 2022.

^(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, 2022.

^(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)	Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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

^(l)


Entities		Percentage
Societe Generale S.A.		5.2%
J.P. Morgan Chase & Co.		5.0
Skandinaviska Enskilda Banken AB		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, 2022

Invesco STIC Prime Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Certificates of Deposit-29.37%
Australia & New Zealand Banking Group Ltd. (Cayman Islands)^(a)		2.32%		09/01/2022	$	13,000	$	13,000,000


Banco Santander S.A. (SOFR + 0.45%) (Spain)^(a)(b)		2.50%		10/03/2022		8,000		8,001,773


Cooperatieve Rabobank U.A. (Cayman Islands)^(a)		2.30%		09/01/2022		13,000		13,000,000


Credit Agricole Corporate & Investment Bank^(a)		2.30%		09/01/2022		7,000		7,000,000


DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt Am Main (Germany)^(a)		2.29%		09/01/2022		13,000		13,000,000


Mizuho Securities (USA) LLC^(a)		2.32%		09/01/2022		15,000		15,000,000


Skandinaviska Enskilda Banken AB^(a)		2.30%		09/01/2022		13,000		13,000,000


Svenska Handelsbanken^(a)		2.29%		09/01/2022		13,000		13,000,000


Total Certificates of Deposit (Cost $95,001,855)								95,001,773



Commercial Paper-26.55%^(c)
Asset-Backed Securities - Fully Supported-4.01%
Bennington Stark Capital Co. LLC^(a)(d)		2.41%		09/09/2022		5,000		4,997,016


Ionic Capital III Trust^(a)		2.41%		09/20/2022		8,000		7,989,191


								12,986,207



Asset-Backed Securities - Fully Supported Bank-12.66%
Cancara Asset Securitisation LLC^(a)		2.43%		09/27/2022		3,000		2,994,382


Chesham Finance LLC (Multi - CEP’s)^(a)(d)		2.51%		09/22/2022		8,000		7,988,032


Concord Minutemen Capital Co. LLC^(a)(d)		2.35%		09/01/2022		2,000		1,999,874


Concord Minutemen Capital Co. LLC^(a)(d)		2.35%		09/06/2022		7,000		6,997,299


Ebury Finance LLC (Multi - CEP’s)^(a)(d)		2.51%		09/22/2022		8,000		7,988,032


LMA-Americas LLC^(a)(d)		2.45%		09/20/2022		8,000		7,988,964


Sheffield Receivables Co. LLC^(a)(d)		2.39%		09/22/2022		5,000		4,992,358


								40,948,941



Diversified Banks-4.94%
DBS Bank Ltd. (Singapore)^(a)(d)		2.49%		09/16/2022		8,000		7,991,583


Federation des Caisses Desjardins du Quebec (Canada)^(a)(d)		2.44%		09/22/2022		8,000		7,988,360


								15,979,943



Diversified Capital Markets-2.47%
Columbia Funding Co. LLC^(d)		2.41%		09/20/2022		3,000		2,995,947


Mackinac Funding Co. LLC^(a)(d)		2.51%		09/15/2022		5,000		4,995,021


								7,990,968



Specialized Finance-2.47%
KEB Hana Bank^(a)(d)		2.41%		09/01/2022		8,000		7,999,490


Total Commercial Paper (Cost $85,910,827)								85,905,549



Variable Rate Demand Notes-5.28%^(e)
Credit Enhanced-5.28%
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD RB (LOC - FHLB of Indianapolis)^(f)(g)		1.77%		12/01/2039		730		730,000


Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(a)(d)(g)		2.67%		04/01/2047		7,800		7,800,000


Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(g)		2.38%		05/01/2037		2,950		2,950,000


Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB (LOC - FHLMC)^(f)(g)		1.58%		06/01/2041		890		890,000

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


10		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco STIC Prime Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Credit Enhanced-(continued)
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)^(d)(g)		2.55%		01/01/2033	$	4,700	$	4,700,000


Total Variable Rate Demand Notes (Cost $17,070,000)								17,070,000


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-61.20% (Cost $197,982,682)								197,977,322



					Repurchase Amount

Repurchase Agreements-38.99%^(h)
BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $125,058,819 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, non-agency asset-backed securities, corporate obligations and U.S. Treasury obligations valued at $129,922,546; 0.00% - 7.00%; 01/06/2023 - 05/20/2072)^(a)(i)		2.42%		09/07/2022		3,001,412		3,000,000


BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $25,011,910 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, agency and non-agency asset-backed securities and corporate obligations valued at $25,555,105; 0.45% - 7.88%; 04/03/2023 - 05/20/2072)^(a)(i)		2.45%		09/07/2022		3,001,429		3,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/25/2022, aggregate maturing value of $65,031,092 (collateralized by non-agency asset-backed securities and corporate obligations valued at $70,914,260; 0.00% - 13.00%; 05/15/2023 - 09/01/2119)^(a)(i)		2.46%		09/01/2022		5,002,392		5,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/05/2022, aggregate maturing value of $10,025,083 (collateralized by an non-agency-backed asset-backed security, corporate obligations and non-agency mortgage-backed securities valued at $10,560,000; 3.39% - 7.00%; 09/09/2024 - 06/15/2050)^(a)(i)		2.58%		09/09/2022		8,020,067		8,000,000


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,784,179; 4.13% - 7.50%; 11/01/2022 - 05/15/2061)^(j)		2.52%		09/01/2022		8,017,358		8,000,000


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $500,031,944 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,071; 0.00% - 5.50%; 08/25/2027 - 06/16/2061)		2.30%		09/01/2022		30,001,917		30,000,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2022, aggregate maturing value of $290,140,972 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $318,943,657; 2.50% - 15.50%; 01/15/2023 - 11/15/2095)^(a)(i)		2.50%		09/07/2022		10,004,861		10,000,000


RBC Dominion Securities Inc., joint agreement dated 08/31/2022, aggregate maturing value of $1,500,095,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,000; 0.25% - 5.50%; 09/30/2022 - 06/25/2059)		2.30%		09/01/2022		24,117,422		24,115,881


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $62,815,397; 0.00% - 12.00%; 11/15/2022 - 05/15/2097)^(a)(j)		2.50%		09/01/2022		5,000,347		5,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2022, aggregate maturing value of $200,012,833 (collateralized by agency mortgage-backed securities valued at $204,000,000; 1.50% - 7.00%; 03/15/2032 - 08/01/2052)		2.31%		09/01/2022		30,001,925		30,000,000


Total Repurchase Agreements (Cost $126,115,881)								126,115,881


TOTAL INVESTMENTS IN SECURITIES^(k)(l)-100.19% (Cost $324,098,563)								324,093,203


OTHER ASSETS LESS LIABILITIES-(0.19)%								(611,050	)


NET ASSETS-100.00%							$	323,482,153

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, 2022

Invesco STIC Prime Portfolio–(continued)

Investment Abbreviations:


CEP		-Credit Enhancement Provider
FHLB		-Federal Home Loan Bank
FHLMC		-Federal Home Loan Mortgage Corp.
LOC		-Letter of Credit
RB		-Revenue Bonds
SOFR		-Secured Overnight Financing Rate
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: France: 10.8%; Sweden: 8.0%; Switzerland: 7.7%; Canada: 7.4%; Japan: 7.1%; other countries less than 5% each: 26.9%.

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2022.

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

^(d)

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, 2022 was $87,421,976, which represented 27.03% of the Fund’s Net Assets.

^(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, 2022.

^(f)	Security subject to the alternative minimum tax.

^(g)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(h)	Principal amount equals value at period end. See Note 1I.

⁽ⁱ⁾	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(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, 2022

Invesco Treasury Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-22.85%
U.S. Treasury Bills-3.81%^(a)
U.S. Treasury Bills		0.12%		09/08/2022	$	100,000	$	99,997,764


U.S. Treasury Bills		1.76%		09/29/2022		500,000		499,319,444


U.S. Treasury Bills		2.12%		10/13/2022		350,000		349,138,417


								948,455,625



U.S. Treasury Floating Rate Notes-16.50%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		355,000		354,998,397


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		250,500		250,505,365


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		200,000		200,004,851


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		560,000		560,000,585


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		2.89%		01/31/2024		200,000		200,114,336


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		2.83%		04/30/2024		450,000		449,989,855


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024		2,088,500		2,087,618,487


								4,103,231,876



U.S. Treasury Notes-2.54%
U.S. Treasury Notes		1.50%		09/15/2022		150,000		150,081,402


U.S. Treasury Notes		1.38%		10/15/2022		200,000		200,311,469


U.S. Treasury Notes		1.88%		10/31/2022		180,000		180,524,852


U.S. Treasury Notes		2.00%		10/31/2022		100,000		100,311,695


								631,229,418


Total U.S. Treasury Securities (Cost $5,682,916,919)								5,682,916,919


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-22.85% (Cost $5,682,916,919)								5,682,916,919



					Repurchase Amount

Repurchase Agreements-77.26%^(c)
ABN AMRO Bank N.V., agreement dated 08/31/2022, maturing value of $450,028,750 (collateralized by U.S. Treasury obligations valued at $459,000,055; 0.13% - 3.13%; 08/15/2023 - 11/15/2047)		2.30%		09/01/2022		450,028,750		450,000,000


BMO Capital Markets Corp., agreement dated 08/31/2022, maturing value of $300,017,083 (collateralized by U.S. Treasury obligations valued at $306,000,052; 0.00% - 3.25%; 11/08/2022 - 11/15/2051)		2.05%		09/01/2022		300,017,083		300,000,000


BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30%		09/01/2022		12,200,779,444		12,200,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,250,079,861 (collateralized by U.S. Treasury obligations valued at $1,275,000,012; 0.00% - 5.38%; 10/27/2022 - 02/15/2042)		2.30%		09/01/2022		1,250,079,861		1,250,000,000

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


13		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Treasury Portfolio–(continued)


	Interest Rate			Maturity Date		Repurchase Amount		Value


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)		2.05	%		09/01/2022	$	150,008,542	$	150,000,000


Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2022, maturing value of $150,008,333 (collateralized by U.S. Treasury obligations valued at $153,000,068; 1.25% - 2.88%; 04/30/2024 - 10/31/2028)		2.00	%		09/01/2022		150,008,333		150,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)		1.00	%		09/01/2022		252,007,000		252,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 - 11/15/2045)^(d)		2.32	%		09/07/2022		100,045,768		100,000,656


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(d)		2.32	%		09/07/2022		473,638,567		473,425,000


Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/31/2022, maturing value of $100,044,819 (collateralized by U.S. Treasury obligations valued at $102,006,477; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)^(d)		2.31	%		09/07/2022		100,044,819		100,000,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $190,949,752 (collateralized by U.S. Treasury obligations valued at $194,268,500; 0.00%; 05/15/2029 - 08/15/2037)		2.31	%		09/01/2022		190,949,752		190,937,500


Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2022, maturing value of $277,705,318 (collateralized by U.S. Treasury obligations valued at $282,133,500; 0.00%; 11/15/2039 - 02/15/2045)		2.31	%		09/01/2022		277,705,318		277,687,500


RBC Dominion Securities Inc., agreement dated 08/31/2022, maturing value of $800,051,111 (collateralized by U.S. Treasury obligations valued at $816,000,003; 0.00% - 6.38%; 09/30/2022 - 08/15/2052)		2.30	%		09/01/2022		800,051,111		800,000,000


RBC Dominion Securities Inc., term agreement dated 08/03/2022, maturing value of $300,653,083 (collateralized by U.S. Treasury obligations valued at $306,000,026; 0.13% - 6.38%; 09/30/2022 - 08/15/2052)^(d)		2.31	%		09/06/2022		300,653,083		300,000,000


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(d)		2.30	%		09/01/2022		325,290,694		325,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(d)		2.30	%		09/07/2022		85,038,014		85,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)		2.30	%		09/01/2022		75,004,792		75,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 - 05/15/2052)^(d)		2.30	%		09/01/2022		100,044,722		100,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 - 02/15/2050)		2.30	%		09/01/2022		1,439,977,519		1,439,885,526


Total Repurchase Agreements (Cost $19,218,936,182)									19,218,936,182


TOTAL INVESTMENTS IN SECURITIES-100.11% (Cost $24,901,853,101)									24,901,853,101


OTHER ASSETS LESS LIABILITIES-(0.11)%									(27,922,007	)


NET ASSETS-100.00%								$	24,873,931,094

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, 2022

Invesco Treasury Portfolio–(continued)

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, 2022.

^(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, 2022

Invesco Government & Agency Portfolio


	Interest Rate			Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-27.76%
U.S. Treasury Bills-13.45%^(a)
U.S. Treasury Bills		0.08	%		09/08/2022	$	75,000	$	74,998,906


U.S. Treasury Bills		2.29	%		10/04/2022		5,000		4,989,550


U.S. Treasury Bills		0.09%-0.10	%		10/06/2022		860,000		859,923,073


U.S. Treasury Bills		2.50	%		10/18/2022		3,000		2,990,248


U.S. Treasury Bills		2.20	%		11/01/2022		1,000,000		996,297,639


U.S. Treasury Bills		2.51	%		11/03/2022		525,000		522,712,311


U.S. Treasury Bills		2.25	%		11/08/2022		750,000		746,840,833


U.S. Treasury Bills		2.60	%		11/10/2022		100,000		99,498,333


U.S. Treasury Bills		2.62	%		11/15/2022		670,000		666,370,834


U.S. Treasury Bills		2.63	%		11/17/2022		733,000		728,908,027


U.S. Treasury Bills		2.76	%		11/25/2022		500,000		496,763,554


U.S. Treasury Bills		2.71	%		11/29/2022		800,000		794,679,778


U.S. Treasury Bills		2.75	%		12/06/2022		600,000		595,631,998


U.S. Treasury Bills		1.78	%		12/08/2022		600,000		597,120,433


U.S. Treasury Bills		2.81	%		12/13/2022		650,000		644,829,975


U.S. Treasury Bills		2.92	%		12/20/2022		600,000		594,701,665


U.S. Treasury Bills		2.96	%		01/26/2023		750,000		741,057,500


U.S. Treasury Bills		1.18	%		02/23/2023		121,000		120,311,813


									9,288,626,470


U.S. Treasury Floating Rate Notes-13.86%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)	2.96	%	10/31/2022	730,000	730,003,334


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)	2.95	%	01/31/2023	312,400	312,432,328


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)	2.94	%	04/30/2023	1,330,000	1,330,056,967


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)	2.93	%	07/31/2023	206,000	206,006,090


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)	2.94	%	10/31/2023	1,038,679	1,038,709,970


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)	2.89	%	01/31/2024	180,000	179,956,151


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)	2.83	%	04/30/2024	3,564,000	3,560,385,309


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)	2.94	%	07/31/2024	2,214,000	2,213,247,714


					9,570,797,863



U.S. Treasury Notes-0.45%
U.S. Treasury Notes	1.50	%	09/15/2022	210,000	210,113,048


U.S. Treasury Notes	1.75	%	09/30/2022	100,000	100,132,293


					310,245,341


Total U.S. Treasury Securities (Cost $19,169,669,674)					19,169,669,674



U.S. Government Sponsored Agency Securities-7.28%
Federal Farm Credit Bank (FFCB)-4.32%
Federal Farm Credit Bank (SOFR + 0.09%)^(b)	2.38	%	10/07/2022	30,000	30,000,000

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, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate			Maturity Date		Principal Amount (000)		Value


Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.34	%		10/21/2022	$	20,000	$	20,000,000


Federal Farm Credit Bank (SOFR + 0.08%)^(b)		2.37	%		11/03/2022		35,000		35,000,000


Federal Farm Credit Bank (SOFR + 0.02%)^(b)		2.31	%		06/12/2023		75,000		75,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32	%		07/07/2023		143,000		143,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32	%		09/08/2023		155,000		155,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32	%		09/18/2023		21,500		21,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32	%		09/20/2023		25,000		25,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32	%		09/27/2023		60,000		60,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33	%		12/15/2023		24,500		24,498,405


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32	%		01/04/2024		229,000		229,000,000


Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.35	%		01/10/2024		75,500		75,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32	%		01/25/2024		15,000		15,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33	%		02/05/2024		100,000		100,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34	%		02/20/2024		80,000		80,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34	%		02/23/2024		162,000		162,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33	%		03/08/2024		95,000		95,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33	%		03/15/2024		431,000		431,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33	%		03/18/2024		445,000		445,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33	%		04/04/2024		195,000		195,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34	%		04/25/2024		345,000		345,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34	%		05/09/2024		160,000		160,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34	%		05/24/2024		62,000		62,000,000


									2,983,498,405



Federal Home Loan Bank (FHLB)-2.51%
Federal Home Loan Bank		1.85	%		09/23/2022		150,000		149,831,333


Federal Home Loan Bank		2.01	%		10/14/2022		375,000		374,104,167


Federal Home Loan Bank		1.44	%		11/07/2022		1,215,000		1,211,766,412


									1,735,701,912



Federal National Mortgage Association (FNMA)-0.17%
Federal National Mortgage Association		1.86	%		09/21/2022		115,000		114,881,806



U.S. International Development Finance Corp. (DFC)-0.28%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		06/15/2025		14,400		14,400,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		07/15/2025		15,667		15,666,669


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		09/15/2025		3,421		3,421,053


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		09/15/2026		4,250		4,250,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		09/15/2026		7,083		7,083,333


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		09/30/2027		11,455		11,454,546


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		02/15/2028		12,222		12,222,222

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, 2022

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 Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		11/15/2028	$	56,818	$	56,818,182


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.35	%		05/15/2030		7,111		7,111,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.90	%		10/15/2030		7,333		7,333,333


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.47	%		07/09/2026		20,400		20,400,000


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		03/15/2030		34,875		34,875,000


									195,035,338


Total U.S. Government Sponsored Agency Securities (Cost $5,029,117,461)									5,029,117,461


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-35.04% (Cost $24,198,787,135)									24,198,787,135



						Repurchase Amount

Repurchase Agreements-65.08%^(d)
BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15	%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30	%		09/01/2022		37,002,363,889		37,000,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,750,111,806 (collateralized by U.S. Treasury obligations valued at $1,785,000,044; 0.13% - 6.13%; 03/31/2024 - 02/15/2052)		2.30	%		09/01/2022		1,750,111,806		1,750,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)		2.05	%		09/01/2022		350,019,931		350,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)		1.00	%		09/01/2022		900,025,000		900,000,000


ING Financial Markets, LLC, joint term agreement dated 07/28/2022, aggregate maturing value of $501,796,667 (collateralized by agency mortgage-backed securities valued at $510,000,000; 1.50% - 8.00%; 08/01/2028 - 09/01/2057)		2.31	%		09/22/2022		401,437,333		400,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/27/2022 (collateralized by agency mortgage-backed securities valued at $918,000,002; 1.00% - 7.50%; 09/20/2027 - 02/16/2063)^(e)		2.32	%		09/01/2022		786,568,038		785,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 - 11/15/2045)^(f)		2.32	%		09/07/2022		170,078,734		170,002,044


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(f)		2.32	%		09/07/2022		1,051,599,174		1,051,125,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $434,162,857 (collateralized by U.S. Treasury obligations valued at $441,112,430; 0.00%; 02/15/2026 - 11/15/2043)		2.31	%		09/01/2022		434,162,857		434,135,000

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, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate			Maturity Date		Repurchase Amount		Value


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(f)		2.30	%		09/01/2022	$	300,268,333	$	300,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(f)		2.30	%		09/07/2022		100,044,722		100,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)		2.30	%		09/01/2022		100,006,389		100,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 - 05/15/2052)^(f)		2.30	%		09/01/2022		135,060,375		135,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 - 02/15/2050)		2.30	%		09/01/2022		1,259,958,205		1,259,877,713


Total Repurchase Agreements (Cost $44,935,139,757)									44,935,139,757


TOTAL INVESTMENTS IN SECURITIES-100.12% (Cost $69,133,926,892)									69,133,926,892


OTHER ASSETS LESS LIABILITIES-(0.12)%									(80,939,926	)


NET ASSETS-100.00%								$	69,052,986,966

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, 2022.

^(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, 2022.

^(d)	Principal amount equals value at period end. See Note 1I.

^(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.

^(f)	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

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


19		Short-Term Investments Trust

Schedule of Investments

August 31, 2022

Invesco Treasury Obligations Portfolio


	Interest Rate			Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-100.16%
U.S. Treasury Bills-84.76%^(a)
U.S. Treasury Bills		1.82%-2.06	%		09/06/2022	$	54,300	$	54,286,133


U.S. Treasury Bills		1.23	%		09/08/2022		10,000		9,997,608


U.S. Treasury Bills		2.04%-2.28	%		09/13/2022		73,400		73,345,895


U.S. Treasury Bills		2.03%-2.15	%		09/15/2022		82,500		82,431,857


U.S. Treasury Bills		1.25%-2.27	%		09/20/2022		113,000		112,874,211


U.S. Treasury Bills		1.28%-2.31	%		09/27/2022		87,000		86,872,643


U.S. Treasury Bills		1.39%-2.29	%		10/04/2022		52,000		51,909,268


U.S. Treasury Bills		1.85%-2.24	%		10/06/2022		33,700		33,635,803


U.S. Treasury Bills		1.51%-2.42	%		10/11/2022		70,000		69,825,820


U.S. Treasury Bills		2.11	%		10/13/2022		24,000		23,940,920


U.S. Treasury Bills		2.32%-2.50	%		10/18/2022		89,500		89,214,567


U.S. Treasury Bills		2.49	%		10/20/2022		4,500		4,484,871


U.S. Treasury Bills		2.07	%		10/25/2022		14,000		13,956,740


U.S. Treasury Bills		2.54	%		10/27/2022		45,000		44,823,600


U.S. Treasury Bills		2.20	%		11/01/2022		24,000		23,911,143


U.S. Treasury Bills		2.51	%		11/03/2022		30,000		29,869,275


U.S. Treasury Bills		2.24	%		11/08/2022		24,000		23,898,907


U.S. Treasury Bills		2.55%-2.60	%		11/10/2022		40,800		40,597,079


U.S. Treasury Bills		2.62	%		11/15/2022		12,000		11,935,000


U.S. Treasury Bills		2.63	%		11/17/2022		20,000		19,888,350


U.S. Treasury Bills		2.74	%		11/22/2022		40,000		39,752,178


U.S. Treasury Bills		2.71	%		11/29/2022		25,000		24,833,743


U.S. Treasury Bills		2.81	%		12/13/2022		20,000		19,840,922


U.S. Treasury Bills		1.18	%		02/23/2023		4,000		3,977,153


U.S. Treasury Bills		3.00	%		07/13/2023		6,000		5,846,648


									995,950,334



U.S. Treasury Floating Rate Notes-15.40%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96	%		10/31/2022		45,000		44,999,800


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		2.95	%		01/31/2023		11,000		11,000,764


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94	%		04/30/2023		19,000		19,000,509


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93	%		07/31/2023		17,500		17,500,388


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94	%		10/31/2023		30,000		30,000,601


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		2.89	%		01/31/2024		8,000		7,998,051


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		2.83	%		04/30/2024		25,500		25,474,783

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, 2022

Invesco Treasury Obligations Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Floating Rate Notes-(continued)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024	$	25,000	$	24,984,882


								180,959,778


TOTAL INVESTMENTS IN SECURITIES-100.16% (Cost $ 1,176,910,112)								1,176,910,112


OTHER ASSETS LESS LIABILITIES-(0.16)%								(1,828,082	)


NET ASSETS-100.00%							$	1,175,082,030

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, 2022.

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, 2022

Invesco Tax-Free Cash Reserve Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Municipal Obligations-99.87%
Alabama-7.40%
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)^(a)(b)(c)		1.75%		07/01/2040	$	11,220	$	11,220,000


Mobile Downtown Redevelopment Authority (The) (Austal USA LLC); Series 2011 B, Ref. VRD RB (LOC - Bank of America N.A.)^(b)(c)(d)		1.72%		05/01/2041		6,000		6,000,000


								17,220,000



Arizona-4.87%
Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC - Bank Of America N.A.)^(b)(c)		1.03%		01/01/2046		6,000		6,000,000


Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		1.67%		06/15/2031		2,685		2,685,000


Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		1.67%		06/15/2031		2,645		2,645,000


								11,330,000



California-3.22%
California (State of);
Series 2022 A-1		1.13%		09/15/2022		6,500		6,498,670


Series 2022 A-5		1.13%		09/15/2022		1,000		1,000,000


								7,498,670



Colorado-0.35%
Boulder (County of), CO (Imagine); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		1.63%		02/01/2031		825		825,000



Delaware-1.70%
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		09/01/2036		2,525		2,525,000


Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		05/01/2036		1,430		1,430,000


								3,955,000



District of Columbia-1.67%
District of Columbia (Georgetown University); Series 2007 C-2, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)		1.66%		04/01/2041		1,200		1,200,000


District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.48%		08/15/2038		2,695		2,695,000


								3,895,000



Florida-3.97%
Orange (County of), FL Convention Center (Nemours Foundation); Series 2009 C-2, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.60%		01/01/2037		4,100		4,100,000


Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.75%		11/01/2036		2,725		2,725,000


Palm Beach (County of), FL (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.70%		07/01/2032		2,400		2,400,000


								9,225,000



Georgia-2.12%
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)^(a)(b)(c)		1.68%		11/01/2030		1,920		1,920,000

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


22		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Georgia-(continued)
Private Colleges & Universities Authority (Emory University); Series 2022 B, VRD RB (SIFMA Municipal Swap Index + 0.03%)^(b)		1.46%		09/01/2052	$	3,000	$	3,000,000


								4,920,000



Illinois-11.19%
Illinois (State of) Development Finance Authority (St. Ignatius College); Series 2002, VRD RB (LOC - PNC Bank, N.A.)^(b)(c)		1.51%		06/01/2032		1,650		1,650,000


Illinois (State of) Development Finance Authority (YMCA Metropolitan Chicago); Series 2001, VRD RB (LOC - BMO Harris N.A.)^(a)(b)(c)		1.60%		06/01/2029		5,800		5,800,000


Illinois (State of) Educational Facilities Authority (The Adler Planetarium); Series 1997, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.56%		04/01/2031		725		725,000


Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB^(b)		1.47%		12/01/2046		5,730		5,730,000


Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.50%		01/01/2037		2,600		2,600,000


Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)^(b)(c)		1.68%		10/01/2033		2,625		2,625,000


Illinois (State of) Finance Authority (YMCA Metropolitan Chicago); Series 2004, VRD RB (LOC - BMO Harris Bank N.A.)^(a)(b)(c)		1.60%		06/01/2034		2,735		2,735,000


Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)^(b)(c)		1.65%		01/01/2041		4,160		4,160,000


								26,025,000



Indiana-5.28%
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		1.75%		08/01/2037		3,285		3,285,000


Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)^(a)(b)(c)		1.64%		06/01/2035		6,000		6,000,000


Indianapolis (City of), IN (Capital Place Apartments, Covington Square Apartments and the Woods at Oak Crossing); Series 2008, VRD RB (CEP - FNMA)^(b)		1.62%		05/15/2038		3,000		3,000,000


								12,285,000



Iowa-2.15%
Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB (LOC - Korea Devlopment Bank)^(a)(b)(c)(d)		1.77%		12/01/2041		5,000		5,000,000



Louisiana-2.66%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.63%		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)		1.60%		07/01/2047		4,085		4,085,000


Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		1.46%		07/01/2047		1,100		1,100,000


								6,185,000



Maryland-5.59%
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.48%		04/01/2035		5,000		5,000,000


Montgomery (County of), MD;
Series 2022 B, Commerical Paper Notes (LOC - JPMorgan Chase Bank N.A.)^(c)		1.33%		10/04/2022		5,000		5,000,000


Series 2022 B, Commerical Paper Notes (LOC - State Street Bank and Trust Company)^(c)		1.33%		10/04/2022		3,000		3,000,000


								13,000,000

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


23		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Massachusetts-1.29%
Massachusetts (Commonwealth of) Department of Transportation; Series 2010 A-1, VRD Metropolitan Highway System RB (LOC - TD Bank, N.A.)^(a)(b)(c)		1.49%		01/01/2037	$	3,000	$	3,000,000



Michigan-2.72%
Michigan State University Board of Trustees;
Series 2000 A-1, VRD RB^(b)		1.56%		08/15/2030		3,620		3,620,000


Series 2000 A-2, VRD RB^(b)		1.56%		08/15/2030		2,705		2,705,000


								6,325,000



Minnesota-3.08%
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)^(b)		1.75%		10/15/2033		1,175		1,175,000


Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)^(b)		1.67%		11/01/2035		3,600		3,600,000


St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)^(b)		1.67%		10/01/2033		2,385		2,385,000


								7,160,000



Mississippi-1.97%
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.);
Series 2010 C, VRD IDR^(b)		1.46%		12/01/2030		585		585,000


Series 2010 E, VRD IDR^(b)		1.46%		12/01/2030		4,000		4,000,000


								4,585,000



Missouri-1.93%
Bridgeton (City of), MO Industrial Development Authority (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)^(b)(c)		1.67%		11/01/2037		1,320		1,320,000


Kansas City (City of), MO (H Roe Bartle); Series 2008 F, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		1.49%		04/15/2025		1,915		1,915,000


Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)^(b)(c)		1.82%		08/01/2038		1,260		1,260,000


								4,495,000



New York-4.61%
Metropolitan Transportation Authority; Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.68%		11/15/2046		7,115		7,115,000


New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)^(a)(b)(c)		1.50%		05/01/2039		3,600		3,600,000


								10,715,000



North Carolina-1.31%
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1992 A, VRD RB^(b)		1.47%		06/01/2027		3,055		3,055,000



Ohio-2.72%
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)^(b)(c)		1.67%		08/02/2038		2,650		2,650,000


Ohio State University (The); Series 2014 B-1, VRD RB^(b)		1.53%		12/01/2034		3,670		3,670,000


								6,320,000



Pennsylvania-1.71%
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		06/01/2037		1,225		1,225,000


Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)^(a)(b)(c)		1.65%		03/01/2030		450		450,000

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, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Pennsylvania-(continued)
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		10/15/2025	$	310	$	310,000


Philadelphia (City of), PA; Series 2022 A, Commerical Paper Notes (LOC - Barclays Bank PLC)^(a)(c)		1.60%		09/27/2022		2,000		2,000,000


								3,985,000



Rhode Island-1.89%
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB^(b)		1.67%		09/01/2043		4,400		4,400,000



Texas-14.79%
Board of Regents of the University of Texas System; Series 2008 B, VRD RB^(b)		1.50%		08/01/2025		1,115		1,115,000


Garland (City of), TX; Series 2022, Commerical Paper Notes (LOC - Barclays Bank PLC)^(a)(c)		1.55%		09/15/2022		1,200		1,200,000


Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.69%		02/15/2042		6,200		6,200,000


Houston (City of), TX; Series 2022 H-2, Commerical Paper Notes		1.73%		09/07/2022		5,000		5,000,000


Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		1.68%		05/15/2034		5,250		5,250,000


San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.68%		04/01/2026		1,520		1,520,000


Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)^(b)		1.73%		05/01/2042		3,125		3,125,000


Texas A&M University; Series 2022 B		1.25%		10/05/2022		5,000		5,000,000


University of Texas System Board of Regents; Series 2022 A, Commerical Paper Notes		1.85%		09/16/2022		6,000		6,000,000


								34,410,000



Virginia-1.72%
Norfolk (City of), VA; Series 2007, VRD GO Bonds^(b)		1.46%		08/01/2037		4,000		4,000,000



Washington-2.37%
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		1.49%		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)		1.49%		11/01/2047		2,145		2,145,000


								5,520,000



West Virginia-3.09%
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)^(b)(c)		1.69%		07/01/2039		745		745,000


West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Truist Bank)^(b)(c)		1.74%		01/01/2034		6,445		6,445,000


								7,190,000



Wisconsin-2.50%
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)^(b)(c)		1.68%		10/01/2042		3,160		3,160,000


Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital); Series 2004, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.50%		08/15/2034		2,660		2,660,000


								5,820,000


TOTAL INVESTMENTS IN SECURITIES^(e)(f)-99.87% (Cost $232,343,670)								232,343,670


OTHER ASSETS LESS LIABILITIES-0.13%								290,991


NET ASSETS-100.00%							$	232,634,661

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, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


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
SIFMA		- Securities Industry and Financial Markets Association
VRD		- Variable Rate Demand
YMCA		- Young Men’s Christian Association

Notes to Schedule of Investments:

^(a)	The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 11.1%; other countries less than 5% each: 15.6%.

^(b)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2022.

^(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)

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, 2022 was $11,000,000, which represented 4.73% of the Fund’s Net Assets.

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

^(f)


Entities		Percentage
Toronto-Dominion Bank		6.6%
PNC Bank N.A.		6.4
Federal Home Loan Mortgage Corporation		5.7
Bank of America N.A.		5.5

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


26		Short-Term Investments Trust

Statement of Assets and Liabilities

August 31, 2022


													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	$	1,201,018,126		$	197,977,322		$	5,682,916,919		$	24,198,787,135		$	1,176,910,112		$	232,343,670

Repurchase agreements, at value and cost		546,370,183			126,115,881			19,218,936,182			44,935,139,757			-			-

Cash		109,373			-			216,168			-			13,410			2,937

Receivable for: Investments sold		-			-			-			-			-			230,000

Fund shares sold		-			-			3,426,958			12,440,927			-			-

Interest		1,498,126			114,844			15,648,843			39,762,105			427,495			353,878

Fund expenses absorbed		48,750			22,441			611,241			1,310,208			-			59,007

Investment for trustee deferred compensation and retirement plans		2,981,769			796,703			1,794,578			818,710			83,864			274,694

Other assets		-			132,222			406,980			2,382			791			29,200

Total assets		1,752,026,327			325,159,413			24,923,957,869			69,188,261,224			1,177,435,672			233,293,386


Liabilities:
Payable for:
Fund shares reacquired		-			-			1,436,975			4,312,518			-			-

Amount due custodian		-			-			-			75,388			-			-

Dividends		3,429,582			734,622			40,854,222			119,874,158			1,992,687			268,283

Accrued fees to affiliates		327,192			67,040			5,261,976			9,664,368			232,590			64,888

Accrued trustees’ and officers’ fees and benefits		5,177			3,013			24,875			75,569			4,088			2,853

Accrued operating expenses		38,091			24,350			390,285			209,322			26,751			29,818

Trustee deferred compensation and retirement plans		3,195,882			848,235			2,058,442			1,062,935			97,526			292,883

Total liabilities		6,995,924			1,677,260			50,026,775			135,274,258			2,353,642			658,725

Net assets applicable to shares outstanding	$	1,745,030,403		$	323,482,153		$	24,873,931,094		$	69,052,986,966		$	1,175,082,030		$	232,634,661


Net assets consist of:
Shares of beneficial interest	$	1,747,484,102		$	324,067,657		$	24,879,025,429		$	69,080,969,965		$	1,175,260,073		$	232,854,374

Distributable earnings (loss)		(2,453,699	)		(585,504	)		(5,094,335	)		(27,982,999	)		(178,043	)		(219,713	)

	$	1,745,030,403		$	323,482,153		$	24,873,931,094		$	69,052,986,966		$	1,175,082,030		$	232,634,661


Net Assets:
Institutional Class	$	1,741,681,355		$	322,472,595		$	21,420,556,964		$	61,165,374,792		$	1,102,134,048		$	196,759,517

Private Investment Class	$	1,072,938		$	457,312		$	381,788,814		$	577,941,151		$	14,564,541		$	14,764,249

Personal Investment Class	$	10,248		$	91,404		$	580,830,893		$	39,333,209		$	12,718,457		$	1,810,611

Cash Management Class	$	1,720,159		$	369,022		$	394,771,725		$	1,142,406,020		$	78,579		$	3,744,588

Reserve Class	$	175,005		$	70,263		$	987,384,416		$	598,751,170		$	42,146,780		$	14,785,359

Resource Class	$	247,941		$	386		$	77,389,574		$	135,003,087		$	98,294		$	760,040

Corporate Class	$	22,778		$	21,171		$	473,991,784		$	542,615,409		$	3,341,331		$	10,297

CAVU Securities Class	$	99,979		$	-		$	557,216,925		$	4,851,562,128		$	-		$	-

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


27		Short-Term Investments Trust

Statement of Assets and Liabilities–(continued)

August 31, 2022


									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		1,741,404,031		322,466,007		21,422,696,205		61,190,061,271		1,102,245,734		196,737,460

Private Investment Class		1,072,769		457,303		381,826,938		578,174,331		14,566,279		14,762,695

Personal Investment Class		10,246		91,402		580,888,890		39,349,084		12,720,093		1,810,436

Cash Management Class		1,719,889		369,015		394,811,148		1,142,867,105		78,588		3,744,177

Reserve Class		174,978		70,262		987,483,019		598,992,752		42,152,444		14,784,054

Resource Class		247,902		386		77,397,299		135,057,575		98,305		759,958

Corporate Class		22,774		21,170		474,039,115		542,834,320		3,341,703		10,296

CAVU Securities Class		99,963		-		557,272,567		4,853,520,238		-		-

Net asset value, offering and redemption price per share for each class	$	1.0002	$	1.0000	$	1.00	$	1.00	$	1.00	$	1.00

Cost of Investments	$	1,747,632,225	$	324,098,563	$	24,901,853,101	$	69,133,926,892	$	1,176,910,112	$	232,343,670

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


28		Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2022


													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	$	13,644,622		$	2,284,794		$	128,028,516			$395,970,368			$6,615,247			$959,588


Expenses:
Advisory fees		3,122,309			449,298			32,265,270			60,899,961			1,503,064			363,316

Administrative services fees		933,129			133,092			9,470,158			26,994,896			497,724			80,410

Custodian fees		40,769			21,744			543,746			726,135			12,003			4,168

Distribution fees:
Private Investment Class		7,695			1,538			949,886			1,691,410			37,328			29,069

Personal Investment Class		56			509			1,991,022			147,296			58,197			8,227

Cash Management Class		1,945			361			376,542			674,250			91			3,393

Reserve Class		1,800			711			11,418,685			4,727,590			553,248			149,700

Resource Class		540			-			96,179			248,617			161			2,277

Corporate Class		7			7			70,495			221,276			1,054			4

Transfer agent fees		187,339			26,958			1,935,916			5,480,996			101,526			16,349

Trustees’ and officers’ fees and benefits		33,400			20,107			172,056			472,464			26,153			19,234

Registration and filing fees		100,319			80,466			857,680			874,196			95,458			95,946

Reports to shareholders		16,135			11,893			63,345			60,302			13,166			25,783

Professional services fees		50,201			38,656			145,043			320,773			49,349			37,674

Other		102,516			58,218			300,901			520,409			65,519			22,861

Total expenses		4,598,160			843,558			60,656,924			104,060,571			3,014,041			858,411

Less: Fees waived and expenses reimbursed		(945,472	)		(385,749	)		(28,703,024	)		(34,058,255	)		(1,332,072	)		(528,184	)

Net expenses		3,652,688			457,809			31,953,900			70,002,316			1,681,969			330,227

Net investment income		9,991,934			1,826,985			96,074,616			325,968,052			4,933,278			629,361


Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		3,959			624			(3,886,562	)		(28,543,577	)		(129,607	)		-

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(406,836	)		(5,126	)		-			-			-			-

Net realized and unrealized gain (loss)		(402,877	)		(4,502	)		(3,886,562	)		(28,543,577	)		(129,607	)		-

Net increase in net assets resulting from operations	$	9,589,057		$	1,822,483		$	92,188,054			$297,424,475			$4,803,671			$629,361

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


29		Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021


	Invesco Liquid Assets Portfolio						Invesco STIC Prime Portfolio
	2022			2021			2022			2021

Operations:
Net investment income	$	9,991,934		$	1,034,618		$	1,826,985		$	24,474

Net realized gain		3,959			2,613			624			552

Change in net unrealized appreciation (depreciation)		(406,836	)		(496,709	)		(5,126	)		(2,800	)

Net increase in net assets resulting from operations		9,589,057			540,522			1,822,483			22,226


Distributions to shareholders from distributable earnings:
Institutional Class		(9,973,378	)		(1,033,839	)		(1,657,807	)		(24,275	)

Private Investment Class		(6,754	)		(318	)		(1,550	)		(92	)

Personal Investment Class		(32	)		(4	)		(240	)		(31	)

Cash Management Class		(9,759	)		(359	)		(1,672	)		(52	)

Reserve Class		(378	)		(29	)		(130	)		(11	)

Resource Class		(1,017	)		(40	)		(3	)		(9	)

Corporate Class		(112	)		(13	)		(95	)		(4	)

CAVU Securities Class		(504	)		(16	)		-			-

Total distributions from distributable earnings		(9,991,934	)		(1,034,618	)		(1,661,497	)		(24,474	)


Return of capital:
Institutional Class		-			-			(165,120	)		-

Private Investment Class		-			-			(154	)		-

Personal Investment Class		-			-			(24	)		-

Cash Management Class		-			-			(167	)		-

Reserve Class		-			-			(13	)		-

Resource Class		-			-			(1	)		-

Corporate Class		-			-			(9	)		-

Total return of capital		-			-			(165,488	)		-

Total distributions		(9,991,934	)		(1,034,618	)		(1,826,985	)		(24,474	)


Share transactions-net:
Institutional Class		(614,280,688	)		(201,574,311	)		100,759,349			(99,033,118	)

Private Investment Class		(1,818,407	)		(648,893	)		(147,861	)		(671,036	)

Personal Investment Class		-			-			(1,448	)		(302,491	)

Cash Management Class		(1,201,217	)		(24,434	)		(127,021	)		(7,793	)

Reserve Class		(40,550	)		(62,582	)		(16,775	)		(18,402	)

Resource Class		(114,240	)		(3,337	)		1			(122,205	)

Corporate Class		(354	)		(15,522	)		64			4

CAVU Securities Class		1			100,002			-			-

Net increase (decrease) in net assets resulting from share transactions		(617,455,455	)		(202,229,077	)		100,466,309			(100,155,041	)

Net increase (decrease) in net assets		(617,858,332	)		(202,723,173	)		100,461,807			(100,157,289	)


Net assets:
Beginning of year		2,362,888,735			2,565,611,908			223,020,346			323,177,635

End of year	$	1,745,030,403		$	2,362,888,735		$	323,482,153		$	223,020,346

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–(continued)

For the years ended August 31, 2022 and 2021


	Invesco Treasury Portfolio						Invesco Government & Agency Portfolio

	2022			2021			2022			2021

Operations:
Net investment income	$	96,074,616		$	2,248,785		$	325,968,052		$	9,964,680

Net realized gain (loss)		(3,886,562	)		30,818			(28,543,577	)		542,485

Net increase in net assets resulting from operations		92,188,054			2,279,603			297,424,475			10,507,165


Distributions to shareholders from distributable earnings:
Institutional Class		(85,408,911	)		(2,005,555	)		(295,190,284	)		(9,402,663	)

Private Investment Class		(1,268,453	)		(35,458	)		(2,186,097	)		(120,583	)

Personal Investment Class		(1,167,413	)		(28,813	)		(110,536	)		(2,025	)

Cash Management Class		(1,843,731	)		(42,921	)		(3,324,668	)		(128,425	)

Reserve Class		(2,122,002	)		(62,101	)		(1,225,131	)		(105,814	)

Resource Class		(267,315	)		(18,705	)		(863,585	)		(32,727	)

Corporate Class		(1,170,294	)		(41,758	)		(2,699,107	)		(52,287	)

CAVU Securities Class		(2,826,497	)		(13,474	)		(20,368,644	)		(120,156	)

Total distributions from distributable earnings		(96,074,616	)		(2,248,785	)		(325,968,052	)		(9,964,680	)


Share transactions-net:
Institutional Class		4,330,861,644			(2,122,806,791	)		11,726,491,208			19,204,558,855

Private Investment Class		78,001,581			(118,976,592	)		72,215,877			(76,121,055	)

Personal Investment Class		315,801,181			(16,713,545	)		29,989,058			(4,169,839	)

Cash Management Class		(57,379,422	)		80,255,547			394,921,370			316,471,282

Reserve Class		119,769,440			286,064,751			190,502,067			7,054,623

Resource Class		24,190,011			(582,467,587	)		17,158,805			(25,248,184	)

Corporate Class		207,510,470			(867,085,822	)		(539,261,258	)		1,050,827,823

CAVU Securities Class		10,231,626			547,040,941			3,411,670,557			1,441,849,681

Net increase (decrease) in net assets resulting from share transactions		5,028,986,531			(2,794,689,098	)		15,303,687,684			21,915,223,186

Net increase (decrease) in net assets		5,025,099,969			(2,794,658,280	)		15,275,144,107			21,915,765,671


Net assets:
Beginning of year		19,848,831,125			22,643,489,405			53,777,842,859			31,862,077,188

End of year	$	24,873,931,094		$	19,848,831,125		$	69,052,986,966		$	53,777,842,859

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, 2022 and 2021


	Invesco Treasury Obligations Portfolio						Invesco Tax-Free Cash Reserve Portfolio

	2022			2021			2022			2021

Operations:
Net investment income	$	4,933,278		$	133,186		$	629,361		$	17,194

Net realized gain (loss)		(129,607	)		47,304			-			-

Net increase in net assets resulting from operations		4,803,671			180,490			629,361			17,194


Distributions to shareholders from distributable earnings:
Institutional Class		(4,768,439	)		(123,225	)		(576,238	)		(12,978	)

Private Investment Class		(48,742	)		(1,559	)		(26,690	)		(1,039	)

Personal Investment Class		(29,749	)		(128	)		(2,178	)		(195	)

Cash Management Class		(319	)		(29	)		(11,012	)		(490	)

Reserve Class		(71,516	)		(7,454	)		(10,273	)		(2,280	)

Resource Class		(360	)		(17	)		(2,938	)		(208	)

Corporate Class		(14,153	)		(774	)		(32	)		(4	)

Total distributions from distributable earnings		(4,933,278	)		(133,186	)		(629,361	)		(17,194	)


Share transactions-net:
Institutional Class		38,941,402			(306,942,642	)		78,490,605			(32,730,801	)

Private Investment Class		(78,490	)		220,502			5,209,668			(580,210	)

Personal Investment Class		8,907,420			3,070,903			133,658			(1,906,614	)

Cash Management Class		(174,408	)		(87,640	)		(851,665	)		(893,331	)

Reserve Class		(32,341,061	)		19,907,010			(1,439,232	)		(10,596,705	)

Resource Class		198			(51,953	)		(716,611	)		(1,527,247	)

Corporate Class		(1,691,615	)		(5,409,097	)		19			-

Net increase (decrease) in net assets resulting from share transactions		13,563,446			(289,292,917	)		80,826,442			(48,234,908	)

Net increase (decrease) in net assets		13,433,839			(289,245,613	)		80,826,442			(48,234,908	)


Net assets:
Beginning of year		1,161,648,191			1,450,893,804			151,808,219			200,043,127

End of year	$	1,175,082,030		$	1,161,648,191		$	232,634,661		$	151,808,219

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


32		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			Return of capital			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 08/31/22		$1.0004		$0.0029		$(0.0002	)		$0.0027			$(0.0029	)		$ -			$ -			$(0.0029	)		$1.0002		0.27	%		$ 10		0.40	%		0.77	%		0.26	%
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
Invesco STIC Prime Portfolio
Year ended 08/31/22		1.0000		0.0029		(0.0000	)		0.0029			(0.0026	)		-			(0.0003	)		(0.0029	)		1.0000		0.29			91		0.37			0.83			0.39
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
Invesco Treasury Portfolio
Year ended 08/31/22		1.00		0.00		(0.00	)		0.00			(0.00	)		-			-			(0.00	)		1.00		0.26			580,831		0.36			0.76			0.24
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
Invesco Government & Agency Portfolio
Year ended 08/31/22		1.00		0.00		(0.00	)		0.00			(0.00	)		-			-			(0.00	)		1.00		0.29			39,333		0.44			0.71			0.21
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
Invesco Treasury Obligations Portfolio
Year ended 08/31/22		1.00		0.00		(0.00	)		0.00			(0.00	)		-			-			(0.00	)		1.00		0.23			12,718		0.42			0.76			0.17
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
Invesco Tax-Free Cash Reserve Portfolio
Year ended 08/31/22		1.00		0.00		-			0.00			(0.00	)		-			-			(0.00	)		1.00		0.11			1,811		0.42			0.92			0.11
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

^(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.


33		Short-Term Investments Trust

Notes to Financial Statements

August 31, 2022

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


34		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.


35		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.

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, 2022, 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%


36		Short-Term Investments Trust


	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 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, 2022, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


	Expense Limitation


Invesco Liquid Assets Portfolio	$	839,352


Invesco STIC Prime Portfolio		301,276


Invesco Treasury Portfolio		7,035,844


Invesco Government & Agency Portfolio		1,730,545


Invesco Treasury Obligations Portfolio		333,450


Invesco Tax-Free Cash Reserve Portfolio		302,421

Voluntary fee waivers for the year ended August 31, 2022 are shown below:


	Fund Level		Private Investment Class		Personal Investment Class		Cash Management Class		Reserve Class		Resource Class		Corporate Class


Invesco Liquid Assets Portfolio	$	98,734	$	4,760	$	34	$	1,074	$	1,206	$	309	$	3


Invesco STIC Prime Portfolio		82,545		915		311		206		491		1		4


Invesco Treasury Portfolio		11,717,027		518,670		1,157,113		208,147		7,972,623		51,028		42,572


Invesco Government & Agency Portfolio		27,703,436		911,921		57,615		374,418		3,045,451		106,195		128,674


Invesco Treasury Obligations Portfolio		536,300		19,938		27,410		61		414,286		83		544


Invesco Tax-Free Cash Reserve Portfolio		99,306		14,819		4,105		1,861		104,414		1,256		2


37		Short-Term Investments Trust


	Private Investment Class	Personal Investment Class	Cash Management Class	Reserve Class	Resource Class	Corporate Class


Invesco Liquid Assets Portfolio	0.30%	0.55%	0.08%	0.87%	0.20%	0.03%


Invesco STIC Prime Portfolio	0.30%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Treasury Portfolio	0.30%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Government & Agency Portfolio	0.30%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Treasury Obligations Portfolio	0.25%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Tax-Free Cash Reserve Portfolio	0.25%	0.55%	0.08%	0.87%	0.16%	0.03%

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	$ 22,055,624	$ 16,400,013	$-


Invesco STIC Prime Portfolio	8,610,216	14,201,999	-


Invesco Tax-Free Cash Reserve Portfolio	241,775,804	207,889,996	-

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.


38		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, 2022 and 2021:


	2022						2021
	Ordinary Income*		Ordinary Income-Tax- Exempt		Return of Capital		Ordinary Income*		Ordinary Income-Tax- Exempt		Return of Capital


Invesco Liquid Assets Portfolio	$	9,991,934	$	-	$	-	$	1,034,618	$	-	$-


Invesco STIC Prime Portfolio		1,661,497		-		165,488		24,474		-	-


Invesco Treasury Portfolio		96,074,616		-		-		2,248,785		-	-


Invesco Government & Agency Portfolio		325,968,052		-		-		9,964,680		-	-


Invesco Treasury Obligations Portfolio		4,933,278		-		-		133,186		-	-


Invesco Tax-Free Cash Reserve Portfolio		-		629,361		-		5,579		11,615	-

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

Tax Components of Net Assets at Period-End:


	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets


Invesco Liquid Assets Portfolio	$	-	$	(2,200,732	)	$	(243,916	)	$	(9,051	)	$	1,747,484,102	$	1,745,030,403


Invesco STIC Prime Portfolio		-		(580,144	)		(5,360	)		-			324,067,657		323,482,153


Invesco Treasury Portfolio		284,026		(1,459,786	)		-			(3,918,575	)		24,879,025,429		24,873,931,094


Invesco Government & Agency Portfolio		1,351,614		(789,869	)		-			(28,544,744	)		69,080,969,965		69,052,986,966


Invesco Treasury Obligations Portfolio		56,908		(69,452	)		(8,870	)		(156,629	)		1,175,260,073		1,175,082,030


Invesco Tax-Free Cash Reserve Portfolio		-		(200,621	)		-			(19,092	)		232,854,374		232,634,661


39		Short-Term Investments Trust

The Funds have a capital loss carryforward as of August 31, 2022, as follows:


	Short-Term		Long-Term
Fund	Not Subject to Expiration		Not Subject to Expiration	Total*


Invesco Liquid Assets Portfolio	$	9,051	$ -	$	9,051


Invesco Treasury Portfolio		3,918,575	-		3,918,575


Invesco Government & Agency Portfolio		28,544,744	-		28,544,744


Invesco Treasury Obligations Portfolio		132,371	24,258		156,629


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, 2022
	Federal Tax Cost*		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)


Invesco Liquid Assets Portfolio		$1,747,632,225		$115,759		$(359,675	)		$(243,916	)


Invesco STIC Prime Portfolio		324,098,563		-		(5,360	)		(5,360	)


Invesco Treasury Obligations Portfolio		1,176,918,982		-		(8,870	)		(8,870	)

NOTE 9–Reclassification of Permanent Differences


	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest


Invesco Liquid Assets Portfolio		$	407,812			$	-			$	(407,812)


Invesco STIC Prime Portfolio			166,112				(624	)			(165,488	)


Invesco Treasury Portfolio			44,131				(46,858	)			2,727


Invesco Government & Agency Portfolio			(1	)			3				(2	)


Invesco Treasury Obligations Portfolio			-				-				-


Invesco Tax-Free Cash Reserve Portfolio			59,675				-				(59,675	)

NOTE 10–Share Information

Invesco Liquid Assets Portfolio


			Summary of Share Activity


	Years ended August 31,
	2022^(a)				2021
	Shares		Amount		Shares		Amount


Sold:
Institutional Class		16,021,220,223	$	16,021,997,196		17,486,805,323	$	17,494,025,296


Private Investment Class		173		173		371,715		371,900


Cash Management Class		1		1		6,058		6,061


Reserve Class		7,065		7,068		79,579		79,611


Corporate Class		-		-		1,001		1,001


CAVU Securities Class^(b)		1		1		99,962		100,002


40		Short-Term Investments Trust

NOTE 10–Share Information–(continued)


				Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Institutional Class		331,500		$	331,481			182,613		$	182,698


Private Investment Class		3,597			3,597			207			207


Cash Management Class		5,971			5,971			359			359


Reserve Class		174			174			28			28


Resource Class		599			599			37			37


Corporate Class		70			70			13			13



Reacquired:
Institutional Class		(16,635,655,012	)		(16,636,609,365	)		(17,688,475,913	)		(17,695,782,305	)


Private Investment Class		(1,822,166	)		(1,822,177	)		(1,020,552	)		(1,021,000	)


Cash Management Class		(1,207,094	)		(1,207,189	)		(30,840	)		(30,854	)


Reserve Class		(47,789	)		(47,792	)		(142,165	)		(142,221	)


Resource Class		(114,803	)		(114,839	)		(3,373	)		(3,374	)


Corporate Class		(425	)		(424	)		(16,529	)		(16,536	)


Net increase (decrease) in share activity		(617,277,915	)	$	(617,455,455	)		(202,142,477	)	$	(202,229,077	)

^(a)	45% 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.


41		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco STIC Prime Portfolio


				Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		1,898,258,845		$	1,898,293,281			1,439,605,312		$	1,439,605,312


Private Investment Class		66,475			66,475			17,500			17,500


Personal Investment Class		45			45			-			-


Cash Management Class		47,921			47,925			7,472			7,472


Reserve Class		1			1			4			4


Corporate Class		-			-			1,000			1,000



Issued as reinvestment of dividends:
Institutional Class		718,725			718,729			14,063			14,063


Private Investment Class		961			961			91			91


Personal Investment Class		131			131			27			27


Cash Management Class		351			351			15			15


Reserve Class		62			62			7			7


Resource Class		1			1			7			7


Corporate Class		64			64			4			4



Reacquired:
Institutional Class		(1,798,225,673	)		(1,798,252,661	)		(1,538,652,493	)		(1,538,652,493	)


Private Investment Class		(215,296	)		(215,297	)		(688,627	)		(688,627	)


Personal Investment Class		(1,624	)		(1,624	)		(302,518	)		(302,518	)


Cash Management Class		(175,291	)		(175,297	)		(15,280	)		(15,280	)


Reserve Class		(16,836	)		(16,838	)		(18,413	)		(18,413	)


Resource Class		-			-			(122,212	)		(122,212	)


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


Net increase (decrease) in share activity		100,458,862		$	100,466,309			(100,155,041	)	$	(100,155,041	)

^(a)


42		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Portfolio


				Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		132,066,034,066		$	132,066,034,066			209,389,908,080		$	209,389,908,080


Private Investment Class		1,001,410,898			1,001,410,898			564,708,648			564,708,648


Personal Investment Class		2,236,178,971			2,236,178,971			1,460,181,973			1,460,181,973


Cash Management Class		1,488,319,714			1,488,319,714			834,202,437			834,202,437


Reserve Class		3,559,612,942			3,559,612,942			2,267,218,779			2,267,218,779


Resource Class		215,964,855			215,964,855			271,542,723			271,542,723


Corporate Class		4,502,000,934			4,502,000,934			4,259,846,179			4,259,846,179


CAVU Securities Class^(b)		12,888,063,731			12,888,063,731			1,619,862,326			1,619,862,326



Issued as reinvestment of dividends:
Institutional Class		10,223,078			10,223,078			497,496			497,496


Private Investment Class		184,233			184,233			11,961			11,961


Personal Investment Class		398,914			398,914			28,558			28,558


Cash Management Class		1,071,516			1,071,516			39,490			39,490


Reserve Class		971,014			971,014			56,643			56,643


Resource Class		130,138			130,138			4,380			4,380


Corporate Class		261,029			261,029			26,745			26,745


CAVU Securities Class		1,880			1,880			-			-



Reacquired:
Institutional Class		(127,745,395,500	)		(127,745,395,500	)		(211,513,212,367	)		(211,513,212,367	)


Private Investment Class		(923,593,550	)		(923,593,550	)		(683,697,201	)		(683,697,201	)


Personal Investment Class		(1,920,776,704	)		(1,920,776,704	)		(1,476,924,076	)		(1,476,924,076	)


Cash Management Class		(1,546,770,652	)		(1,546,770,652	)		(753,986,380	)		(753,986,380	)


Reserve Class		(3,440,814,516	)		(3,440,814,516	)		(1,981,210,671	)		(1,981,210,671	)


Resource Class		(191,904,982	)		(191,904,982	)		(854,014,690	)		(854,014,690	)


Corporate Class		(4,294,751,493	)		(4,294,751,493	)		(5,126,958,746	)		(5,126,958,746	)


CAVU Securities Class		(12,877,833,985	)		(12,877,833,985	)		(1,072,821,385	)		(1,072,821,385	)


Net increase (decrease) in share activity		5,028,986,531		$	5,028,986,531			(2,794,689,098	)	$	(2,794,689,098	)

^(a)

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


43		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Government & Agency Portfolio


				Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		454,339,645,288		$	454,339,645,288			287,998,117,369		$	287,998,117,369


Private Investment Class		1,778,974,054			1,778,974,054			1,566,476,737			1,566,476,737


Personal Investment Class		97,861,174			97,861,174			8,460,874			8,460,874


Cash Management Class		1,341,733,532			1,341,733,532			1,020,500,616			1,020,500,616


Reserve Class		2,373,222,673			2,373,222,673			1,184,114,517			1,184,114,517


Resource Class		1,481,464,937			1,481,464,937			1,448,949,173			1,448,949,173


Corporate Class		10,354,778,887			10,354,778,887			2,472,495,311			2,472,495,311


CAVU Securities Class^(b)		77,360,488,467			77,360,488,467			11,182,358,336			11,182,358,336



Issued as reinvestment of dividends:
Institutional Class		49,592,996			49,592,996			2,364,199			2,364,199


Private Investment Class		747,946			747,946			77,027			77,027


Personal Investment Class		55,691			55,691			1,664			1,664


Cash Management Class		463,867			463,867			62,947			62,947


Reserve Class		542,028			542,028			96,732			96,732


Resource Class		486,110			486,110			22,306			22,306


Corporate Class		1,161,309			1,161,309			20,996			20,996


CAVU Securities Class		7,176,754			7,176,754			68,987			68,987



Reacquired:
Institutional Class		(442,662,747,076	)		(442,662,747,076	)		(268,795,922,713	)		(268,795,922,713	)


Private Investment Class		(1,707,506,123	)		(1,707,506,123	)		(1,642,674,819	)		(1,642,674,819	)


Personal Investment Class		(67,927,807	)		(67,927,807	)		(12,632,377	)		(12,632,377	)


Cash Management Class		(947,276,029	)		(947,276,029	)		(704,092,281	)		(704,092,281	)


Reserve Class		(2,183,262,634	)		(2,183,262,634	)		(1,177,156,626	)		(1,177,156,626	)


Resource Class		(1,464,792,242	)		(1,464,792,242	)		(1,474,219,663	)		(1,474,219,663	)


Corporate Class		(10,895,201,454	)		(10,895,201,454	)		(1,421,688,484	)		(1,421,688,484	)


CAVU Securities Class		(73,955,994,664	)		(73,955,994,664	)		(9,740,577,642	)		(9,740,577,642	)


Net increase in share activity		15,303,687,684		$	15,303,687,684			21,915,223,186		$	21,915,223,186

^(a)

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


44		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Obligations Portfolio


				Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		2,034,763,395		$	2,034,763,395			1,758,486,047		$	1,758,486,047


Private Investment Class		4,862,034			4,862,034			8,037,650			8,037,650


Personal Investment Class		25,412,787			25,412,787			6,051,798			6,051,798


Reserve Class		237,156,939			237,156,939			332,356,357			332,356,357


Resource Class		891,607			891,607			52,034			52,034


Corporate Class		-			-			129			129



Issued as reinvestment of dividends:
Institutional Class		1,208,158			1,208,158			69,137			69,137


Private Investment Class		25,960			25,960			1,543			1,543


Personal Investment Class		13,163			13,163			102			102


Cash Management Class		185			185			27			27


Reserve Class		26,868			26,868			7,165			7,165


Resource Class		-			-			3			3


Corporate Class		8,385			8,385			774			774



Reacquired:
Institutional Class		(1,997,030,151	)		(1,997,030,151	)		(2,065,497,826	)		(2,065,497,826	)


Private Investment Class		(4,966,484	)		(4,966,484	)		(7,818,691	)		(7,818,691	)


Personal Investment Class		(16,518,530	)		(16,518,530	)		(2,980,997	)		(2,980,997	)


Cash Management Class		(174,593	)		(174,593	)		(87,667	)		(87,667	)


Reserve Class		(269,524,868	)		(269,524,868	)		(312,456,512	)		(312,456,512	)


Resource Class		(891,409	)		(891,409	)		(103,990	)		(103,990	)


Corporate Class		(1,700,000	)		(1,700,000	)		(5,410,000	)		(5,410,000	)


Net increase (decrease) in share activity		13,563,446		$	13,563,446			(289,292,917	)	$	(289,292,917	)

^(a)

In addition, 51% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


45		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio


				Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		264,322,787		$	264,322,787			147,021,640		$	147,021,640


Private Investment Class		8,658,509			8,658,509			2,274,008			2,274,008


Personal Investment Class		4,144,947			4,144,947			7,107,975			7,107,975


Cash Management Class		4,995,075			4,995,075			6,420,817			6,420,817


Reserve Class		44,954,869			44,954,869			28,135,345			28,135,345


Resource Class		-			-			394,392			394,392



Issued as reinvestment of dividends:
Institutional Class		203,648			203,648			7,749			7,749


Private Investment Class		10,734			10,734			832			832


Personal Investment Class		619			619			195			195


Cash Management Class		1,959			1,959			230			230


Reserve Class		2,238			2,238			2,280			2,280


Resource Class		1,890			1,890			205			205


Corporate Class		19			19			-			-



Reacquired:
Institutional Class		(186,035,830	)		(186,035,830	)		(179,760,190	)		(179,760,190	)


Private Investment Class		(3,459,575	)		(3,459,575	)		(2,855,050	)		(2,855,050	)


Personal Investment Class		(4,011,908	)		(4,011,908	)		(9,014,784	)		(9,014,784	)


Cash Management Class		(5,848,699	)		(5,848,699	)		(7,314,378	)		(7,314,378	)


Reserve Class		(46,396,339	)		(46,396,339	)		(38,734,330	)		(38,734,330	)


Resource Class		(718,501	)		(718,501	)		(1,921,844	)		(1,921,844	)


Net increase (decrease) in share activity		80,826,442		$	80,826,442			(48,234,908	)	$	(48,234,908	)

^(a)


46		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, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, 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, 2022 (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, 2022, 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, 2022 and each of the financial highlights of the Personal Investment Class for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 26, 2022


47		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, 2022 through August 31, 2022.

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
		ACTUAL		(5% annual return before expenses)
Personal Investment Class	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)¹	Expenses Paid During Period²	Ending Account Value (08/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Invesco Liquid Assets Portfolio	$1,000.00	$1,003.10	$3.13	$1,022.08	$3.16	0.62%
Invesco STIC Prime Portfolio	1,000.00	1,002.80	3.08	1,022.13	3.11	0.61
Invesco Treasury Portfolio	1,000.00	1,002.50	2.88	1,022.33	2.91	0.57
Invesco Government & Agency Portfolio	1,000.00	1,002.80	2.73	1,022.48	2.75	0.54
Invesco Treasury Obligations Portfolio	1,000.00	1,002.30	2.93	1,022.28	2.96	0.58
Invesco Tax-Free Cash Reserve Portfolio	1,000.00	1,001.10	3.13	1,022.08	3.16	0.62

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.


48		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

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials


49		Short-Term Investments Trust

B.	Fund Investment Performance

Invesco Government & Agency Portfolio

Invesco Liquid Assets Portfolio

Invesco STIC Prime Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period, equal to the performance of the Index for the three year period and reasonably comparable to 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, 2021 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 equal to the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as

Invesco Treasury Obligations Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco Treasury Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio


50		Short-Term Investments Trust

Invesco Liquid Assets Portfolio

accounts have all-inclusive fee structures, which are not easily un-bundled.

Invesco STIC Prime Portfolio


51		Short-Term Investments Trust

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 there were only four other funds in the Fund’s expense group.

Invesco Treasury Obligations Portfolio

Invesco Treasury Portfolio


52		Short-Term Investments Trust

the Fund’s total expense ratio and its various components.

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

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,


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, 2022:

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		95.79	%		0.00	%		0.00	%		0.07	%		0.00	%
Invesco STIC Prime Portfolio		98.68	%		0.00	%		0.00	%		0.00	%		0.00	%
Invesco Treasury Portfolio		100.00	%		0.00	%		0.00	%		40.21	%		0.00	%
Invesco Government & Agency Portfolio		100.00	%		0.00	%		0.00	%		43.13	%		0.00	%
Invesco Treasury Obligations Portfolio		100.00	%		0.00	%		0.00	%		100.00	%		0.00	%
Invesco Tax-Free Cash Reserve Portfolio		0.00	%		0.00	%		0.00	%		0.00	%		100.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

Non-Resident Alien Shareholders


	Qualified Short-Term Gains			Qualified Interest Income**
Invesco Liquid Assets Portfolio		$	-		0.00	%
Invesco STIC Prime Portfolio			624		0.00	%
Invesco Treasury Portfolio			-		100.00	%
Invesco Government & Agency Portfolio			-		100.00	%
Invesco Treasury Obligations Portfolio			-		100.00	%
Invesco Tax-Free Cash Reserve Portfolio			-		0.00	%

** The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year.


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)	190	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
Beth Ann Brown – 1968 Trustee and Chair	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	190	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) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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	190	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)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of 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	190	Insperity, Inc. (formerly known as Administaff) (human resources provider); Member of Regional Board of Directors and Board of Directors, 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	190	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; 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	190	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	190	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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)
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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	190	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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	190	None
Ann Barnett Stern²– 1957 Trustee	2017	President and Chief Executive Officerr, Houston Endowment, Inc. a private philanthropic institution (private philanthropic institution) Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP & Andrews and Kurth LLP	190	Trustee and Board Vice Chair of Holdsworth Center (non-profit); Trustee and Chair of Nomination/Governance Committee, Good Reason Houston, (non-profit); Trustee and Investment Committee member of University of Texas Law School Foundation (non-profit); Board Member of Greater Houston Partnership (non-profit); Advisory Board member, Baker Institute for Public Policy at Rice University (non-profit) Formerly: Director and Audit Committee Member of Federal Reserve Bank of Dallas
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	190	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management, 1994-2007; Trustee and Chair, Weiss Peck and Greer Funds Board, 2004-2005; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management, 1984-1994.	190	Formerly: Trustee and Governance Chair, Oppenheimer Funds, 2014-2019; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America, 2016-2019

²	Effective September 14, 2022, Ms. Ann Barnett Stern resigned as a Trustee of the Trust.


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
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; 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
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); 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: Senior Vice President, Invesco Distributors, Inc.; 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
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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) 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


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–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; 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
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.; Senior Vice President, The Invesco Funds; 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.; 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


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)
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 and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A
			N/A	N/A


T-6		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




SEC file numbers: 811-02729 and 002-58287	Invesco Distributors, Inc.	CM-STIT-AR-6




		Annual Report to Shareholders		August 31, 2022

		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, 2022, and is based on total net assets. Unless otherwise stated, all data is 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			27

Financial Highlights			33

Notes to Financial Statements			34

Report of Independent Registered Public Accounting Firm			47

Fund Expenses			48

Approval of Investment Advisory and Sub-Advisory Contracts			49

Tax Information			54

Trustees and Officers			T-1


2

Fund Data



Private Investment Class data as of 8/31/22

FUND	WEIGHTED AVERAGE MATURITY		WEIGHTED AVERAGE LIFE	TOTAL NET ASSETS
	Range During Reporting Period	At Reporting Period End	At Reporting Period End
Invesco Liquid Assets¹	13 - 52 days	17 days	35 days		$1.1 million
Invesco STIC Prime¹	2 - 14 days	6 days	7 days		457.3 thousand
Invesco Treasury²	4 - 58 days	4 days	93 days		381.8 million
Invesco Government & Agency²	14 - 56 days	14 days	105 days		577.9 million
Invesco Treasury Obligations²	30 - 55 days	36 days	91 days		14.6 million
Invesco Tax-Free Cash Reserve³	8 - 15 days	9 days	9 days		14.8 million

Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.


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.

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 8/31/22
	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	47.9%	73.7%	77.1%	64.6%	4.4%	87.2%
8 - 30	19.7	23.8	3.0	1.5	31.1	7.2
31 - 60	4.9	2.5	2.2	1.9	28.2	5.6
61 - 90	10.9	0.0	2.6	10.2	22.1	0.0
91 - 180	16.6	0.0	0.0	5.2	3.0	0.0
181+	0.0	0.0	15.1	16.6	11.2	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, 2022

Invesco Liquid Assets Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Commercial Paper-40.49%^(a)
Asset-Backed Securities - Fully Supported-0.58%
Ridgefield Funding Co., LLC (CEP - BNP Paribas S.A.) (SOFR + 0.52%)^(b)(c)(d)		2.86%		02/15/2023	$	10,000	$	10,000,000



Asset-Backed Securities - Fully Supported Bank-7.45%
Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.28%)^(b)(c)(d)		2.66%		11/21/2022		40,000		40,006,000


Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (1 mo. FEDL + 0.12%)^(b)(c)(d)		2.53%		09/01/2022		20,000		20,000,000


Matchpoint Finance PLC (SOFR + 0.45%) (Ireland)^(b)(c)(d)		2.79%		11/17/2022		20,000		20,007,380


Nieuw Amsterdam Receivables Corp. B.V. (CEP - Cooperatieve Rabobank UA) (Netherlands)^(b)(c)		2.51%		09/21/2022		30,000		29,956,600


Versailles Commercial Paper LLC (CEP - Natixis S.A.) (SOFR + 0.30%)^(b)(c)(d)		2.63%		01/09/2023		20,000		20,003,550


								129,973,530



Diversified Banks-23.02%
ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.34%		10/03/2022		30,000		29,935,293


Barclays Bank PLC^(c)		2.36%		09/26/2022		20,000		19,966,012


Barclays Bank PLC^(c)		2.55%		09/23/2022		50,000		49,924,867


DBS Bank Ltd. (Singapore)^(b)(c)		2.49%		09/16/2022		10,000		9,989,480


DBS Bank Ltd. (Singapore)^(b)(c)		2.91%		11/14/2022		30,000		29,820,000


DBS Bank Ltd. (Singapore)^(b)(c)		3.35%		01/17/2023		20,000		19,739,607


Korea Development Bank^(c)		3.19%		01/05/2023		20,000		19,773,093


Korea Development Bank^(c)		3.19%		01/06/2023		10,000		9,885,369


Mitsubishi UFJ Trust & Banking Corp.^(b)(c)		2.59%		09/20/2022		70,000		69,909,155


Skandinaviska Enskilda Banken AB (SOFR + 0.40%) (Sweden)^(b)(c)(d)		2.74%		11/17/2022		70,000		70,015,605


Svenska Handelsbanken AB (Sweden)^(b)(c)		0.34%		11/03/2022		22,850		22,746,251


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%) (Canada)^(b)(c)(d)		1.92%		09/06/2022		10,000		9,999,848


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.45%) (Canada)^(b)(c)(d)		2.73%		12/30/2022		15,000		15,002,940


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.46%) (Canada)^(c)(d)		2.85%		02/15/2023		25,000		25,019,600


								401,727,120



Diversified Capital Markets-4.01%
Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.40%)^(c)(d)		2.77%		01/12/2023		60,000		60,009,000


Great Bear Funding LLC (1 mo. OBFR + 0.40%)^(c)(d)		2.77%		01/12/2023		10,000		10,001,500


								70,010,500



Investment Banking & Brokerage-1.71%
Goldman Sachs International^(b)		0.45%		11/15/2022		30,000		29,820,197



Specialized Finance-3.72%
CDP Financial, Inc. (Canada)^(b)(c)		2.10%		09/14/2022		45,000		44,959,067


KEB Hana Bank^(b)(c)		2.26%		09/20/2022		20,000		19,973,556


								64,932,623


Total Commercial Paper (Cost $706,722,043)								706,463,970



Certificates of Deposit-22.98%
Australia & New Zealand Banking Group Ltd. (Cayman Islands)^(c)		2.32%		09/01/2022		52,000		52,000,000


Banco Santander S.A.^(c)		3.14%		12/15/2022		10,000		10,017,135


Cooperatieve Rabobank U.A. (Cayman Islands)^(c)		2.30%		09/01/2022		52,000		52,000,000


Credit Agricole Corporate & Investment Bank^(c)		2.30%		09/01/2022		53,000		53,000,000


Goldman Sachs Bank USA (SOFR + 0.21%)^(d)		2.58%		09/16/2022		30,000		30,001,272

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Korea Development Bank (SOFR + 0.57%)^(c)(d)		2.91%		02/10/2023	$	25,000	$	25,015,814


Korea Development Bank (SOFR + 0.55%) (South Korea)^(c)(d)		2.89%		02/15/2023		5,000		5,002,726


Norinchukin Bank^(c)		2.39%		09/02/2022		70,000		70,000,236


Skandinaviska Enskilda Banken AB^(c)		2.30%		09/01/2022		17,000		17,000,000


Toronto-Dominion Bank (The)^(c)		3.21%		01/09/2023		15,000		15,005,457


Westpac Banking Corp.^(c)		0.44%		11/23/2022		5,000		4,972,453


Woori Bank^(c)		2.38%		09/08/2022		50,000		50,000,594


Woori Bank^(c)		2.25%		09/23/2022		17,000		16,998,470


Total Certificates of Deposit (Cost $401,000,000)								401,014,157



Variable Rate Demand Notes-5.36%^(e)
Credit Enhanced-5.36%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)(d)(f)		2.67%		04/01/2047		9,100		9,099,999


Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(d)(f)		2.38%		05/01/2037		2,400		2,400,000


University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		2.33%		08/01/2045		82,040		82,040,000


Total Variable Rate Demand Notes (Cost $93,539,999)								93,539,999


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-68.83% (Cost $1,201,262,042)								1,201,018,126



					Repurchase Amount
Repurchase Agreements-31.31%^(g)

BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $125,058,819 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, non-agency asset-backed securities, corporate obligations and U.S. Treasury obligations valued at $129,922,546; 0.00% - 7.00%; 01/06/2023 - 05/20/2072)^(c)(h)		2.42%		09/07/2022		15,007,058		15,000,000


BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $25,011,910 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, agency and non-agency asset-backed securities and corporate obligations valued at $25,555,105; 0.45% - 7.88%; 04/03/2023 - 05/20/2072)^(c)(h)		2.45%		09/07/2022		10,004,764		10,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/25/2022, aggregate maturing value of $65,031,092 (collateralized by non-agency asset-backed securities and corporate obligations valued at $70,914,260; 0.00% - 13.00%; 05/15/2023 - 09/01/2119)^(c)(h)		2.46%		09/01/2022		25,011,958		25,000,000


Citigroup Global Markets, Inc., joint open agreement dated 03/28/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $110,083,744; 0.00% - 10.97%; 11/10/2023 - 03/27/2062)⁽ⁱ⁾		2.89%		09/01/2022		45,111,700		45,000,000


Citigroup Global Markets, Inc., joint open agreement dated 08/11/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $203,594,466; 0.00% - 7.75%; 11/15/2026 - 10/25/2066)⁽ⁱ⁾		2.89%		09/01/2022		13,021,882		13,000,000


Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $400,184,333 (collateralized by agency and non-agency mortgage-backed securities, agency and non-agency asset-backed securities, corporate obligations, commercial paper and U.S. Treasury obligations valued at $422,240,222; 0.00% - 15.00%; 09/06/2022 - 05/15/2097)^(c)(h)		2.37%		09/01/2022		20,009,217		20,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/05/2022, aggregate maturing value of $10,025,083 (collateralized by an non-agency-backed asset-backed security, corporate obligations and non-agency mortgage-backed securities valued at $10,560,000; 3.39% - 7.00%; 09/09/2024 - 06/15/2050)^(c)		2.58%		09/09/2022		2,005,017		2,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by corporate obligations valued at $110,000,070; 7.72% - 9.50%; 10/01/2022 - 02/15/2029)⁽ⁱ⁾		2.62%		09/01/2022		65,146,629		65,000,000

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,784,179; 4.13% - 7.50%; 11/01/2022 - 05/15/2061)⁽ⁱ⁾	2.52%	09/01/2022	$	7,015,188	$	7,000,000


J.P. Morgan Securities LLC, joint term agreement dated 07/22/2022, aggregate maturing value of $105,007,875 (collateralized by non-agency asset-backed securities, a corporate obligation and non-agency mortgage-backed securities valued at $114,262,653; 2.67% -7.36%; 05/15/2024 - 06/25/2047)^(j)	2.70%	09/01/2022		15,001,125		15,000,000


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $500,031,944 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,071; 0.00% - 5.50%; 08/25/2027 - 06/16/2061)	2.30%	09/01/2022		85,005,431		85,000,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2022, aggregate maturing value of $290,140,972 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $318,943,657; 2.50% - 15.50%; 01/15/2023 - 11/15/2095)^(c)(h)	2.50%	09/07/2022		53,025,764		53,000,000


RBC Dominion Securities Inc., joint agreement dated 08/31/2022, aggregate maturing value of $1,500,095,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,000; 0.25% - 5.50%; 09/30/2022 - 06/25/2059)	2.30%	09/01/2022		16,371,229		16,370,183


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $62,815,397; 0.00% - 12.00%; 11/15/2022 - 05/15/2097)⁽ⁱ⁾	2.50%	09/01/2022		25,001,736		25,000,000


Societe Generale, joint open agreement dated 08/20/2021 (collateralized by corporate obligations valued at $92,505,932; 0.00% - 11.88%; 09/19/2022 - 08/15/2062)^(c)(i)	2.43%	09/01/2022		65,004,388		65,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2022, aggregate maturing value of $200,012,833 (collateralized by agency mortgage-backed securities valued at $204,000,000; 1.50% - 7.00%; 03/15/2032 - 08/01/2052)	2.31%	09/01/2022		85,005,454		85,000,000


Total Repurchase Agreements (Cost $546,370,183)						546,370,183


TOTAL INVESTMENTS IN SECURITIES^(k)(l)-100.14% (Cost $1,747,632,225)						1,747,388,309


OTHER ASSETS LESS LIABILITIES-(0.14)%						(2,357,906	)


NET ASSETS-100.00%					$	1,745,030,403

Investment Abbreviations:


CEP		-Credit Enhancement Provider
FEDL		-Federal Funds Effective Rate
LOC		-Letter of Credit
OBFR		-Overnight Bank Funding Rate
RB		-Revenue Bonds
SOFR		-Secured Overnight Financing Rate
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, 2022

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, 2022.

^(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, 2022.

^(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)	Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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

^(l)


Entities	Percentage


Societe Generale S.A.		5.2%


J.P. Morgan Chase & Co.		5.0


Skandinaviska Enskilda Banken AB		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, 2022

Invesco STIC Prime Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Certificates of Deposit-29.37%
Australia & New Zealand Banking Group Ltd. (Cayman Islands)^(a)		2.32%		09/01/2022	$	13,000	$	13,000,000


Banco Santander S.A. (SOFR + 0.45%) (Spain)^(a)(b)		2.50%		10/03/2022		8,000		8,001,773


Cooperatieve Rabobank U.A. (Cayman Islands)^(a)		2.30%		09/01/2022		13,000		13,000,000


Credit Agricole Corporate & Investment Bank^(a)		2.30%		09/01/2022		7,000		7,000,000


DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt Am Main (Germany)^(a)		2.29%		09/01/2022		13,000		13,000,000


Mizuho Securities (USA) LLC^(a)		2.32%		09/01/2022		15,000		15,000,000


Skandinaviska Enskilda Banken AB^(a)		2.30%		09/01/2022		13,000		13,000,000


Svenska Handelsbanken^(a)		2.29%		09/01/2022		13,000		13,000,000


Total Certificates of Deposit (Cost $95,001,855)								95,001,773



Commercial Paper-26.55%^(c)
Asset-Backed Securities - Fully Supported-4.01%
Bennington Stark Capital Co. LLC^(a)(d)		2.41%		09/09/2022		5,000		4,997,016


Ionic Capital III Trust^(a)		2.41%		09/20/2022		8,000		7,989,191


								12,986,207



Asset-Backed Securities - Fully Supported Bank-12.66%
Cancara Asset Securitisation LLC^(a)		2.43%		09/27/2022		3,000		2,994,382


Chesham Finance LLC (Multi - CEP’s)^(a)(d)		2.51%		09/22/2022		8,000		7,988,032


Concord Minutemen Capital Co. LLC^(a)(d)		2.35%		09/01/2022		2,000		1,999,874


Concord Minutemen Capital Co. LLC^(a)(d)		2.35%		09/06/2022		7,000		6,997,299


Ebury Finance LLC (Multi - CEP’s)^(a)(d)		2.51%		09/22/2022		8,000		7,988,032


LMA-Americas LLC^(a)(d)		2.45%		09/20/2022		8,000		7,988,964


Sheffield Receivables Co. LLC^(a)(d)		2.39%		09/22/2022		5,000		4,992,358


								40,948,941



Diversified Banks-4.94%
DBS Bank Ltd. (Singapore)^(a)(d)		2.49%		09/16/2022		8,000		7,991,583


Federation des Caisses Desjardins du Quebec (Canada)^(a)(d)		2.44%		09/22/2022		8,000		7,988,360


								15,979,943



Diversified Capital Markets-2.47%
Columbia Funding Co. LLC^(d)		2.41%		09/20/2022		3,000		2,995,947


Mackinac Funding Co. LLC^(a)(d)		2.51%		09/15/2022		5,000		4,995,021


								7,990,968



Specialized Finance-2.47%
KEB Hana Bank^(a)(d)		2.41%		09/01/2022		8,000		7,999,490


Total Commercial Paper (Cost $85,910,827)								85,905,549



Variable Rate Demand Notes-5.28%^(e)
Credit Enhanced-5.28%
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD RB (LOC - FHLB of Indianapolis)^(f)(g)		1.77%		12/01/2039		730		730,000


Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(a)(d)(g)		2.67%		04/01/2047		7,800		7,800,000


Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(g)		2.38%		05/01/2037		2,950		2,950,000


Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB (LOC - FHLMC)^(f)(g)		1.58%		06/01/2041		890		890,000

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


10		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco STIC Prime Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Credit Enhanced-(continued)
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)^(d)(g)		2.55%		01/01/2033	$	4,700	$	4,700,000


Total Variable Rate Demand Notes (Cost $17,070,000)								17,070,000


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-61.20% (Cost $197,982,682)								197,977,322



					Repurchase Amount
Repurchase Agreements-38.99%^(h)

BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $125,058,819 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, non-agency asset-backed securities, corporate obligations and U.S. Treasury obligations valued at $129,922,546; 0.00% - 7.00%; 01/06/2023 - 05/20/2072)^(a)(i)		2.42%		09/07/2022		3,001,412		3,000,000


BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $25,011,910 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, agency and non-agency asset-backed securities and corporate obligations valued at $25,555,105; 0.45% - 7.88%; 04/03/2023 - 05/20/2072)^(a)(i)		2.45%		09/07/2022		3,001,429		3,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/25/2022, aggregate maturing value of $65,031,092 (collateralized by non-agency asset-backed securities and corporate obligations valued at $70,914,260; 0.00% - 13.00%; 05/15/2023 - 09/01/2119)^(a)(i)		2.46%		09/01/2022		5,002,392		5,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/05/2022, aggregate maturing value of $10,025,083 (collateralized by an non-agency-backed asset-backed security, corporate obligations and non-agency mortgage-backed securities valued at $10,560,000; 3.39% - 7.00%; 09/09/2024 - 06/15/2050)^(a)(i)		2.58%		09/09/2022		8,020,067		8,000,000


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,784,179; 4.13% - 7.50%; 11/01/2022 - 05/15/2061)^(j)		2.52%		09/01/2022		8,017,358		8,000,000


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $500,031,944 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,071; 0.00% - 5.50%; 08/25/2027 - 06/16/2061)		2.30%		09/01/2022		30,001,917		30,000,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2022, aggregate maturing value of $290,140,972 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $318,943,657; 2.50% - 15.50%; 01/15/2023 - 11/15/2095)^(a)(i)		2.50%		09/07/2022		10,004,861		10,000,000


RBC Dominion Securities Inc., joint agreement dated 08/31/2022, aggregate maturing value of $1,500,095,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,000; 0.25% - 5.50%; 09/30/2022 - 06/25/2059)		2.30%		09/01/2022		24,117,422		24,115,881


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $62,815,397; 0.00% - 12.00%; 11/15/2022 - 05/15/2097)^(a)(j)		2.50%		09/01/2022		5,000,347		5,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2022, aggregate maturing value of $200,012,833 (collateralized by agency mortgage-backed securities valued at $204,000,000; 1.50% - 7.00%; 03/15/2032 - 08/01/2052)		2.31%		09/01/2022		30,001,925		30,000,000


Total Repurchase Agreements (Cost $126,115,881)								126,115,881


TOTAL INVESTMENTS IN SECURITIES^(k)(l)-100.19% (Cost $324,098,563)								324,093,203


OTHER ASSETS LESS LIABILITIES-(0.19)%								(611,050	)


NET ASSETS-100.00%							$	323,482,153

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, 2022

Invesco STIC Prime Portfolio–(continued)

Investment Abbreviations:


CEP		-Credit Enhancement Provider
FHLB		-Federal Home Loan Bank
FHLMC		-Federal Home Loan Mortgage Corp.
LOC		-Letter of Credit
RB		-Revenue Bonds
SOFR		-Secured Overnight Financing Rate
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: France: 10.8%; Sweden: 8.0%; Switzerland: 7.7%; Canada: 7.4%; Japan: 7.1%; other countries less than 5% each: 26.9%.

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2022.

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

^(d)

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, 2022 was $87,421,976, which represented 27.03% of the Fund’s Net Assets.

^(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, 2022.

^(f)	Security subject to the alternative minimum tax.

^(g)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(h)	Principal amount equals value at period end. See Note 1I.

⁽ⁱ⁾	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(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, 2022

Invesco Treasury Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-22.85%
U.S. Treasury Bills-3.81%^(a)
U.S. Treasury Bills		0.12%		09/08/2022	$	100,000	$	99,997,764


U.S. Treasury Bills		1.76%		09/29/2022		500,000		499,319,444


U.S. Treasury Bills		2.12%		10/13/2022		350,000		349,138,417


								948,455,625



U.S. Treasury Floating Rate Notes-16.50%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		355,000		354,998,397


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		250,500		250,505,365


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		200,000		200,004,851


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		560,000		560,000,585


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		2.89%		01/31/2024		200,000		200,114,336


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		2.83%		04/30/2024		450,000		449,989,855


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024		2,088,500		2,087,618,487


								4,103,231,876



U.S. Treasury Notes-2.54%
U.S. Treasury Notes		1.50%		09/15/2022		150,000		150,081,402


U.S. Treasury Notes		1.38%		10/15/2022		200,000		200,311,469


U.S. Treasury Notes		1.88%		10/31/2022		180,000		180,524,852


U.S. Treasury Notes		2.00%		10/31/2022		100,000		100,311,695


								631,229,418


Total U.S. Treasury Securities (Cost $5,682,916,919)								5,682,916,919


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-22.85% (Cost $5,682,916,919)								5,682,916,919



					Repurchase Amount
Repurchase Agreements-77.26%^(c)

ABN AMRO Bank N.V., agreement dated 08/31/2022, maturing value of $450,028,750 (collateralized by U.S. Treasury obligations valued at $459,000,055; 0.13% - 3.13%; 08/15/2023 - 11/15/2047)		2.30%		09/01/2022		450,028,750		450,000,000


BMO Capital Markets Corp., agreement dated 08/31/2022, maturing value of $300,017,083 (collateralized by U.S. Treasury obligations valued at $306,000,052; 0.00% - 3.25%; 11/08/2022 - 11/15/2051)		2.05%		09/01/2022		300,017,083		300,000,000


BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30%		09/01/2022		12,200,779,444		12,200,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,250,079,861 (collateralized by U.S. Treasury obligations valued at $1,275,000,012; 0.00% - 5.38%; 10/27/2022 - 02/15/2042)		2.30%		09/01/2022		1,250,079,861		1,250,000,000

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


13		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Treasury Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)	2.05%	09/01/2022	$	150,008,542	$	150,000,000


Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2022, maturing value of $150,008,333 (collateralized by U.S. Treasury obligations valued at $153,000,068; 1.25% - 2.88%; 04/30/2024 - 10/31/2028)	2.00%	09/01/2022		150,008,333		150,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)	1.00%	09/01/2022		252,007,000		252,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 - 11/15/2045)^(d)	2.32%	09/07/2022		100,045,768		100,000,656


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(d)	2.32%	09/07/2022		473,638,567		473,425,000


Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/31/2022, maturing value of $100,044,819 (collateralized by U.S. Treasury obligations valued at $102,006,477; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)^(d)	2.31%	09/07/2022		100,044,819		100,000,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $190,949,752 (collateralized by U.S. Treasury obligations valued at $194,268,500; 0.00%; 05/15/2029 - 08/15/2037)	2.31%	09/01/2022		190,949,752		190,937,500


Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2022, maturing value of $277,705,318 (collateralized by U.S. Treasury obligations valued at $282,133,500; 0.00%; 11/15/2039 - 02/15/2045)	2.31%	09/01/2022		277,705,318		277,687,500


RBC Dominion Securities Inc., agreement dated 08/31/2022, maturing value of $800,051,111 (collateralized by U.S. Treasury obligations valued at $816,000,003; 0.00% - 6.38%; 09/30/2022 - 08/15/2052)	2.30%	09/01/2022		800,051,111		800,000,000


RBC Dominion Securities Inc., term agreement dated 08/03/2022, maturing value of $300,653,083 (collateralized by U.S. Treasury obligations valued at $306,000,026; 0.13% - 6.38%; 09/30/2022 - 08/15/2052)^(d)	2.31%	09/06/2022		300,653,083		300,000,000


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(d)	2.30%	09/01/2022		325,290,694		325,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(d)	2.30%	09/07/2022		85,038,014		85,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)	2.30%	09/01/2022		75,004,792		75,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 - 05/15/2052)^(d)	2.30%	09/01/2022		100,044,722		100,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 - 02/15/2050)	2.30%	09/01/2022		1,439,977,519		1,439,885,526


Total Repurchase Agreements (Cost $19,218,936,182)						19,218,936,182


TOTAL INVESTMENTS IN SECURITIES-100.11% (Cost $24,901,853,101)						24,901,853,101


OTHER ASSETS LESS LIABILITIES-(0.11)%						(27,922,007	)


NET ASSETS-100.00%					$	24,873,931,094

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, 2022

Invesco Treasury Portfolio–(continued)

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, 2022.

^(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, 2022

Invesco Government & Agency Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-27.76%
U.S. Treasury Bills-13.45%^(a)
U.S. Treasury Bills		0.08%		09/08/2022	$	75,000	$	74,998,906


U.S. Treasury Bills		2.29%		10/04/2022		5,000		4,989,550


U.S. Treasury Bills		0.09%-0.10%		10/06/2022		860,000		859,923,073


U.S. Treasury Bills		2.50%		10/18/2022		3,000		2,990,248


U.S. Treasury Bills		2.20%		11/01/2022		1,000,000		996,297,639


U.S. Treasury Bills		2.51%		11/03/2022		525,000		522,712,311


U.S. Treasury Bills		2.25%		11/08/2022		750,000		746,840,833


U.S. Treasury Bills		2.60%		11/10/2022		100,000		99,498,333


U.S. Treasury Bills		2.62%		11/15/2022		670,000		666,370,834


U.S. Treasury Bills		2.63%		11/17/2022		733,000		728,908,027


U.S. Treasury Bills		2.76%		11/25/2022		500,000		496,763,554


U.S. Treasury Bills		2.71%		11/29/2022		800,000		794,679,778


U.S. Treasury Bills		2.75%		12/06/2022		600,000		595,631,998


U.S. Treasury Bills		1.78%		12/08/2022		600,000		597,120,433


U.S. Treasury Bills		2.81%		12/13/2022		650,000		644,829,975


U.S. Treasury Bills		2.92%		12/20/2022		600,000		594,701,665


U.S. Treasury Bills		2.96%		01/26/2023		750,000		741,057,500


U.S. Treasury Bills		1.18%		02/23/2023		121,000		120,311,813


								9,288,626,470



U.S. Treasury Floating Rate Notes-13.86%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		730,000		730,003,334


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		2.95%		01/31/2023		312,400		312,432,328


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		1,330,000		1,330,056,967


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		206,000		206,006,090


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		1,038,679		1,038,709,970


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		2.89%		01/31/2024		180,000		179,956,151


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		2.83%		04/30/2024		3,564,000		3,560,385,309


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024		2,214,000		2,213,247,714


								9,570,797,863



U.S. Treasury Notes-0.45%
U.S. Treasury Notes		1.50%		09/15/2022		210,000		210,113,048


U.S. Treasury Notes		1.75%		09/30/2022		100,000		100,132,293


								310,245,341


Total U.S. Treasury Securities (Cost $19,169,669,674)								19,169,669,674



U.S. Government Sponsored Agency Securities-7.28%
Federal Farm Credit Bank (FFCB)-4.32%
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		2.38%		10/07/2022		30,000		30,000,000

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, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.34%		10/21/2022	$	20,000	$	20,000,000


Federal Farm Credit Bank (SOFR + 0.08%)^(b)		2.37%		11/03/2022		35,000		35,000,000


Federal Farm Credit Bank (SOFR + 0.02%)^(b)		2.31%		06/12/2023		75,000		75,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		07/07/2023		143,000		143,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/08/2023		155,000		155,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/18/2023		21,500		21,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		09/20/2023		25,000		25,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/27/2023		60,000		60,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		12/15/2023		24,500		24,498,405


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		01/04/2024		229,000		229,000,000


Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.35%		01/10/2024		75,500		75,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		01/25/2024		15,000		15,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		02/05/2024		100,000		100,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		02/20/2024		80,000		80,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		02/23/2024		162,000		162,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		03/08/2024		95,000		95,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		03/15/2024		431,000		431,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		03/18/2024		445,000		445,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		04/04/2024		195,000		195,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		04/25/2024		345,000		345,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		05/09/2024		160,000		160,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		05/24/2024		62,000		62,000,000


								2,983,498,405



Federal Home Loan Bank (FHLB)-2.51%
Federal Home Loan Bank		1.85%		09/23/2022		150,000		149,831,333


Federal Home Loan Bank		2.01%		10/14/2022		375,000		374,104,167


Federal Home Loan Bank		1.44%		11/07/2022		1,215,000		1,211,766,412


								1,735,701,912



Federal National Mortgage Association (FNMA)-0.17%
Federal National Mortgage Association		1.86%		09/21/2022		115,000		114,881,806



U.S. International Development Finance Corp. (DFC)-0.28%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		06/15/2025		14,400		14,400,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		07/15/2025		15,667		15,666,669


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2025		3,421		3,421,053


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2026		4,250		4,250,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2026		7,083		7,083,333


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/30/2027		11,455		11,454,546


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		02/15/2028		12,222		12,222,222

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, 2022

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 Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		11/15/2028	$	56,818	$	56,818,182


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.35%		05/15/2030		7,111		7,111,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.90%		10/15/2030		7,333		7,333,333


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.47%		07/09/2026		20,400		20,400,000


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		03/15/2030		34,875		34,875,000


								195,035,338


Total U.S. Government Sponsored Agency Securities (Cost $5,029,117,461)								5,029,117,461


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-35.04% (Cost $24,198,787,135)								24,198,787,135



					Repurchase Amount
Repurchase Agreements-65.08%^(d)

BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30%		09/01/2022		37,002,363,889		37,000,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,750,111,806 (collateralized by U.S. Treasury obligations valued at $1,785,000,044; 0.13% - 6.13%; 03/31/2024 - 02/15/2052)		2.30%		09/01/2022		1,750,111,806		1,750,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)		2.05%		09/01/2022		350,019,931		350,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)		1.00%		09/01/2022		900,025,000		900,000,000


ING Financial Markets, LLC, joint term agreement dated 07/28/2022, aggregate maturing value of $501,796,667 (collateralized by agency mortgage-backed securities valued at $510,000,000; 1.50% - 8.00%; 08/01/2028 - 09/01/2057)		2.31%		09/22/2022		401,437,333		400,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/27/2022 (collateralized by agency mortgage-backed securities valued at $918,000,002; 1.00% - 7.50%; 09/20/2027 - 02/16/2063)^(e)		2.32%		09/01/2022		786,568,038		785,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 - 11/15/2045)^(f)		2.32%		09/07/2022		170,078,734		170,002,044


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(f)		2.32%		09/07/2022		1,051,599,174		1,051,125,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $434,162,857 (collateralized by U.S. Treasury obligations valued at $441,112,430; 0.00%; 02/15/2026 - 11/15/2043)		2.31%		09/01/2022		434,162,857		434,135,000

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, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(f)	2.30%	09/01/2022	$	300,268,333	$	300,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(f)	2.30%	09/07/2022		100,044,722		100,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)	2.30%	09/01/2022		100,006,389		100,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 -05/15/2052)^(f)	2.30%	09/01/2022		135,060,375		135,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 - 02/15/2050)	2.30%	09/01/2022		1,259,958,205		1,259,877,713


Total Repurchase Agreements (Cost $44,935,139,757)						44,935,139,757


TOTAL INVESTMENTS IN SECURITIES-100.12% (Cost $69,133,926,892)						69,133,926,892


OTHER ASSETS LESS LIABILITIES-(0.12)%						(80,939,926	)


NET ASSETS-100.00%					$	69,052,986,966

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, 2022.

^(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, 2022.

^(d)	Principal amount equals value at period end. See Note 1I.

^(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.

^(f)	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

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


19		Short-Term Investments Trust

Schedule of Investments

August 31, 2022

Invesco Treasury Obligations Portfolio


	Interest Rate			Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-100.16%
U.S. Treasury Bills-84.76%^(a)
U.S. Treasury Bills		1.82%-2.06	%		09/06/2022	$	54,300	$	54,286,133


U.S. Treasury Bills		1.23	%		09/08/2022		10,000		9,997,608


U.S. Treasury Bills		2.04%-2.28	%		09/13/2022		73,400		73,345,895


U.S. Treasury Bills		2.03%-2.15	%		09/15/2022		82,500		82,431,857


U.S. Treasury Bills		1.25%-2.27	%		09/20/2022		113,000		112,874,211


U.S. Treasury Bills		1.28%-2.31	%		09/27/2022		87,000		86,872,643


U.S. Treasury Bills		1.39%-2.29	%		10/04/2022		52,000		51,909,268


U.S. Treasury Bills		1.85%-2.24	%		10/06/2022		33,700		33,635,803


U.S. Treasury Bills		1.51%-2.42	%		10/11/2022		70,000		69,825,820


U.S. Treasury Bills		2.11	%		10/13/2022		24,000		23,940,920


U.S. Treasury Bills		2.32%-2.50	%		10/18/2022		89,500		89,214,567


U.S. Treasury Bills		2.49	%		10/20/2022		4,500		4,484,871


U.S. Treasury Bills		2.07	%		10/25/2022		14,000		13,956,740


U.S. Treasury Bills		2.54	%		10/27/2022		45,000		44,823,600


U.S. Treasury Bills		2.20	%		11/01/2022		24,000		23,911,143


U.S. Treasury Bills		2.51	%		11/03/2022		30,000		29,869,275


U.S. Treasury Bills		2.24	%		11/08/2022		24,000		23,898,907


U.S. Treasury Bills		2.55%-2.60	%		11/10/2022		40,800		40,597,079


U.S. Treasury Bills		2.62	%		11/15/2022		12,000		11,935,000


U.S. Treasury Bills		2.63	%		11/17/2022		20,000		19,888,350


U.S. Treasury Bills		2.74	%		11/22/2022		40,000		39,752,178


U.S. Treasury Bills		2.71	%		11/29/2022		25,000		24,833,743


U.S. Treasury Bills		2.81	%		12/13/2022		20,000		19,840,922


U.S. Treasury Bills		1.18	%		02/23/2023		4,000		3,977,153


U.S. Treasury Bills		3.00	%		07/13/2023		6,000		5,846,648


									995,950,334



U.S. Treasury Floating Rate Notes-15.40%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96	%		10/31/2022		45,000		44,999,800


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		2.95	%		01/31/2023		11,000		11,000,764


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94	%		04/30/2023		19,000		19,000,509


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93	%		07/31/2023		17,500		17,500,388


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94	%		10/31/2023		30,000		30,000,601


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		2.89	%		01/31/2024		8,000		7,998,051


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		2.83	%		04/30/2024		25,500		25,474,783

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, 2022

Invesco Treasury Obligations Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Floating Rate Notes-(continued)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024	$	25,000	$	24,984,882


								180,959,778


TOTAL INVESTMENTS IN SECURITIES-100.16% (Cost $ 1,176,910,112)								1,176,910,112


OTHER ASSETS LESS LIABILITIES-(0.16)%								(1,828,082	)


NET ASSETS-100.00%							$	1,175,082,030

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, 2022.

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, 2022

Invesco Tax-Free Cash Reserve Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Municipal Obligations-99.87%
Alabama-7.40%
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)^(a)(b)(c)		1.75%		07/01/2040	$	11,220	$	11,220,000


Mobile Downtown Redevelopment Authority (The) (Austal USA LLC); Series 2011 B, Ref. VRD RB (LOC - Bank of America N.A.)^(b)(c)(d)		1.72%		05/01/2041		6,000		6,000,000


								17,220,000



Arizona-4.87%
Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC - Bank Of America N.A.)^(b)(c)		1.03%		01/01/2046		6,000		6,000,000


Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		1.67%		06/15/2031		2,685		2,685,000


Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		1.67%		06/15/2031		2,645		2,645,000


								11,330,000



California-3.22%
California (State of);
Series 2022 A-1		1.13%		09/15/2022		6,500		6,498,670


Series 2022 A-5		1.13%		09/15/2022		1,000		1,000,000


								7,498,670



Colorado-0.35%
Boulder (County of), CO (Imagine); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		1.63%		02/01/2031		825		825,000



Delaware-1.70%
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		09/01/2036		2,525		2,525,000


Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		05/01/2036		1,430		1,430,000


								3,955,000



District of Columbia-1.67%
District of Columbia (Georgetown University); Series 2007 C-2, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)		1.66%		04/01/2041		1,200		1,200,000


District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.48%		08/15/2038		2,695		2,695,000


								3,895,000



Florida-3.97%
Orange (County of), FL Convention Center (Nemours Foundation); Series 2009 C-2, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.60%		01/01/2037		4,100		4,100,000


Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.75%		11/01/2036		2,725		2,725,000


Palm Beach (County of), FL (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.70%		07/01/2032		2,400		2,400,000


								9,225,000



Georgia-2.12%
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)^(a)(b)(c)		1.68%		11/01/2030		1,920		1,920,000

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


22		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Georgia-(continued)
Private Colleges & Universities Authority (Emory University); Series 2022 B, VRD RB (SIFMA Municipal Swap Index + 0.03%)^(b)		1.46%		09/01/2052	$	3,000	$	3,000,000


								4,920,000



Illinois-11.19%
Illinois (State of) Development Finance Authority (St. Ignatius College); Series 2002, VRD RB (LOC - PNC Bank, N.A.)^(b)(c)		1.51%		06/01/2032		1,650		1,650,000


Illinois (State of) Development Finance Authority (YMCA Metropolitan Chicago); Series 2001, VRD RB (LOC - BMO Harris N.A.)^(a)(b)(c)		1.60%		06/01/2029		5,800		5,800,000


Illinois (State of) Educational Facilities Authority (The Adler Planetarium); Series 1997, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.56%		04/01/2031		725		725,000


Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB^(b)		1.47%		12/01/2046		5,730		5,730,000


Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.50%		01/01/2037		2,600		2,600,000


Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)^(b)(c)		1.68%		10/01/2033		2,625		2,625,000


Illinois (State of) Finance Authority (YMCA Metropolitan Chicago); Series 2004, VRD RB (LOC - BMO Harris Bank N.A.)^(a)(b)(c)		1.60%		06/01/2034		2,735		2,735,000


Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)^(b)(c)		1.65%		01/01/2041		4,160		4,160,000


								26,025,000



Indiana-5.28%
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		1.75%		08/01/2037		3,285		3,285,000


Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)^(a)(b)(c)		1.64%		06/01/2035		6,000		6,000,000


Indianapolis (City of), IN (Capital Place Apartments, Covington Square Apartments and the Woods at Oak Crossing); Series 2008, VRD RB (CEP - FNMA)^(b)		1.62%		05/15/2038		3,000		3,000,000


								12,285,000



Iowa-2.15%
Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB (LOC - Korea Devlopment Bank)^(a)(b)(c)(d)		1.77%		12/01/2041		5,000		5,000,000



Louisiana-2.66%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.63%		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)		1.60%		07/01/2047		4,085		4,085,000


Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		1.46%		07/01/2047		1,100		1,100,000


								6,185,000



Maryland-5.59%
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.48%		04/01/2035		5,000		5,000,000


Montgomery (County of), MD;
Series 2022 B, Commerical Paper Notes (LOC - JPMorgan Chase Bank N.A.)^(c)		1.33%		10/04/2022		5,000		5,000,000


Series 2022 B, Commerical Paper Notes (LOC - State Street Bank and Trust Company)^(c)		1.33%		10/04/2022		3,000		3,000,000


								13,000,000

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


23		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Massachusetts-1.29%
Massachusetts (Commonwealth of) Department of Transportation; Series 2010 A-1, VRD Metropolitan Highway System RB (LOC - TD Bank, N.A.)^(a)(b)(c)		1.49%		01/01/2037	$	3,000	$	3,000,000



Michigan-2.72%
Michigan State University Board of Trustees;
Series 2000 A-1, VRD RB^(b)		1.56%		08/15/2030		3,620		3,620,000


Series 2000 A-2, VRD RB^(b)		1.56%		08/15/2030		2,705		2,705,000


								6,325,000



Minnesota-3.08%
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)^(b)		1.75%		10/15/2033		1,175		1,175,000


Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)^(b)		1.67%		11/01/2035		3,600		3,600,000


St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)^(b)		1.67%		10/01/2033		2,385		2,385,000


								7,160,000



Mississippi-1.97%
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.);
Series 2010 C, VRD IDR^(b)		1.46%		12/01/2030		585		585,000


Series 2010 E, VRD IDR^(b)		1.46%		12/01/2030		4,000		4,000,000


								4,585,000



Missouri-1.93%
Bridgeton (City of), MO Industrial Development Authority (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)^(b)(c)		1.67%		11/01/2037		1,320		1,320,000


Kansas City (City of), MO (H Roe Bartle); Series 2008 F, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		1.49%		04/15/2025		1,915		1,915,000


Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)^(b)(c)		1.82%		08/01/2038		1,260		1,260,000


								4,495,000



New York-4.61%
Metropolitan Transportation Authority; Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.68%		11/15/2046		7,115		7,115,000


New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)^(a)(b)(c)		1.50%		05/01/2039		3,600		3,600,000


								10,715,000



North Carolina-1.31%
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1992 A, VRD RB^(b)		1.47%		06/01/2027		3,055		3,055,000



Ohio-2.72%
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)^(b)(c)		1.67%		08/02/2038		2,650		2,650,000


Ohio State University (The); Series 2014 B-1, VRD RB^(b)		1.53%		12/01/2034		3,670		3,670,000


								6,320,000



Pennsylvania-1.71%
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		06/01/2037		1,225		1,225,000


Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)^(a)(b)(c)		1.65%		03/01/2030		450		450,000

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, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Pennsylvania-(continued)
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		10/15/2025	$	310	$	310,000


Philadelphia (City of), PA; Series 2022 A, Commerical Paper Notes (LOC - Barclays Bank PLC)^(a)(c)		1.60%		09/27/2022		2,000		2,000,000


								3,985,000



Rhode Island-1.89%
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB^(b)		1.67%		09/01/2043		4,400		4,400,000



Texas-14.79%
Board of Regents of the University of Texas System; Series 2008 B, VRD RB^(b)		1.50%		08/01/2025		1,115		1,115,000


Garland (City of), TX; Series 2022, Commerical Paper Notes (LOC - Barclays Bank PLC)^(a)(c)		1.55%		09/15/2022		1,200		1,200,000


Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.69%		02/15/2042		6,200		6,200,000


Houston (City of), TX; Series 2022 H-2, Commerical Paper Notes		1.73%		09/07/2022		5,000		5,000,000


Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		1.68%		05/15/2034		5,250		5,250,000


San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.68%		04/01/2026		1,520		1,520,000


Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)^(b)		1.73%		05/01/2042		3,125		3,125,000


Texas A&M University; Series 2022 B		1.25%		10/05/2022		5,000		5,000,000


University of Texas System Board of Regents; Series 2022 A, Commerical Paper Notes		1.85%		09/16/2022		6,000		6,000,000


								34,410,000



Virginia-1.72%
Norfolk (City of), VA; Series 2007, VRD GO Bonds^(b)		1.46%		08/01/2037		4,000		4,000,000



Washington-2.37%
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		1.49%		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)		1.49%		11/01/2047		2,145		2,145,000


								5,520,000



West Virginia-3.09%
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)^(b)(c)		1.69%		07/01/2039		745		745,000


West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Truist Bank)^(b)(c)		1.74%		01/01/2034		6,445		6,445,000


								7,190,000



Wisconsin-2.50%
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)^(b)(c)		1.68%		10/01/2042		3,160		3,160,000


Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital); Series 2004, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.50%		08/15/2034		2,660		2,660,000


								5,820,000


TOTAL INVESTMENTS IN SECURITIES^(e)(f)-99.87% (Cost $232,343,670)								232,343,670


OTHER ASSETS LESS LIABILITIES-0.13%								290,991


NET ASSETS-100.00%							$	232,634,661

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, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)

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
SIFMA		- Securities Industry and Financial Markets Association
VRD		- Variable Rate Demand
YMCA		- Young Men’s Christian Association

Notes to Schedule of Investments:

^(a)	The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 11.1%; other countries less than 5% each: 15.6%.

^(b)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2022.

^(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)

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, 2022 was $11,000,000, which represented 4.73% of the Fund’s Net Assets.

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

^(f)


Entities	Percentage

Toronto-Dominion Bank		6.6	%

PNC Bank N.A.		6.4

Federal Home Loan Mortgage Corporation		5.7

Bank of America N.A.		5.5

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


26		Short-Term Investments Trust

Statement of Assets and Liabilities

August 31, 2022


													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	$	1,201,018,126		$	197,977,322		$	5,682,916,919		$	24,198,787,135		$	1,176,910,112		$	232,343,670

Repurchase agreements, at value and cost		546,370,183			126,115,881			19,218,936,182			44,935,139,757			-			-

Cash		109,373			-			216,168			-			13,410			2,937

Receivable for:
Investments sold		-			-			-			-			-			230,000

Fund shares sold		-			-			3,426,958			12,440,927			-			-

Interest		1,498,126			114,844			15,648,843			39,762,105			427,495			353,878

Fund expenses absorbed		48,750			22,441			611,241			1,310,208			-			59,007

Investment for trustee deferred compensation and retirement plans		2,981,769			796,703			1,794,578			818,710			83,864			274,694

Other assets		-			132,222			406,980			2,382			791			29,200

Total assets		1,752,026,327			325,159,413			24,923,957,869			69,188,261,224			1,177,435,672			233,293,386


Liabilities:
Payable for:
Fund shares reacquired		-			-			1,436,975			4,312,518			-			-

Amount due custodian		-			-			-			75,388			-			-

Dividends		3,429,582			734,622			40,854,222			119,874,158			1,992,687			268,283

Accrued fees to affiliates		327,192			67,040			5,261,976			9,664,368			232,590			64,888

Accrued trustees’ and officers’ fees and benefits		5,177			3,013			24,875			75,569			4,088			2,853

Accrued operating expenses		38,091			24,350			390,285			209,322			26,751			29,818

Trustee deferred compensation and retirement plans		3,195,882			848,235			2,058,442			1,062,935			97,526			292,883

Total liabilities		6,995,924			1,677,260			50,026,775			135,274,258			2,353,642			658,725

Net assets applicable to shares outstanding	$	1,745,030,403		$	323,482,153		$	24,873,931,094		$	69,052,986,966		$	1,175,082,030		$	232,634,661


Net assets consist of:
Shares of beneficial interest	$	1,747,484,102		$	324,067,657		$	24,879,025,429		$	69,080,969,965		$	1,175,260,073		$	232,854,374

Distributable earnings (loss)		(2,453,699	)		(585,504	)		(5,094,335	)		(27,982,999	)		(178,043	)		(219,713	)

	$	1,745,030,403		$	323,482,153		$	24,873,931,094		$	69,052,986,966		$	1,175,082,030		$	232,634,661


Net Assets:
Institutional Class	$	1,741,681,355		$	322,472,595		$	21,420,556,964		$	61,165,374,792		$	1,102,134,048		$	196,759,517

Private Investment Class	$	1,072,938		$	457,312		$	381,788,814		$	577,941,151		$	14,564,541		$	14,764,249

Personal Investment Class	$	10,248		$	91,404		$	580,830,893		$	39,333,209		$	12,718,457		$	1,810,611

Cash Management Class	$	1,720,159		$	369,022		$	394,771,725		$	1,142,406,020		$	78,579		$	3,744,588

Reserve Class	$	175,005		$	70,263		$	987,384,416		$	598,751,170		$	42,146,780		$	14,785,359

Resource Class	$	247,941		$	386		$	77,389,574		$	135,003,087		$	98,294		$	760,040

Corporate Class	$	22,778		$	21,171		$	473,991,784		$	542,615,409		$	3,341,331		$	10,297

CAVU Securities Class	$	99,979		$	-		$	557,216,925		$	4,851,562,128		$	-		$	-

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


27		Short-Term Investments Trust

Statement of Assets and Liabilities–(continued)

August 31, 2022


									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		1,741,404,031		322,466,007		21,422,696,205		61,190,061,271		1,102,245,734		196,737,460

Private Investment Class		1,072,769		457,303		381,826,938		578,174,331		14,566,279		14,762,695

Personal Investment Class		10,246		91,402		580,888,890		39,349,084		12,720,093		1,810,436

Cash Management Class		1,719,889		369,015		394,811,148		1,142,867,105		78,588		3,744,177

Reserve Class		174,978		70,262		987,483,019		598,992,752		42,152,444		14,784,054

Resource Class		247,902		386		77,397,299		135,057,575		98,305		759,958

Corporate Class		22,774		21,170		474,039,115		542,834,320		3,341,703		10,296

CAVU Securities Class		99,963		-		557,272,567		4,853,520,238		-		-

Net asset value, offering and redemption price per share for each class	$	1.0002	$	1.0000	$	1.00	$	1.00	$	1.00	$	1.00

Cost of Investments	$	1,747,632,225	$	324,098,563	$	24,901,853,101	$	69,133,926,892	$	1,176,910,112	$	232,343,670

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


28		Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2022


													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	$	13,644,622		$	2,284,794		$	128,028,516		$	395,970,368		$	6,615,247		$	959,588


Expenses:
Advisory fees		3,122,309			449,298			32,265,270			60,899,961			1,503,064			363,316

Administrative services fees		933,129			133,092			9,470,158			26,994,896			497,724			80,410

Custodian fees		40,769			21,744			543,746			726,135			12,003			4,168

Distribution fees:
Private Investment Class		7,695			1,538			949,886			1,691,410			37,328			29,069

Personal Investment Class		56			509			1,991,022			147,296			58,197			8,227

Cash Management Class		1,945			361			376,542			674,250			91			3,393

Reserve Class		1,800			711			11,418,685			4,727,590			553,248			149,700

Resource Class		540			-			96,179			248,617			161			2,277

Corporate Class		7			7			70,495			221,276			1,054			4

Transfer agent fees		187,339			26,958			1,935,916			5,480,996			101,526			16,349

Trustees’ and officers’ fees and benefits		33,400			20,107			172,056			472,464			26,153			19,234

Registration and filing fees		100,319			80,466			857,680			874,196			95,458			95,946

Reports to shareholders		16,135			11,893			63,345			60,302			13,166			25,783

Professional services fees		50,201			38,656			145,043			320,773			49,349			37,674

Other		102,516			58,218			300,901			520,409			65,519			22,861

Total expenses		4,598,160			843,558			60,656,924			104,060,571			3,014,041			858,411

Less: Fees waived and expenses reimbursed		(945,472	)		(385,749	)		(28,703,024	)		(34,058,255	)		(1,332,072	)		(528,184	)

Net expenses		3,652,688			457,809			31,953,900			70,002,316			1,681,969			330,227

Net investment income		9,991,934			1,826,985			96,074,616			325,968,052			4,933,278			629,361

Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		3,959			624			(3,886,562	)		(28,543,577	)		(129,607	)		-

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(406,836	)		(5,126	)		-			-			-			-

Net realized and unrealized gain (loss)		(402,877	)		(4,502	)		(3,886,562	)		(28,543,577	)		(129,607	)		-

Net increase in net assets resulting from operations	$	9,589,057		$	1,822,483		$	92,188,054		$	297,424,475		$	4,803,671		$	629,361

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


29		Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021


	Invesco Liquid Assets Portfolio						Invesco STIC Prime Portfolio
	2022			2021			2022			2021

Operations:
Net investment income	$	9,991,934		$	1,034,618		$	1,826,985		$	24,474

Net realized gain		3,959			2,613			624			552

Change in net unrealized appreciation (depreciation)		(406,836	)		(496,709	)		(5,126	)		(2,800	)

Net increase in net assets resulting from operations		9,589,057			540,522			1,822,483			22,226


Distributions to shareholders from distributable earnings:
Institutional Class		(9,973,378	)		(1,033,839	)		(1,657,807	)		(24,275	)

Private Investment Class		(6,754	)		(318	)		(1,550	)		(92	)

Personal Investment Class		(32	)		(4	)		(240	)		(31	)

Cash Management Class		(9,759	)		(359	)		(1,672	)		(52	)

Reserve Class		(378	)		(29	)		(130	)		(11	)

Resource Class		(1,017	)		(40	)		(3	)		(9	)

Corporate Class		(112	)		(13	)		(95	)		(4	)

CAVU Securities Class		(504	)		(16	)		-			-

Total distributions from distributable earnings		(9,991,934	)		(1,034,618	)		(1,661,497	)		(24,474	)


Return of capital:
Institutional Class		-			-			(165,120	)		-

Private Investment Class		-			-			(154	)		-

Personal Investment Class		-			-			(24	)		-

Cash Management Class		-			-			(167	)		-

Reserve Class		-			-			(13	)		-

Resource Class		-			-			(1	)		-

Corporate Class		-			-			(9	)		-

Total return of capital		-			-			(165,488	)		-

Total distributions		(9,991,934	)		(1,034,618	)		(1,826,985	)		(24,474	)


Share transactions-net:
Institutional Class		(614,280,688	)		(201,574,311	)		100,759,349			(99,033,118	)

Private Investment Class		(1,818,407	)		(648,893	)		(147,861	)		(671,036	)

Personal Investment Class		-			-			(1,448	)		(302,491	)

Cash Management Class		(1,201,217	)		(24,434	)		(127,021	)		(7,793	)

Reserve Class		(40,550	)		(62,582	)		(16,775	)		(18,402	)

Resource Class		(114,240	)		(3,337	)		1			(122,205	)

Corporate Class		(354	)		(15,522	)		64			4

CAVU Securities Class		1			100,002			-			-

Net increase (decrease) in net assets resulting from share transactions		(617,455,455	)		(202,229,077	)		100,466,309			(100,155,041	)

Net increase (decrease) in net assets		(617,858,332	)		(202,723,173	)		100,461,807			(100,157,289	)


Net assets:
Beginning of year		2,362,888,735			2,565,611,908			223,020,346			323,177,635

End of year	$	1,745,030,403		$	2,362,888,735		$	323,482,153		$	223,020,346

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–(continued)

For the years ended August 31, 2022 and 2021


	Invesco Treasury Portfolio						Invesco Government & Agency Portfolio

	2022			2021			2022			2021

Operations:
Net investment income	$	96,074,616		$	2,248,785		$	325,968,052		$	9,964,680

Net realized gain (loss)		(3,886,562	)		30,818			(28,543,577	)		542,485

Net increase in net assets resulting from operations		92,188,054			2,279,603			297,424,475			10,507,165


Distributions to shareholders from distributable earnings:
Institutional Class		(85,408,911	)		(2,005,555	)		(295,190,284	)		(9,402,663	)

Private Investment Class		(1,268,453	)		(35,458	)		(2,186,097	)		(120,583	)

Personal Investment Class		(1,167,413	)		(28,813	)		(110,536	)		(2,025	)

Cash Management Class		(1,843,731	)		(42,921	)		(3,324,668	)		(128,425	)

Reserve Class		(2,122,002	)		(62,101	)		(1,225,131	)		(105,814	)

Resource Class		(267,315	)		(18,705	)		(863,585	)		(32,727	)

Corporate Class		(1,170,294	)		(41,758	)		(2,699,107	)		(52,287	)

CAVU Securities Class		(2,826,497	)		(13,474	)		(20,368,644	)		(120,156	)

Total distributions from distributable earnings		(96,074,616	)		(2,248,785	)		(325,968,052	)		(9,964,680	)


Share transactions-net:
Institutional Class		4,330,861,644			(2,122,806,791	)		11,726,491,208			19,204,558,855

Private Investment Class		78,001,581			(118,976,592	)		72,215,877			(76,121,055	)

Personal Investment Class		315,801,181			(16,713,545	)		29,989,058			(4,169,839	)

Cash Management Class		(57,379,422	)		80,255,547			394,921,370			316,471,282

Reserve Class		119,769,440			286,064,751			190,502,067			7,054,623

Resource Class		24,190,011			(582,467,587	)		17,158,805			(25,248,184	)

Corporate Class		207,510,470			(867,085,822	)		(539,261,258	)		1,050,827,823

CAVU Securities Class		10,231,626			547,040,941			3,411,670,557			1,441,849,681

Net increase (decrease) in net assets resulting from share transactions		5,028,986,531			(2,794,689,098	)		15,303,687,684			21,915,223,186

Net increase (decrease) in net assets		5,025,099,969			(2,794,658,280	)		15,275,144,107			21,915,765,671


Net assets:
Beginning of year		19,848,831,125			22,643,489,405			53,777,842,859			31,862,077,188

End of year	$	24,873,931,094		$	19,848,831,125		$	69,052,986,966		$	53,777,842,859

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, 2022 and 2021


	Invesco Treasury Obligations Portfolio						Invesco Tax-Free Cash Reserve Portfolio

	2022			2021			2022			2021

Operations:
Net investment income	$	4,933,278		$	133,186		$	629,361		$	17,194

Net realized gain (loss)		(129,607	)		47,304			-			-

Net increase in net assets resulting from operations		4,803,671			180,490			629,361			17,194


Distributions to shareholders from distributable earnings:
Institutional Class		(4,768,439	)		(123,225	)		(576,238	)		(12,978	)

Private Investment Class		(48,742	)		(1,559	)		(26,690	)		(1,039	)

Personal Investment Class		(29,749	)		(128	)		(2,178	)		(195	)

Cash Management Class		(319	)		(29	)		(11,012	)		(490	)

Reserve Class		(71,516	)		(7,454	)		(10,273	)		(2,280	)

Resource Class		(360	)		(17	)		(2,938	)		(208	)

Corporate Class		(14,153	)		(774	)		(32	)		(4	)

Total distributions from distributable earnings		(4,933,278	)		(133,186	)		(629,361	)		(17,194	)


Share transactions-net:
Institutional Class		38,941,402			(306,942,642	)		78,490,605			(32,730,801	)

Private Investment Class		(78,490	)		220,502			5,209,668			(580,210	)

Personal Investment Class		8,907,420			3,070,903			133,658			(1,906,614	)

Cash Management Class		(174,408	)		(87,640	)		(851,665	)		(893,331	)

Reserve Class		(32,341,061	)		19,907,010			(1,439,232	)		(10,596,705	)

Resource Class		198			(51,953	)		(716,611	)		(1,527,247	)

Corporate Class		(1,691,615	)		(5,409,097	)		19			-

Net increase (decrease) in net assets resulting from share transactions		13,563,446			(289,292,917	)		80,826,442			(48,234,908	)

Net increase (decrease) in net assets		13,433,839			(289,245,613	)		80,826,442			(48,234,908	)


Net assets:
Beginning of year		1,161,648,191			1,450,893,804			151,808,219			200,043,127

End of year	$	1,175,082,030		$	1,161,648,191		$	232,634,661		$	151,808,219

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


32		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			Return of capital			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 08/31/22		$1.0004		$0.0037		$(0.0002	)		$0.0035			$(0.0037	)		$ -			$ -			$(0.0037	)		$1.0002		0.35	%		$ 1,073		0.29	%		0.52	%		0.37	%
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
Invesco STIC Prime Portfolio
Year ended 08/31/22		1.0000		0.0037		0.0000			0.0037			(0.0034	)		-			(0.0003	)		(0.0037	)		1.0000		0.37			457		0.27			0.58			0.50
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
Invesco Treasury Portfolio
Year ended 08/31/22		1.00		0.00		(0.00	)		0.00			(0.00	)		-			-			(0.00	)		1.00		0.34			381,789		0.26			0.51			0.34
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
Invesco Government & Agency Portfolio
Year ended 08/31/22		1.00		0.00		(0.00	)		0.00			(0.00	)		-			-			(0.00	)		1.00		0.37			577,941		0.25			0.46			0.40
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
Invesco Treasury Obligations Portfolio
Year ended 08/31/22		1.00		0.00		(0.00	)		0.00			(0.00	)		-			-			(0.00	)		1.00		0.33			14,565		0.25			0.46			0.34
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
Invesco Tax-Free Cash Reserve Portfolio
Year ended 08/31/22		1.00		0.00		-			0.00			(0.00	)		-			-			(0.00	)		1.00		0.21			14,764		0.27			0.62			0.25
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	)		0.001			-			(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

^(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.


33		Short-Term Investments Trust

Notes to Financial Statements

August 31, 2022

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


34		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.


35		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.

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, 2022, 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%


36		Short-Term Investments Trust


	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 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, 2022, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


		Expense Limitation


Invesco Liquid Assets Portfolio		$ 839,352


Invesco STIC Prime Portfolio		301,276


Invesco Treasury Portfolio		7,035,844


Invesco Government & Agency Portfolio		1,730,545


Invesco Treasury Obligations Portfolio		333,450


Invesco Tax-Free Cash Reserve Portfolio		302,421

Voluntary fee waivers for the year ended August 31, 2022 are shown below:


	Fund Level		Private Investment Class		Personal Investment Class		Cash Management Class	Reserve Class		Resource Class		Corporate Class


Invesco Liquid Assets Portfolio	$	98,734	$	4,760	$	34	$ 1,074	$	1,206	$	309	$	3


Invesco STIC Prime Portfolio		82,545		915		311	206		491		1		4


Invesco Treasury Portfolio		11,717,027		518,670		1,157,113	208,147		7,972,623		51,028		42,572


Invesco Government & Agency Portfolio		27,703,436		911,921		57,615	374,418		3,045,451		106,195		128,674


Invesco Treasury Obligations Portfolio		536,300		19,938		27,410	61		414,286		83		544


Invesco Tax-Free Cash Reserve Portfolio		99,306		14,819		4,105	1,861		104,414		1,256		2


37		Short-Term Investments Trust


	Private Investment Class	Personal Investment Class	Cash Management Class	Reserve Class	Resource Class	Corporate Class


Invesco Liquid Assets Portfolio	0.30%	0.55%	0.08%	0.87%	0.20%	0.03%


Invesco STIC Prime Portfolio	0.30%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Treasury Portfolio	0.30%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Government & Agency Portfolio	0.30%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Treasury Obligations Portfolio	0.25%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Tax-Free Cash Reserve Portfolio	0.25%	0.55%	0.08%	0.87%	0.16%	0.03%

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		$ 22,055,624		$ 16,400,013	$-


Invesco STIC Prime Portfolio		8,610,216		14,201,999	-


Invesco Tax-Free Cash Reserve Portfolio		241,775,804		207,889,996	-

NOTE 5–Trustees’ and Officers’ Fees and Benefits


38		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, 2022 and 2021:


	2022						2021
	Ordinary Income*		Ordinary Income-Tax- Exempt		Return of Capital		Ordinary Income*		Ordinary Income-Tax- Exempt		Return of Capital


Invesco Liquid Assets Portfolio		$ 9,991,934		$ -		$ -		$1,034,618		$ -	$-


Invesco STIC Prime Portfolio		1,661,497		-		165,488		24,474		-	-


Invesco Treasury Portfolio		96,074,616		-		-		2,248,785		-	-


Invesco Government & Agency Portfolio		325,968,052		-		-		9,964,680		-	-


Invesco Treasury Obligations Portfolio		4,933,278		-		-		133,186		-	-


Invesco Tax-Free Cash Reserve Portfolio		-		629,361		-		5,579		11,615	-

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

Tax Components of Net Assets at Period-End:


	Undistributed Ordinary Income	Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)- Investments	Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets


Invesco Liquid Assets Portfolio	$ -	$	(2,200,732	)	$(243,916)	$	(9,051	)	$	1,747,484,102	$	1,745,030,403


Invesco STIC Prime Portfolio	-		(580,144	)	(5,360)		-			324,067,657		323,482,153


Invesco Treasury Portfolio	284,026		(1,459,786	)	-		(3,918,575	)		24,879,025,429		24,873,931,094


Invesco Government & Agency Portfolio	1,351,614		(789,869	)	-		(28,544,744	)		69,080,969,965		69,052,986,966


Invesco Treasury Obligations Portfolio	56,908		(69,452	)	(8,870)		(156,629	)		1,175,260,073		1,175,082,030


Invesco Tax-Free Cash Reserve Portfolio	-		(200,621	)	-		(19,092	)		232,854,374		232,634,661


39		Short-Term Investments Trust

The Funds have a capital loss carryforward as of August 31, 2022, as follows:


	Short-Term	Long-Term
	Not Subject to	Not Subject to
Fund	Expiration	Expiration	Total*


Invesco Liquid Assets Portfolio	$ 9,051	$ -	$ 9,051


Invesco Treasury Portfolio	3,918,575	-	3,918,575


Invesco Government & Agency Portfolio	28,544,744	-	28,544,744


Invesco Treasury Obligations Portfolio	132,371	24,258	156,629


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, 2022
	Federal Tax Cost*	Unrealized Appreciation	Unrealized (Depreciation)	Net Unrealized Appreciation (Depreciation)


Invesco Liquid Assets Portfolio	$1,747,632,225	$115,759	$(359,675)	$(243,916)


Invesco STIC Prime Portfolio	324,098,563	-	(5,360)	(5,360)


Invesco Treasury Obligations Portfolio	1,176,918,982	-	(8,870)	(8,870)

NOTE 9–Reclassification of Permanent Differences


	Undistributed Net Investment Income (Loss)		Undistributed Net Realized Gain (Loss)		Shares of Beneficial Interest


Invesco Liquid Assets Portfolio		$407,812		$ -		$(407,812)


Invesco STIC Prime Portfolio		166,112		(624)		(165,488)


Invesco Treasury Portfolio		44,131		(46,858)		2,727


Invesco Government & Agency Portfolio		(1)		3		(2)


Invesco Treasury Obligations Portfolio		-		-		-


Invesco Tax-Free Cash Reserve Portfolio		59,675		-		(59,675)

NOTE 10–Share Information

Invesco Liquid Assets Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)				2021
	Shares		Amount		Shares		Amount


Sold:
Institutional Class		16,021,220,223	$	16,021,997,196		17,486,805,323	$	17,494,025,296


Private Investment Class		173		173		371,715		371,900


Cash Management Class		1		1		6,058		6,061


Reserve Class		7,065		7,068		79,579		79,611


Corporate Class		-		-		1,001		1,001


CAVU Securities Class^(b)		1		1		99,962		100,002


40		Short-Term Investments Trust

NOTE 10–Share Information–(continued)


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Institutional Class		331,500		$	331,481			182,613		$	182,698


Private Investment Class		3,597			3,597			207			207


Cash Management Class		5,971			5,971			359			359


Reserve Class		174			174			28			28


Resource Class		599			599			37			37


Corporate Class		70			70			13			13



Reacquired:
Institutional Class		(16,635,655,012	)		(16,636,609,365	)		(17,688,475,913	)		(17,695,782,305	)


Private Investment Class		(1,822,166	)		(1,822,177	)		(1,020,552	)		(1,021,000	)


Cash Management Class		(1,207,094	)		(1,207,189	)		(30,840	)		(30,854	)


Reserve Class		(47,789	)		(47,792	)		(142,165	)		(142,221	)


Resource Class		(114,803	)		(114,839	)		(3,373	)		(3,374	)


Corporate Class		(425	)		(424	)		(16,529	)		(16,536	)


Net increase (decrease) in share activity		(617,277,915	)	$	(617,455,455	)		(202,142,477	)	$	(202,229,077	)

^(a)	45% 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.


41		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco STIC Prime Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:

Institutional Class		1,898,258,845		$	1,898,293,281			1,439,605,312		$	1,439,605,312


Private Investment Class		66,475			66,475			17,500			17,500


Personal Investment Class		45			45			-			-


Cash Management Class		47,921			47,925			7,472			7,472


Reserve Class		1			1			4			4


Corporate Class		-			-			1,000			1,000



Issued as reinvestment of dividends:

Institutional Class		718,725			718,729			14,063			14,063


Private Investment Class		961			961			91			91


Personal Investment Class		131			131			27			27


Cash Management Class		351			351			15			15


Reserve Class		62			62			7			7


Resource Class		1			1			7			7


Corporate Class		64			64			4			4



Reacquired:

Institutional Class		(1,798,225,673	)		(1,798,252,661	)		(1,538,652,493	)		(1,538,652,493	)


Private Investment Class		(215,296	)		(215,297	)		(688,627	)		(688,627	)


Personal Investment Class		(1,624	)		(1,624	)		(302,518	)		(302,518	)


Cash Management Class		(175,291	)		(175,297	)		(15,280	)		(15,280	)


Reserve Class		(16,836	)		(16,838	)		(18,413	)		(18,413	)


Resource Class		-			-			(122,212	)		(122,212	)


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


Net increase (decrease) in share activity		100,458,862		$	100,466,309			(100,155,041	)	$	(100,155,041	)

^(a)


42		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:

Institutional Class		132,066,034,066		$	132,066,034,066			209,389,908,080		$	209,389,908,080


Private Investment Class		1,001,410,898			1,001,410,898			564,708,648			564,708,648


Personal Investment Class		2,236,178,971			2,236,178,971			1,460,181,973			1,460,181,973


Cash Management Class		1,488,319,714			1,488,319,714			834,202,437			834,202,437


Reserve Class		3,559,612,942			3,559,612,942			2,267,218,779			2,267,218,779


Resource Class		215,964,855			215,964,855			271,542,723			271,542,723


Corporate Class		4,502,000,934			4,502,000,934			4,259,846,179			4,259,846,179


CAVU Securities Class^(b)		12,888,063,731			12,888,063,731			1,619,862,326			1,619,862,326



Issued as reinvestment of dividends:

Institutional Class		10,223,078			10,223,078			497,496			497,496


Private Investment Class		184,233			184,233			11,961			11,961


Personal Investment Class		398,914			398,914			28,558			28,558


Cash Management Class		1,071,516			1,071,516			39,490			39,490


Reserve Class		971,014			971,014			56,643			56,643


Resource Class		130,138			130,138			4,380			4,380


Corporate Class		261,029			261,029			26,745			26,745


CAVU Securities Class		1,880			1,880			-			-



Reacquired:

Institutional Class		(127,745,395,500	)		(127,745,395,500	)		(211,513,212,367	)		(211,513,212,367	)


Private Investment Class		(923,593,550	)		(923,593,550	)		(683,697,201	)		(683,697,201	)


Personal Investment Class		(1,920,776,704	)		(1,920,776,704	)		(1,476,924,076	)		(1,476,924,076	)


Cash Management Class		(1,546,770,652	)		(1,546,770,652	)		(753,986,380	)		(753,986,380	)


Reserve Class		(3,440,814,516	)		(3,440,814,516	)		(1,981,210,671	)		(1,981,210,671	)


Resource Class		(191,904,982	)		(191,904,982	)		(854,014,690	)		(854,014,690	)


Corporate Class		(4,294,751,493	)		(4,294,751,493	)		(5,126,958,746	)		(5,126,958,746	)


CAVU Securities Class		(12,877,833,985	)		(12,877,833,985	)		(1,072,821,385	)		(1,072,821,385	)


Net increase (decrease) in share activity		5,028,986,531		$	5,028,986,531			(2,794,689,098	)	$	(2,794,689,098	)

^(a)

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


43		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Government & Agency Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:

Institutional Class		454,339,645,288		$	454,339,645,288			287,998,117,369		$	287,998,117,369


Private Investment Class		1,778,974,054			1,778,974,054			1,566,476,737			1,566,476,737


Personal Investment Class		97,861,174			97,861,174			8,460,874			8,460,874


Cash Management Class		1,341,733,532			1,341,733,532			1,020,500,616			1,020,500,616


Reserve Class		2,373,222,673			2,373,222,673			1,184,114,517			1,184,114,517


Resource Class		1,481,464,937			1,481,464,937			1,448,949,173			1,448,949,173


Corporate Class		10,354,778,887			10,354,778,887			2,472,495,311			2,472,495,311


CAVU Securities Class^(b)		77,360,488,467			77,360,488,467			11,182,358,336			11,182,358,336



Issued as reinvestment of dividends:

Institutional Class		49,592,996			49,592,996			2,364,199			2,364,199


Private Investment Class		747,946			747,946			77,027			77,027


Personal Investment Class		55,691			55,691			1,664			1,664


Cash Management Class		463,867			463,867			62,947			62,947


Reserve Class		542,028			542,028			96,732			96,732


Resource Class		486,110			486,110			22,306			22,306


Corporate Class		1,161,309			1,161,309			20,996			20,996


CAVU Securities Class		7,176,754			7,176,754			68,987			68,987



Reacquired:

Institutional Class		(442,662,747,076	)		(442,662,747,076	)		(268,795,922,713	)		(268,795,922,713	)


Private Investment Class		(1,707,506,123	)		(1,707,506,123	)		(1,642,674,819	)		(1,642,674,819	)


Personal Investment Class		(67,927,807	)		(67,927,807	)		(12,632,377	)		(12,632,377	)


Cash Management Class		(947,276,029	)		(947,276,029	)		(704,092,281	)		(704,092,281	)


Reserve Class		(2,183,262,634	)		(2,183,262,634	)		(1,177,156,626	)		(1,177,156,626	)


Resource Class		(1,464,792,242	)		(1,464,792,242	)		(1,474,219,663	)		(1,474,219,663	)


Corporate Class		(10,895,201,454	)		(10,895,201,454	)		(1,421,688,484	)		(1,421,688,484	)


CAVU Securities Class		(73,955,994,664	)		(73,955,994,664	)		(9,740,577,642	)		(9,740,577,642	)


Net increase in share activity		15,303,687,684		$	15,303,687,684			21,915,223,186		$	21,915,223,186

^(a)

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


44		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Obligations Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:

Institutional Class		2,034,763,395		$	2,034,763,395			1,758,486,047		$	1,758,486,047


Private Investment Class		4,862,034			4,862,034			8,037,650			8,037,650


Personal Investment Class		25,412,787			25,412,787			6,051,798			6,051,798


Reserve Class		237,156,939			237,156,939			332,356,357			332,356,357


Resource Class		891,607			891,607			52,034			52,034


Corporate Class		-			-			129			129



Issued as reinvestment of dividends:

Institutional Class		1,208,158			1,208,158			69,137			69,137


Private Investment Class		25,960			25,960			1,543			1,543


Personal Investment Class		13,163			13,163			102			102


Cash Management Class		185			185			27			27


Reserve Class		26,868			26,868			7,165			7,165


Resource Class		-			-			3			3


Corporate Class		8,385			8,385			774			774



Reacquired:

Institutional Class		(1,997,030,151	)		(1,997,030,151	)		(2,065,497,826	)		(2,065,497,826	)


Private Investment Class		(4,966,484	)		(4,966,484	)		(7,818,691	)		(7,818,691	)


Personal Investment Class		(16,518,530	)		(16,518,530	)		(2,980,997	)		(2,980,997	)


Cash Management Class		(174,593	)		(174,593	)		(87,667	)		(87,667	)


Reserve Class		(269,524,868	)		(269,524,868	)		(312,456,512	)		(312,456,512	)


Resource Class		(891,409	)		(891,409	)		(103,990	)		(103,990	)


Corporate Class		(1,700,000	)		(1,700,000	)		(5,410,000	)		(5,410,000	)


Net increase (decrease) in share activity		13,563,446		$	13,563,446			(289,292,917	)	$	(289,292,917	)

^(a)

In addition, 51% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


45		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:

Institutional Class		264,322,787		$	264,322,787			147,021,640		$	147,021,640


Private Investment Class		8,658,509			8,658,509			2,274,008			2,274,008


Personal Investment Class		4,144,947			4,144,947			7,107,975			7,107,975


Cash Management Class		4,995,075			4,995,075			6,420,817			6,420,817


Reserve Class		44,954,869			44,954,869			28,135,345			28,135,345


Resource Class		-			-			394,392			394,392



Issued as reinvestment of dividends:

Institutional Class		203,648			203,648			7,749			7,749


Private Investment Class		10,734			10,734			832			832


Personal Investment Class		619			619			195			195


Cash Management Class		1,959			1,959			230			230


Reserve Class		2,238			2,238			2,280			2,280


Resource Class		1,890			1,890			205			205


Corporate Class		19			19			-			-



Reacquired:

Institutional Class		(186,035,830	)		(186,035,830	)		(179,760,190	)		(179,760,190	)


Private Investment Class		(3,459,575	)		(3,459,575	)		(2,855,050	)		(2,855,050	)


Personal Investment Class		(4,011,908	)		(4,011,908	)		(9,014,784	)		(9,014,784	)


Cash Management Class		(5,848,699	)		(5,848,699	)		(7,314,378	)		(7,314,378	)


Reserve Class		(46,396,339	)		(46,396,339	)		(38,734,330	)		(38,734,330	)


Resource Class		(718,501	)		(718,501	)		(1,921,844	)		(1,921,844	)


Net increase (decrease) in share activity		80,826,442		$	80,826,442			(48,234,908	)	$	(48,234,908	)

^(a)


46		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, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, 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, 2022 (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, 2022, 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, 2022 and each of the financial highlights of the Private Investment Class for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 26, 2022


47		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, 2022 through August 31, 2022.

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
		ACTUAL		(5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
Private Investment Class	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
Private Investment Class	(03/01/22)	(08/31/22)¹	Period²	(08/31/22)	Period²	Ratio
Invesco Liquid Assets Portfolio	$1,000.00	$1,003.80	$2.22	$1,022.99	$2.24	0.44%
Invesco STIC Prime Portfolio	1,000.00	1,003.60	2.32	1,022.89	2.35	0.46
Invesco Treasury Portfolio	1,000.00	1,003.30	2.12	1,023.09	2.14	0.42
Invesco Government & Agency Portfolio	1,000.00	1,003.60	2.17	1,023.04	2.19	0.43
Invesco Treasury Obligations Portfolio	1,000.00	1,003.20	2.07	1,023.14	2.09	0.41
Invesco Tax-Free Cash Reserve Portfolio	1,000.00	1,002.00	2.22	1,022.99	2.24	0.44

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.


48		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

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials


49		Short-Term Investments Trust

B.	Fund Investment Performance

Invesco Government & Agency Portfolio

Invesco Liquid Assets Portfolio

Invesco STIC Prime Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period, equal to the performance of the Index for the three year period and reasonably comparable to 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, 2021 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 equal to the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as

Invesco Treasury Obligations Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco Treasury Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio


50		Short-Term Investments Trust

Invesco Liquid Assets Portfolio

accounts have all-inclusive fee structures, which are not easily un-bundled.

Invesco STIC Prime Portfolio


51		Short-Term Investments Trust

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 there were only four other funds in the Fund’s expense group.

Invesco Treasury Obligations Portfolio

Invesco Treasury Portfolio


52		Short-Term Investments Trust

the Fund’s total expense ratio and its various components.

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

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,


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, 2022:

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	95.79%	0.00%	0.00%	0.07%	0.00%


Invesco STIC Prime Portfolio	98.68%	0.00%	0.00%	0.00%	0.00%


Invesco Treasury Portfolio	100.00%	0.00%	0.00%	40.21%	0.00%


Invesco Government & Agency Portfolio	100.00%	0.00%	0.00%	43.13%	0.00%


Invesco Treasury Obligations Portfolio	100.00%	0.00%	0.00%	100.00%	0.00%


Invesco Tax-Free Cash Reserve Portfolio	0.00%	0.00%	0.00%	0.00%	100.00%

* The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

Non-Resident Alien Shareholders


	Qualified Short-Term Gains	Qualified Interest Income**


Invesco Liquid Assets Portfolio	$ -		0.00%


Invesco STIC Prime Portfolio	624		0.00%


Invesco Treasury Portfolio	-		100.00%


Invesco Government & Agency Portfolio	-		100.00%


Invesco Treasury Obligations Portfolio	-		100.00%


Invesco Tax-Free Cash Reserve Portfolio	-		0.00%

** The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year.


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	190	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
Beth Ann Brown – 1968 Trustee and Chair	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	190	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) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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	190	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)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of 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	190	Insperity, Inc. (formerly known as Administaff) (human resources provider); Member of Regional Board of Directors and Board of Directors, 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	190	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; 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	190	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	190	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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)
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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	190	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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	190	None
Ann Barnett Stern²– 1957 Trustee	2017	President and Chief Executive Officerr, Houston Endowment, Inc. a private philanthropic institution (private philanthropic institution) Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP & Andrews and Kurth LLP	190	Trustee and Board Vice Chair of Holdsworth Center (non-profit); Trustee and Chair of Nomination/Governance Committee, Good Reason Houston, (non-profit); Trustee and Investment Committee member of University of Texas Law School Foundation (non-profit); Board Member of Greater Houston Partnership (non-profit); Advisory Board member, Baker Institute for Public Policy at Rice University (non-profit) Formerly: Director and Audit Committee Member of Federal Reserve Bank of Dallas
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	190	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management, 1994-2007; Trustee and Chair, Weiss Peck and Greer Funds Board, 2004-2005; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management, 1984-1994.	190	Formerly: Trustee and Governance Chair, Oppenheimer Funds, 2014-2019; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America, 2016-2019

²	Effective September 14, 2022, Ms. Ann Barnett Stern resigned as a Trustee of the Trust.


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
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; 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
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); 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: Senior Vice President, Invesco Distributors, Inc.; 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
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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) 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


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–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; 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
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.; Senior Vice President, The Invesco Funds; 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.; 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


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)
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 and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A
			N/A	N/A


T-6		Short-Term Investments Trust

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SEC file numbers: 811-02729 and 002-58287	Invesco Distributors, Inc.	CM-STIT-AR-5



		Annual Report to Shareholders		August 31, 2022

		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, 2022, and is based on total net assets. Unless otherwise stated, all data is 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			27

Financial Highlights			33

Notes to Financial Statements			34

Report of Independent Registered Public Accounting Firm			47

Fund Expenses			48

Approval of Investment Advisory and Sub-Advisory Contracts			49

Tax Information			54

Trustees and Officers			T-1


2

Fund Data



Reserve Class data as of 8/31/22

FUND	WEIGHTED AVERAGE MATURITY		WEIGHTED AVERAGE LIFE	TOTAL NET ASSETS

	Range During Reporting Period	At Reporting Period End	At Reporting Period End
Invesco Liquid Assets¹	13 - 52 days	17 days	35 days	$175.0 thousand
Invesco STIC Prime¹	2 - 14 days	6 days	7 days	70.3 thousand
Invesco Treasury²	4 - 58 days	4 days	93 days	987.4 million
Invesco Government & Agency²	14 - 56 days	14 days	105 days	598.8 million
Invesco Treasury Obligations²	30 - 55 days	36 days	91 days	42.1 million
Invesco Tax-Free Cash Reserve³	8 - 15 days	9 days	9 days	14.8 million

Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.


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.

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 8/31/22
	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	47.9%	73.7%	77.1%	64.6%	4.4%	87.2%
8 - 30	19.7	23.8	3.0	1.5	31.1	7.2
31 - 60	4.9	2.5	2.2	1.9	28.2	5.6
61 - 90	10.9	0.0	2.6	10.2	22.1	0.0
91 - 180	16.6	0.0	0.0	5.2	3.0	0.0
181+	0.0	0.0	15.1	16.6	11.2	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, 2022

Invesco Liquid Assets Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Commercial Paper-40.49%^(a)
Asset-Backed Securities - Fully Supported-0.58%
Ridgefield Funding Co., LLC (CEP - BNP Paribas S.A.) (SOFR + 0.52%)^(b)(c)(d)		2.86%		02/15/2023	$	10,000	$	10,000,000



Asset-Backed Securities - Fully Supported Bank-7.45%
Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.28%)^(b)(c)(d)		2.66%		11/21/2022		40,000		40,006,000


Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (1 mo. FEDL + 0.12%)^(b)(c)(d)		2.53%		09/01/2022		20,000		20,000,000


Matchpoint Finance PLC (SOFR + 0.45%) (Ireland)^(b)(c)(d)		2.79%		11/17/2022		20,000		20,007,380


Nieuw Amsterdam Receivables Corp. B.V. (CEP - Cooperatieve Rabobank UA) (Netherlands)^(b)(c)		2.51%		09/21/2022		30,000		29,956,600


Versailles Commercial Paper LLC (CEP - Natixis S.A.) (SOFR + 0.30%)^(b)(c)(d)		2.63%		01/09/2023		20,000		20,003,550


								129,973,530



Diversified Banks-23.02%
ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.34%		10/03/2022		30,000		29,935,293


Barclays Bank PLC^(c)		2.36%		09/26/2022		20,000		19,966,012


Barclays Bank PLC^(c)		2.55%		09/23/2022		50,000		49,924,867


DBS Bank Ltd. (Singapore)^(b)(c)		2.49%		09/16/2022		10,000		9,989,480


DBS Bank Ltd. (Singapore)^(b)(c)		2.91%		11/14/2022		30,000		29,820,000


DBS Bank Ltd. (Singapore)^(b)(c)		3.35%		01/17/2023		20,000		19,739,607


Korea Development Bank^(c)		3.19%		01/05/2023		20,000		19,773,093


Korea Development Bank^(c)		3.19%		01/06/2023		10,000		9,885,369


Mitsubishi UFJ Trust & Banking Corp.^(b)(c)		2.59%		09/20/2022		70,000		69,909,155


Skandinaviska Enskilda Banken AB (SOFR + 0.40%) (Sweden)^(b)(c)(d)		2.74%		11/17/2022		70,000		70,015,605


Svenska Handelsbanken AB (Sweden)^(b)(c)		0.34%		11/03/2022		22,850		22,746,251


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%) (Canada)^(b)(c)(d)		1.92%		09/06/2022		10,000		9,999,848


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.45%) (Canada)^(b)(c)(d)		2.73%		12/30/2022		15,000		15,002,940


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.46%) (Canada)^(c)(d)		2.85%		02/15/2023		25,000		25,019,600


								401,727,120



Diversified Capital Markets-4.01%
Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.40%)^(c)(d)		2.77%		01/12/2023		60,000		60,009,000


Great Bear Funding LLC (1 mo. OBFR + 0.40%)^(c)(d)		2.77%		01/12/2023		10,000		10,001,500


								70,010,500



Investment Banking & Brokerage-1.71%
Goldman Sachs International^(b)		0.45%		11/15/2022		30,000		29,820,197



Specialized Finance-3.72%
CDP Financial, Inc. (Canada)^(b)(c)		2.10%		09/14/2022		45,000		44,959,067


KEB Hana Bank^(b)(c)		2.26%		09/20/2022		20,000		19,973,556


								64,932,623


Total Commercial Paper (Cost $706,722,043)								706,463,970



Certificates of Deposit-22.98%
Australia & New Zealand Banking Group Ltd. (Cayman Islands)^(c)		2.32%		09/01/2022		52,000		52,000,000


Banco Santander S.A.^(c)		3.14%		12/15/2022		10,000		10,017,135


Cooperatieve Rabobank U.A. (Cayman Islands)^(c)		2.30%		09/01/2022		52,000		52,000,000


Credit Agricole Corporate & Investment Bank^(c)		2.30%		09/01/2022		53,000		53,000,000


Goldman Sachs Bank USA (SOFR + 0.21%)^(d)		2.58%		09/16/2022		30,000		30,001,272

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Korea Development Bank (SOFR + 0.57%)^(c)(d)		2.91%		02/10/2023	$	25,000	$	25,015,814


Korea Development Bank (SOFR + 0.55%) (South Korea)^(c)(d)		2.89%		02/15/2023		5,000		5,002,726


Norinchukin Bank^(c)		2.39%		09/02/2022		70,000		70,000,236


Skandinaviska Enskilda Banken AB^(c)		2.30%		09/01/2022		17,000		17,000,000


Toronto-Dominion Bank (The)^(c)		3.21%		01/09/2023		15,000		15,005,457


Westpac Banking Corp.^(c)		0.44%		11/23/2022		5,000		4,972,453


Woori Bank^(c)		2.38%		09/08/2022		50,000		50,000,594


Woori Bank^(c)		2.25%		09/23/2022		17,000		16,998,470


Total Certificates of Deposit (Cost $401,000,000)								401,014,157



Variable Rate Demand Notes-5.36%^(e)
Credit Enhanced-5.36%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)(d)(f)		2.67%		04/01/2047		9,100		9,099,999


Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(d)(f)		2.38%		05/01/2037		2,400		2,400,000


University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		2.33%		08/01/2045		82,040		82,040,000


Total Variable Rate Demand Notes (Cost $93,539,999)								93,539,999


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-68.83% (Cost $1,201,262,042)								1,201,018,126



					Repurchase Amount

Repurchase Agreements-31.31%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $125,058,819 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, non-agency asset-backed securities, corporate obligations and U.S. Treasury obligations valued at $129,922,546; 0.00% - 7.00%; 01/06/2023 - 05/20/2072)^(c)(h)		2.42%		09/07/2022		15,007,058		15,000,000


BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $25,011,910 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, agency and non-agency asset-backed securities and corporate obligations valued at $25,555,105; 0.45% - 7.88%; 04/03/2023 - 05/20/2072)^(c)(h)		2.45%		09/07/2022		10,004,764		10,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/25/2022, aggregate maturing value of $65,031,092 (collateralized by non-agency asset-backed securities and corporate obligations valued at $70,914,260; 0.00% - 13.00%; 05/15/2023 - 09/01/2119)^(c)(h)		2.46%		09/01/2022		25,011,958		25,000,000


Citigroup Global Markets, Inc., joint open agreement dated 03/28/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $110,083,744; 0.00% - 10.97%; 11/10/2023 - 03/27/2062)⁽ⁱ⁾		2.89%		09/01/2022		45,111,700		45,000,000


Citigroup Global Markets, Inc., joint open agreement dated 08/11/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $203,594,466; 0.00% - 7.75%; 11/15/2026 - 10/25/2066)⁽ⁱ⁾		2.89%		09/01/2022		13,021,882		13,000,000


Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $400,184,333 (collateralized by agency and non-agency mortgage-backed securities, agency and non-agency asset-backed securities, corporate obligations, commercial paper and U.S. Treasury obligations valued at $422,240,222; 0.00% - 15.00%; 09/06/2022 - 05/15/2097)^(c)(h)		2.37%		09/01/2022		20,009,217		20,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/05/2022, aggregate maturing value of $10,025,083 (collateralized by an non-agency-backed asset-backed security, corporate obligations and non-agency mortgage-backed securities valued at $10,560,000; 3.39% - 7.00%; 09/09/2024 - 06/15/2050)^(c)		2.58%		09/09/2022		2,005,017		2,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by corporate obligations valued at $110,000,070; 7.72% - 9.50%; 10/01/2022 - 02/15/2029)⁽ⁱ⁾		2.62%		09/01/2022		65,146,629		65,000,000

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Repurchase Amount		Value


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,784,179; 4.13% - 7.50%; 11/01/2022 - 05/15/2061)⁽ⁱ⁾		2.52%		09/01/2022	$	7,015,188	$	7,000,000


J.P. Morgan Securities LLC, joint term agreement dated 07/22/2022, aggregate maturing value of $105,007,875 (collateralized by non-agency asset-backed securities, a corporate obligation and non-agency mortgage-backed securities valued at $114,262,653; 2.67% - 7.36%; 05/15/2024 - 06/25/2047)^(j)		2.70%		09/01/2022		15,001,125		15,000,000


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $500,031,944 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,071; 0.00% - 5.50%; 08/25/2027 - 06/16/2061)		2.30%		09/01/2022		85,005,431		85,000,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2022, aggregate maturing value of $290,140,972 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $318,943,657; 2.50% - 15.50%; 01/15/2023 - 11/15/2095)^(c)(h)		2.50%		09/07/2022		53,025,764		53,000,000


RBC Dominion Securities Inc., joint agreement dated 08/31/2022, aggregate maturing value of $1,500,095,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,000; 0.25% - 5.50%; 09/30/2022 - 06/25/2059)		2.30%		09/01/2022		16,371,229		16,370,183


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $62,815,397; 0.00% - 12.00%; 11/15/2022 - 05/15/2097)⁽ⁱ⁾		2.50%		09/01/2022		25,001,736		25,000,000


Societe Generale, joint open agreement dated 08/20/2021 (collateralized by corporate obligations valued at $92,505,932; 0.00% - 11.88%; 09/19/2022 - 08/15/2062)^(c)(i)		2.43%		09/01/2022		65,004,388		65,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2022, aggregate maturing value of $200,012,833 (collateralized by agency mortgage-backed securities valued at $204,000,000; 1.50% - 7.00%; 03/15/2032 - 08/01/2052)		2.31%		09/01/2022		85,005,454		85,000,000


Total Repurchase Agreements (Cost $546,370,183)								546,370,183


TOTAL INVESTMENTS IN SECURITIES^(k)(l)-100.14% (Cost $1,747,632,225)								1,747,388,309


OTHER ASSETS LESS LIABILITIES-(0.14)%								(2,357,906	)


NET ASSETS-100.00%							$	1,745,030,403

Investment Abbreviations:

CEP -Credit Enhancement Provider

FEDL -Federal Funds Effective Rate

LOC -Letter of Credit

OBFR -Overnight Bank Funding Rate

RB -Revenue Bonds

SOFR -Secured Overnight Financing Rate

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, 2022

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, 2022.

^(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, 2022.

^(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)	Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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

^(l)


Entities		Percentage
Societe Generale S.A.		5.2%
J.P. Morgan Chase & Co.		5.0
Skandinaviska Enskilda Banken AB		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, 2022

Invesco STIC Prime Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Certificates of Deposit-29.37%
Australia & New Zealand Banking Group Ltd. (Cayman Islands)^(a)		2.32%		09/01/2022	$	13,000	$	13,000,000


Banco Santander S.A. (SOFR + 0.45%) (Spain)^(a)(b)		2.50%		10/03/2022		8,000		8,001,773


Cooperatieve Rabobank U.A. (Cayman Islands)^(a)		2.30%		09/01/2022		13,000		13,000,000


Credit Agricole Corporate & Investment Bank^(a)		2.30%		09/01/2022		7,000		7,000,000


DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt Am Main (Germany)^(a)		2.29%		09/01/2022		13,000		13,000,000


Mizuho Securities (USA) LLC^(a)		2.32%		09/01/2022		15,000		15,000,000


Skandinaviska Enskilda Banken AB^(a)		2.30%		09/01/2022		13,000		13,000,000


Svenska Handelsbanken^(a)		2.29%		09/01/2022		13,000		13,000,000


Total Certificates of Deposit (Cost $95,001,855)								95,001,773



Commercial Paper-26.55%^(c)
Asset-Backed Securities - Fully Supported-4.01%
Bennington Stark Capital Co. LLC^(a)(d)		2.41%		09/09/2022		5,000		4,997,016


Ionic Capital III Trust^(a)		2.41%		09/20/2022		8,000		7,989,191


								12,986,207



Asset-Backed Securities - Fully Supported Bank-12.66%
Cancara Asset Securitisation LLC^(a)		2.43%		09/27/2022		3,000		2,994,382


Chesham Finance LLC (Multi - CEP’s)^(a)(d)		2.51%		09/22/2022		8,000		7,988,032


Concord Minutemen Capital Co. LLC^(a)(d)		2.35%		09/01/2022		2,000		1,999,874


Concord Minutemen Capital Co. LLC^(a)(d)		2.35%		09/06/2022		7,000		6,997,299


Ebury Finance LLC (Multi - CEP’s)^(a)(d)		2.51%		09/22/2022		8,000		7,988,032


LMA-Americas LLC^(a)(d)		2.45%		09/20/2022		8,000		7,988,964


Sheffield Receivables Co. LLC^(a)(d)		2.39%		09/22/2022		5,000		4,992,358


								40,948,941



Diversified Banks-4.94%
DBS Bank Ltd. (Singapore)^(a)(d)		2.49%		09/16/2022		8,000		7,991,583


Federation des Caisses Desjardins du Quebec (Canada)^(a)(d)		2.44%		09/22/2022		8,000		7,988,360


								15,979,943



Diversified Capital Markets-2.47%
Columbia Funding Co. LLC^(d)		2.41%		09/20/2022		3,000		2,995,947


Mackinac Funding Co. LLC^(a)(d)		2.51%		09/15/2022		5,000		4,995,021


								7,990,968



Specialized Finance-2.47%
KEB Hana Bank^(a)(d)		2.41%		09/01/2022		8,000		7,999,490


Total Commercial Paper (Cost $85,910,827)								85,905,549



Variable Rate Demand Notes-5.28%^(e)
Credit Enhanced-5.28%
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD RB (LOC - FHLB of Indianapolis)^(f)(g)		1.77%		12/01/2039		730		730,000


Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(a)(d)(g)		2.67%		04/01/2047		7,800		7,800,000


Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(g)		2.38%		05/01/2037		2,950		2,950,000


Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB (LOC - FHLMC)^(f)(g)		1.58%		06/01/2041		890		890,000

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


10		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco STIC Prime Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Credit Enhanced-(continued)
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)^(d)(g)		2.55%		01/01/2033	$	4,700	$	4,700,000


Total Variable Rate Demand Notes (Cost $17,070,000)								17,070,000


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-61.20% (Cost $197,982,682)								197,977,322



					Repurchase Amount

Repurchase Agreements-38.99%^(h)
BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $125,058,819 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, non-agency asset-backed securities, corporate obligations and U.S. Treasury obligations valued at $129,922,546; 0.00% - 7.00%; 01/06/2023 - 05/20/2072)^(a)(i)		2.42%		09/07/2022		3,001,412		3,000,000


BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $25,011,910 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, agency and non-agency asset-backed securities and corporate obligations valued at $25,555,105; 0.45% - 7.88%; 04/03/2023 - 05/20/2072)^(a)(i)		2.45%		09/07/2022		3,001,429		3,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/25/2022, aggregate maturing value of $65,031,092 (collateralized by non-agency asset-backed securities and corporate obligations valued at $70,914,260; 0.00% - 13.00%; 05/15/2023 - 09/01/2119)^(a)(i)		2.46%		09/01/2022		5,002,392		5,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/05/2022, aggregate maturing value of $10,025,083 (collateralized by an non-agency-backed asset-backed security, corporate obligations and non-agency mortgage-backed securities valued at $10,560,000; 3.39% - 7.00%; 09/09/2024 - 06/15/2050)^(a)(i)		2.58%		09/09/2022		8,020,067		8,000,000


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,784,179; 4.13% - 7.50%; 11/01/2022 - 05/15/2061)^(j)		2.52%		09/01/2022		8,017,358		8,000,000


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $500,031,944 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,071; 0.00% - 5.50%; 08/25/2027 - 06/16/2061)		2.30%		09/01/2022		30,001,917		30,000,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2022, aggregate maturing value of $290,140,972 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $318,943,657; 2.50% - 15.50%; 01/15/2023 - 11/15/2095)^(a)(i)		2.50%		09/07/2022		10,004,861		10,000,000


RBC Dominion Securities Inc., joint agreement dated 08/31/2022, aggregate maturing value of $1,500,095,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,000; 0.25% - 5.50%; 09/30/2022 - 06/25/2059)		2.30%		09/01/2022		24,117,422		24,115,881


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $62,815,397; 0.00% - 12.00%; 11/15/2022 - 05/15/2097)^(a)(j)		2.50%		09/01/2022		5,000,347		5,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2022, aggregate maturing value of $200,012,833 (collateralized by agency mortgage-backed securities valued at $204,000,000; 1.50% - 7.00%; 03/15/2032 - 08/01/2052)		2.31%		09/01/2022		30,001,925		30,000,000


Total Repurchase Agreements (Cost $126,115,881)								126,115,881


TOTAL INVESTMENTS IN SECURITIES^(k)(l)-100.19% (Cost $324,098,563)								324,093,203


OTHER ASSETS LESS LIABILITIES-(0.19)%								(611,050	)


NET ASSETS-100.00%							$	323,482,153

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, 2022

Invesco STIC Prime Portfolio–(continued)

Investment Abbreviations:


CEP		-Credit Enhancement Provider
FHLB		-Federal Home Loan Bank
FHLMC		-Federal Home Loan Mortgage Corp.
LOC		-Letter of Credit
RB		-Revenue Bonds
SOFR		-Secured Overnight Financing Rate
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: France: 10.8%; Sweden: 8.0%; Switzerland: 7.7%; Canada: 7.4%; Japan: 7.1%; other countries less than 5% each: 26.9%.

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2022.

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

^(d)

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, 2022 was $87,421,976, which represented 27.03% of the Fund’s Net Assets.

^(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, 2022.

^(f)	Security subject to the alternative minimum tax.

^(g)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(h)	Principal amount equals value at period end. See Note 1I.

⁽ⁱ⁾	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(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, 2022

Invesco Treasury Portfolio


	Interest Rate			Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-22.85%
U.S. Treasury Bills-3.81%^(a)
U.S. Treasury Bills		0.12	%		09/08/2022	$	100,000	$	99,997,764


U.S. Treasury Bills		1.76	%		09/29/2022		500,000		499,319,444


U.S. Treasury Bills		2.12	%		10/13/2022		350,000		349,138,417


									948,455,625



U.S. Treasury Floating Rate Notes-16.50%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96	%		10/31/2022		355,000		354,998,397


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94	%		04/30/2023		250,500		250,505,365


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93	%		07/31/2023		200,000		200,004,851


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94	%		10/31/2023		560,000		560,000,585


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		2.89	%		01/31/2024		200,000		200,114,336


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		2.83	%		04/30/2024		450,000		449,989,855


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94	%		07/31/2024		2,088,500		2,087,618,487


									4,103,231,876



U.S. Treasury Notes-2.54%
U.S. Treasury Notes		1.50	%		09/15/2022		150,000		150,081,402


U.S. Treasury Notes		1.38	%		10/15/2022		200,000		200,311,469


U.S. Treasury Notes		1.88	%		10/31/2022		180,000		180,524,852


U.S. Treasury Notes		2.00	%		10/31/2022		100,000		100,311,695


									631,229,418


Total U.S. Treasury Securities (Cost $5,682,916,919)									5,682,916,919


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-22.85% (Cost $5,682,916,919)									5,682,916,919



						Repurchase Amount

Repurchase Agreements-77.26%^(c)
ABN AMRO Bank N.V., agreement dated 08/31/2022, maturing value of $450,028,750 (collateralized by U.S. Treasury obligations valued at $459,000,055; 0.13% - 3.13%; 08/15/2023 - 11/15/2047)		2.30	%		09/01/2022		450,028,750		450,000,000


BMO Capital Markets Corp., agreement dated 08/31/2022, maturing value of $300,017,083 (collateralized by U.S. Treasury obligations valued at $306,000,052; 0.00% - 3.25%; 11/08/2022 - 11/15/2051)		2.05	%		09/01/2022		300,017,083		300,000,000


BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15	%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30	%		09/01/2022		12,200,779,444		12,200,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,250,079,861 (collateralized by U.S. Treasury obligations valued at $1,275,000,012; 0.00% - 5.38%; 10/27/2022 - 02/15/2042)		2.30	%		09/01/2022		1,250,079,861		1,250,000,000

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


13		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Treasury Portfolio–(continued)


	Interest Rate			Maturity Date		Repurchase Amount		Value


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)		2.05	%		09/01/2022	$	150,008,542	$	150,000,000


Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2022, maturing value of $150,008,333 (collateralized by U.S. Treasury obligations valued at $153,000,068; 1.25% - 2.88%; 04/30/2024 - 10/31/2028)		2.00	%		09/01/2022		150,008,333		150,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)		1.00	%		09/01/2022		252,007,000		252,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 - 11/15/2045)^(d)		2.32	%		09/07/2022		100,045,768		100,000,656


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(d)		2.32	%		09/07/2022		473,638,567		473,425,000


Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/31/2022, maturing value of $100,044,819 (collateralized by U.S. Treasury obligations valued at $102,006,477; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)^(d)		2.31	%		09/07/2022		100,044,819		100,000,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $190,949,752 (collateralized by U.S. Treasury obligations valued at $194,268,500; 0.00%; 05/15/2029 - 08/15/2037)		2.31	%		09/01/2022		190,949,752		190,937,500


Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2022, maturing value of $277,705,318 (collateralized by U.S. Treasury obligations valued at $282,133,500; 0.00%; 11/15/2039 - 02/15/2045)		2.31	%		09/01/2022		277,705,318		277,687,500


RBC Dominion Securities Inc., agreement dated 08/31/2022, maturing value of $800,051,111 (collateralized by U.S. Treasury obligations valued at $816,000,003; 0.00% - 6.38%; 09/30/2022 - 08/15/2052)		2.30	%		09/01/2022		800,051,111		800,000,000


RBC Dominion Securities Inc., term agreement dated 08/03/2022, maturing value of $300,653,083 (collateralized by U.S. Treasury obligations valued at $306,000,026; 0.13% - 6.38%; 09/30/2022 - 08/15/2052)^(d)		2.31	%		09/06/2022		300,653,083		300,000,000


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(d)		2.30	%		09/01/2022		325,290,694		325,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(d)		2.30	%		09/07/2022		85,038,014		85,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)		2.30	%		09/01/2022		75,004,792		75,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 - 05/15/2052)^(d)		2.30	%		09/01/2022		100,044,722		100,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 - 02/15/2050)		2.30	%		09/01/2022		1,439,977,519		1,439,885,526


Total Repurchase Agreements (Cost $19,218,936,182)									19,218,936,182


TOTAL INVESTMENTS IN SECURITIES-100.11% (Cost $24,901,853,101)									24,901,853,101


OTHER ASSETS LESS LIABILITIES-(0.11)%									(27,922,007	)


NET ASSETS-100.00%								$	24,873,931,094

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, 2022

Invesco Treasury Portfolio–(continued)

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, 2022.

^(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, 2022

Invesco Government & Agency Portfolio


	Interest Rate			Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-27.76%
U.S. Treasury Bills-13.45%^(a)
U.S. Treasury Bills		0.08	%		09/08/2022	$	75,000	$	74,998,906


U.S. Treasury Bills		2.29	%		10/04/2022		5,000		4,989,550


U.S. Treasury Bills		0.09%-0.10	%		10/06/2022		860,000		859,923,073


U.S. Treasury Bills		2.50	%		10/18/2022		3,000		2,990,248


U.S. Treasury Bills		2.20	%		11/01/2022		1,000,000		996,297,639


U.S. Treasury Bills		2.51	%		11/03/2022		525,000		522,712,311


U.S. Treasury Bills		2.25	%		11/08/2022		750,000		746,840,833


U.S. Treasury Bills		2.60	%		11/10/2022		100,000		99,498,333


U.S. Treasury Bills		2.62	%		11/15/2022		670,000		666,370,834


U.S. Treasury Bills		2.63	%		11/17/2022		733,000		728,908,027


U.S. Treasury Bills		2.76	%		11/25/2022		500,000		496,763,554


U.S. Treasury Bills		2.71	%		11/29/2022		800,000		794,679,778


U.S. Treasury Bills		2.75	%		12/06/2022		600,000		595,631,998


U.S. Treasury Bills		1.78	%		12/08/2022		600,000		597,120,433


U.S. Treasury Bills		2.81	%		12/13/2022		650,000		644,829,975


U.S. Treasury Bills		2.92	%		12/20/2022		600,000		594,701,665


U.S. Treasury Bills		2.96	%		01/26/2023		750,000		741,057,500


U.S. Treasury Bills		1.18	%		02/23/2023		121,000		120,311,813


									9,288,626,470



U.S. Treasury Floating Rate Notes-13.86%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96	%		10/31/2022		730,000		730,003,334


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		2.95	%		01/31/2023		312,400		312,432,328


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94	%		04/30/2023		1,330,000		1,330,056,967


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93	%		07/31/2023		206,000		206,006,090


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94	%		10/31/2023		1,038,679		1,038,709,970


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		2.89	%		01/31/2024		180,000		179,956,151


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		2.83	%		04/30/2024		3,564,000		3,560,385,309


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94	%		07/31/2024		2,214,000		2,213,247,714


									9,570,797,863



U.S. Treasury Notes-0.45%
U.S. Treasury Notes		1.50	%		09/15/2022		210,000		210,113,048


U.S. Treasury Notes		1.75	%		09/30/2022		100,000		100,132,293


									310,245,341


Total U.S. Treasury Securities (Cost $19,169,669,674)									19,169,669,674



U.S. Government Sponsored Agency Securities-7.28%
Federal Farm Credit Bank (FFCB)-4.32%
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		2.38	%		10/07/2022		30,000		30,000,000

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, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate			Maturity Date		Principal Amount (000)		Value


Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.34	%		10/21/2022	$	20,000	$	20,000,000


Federal Farm Credit Bank (SOFR + 0.08%)^(b)		2.37	%		11/03/2022		35,000		35,000,000


Federal Farm Credit Bank (SOFR + 0.02%)^(b)		2.31	%		06/12/2023		75,000		75,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32	%		07/07/2023		143,000		143,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32	%		09/08/2023		155,000		155,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32	%		09/18/2023		21,500		21,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32	%		09/20/2023		25,000		25,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32	%		09/27/2023		60,000		60,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33	%		12/15/2023		24,500		24,498,405


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32	%		01/04/2024		229,000		229,000,000


Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.35	%		01/10/2024		75,500		75,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32	%		01/25/2024		15,000		15,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33	%		02/05/2024		100,000		100,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34	%		02/20/2024		80,000		80,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34	%		02/23/2024		162,000		162,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33	%		03/08/2024		95,000		95,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33	%		03/15/2024		431,000		431,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33	%		03/18/2024		445,000		445,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33	%		04/04/2024		195,000		195,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34	%		04/25/2024		345,000		345,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34	%		05/09/2024		160,000		160,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34	%		05/24/2024		62,000		62,000,000


									2,983,498,405



Federal Home Loan Bank (FHLB)-2.51%
Federal Home Loan Bank		1.85	%		09/23/2022		150,000		149,831,333


Federal Home Loan Bank		2.01	%		10/14/2022		375,000		374,104,167


Federal Home Loan Bank		1.44	%		11/07/2022		1,215,000		1,211,766,412


									1,735,701,912



Federal National Mortgage Association (FNMA)-0.17%
Federal National Mortgage Association		1.86	%		09/21/2022		115,000		114,881,806



U.S. International Development Finance Corp. (DFC)-0.28%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		06/15/2025		14,400		14,400,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		07/15/2025		15,667		15,666,669


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		09/15/2025		3,421		3,421,053


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		09/15/2026		4,250		4,250,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		09/15/2026		7,083		7,083,333


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		09/30/2027		11,455		11,454,546


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		02/15/2028		12,222		12,222,222

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, 2022

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 Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		11/15/2028	$	56,818	$	56,818,182


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.35	%		05/15/2030		7,111		7,111,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.90	%		10/15/2030		7,333		7,333,333


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.47	%		07/09/2026		20,400		20,400,000


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.46	%		03/15/2030		34,875		34,875,000


									195,035,338


Total U.S. Government Sponsored Agency Securities (Cost $5,029,117,461)									5,029,117,461


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-35.04% (Cost $24,198,787,135)									24,198,787,135



						Repurchase Amount

Repurchase Agreements-65.08%^(d)
BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15	%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30	%		09/01/2022		37,002,363,889		37,000,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,750,111,806 (collateralized by U.S. Treasury obligations valued at $1,785,000,044; 0.13% - 6.13%; 03/31/2024 - 02/15/2052)		2.30	%		09/01/2022		1,750,111,806		1,750,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)		2.05	%		09/01/2022		350,019,931		350,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)		1.00	%		09/01/2022		900,025,000		900,000,000


ING Financial Markets, LLC, joint term agreement dated 07/28/2022, aggregate maturing value of $501,796,667 (collateralized by agency mortgage-backed securities valued at $510,000,000; 1.50% - 8.00%; 08/01/2028 - 09/01/2057)		2.31	%		09/22/2022		401,437,333		400,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/27/2022 (collateralized by agency mortgage-backed securities valued at $918,000,002; 1.00% - 7.50%; 09/20/2027 - 02/16/2063)^(e)		2.32	%		09/01/2022		786,568,038		785,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 - 11/15/2045)^(f)		2.32	%		09/07/2022		170,078,734		170,002,044


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(f)		2.32	%		09/07/2022		1,051,599,174		1,051,125,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $434,162,857 (collateralized by U.S. Treasury obligations valued at $441,112,430; 0.00%; 02/15/2026 - 11/15/2043)		2.31	%		09/01/2022		434,162,857		434,135,000

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, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate			Maturity Date		Repurchase Amount		Value


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(f)		2.30	%		09/01/2022	$	300,268,333	$	300,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(f)		2.30	%		09/07/2022		100,044,722		100,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)		2.30	%		09/01/2022		100,006,389		100,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 - 05/15/2052)^(f)		2.30	%		09/01/2022		135,060,375		135,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 - 02/15/2050)		2.30	%		09/01/2022		1,259,958,205		1,259,877,713


Total Repurchase Agreements (Cost $44,935,139,757)									44,935,139,757


TOTAL INVESTMENTS IN SECURITIES-100.12% (Cost $69,133,926,892)									69,133,926,892


OTHER ASSETS LESS LIABILITIES-(0.12)%									(80,939,926	)


NET ASSETS-100.00%								$	69,052,986,966

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, 2022.

^(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, 2022.

^(d)	Principal amount equals value at period end. See Note 1I.

^(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.

^(f)	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

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


19		Short-Term Investments Trust

Schedule of Investments

August 31, 2022

Invesco Treasury Obligations Portfolio


	Interest Rate			Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-100.16%
U.S. Treasury Bills-84.76%^(a)
U.S. Treasury Bills		1.82%-2.06	%		09/06/2022	$	54,300	$	54,286,133


U.S. Treasury Bills		1.23	%		09/08/2022		10,000		9,997,608


U.S. Treasury Bills		2.04%-2.28	%		09/13/2022		73,400		73,345,895


U.S. Treasury Bills		2.03%-2.15	%		09/15/2022		82,500		82,431,857


U.S. Treasury Bills		1.25%-2.27	%		09/20/2022		113,000		112,874,211


U.S. Treasury Bills		1.28%-2.31	%		09/27/2022		87,000		86,872,643


U.S. Treasury Bills		1.39%-2.29	%		10/04/2022		52,000		51,909,268


U.S. Treasury Bills		1.85%-2.24	%		10/06/2022		33,700		33,635,803


U.S. Treasury Bills		1.51%-2.42	%		10/11/2022		70,000		69,825,820


U.S. Treasury Bills		2.11	%		10/13/2022		24,000		23,940,920


U.S. Treasury Bills		2.32%-2.50	%		10/18/2022		89,500		89,214,567


U.S. Treasury Bills		2.49	%		10/20/2022		4,500		4,484,871


U.S. Treasury Bills		2.07	%		10/25/2022		14,000		13,956,740


U.S. Treasury Bills		2.54	%		10/27/2022		45,000		44,823,600


U.S. Treasury Bills		2.20	%		11/01/2022		24,000		23,911,143


U.S. Treasury Bills		2.51	%		11/03/2022		30,000		29,869,275


U.S. Treasury Bills		2.24	%		11/08/2022		24,000		23,898,907


U.S. Treasury Bills		2.55%-2.60	%		11/10/2022		40,800		40,597,079


U.S. Treasury Bills		2.62	%		11/15/2022		12,000		11,935,000


U.S. Treasury Bills		2.63	%		11/17/2022		20,000		19,888,350


U.S. Treasury Bills		2.74	%		11/22/2022		40,000		39,752,178


U.S. Treasury Bills		2.71	%		11/29/2022		25,000		24,833,743


U.S. Treasury Bills		2.81	%		12/13/2022		20,000		19,840,922


U.S. Treasury Bills		1.18	%		02/23/2023		4,000		3,977,153


U.S. Treasury Bills		3.00	%		07/13/2023		6,000		5,846,648


									995,950,334



U.S. Treasury Floating Rate Notes-15.40%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96	%		10/31/2022		45,000		44,999,800


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		2.95	%		01/31/2023		11,000		11,000,764


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94	%		04/30/2023		19,000		19,000,509


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93	%		07/31/2023		17,500		17,500,388


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94	%		10/31/2023		30,000		30,000,601


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		2.89	%		01/31/2024		8,000		7,998,051


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		2.83	%		04/30/2024		25,500		25,474,783

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, 2022

Invesco Treasury Obligations Portfolio–(continued)


	Interest Rate			Maturity Date		Principal Amount (000)		Value


U.S. Treasury Floating Rate Notes-(continued)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94	%		07/31/2024	$	25,000	$	24,984,882


									180,959,778


TOTAL INVESTMENTS IN SECURITIES-100.16% (Cost $ 1,176,910,112)									1,176,910,112


OTHER ASSETS LESS LIABILITIES-(0.16)%									(1,828,082	)


NET ASSETS-100.00%								$	1,175,082,030

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, 2022.

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, 2022

Invesco Tax-Free Cash Reserve Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Municipal Obligations-99.87%
Alabama-7.40%
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)^(a)(b)(c)		1.75%		07/01/2040	$	11,220	$	11,220,000


Mobile Downtown Redevelopment Authority (The) (Austal USA LLC); Series 2011 B, Ref. VRD RB (LOC - Bank of America N.A.)^(b)(c)(d)		1.72%		05/01/2041		6,000		6,000,000


								17,220,000



Arizona-4.87%
Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC - Bank Of America N.A.)^(b)(c)		1.03%		01/01/2046		6,000		6,000,000


Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		1.67%		06/15/2031		2,685		2,685,000


Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		1.67%		06/15/2031		2,645		2,645,000


								11,330,000



California-3.22%
California (State of);
Series 2022 A-1		1.13%		09/15/2022		6,500		6,498,670


Series 2022 A-5		1.13%		09/15/2022		1,000		1,000,000


								7,498,670



Colorado-0.35%
Boulder (County of), CO (Imagine); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		1.63%		02/01/2031		825		825,000



Delaware-1.70%
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		09/01/2036		2,525		2,525,000


Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		05/01/2036		1,430		1,430,000


								3,955,000



District of Columbia-1.67%
District of Columbia (Georgetown University); Series 2007 C-2, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)		1.66%		04/01/2041		1,200		1,200,000


District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.48%		08/15/2038		2,695		2,695,000


								3,895,000



Florida-3.97%
Orange (County of), FL Convention Center (Nemours Foundation); Series 2009 C-2, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.60%		01/01/2037		4,100		4,100,000


Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.75%		11/01/2036		2,725		2,725,000


Palm Beach (County of), FL (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.70%		07/01/2032		2,400		2,400,000


								9,225,000



Georgia-2.12%
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)^(a)(b)(c)		1.68%		11/01/2030		1,920		1,920,000

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


22		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Georgia-(continued)
Private Colleges & Universities Authority (Emory University); Series 2022 B, VRD RB (SIFMA Municipal Swap Index + 0.03%)^(b)		1.46%		09/01/2052	$	3,000	$	3,000,000


								4,920,000



Illinois-11.19%
Illinois (State of) Development Finance Authority (St. Ignatius College); Series 2002, VRD RB (LOC - PNC Bank, N.A.)^(b)(c)		1.51%		06/01/2032		1,650		1,650,000


Illinois (State of) Development Finance Authority (YMCA Metropolitan Chicago); Series 2001, VRD RB (LOC - BMO Harris N.A.)^(a)(b)(c)		1.60%		06/01/2029		5,800		5,800,000


Illinois (State of) Educational Facilities Authority (The Adler Planetarium); Series 1997, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.56%		04/01/2031		725		725,000


Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB^(b)		1.47%		12/01/2046		5,730		5,730,000


Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.50%		01/01/2037		2,600		2,600,000


Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)^(b)(c)		1.68%		10/01/2033		2,625		2,625,000


Illinois (State of) Finance Authority (YMCA Metropolitan Chicago); Series 2004, VRD RB (LOC - BMO Harris Bank N.A.)^(a)(b)(c)		1.60%		06/01/2034		2,735		2,735,000


Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)^(b)(c)		1.65%		01/01/2041		4,160		4,160,000


								26,025,000



Indiana-5.28%
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		1.75%		08/01/2037		3,285		3,285,000


Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)^(a)(b)(c)		1.64%		06/01/2035		6,000		6,000,000


Indianapolis (City of), IN (Capital Place Apartments, Covington Square Apartments and the Woods at Oak Crossing); Series 2008, VRD RB (CEP - FNMA)^(b)		1.62%		05/15/2038		3,000		3,000,000


								12,285,000



Iowa-2.15%
Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB (LOC - Korea Devlopment Bank)^(a)(b)(c)(d)		1.77%		12/01/2041		5,000		5,000,000



Louisiana-2.66%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.63%		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)		1.60%		07/01/2047		4,085		4,085,000


Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		1.46%		07/01/2047		1,100		1,100,000


								6,185,000



Maryland-5.59%
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.48%		04/01/2035		5,000		5,000,000


Montgomery (County of), MD;
Series 2022 B, Commerical Paper Notes (LOC - JPMorgan Chase Bank N.A.)^(c)		1.33%		10/04/2022		5,000		5,000,000


Series 2022 B, Commerical Paper Notes (LOC - State Street Bank and Trust Company)^(c)		1.33%		10/04/2022		3,000		3,000,000


								13,000,000

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


23		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Massachusetts-1.29%
Massachusetts (Commonwealth of) Department of Transportation; Series 2010 A-1, VRD Metropolitan Highway System RB (LOC - TD Bank, N.A.)^(a)(b)(c)		1.49%		01/01/2037	$	3,000	$	3,000,000



Michigan-2.72%
Michigan State University Board of Trustees;
Series 2000 A-1, VRD RB^(b)		1.56%		08/15/2030		3,620		3,620,000


Series 2000 A-2, VRD RB^(b)		1.56%		08/15/2030		2,705		2,705,000


								6,325,000



Minnesota-3.08%
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)^(b)		1.75%		10/15/2033		1,175		1,175,000


Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)^(b)		1.67%		11/01/2035		3,600		3,600,000


St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)^(b)		1.67%		10/01/2033		2,385		2,385,000


								7,160,000



Mississippi-1.97%
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.);
Series 2010 C, VRD IDR^(b)		1.46%		12/01/2030		585		585,000


Series 2010 E, VRD IDR^(b)		1.46%		12/01/2030		4,000		4,000,000


								4,585,000



Missouri-1.93%
Bridgeton (City of), MO Industrial Development Authority (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)^(b)(c)		1.67%		11/01/2037		1,320		1,320,000


Kansas City (City of), MO (H Roe Bartle); Series 2008 F, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		1.49%		04/15/2025		1,915		1,915,000


Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)^(b)(c)		1.82%		08/01/2038		1,260		1,260,000


								4,495,000



New York-4.61%
Metropolitan Transportation Authority; Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.68%		11/15/2046		7,115		7,115,000


New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)^(a)(b)(c)		1.50%		05/01/2039		3,600		3,600,000


								10,715,000



North Carolina-1.31%
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1992 A, VRD RB^(b)		1.47%		06/01/2027		3,055		3,055,000



Ohio-2.72%
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)^(b)(c)		1.67%		08/02/2038		2,650		2,650,000


Ohio State University (The); Series 2014 B-1, VRD RB^(b)		1.53%		12/01/2034		3,670		3,670,000


								6,320,000



Pennsylvania-1.71%
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		06/01/2037		1,225		1,225,000


Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)^(a)(b)(c)		1.65%		03/01/2030		450		450,000

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, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Pennsylvania-(continued)
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		10/15/2025	$	310	$	310,000


Philadelphia (City of), PA; Series 2022 A, Commerical Paper Notes (LOC - Barclays Bank PLC)^(a)(c)		1.60%		09/27/2022		2,000		2,000,000


								3,985,000



Rhode Island-1.89%
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB^(b)		1.67%		09/01/2043		4,400		4,400,000



Texas-14.79%
Board of Regents of the University of Texas System; Series 2008 B, VRD RB^(b)		1.50%		08/01/2025		1,115		1,115,000


Garland (City of), TX; Series 2022, Commerical Paper Notes (LOC - Barclays Bank PLC)^(a)(c)		1.55%		09/15/2022		1,200		1,200,000


Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.69%		02/15/2042		6,200		6,200,000


Houston (City of), TX; Series 2022 H-2, Commerical Paper Notes		1.73%		09/07/2022		5,000		5,000,000


Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		1.68%		05/15/2034		5,250		5,250,000


San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.68%		04/01/2026		1,520		1,520,000


Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)^(b)		1.73%		05/01/2042		3,125		3,125,000


Texas A&M University; Series 2022 B		1.25%		10/05/2022		5,000		5,000,000


University of Texas System Board of Regents; Series 2022 A, Commerical Paper Notes		1.85%		09/16/2022		6,000		6,000,000


								34,410,000



Virginia-1.72%
Norfolk (City of), VA; Series 2007, VRD GO Bonds^(b)		1.46%		08/01/2037		4,000		4,000,000



Washington-2.37%
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		1.49%		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)		1.49%		11/01/2047		2,145		2,145,000


								5,520,000



West Virginia-3.09%
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)^(b)(c)		1.69%		07/01/2039		745		745,000


West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Truist Bank)^(b)(c)		1.74%		01/01/2034		6,445		6,445,000


								7,190,000



Wisconsin-2.50%
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)^(b)(c)		1.68%		10/01/2042		3,160		3,160,000


Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital); Series 2004, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.50%		08/15/2034		2,660		2,660,000


								5,820,000


TOTAL INVESTMENTS IN SECURITIES^(e)(f)-99.87% (Cost $232,343,670)								232,343,670


OTHER ASSETS LESS LIABILITIES-0.13%								290,991


NET ASSETS-100.00%							$	232,634,661

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, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


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
SIFMA		- Securities Industry and Financial Markets Association
VRD		- Variable Rate Demand
YMCA		- Young Men’s Christian Association

Notes to Schedule of Investments:

^(a)	The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 11.1%; other countries less than 5% each: 15.6%.

^(b)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2022.

^(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)

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, 2022 was $11,000,000, which represented 4.73% of the Fund’s Net Assets.

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

^(f)


Entities		Percentage
Toronto-Dominion Bank		6.6%
PNC Bank N.A.		6.4
Federal Home Loan Mortgage Corporation		5.7
Bank of America N.A.		5.5

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


26		Short-Term Investments Trust

Statement of Assets and Liabilities

August 31, 2022


													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	$	1,201,018,126		$	197,977,322		$	5,682,916,919		$	24,198,787,135		$	1,176,910,112		$	232,343,670

Repurchase agreements, at value and cost		546,370,183			126,115,881			19,218,936,182			44,935,139,757			-			-

Cash		109,373			-			216,168			-			13,410			2,937

Receivable for:
Investments sold		-			-			-			-			-			230,000

Fund shares sold		-			-			3,426,958			12,440,927			-			-

Interest		1,498,126			114,844			15,648,843			39,762,105			427,495			353,878

Fund expenses absorbed		48,750			22,441			611,241			1,310,208			-			59,007

Investment for trustee deferred compensation and retirement plans		2,981,769			796,703			1,794,578			818,710			83,864			274,694

Other assets		-			132,222			406,980			2,382			791			29,200

Total assets		1,752,026,327			325,159,413			24,923,957,869			69,188,261,224			1,177,435,672			233,293,386


Liabilities:
Payable for:
Fund shares reacquired		-			-			1,436,975			4,312,518			-			-

Amount due custodian		-			-			-			75,388			-			-

Dividends		3,429,582			734,622			40,854,222			119,874,158			1,992,687			268,283

Accrued fees to affiliates		327,192			67,040			5,261,976			9,664,368			232,590			64,888

Accrued trustees’ and officers’ fees and benefits		5,177			3,013			24,875			75,569			4,088			2,853

Accrued operating expenses		38,091			24,350			390,285			209,322			26,751			29,818

Trustee deferred compensation and retirement plans		3,195,882			848,235			2,058,442			1,062,935			97,526			292,883

Total liabilities		6,995,924			1,677,260			50,026,775			135,274,258			2,353,642			658,725

Net assets applicable to shares outstanding	$	1,745,030,403		$	323,482,153		$	24,873,931,094		$	69,052,986,966		$	1,175,082,030		$	232,634,661


Net assets consist of:
Shares of beneficial interest	$	1,747,484,102		$	324,067,657		$	24,879,025,429		$	69,080,969,965		$	1,175,260,073		$	232,854,374

Distributable earnings (loss)		(2,453,699	)		(585,504	)		(5,094,335	)		(27,982,999	)		(178,043	)		(219,713	)

	$	1,745,030,403		$	323,482,153		$	24,873,931,094		$	69,052,986,966		$	1,175,082,030		$	232,634,661


Net Assets:
Institutional Class	$	1,741,681,355		$	322,472,595		$	21,420,556,964		$	61,165,374,792		$	1,102,134,048		$	196,759,517

Private Investment Class	$	1,072,938		$	457,312		$	381,788,814		$	577,941,151		$	14,564,541		$	14,764,249

Personal Investment Class	$	10,248		$	91,404		$	580,830,893		$	39,333,209		$	12,718,457		$	1,810,611

Cash Management Class	$	1,720,159		$	369,022		$	394,771,725		$	1,142,406,020		$	78,579		$	3,744,588

Reserve Class	$	175,005		$	70,263		$	987,384,416		$	598,751,170		$	42,146,780		$	14,785,359

Resource Class	$	247,941		$	386		$	77,389,574		$	135,003,087		$	98,294		$	760,040

Corporate Class	$	22,778		$	21,171		$	473,991,784		$	542,615,409		$	3,341,331		$	10,297

CAVU Securities Class	$	99,979		$	-		$	557,216,925		$	4,851,562,128		$	-		$	-

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


27		Short-Term Investments Trust

Statement of Assets and Liabilities–(continued)

August 31, 2022


									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		1,741,404,031		322,466,007		21,422,696,205		61,190,061,271		1,102,245,734		196,737,460

Private Investment Class		1,072,769		457,303		381,826,938		578,174,331		14,566,279		14,762,695

Personal Investment Class		10,246		91,402		580,888,890		39,349,084		12,720,093		1,810,436

Cash Management Class		1,719,889		369,015		394,811,148		1,142,867,105		78,588		3,744,177

Reserve Class		174,978		70,262		987,483,019		598,992,752		42,152,444		14,784,054

Resource Class		247,902		386		77,397,299		135,057,575		98,305		759,958

Corporate Class		22,774		21,170		474,039,115		542,834,320		3,341,703		10,296

CAVU Securities Class		99,963		-		557,272,567		4,853,520,238		-		-

Net asset value, offering and redemption price per share for each class	$	1.0002	$	1.0000	$	1.00	$	1.00	$	1.00	$	1.00

Cost of Investments	$	1,747,632,225	$	324,098,563	$	24,901,853,101	$	69,133,926,892	$	1,176,910,112	$	232,343,670

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


28		Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2022


													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	$	13,644,622		$	2,284,794		$	128,028,516		$	395,970,368		$	6,615,247		$	959,588


Expenses:
Advisory fees		3,122,309			449,298			32,265,270			60,899,961			1,503,064			363,316

Administrative services fees		933,129			133,092			9,470,158			26,994,896			497,724			80,410

Custodian fees		40,769			21,744			543,746			726,135			12,003			4,168

Distribution fees:
Private Investment Class		7,695			1,538			949,886			1,691,410			37,328			29,069

Personal Investment Class		56			509			1,991,022			147,296			58,197			8,227

Cash Management Class		1,945			361			376,542			674,250			91			3,393

Reserve Class		1,800			711			11,418,685			4,727,590			553,248			149,700

Resource Class		540			-			96,179			248,617			161			2,277

Corporate Class		7			7			70,495			221,276			1,054			4

Transfer agent fees		187,339			26,958			1,935,916			5,480,996			101,526			16,349

Trustees’ and officers’ fees and benefits		33,400			20,107			172,056			472,464			26,153			19,234

Registration and filing fees		100,319			80,466			857,680			874,196			95,458			95,946

Reports to shareholders		16,135			11,893			63,345			60,302			13,166			25,783

Professional services fees		50,201			38,656			145,043			320,773			49,349			37,674

Other		102,516			58,218			300,901			520,409			65,519			22,861

Total expenses		4,598,160			843,558			60,656,924			104,060,571			3,014,041			858,411

Less: Fees waived and expenses reimbursed		(945,472	)		(385,749	)		(28,703,024	)		(34,058,255	)		(1,332,072	)		(528,184	)

Net expenses		3,652,688			457,809			31,953,900			70,002,316			1,681,969			330,227

Net investment income		9,991,934			1,826,985			96,074,616			325,968,052			4,933,278			629,361


Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		3,959			624			(3,886,562	)		(28,543,577	)		(129,607	)		-

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(406,836	)		(5,126	)		-			-			-			-

Net realized and unrealized gain (loss)		(402,877	)		(4,502	)		(3,886,562	)		(28,543,577	)		(129,607	)		-

Net increase in net assets resulting from operations	$	9,589,057		$	1,822,483		$	92,188,054		$	297,424,475		$	4,803,671		$	629,361

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


29		Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021


	Invesco Liquid Assets Portfolio						Invesco STIC Prime Portfolio
	2022			2021			2022			2021

Operations:
Net investment income	$	9,991,934		$	1,034,618		$	1,826,985		$	24,474

Net realized gain		3,959			2,613			624			552

Change in net unrealized appreciation (depreciation)		(406,836	)		(496,709	)		(5,126	)		(2,800	)

Net increase in net assets resulting from operations		9,589,057			540,522			1,822,483			22,226


Distributions to shareholders from distributable earnings:
Institutional Class		(9,973,378	)		(1,033,839	)		(1,657,807	)		(24,275	)

Private Investment Class		(6,754	)		(318	)		(1,550	)		(92	)

Personal Investment Class		(32	)		(4	)		(240	)		(31	)

Cash Management Class		(9,759	)		(359	)		(1,672	)		(52	)

Reserve Class		(378	)		(29	)		(130	)		(11	)

Resource Class		(1,017	)		(40	)		(3	)		(9	)

Corporate Class		(112	)		(13	)		(95	)		(4	)

CAVU Securities Class		(504	)		(16	)		-			-

Total distributions from distributable earnings		(9,991,934	)		(1,034,618	)		(1,661,497	)		(24,474	)


Return of capital:
Institutional Class		-			-			(165,120	)		-

Private Investment Class		-			-			(154	)		-

Personal Investment Class		-			-			(24	)		-

Cash Management Class		-			-			(167	)		-

Reserve Class		-			-			(13	)		-

Resource Class		-			-			(1	)		-

Corporate Class		-			-			(9	)		-

Total return of capital		-			-			(165,488	)		-

Total distributions		(9,991,934	)		(1,034,618	)		(1,826,985	)		(24,474	)


Share transactions-net:
Institutional Class		(614,280,688	)		(201,574,311	)		100,759,349			(99,033,118	)

Private Investment Class		(1,818,407	)		(648,893	)		(147,861	)		(671,036	)

Personal Investment Class		-			-			(1,448	)		(302,491	)

Cash Management Class		(1,201,217	)		(24,434	)		(127,021	)		(7,793	)

Reserve Class		(40,550	)		(62,582	)		(16,775	)		(18,402	)

Resource Class		(114,240	)		(3,337	)		1			(122,205	)

Corporate Class		(354	)		(15,522	)		64			4

CAVU Securities Class		1			100,002			-			-

Net increase (decrease) in net assets resulting from share transactions		(617,455,455	)		(202,229,077	)		100,466,309			(100,155,041	)

Net increase (decrease) in net assets		(617,858,332	)		(202,723,173	)		100,461,807			(100,157,289	)


Net assets:
Beginning of year		2,362,888,735			2,565,611,908			223,020,346			323,177,635

End of year	$	1,745,030,403		$	2,362,888,735		$	323,482,153		$	223,020,346

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–(continued)

For the years ended August 31, 2022 and 2021


	Invesco Treasury Portfolio						Invesco Government & Agency Portfolio

	2022			2021			2022			2021

Operations:
Net investment income	$	96,074,616		$	2,248,785		$	325,968,052		$	9,964,680

Net realized gain (loss)		(3,886,562	)		30,818			(28,543,577	)		542,485

Net increase in net assets resulting from operations		92,188,054			2,279,603			297,424,475			10,507,165


Distributions to shareholders from distributable earnings:
Institutional Class		(85,408,911	)		(2,005,555	)		(295,190,284	)		(9,402,663	)

Private Investment Class		(1,268,453	)		(35,458	)		(2,186,097	)		(120,583	)

Personal Investment Class		(1,167,413	)		(28,813	)		(110,536	)		(2,025	)

Cash Management Class		(1,843,731	)		(42,921	)		(3,324,668	)		(128,425	)

Reserve Class		(2,122,002	)		(62,101	)		(1,225,131	)		(105,814	)

Resource Class		(267,315	)		(18,705	)		(863,585	)		(32,727	)

Corporate Class		(1,170,294	)		(41,758	)		(2,699,107	)		(52,287	)

CAVU Securities Class		(2,826,497	)		(13,474	)		(20,368,644	)		(120,156	)

Total distributions from distributable earnings		(96,074,616	)		(2,248,785	)		(325,968,052	)		(9,964,680	)


Share transactions-net:
Institutional Class		4,330,861,644			(2,122,806,791	)		11,726,491,208			19,204,558,855

Private Investment Class		78,001,581			(118,976,592	)		72,215,877			(76,121,055	)

Personal Investment Class		315,801,181			(16,713,545	)		29,989,058			(4,169,839	)

Cash Management Class		(57,379,422	)		80,255,547			394,921,370			316,471,282

Reserve Class		119,769,440			286,064,751			190,502,067			7,054,623

Resource Class		24,190,011			(582,467,587	)		17,158,805			(25,248,184	)

Corporate Class		207,510,470			(867,085,822	)		(539,261,258	)		1,050,827,823

CAVU Securities Class		10,231,626			547,040,941			3,411,670,557			1,441,849,681

Net increase (decrease) in net assets resulting from share transactions		5,028,986,531			(2,794,689,098	)		15,303,687,684			21,915,223,186

Net increase (decrease) in net assets		5,025,099,969			(2,794,658,280	)		15,275,144,107			21,915,765,671


Net assets:
Beginning of year		19,848,831,125			22,643,489,405			53,777,842,859			31,862,077,188

End of year	$	24,873,931,094		$	19,848,831,125		$	69,052,986,966		$	53,777,842,859

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, 2022 and 2021


	Invesco Treasury Obligations Portfolio						Invesco Tax-Free Cash Reserve Portfolio

	2022			2021			2022			2021

Operations:
Net investment income	$	4,933,278		$	133,186		$	629,361		$	17,194

Net realized gain (loss)		(129,607	)		47,304			-			-

Net increase in net assets resulting from operations		4,803,671			180,490			629,361			17,194


Distributions to shareholders from distributable earnings:
Institutional Class		(4,768,439	)		(123,225	)		(576,238	)		(12,978	)

Private Investment Class		(48,742	)		(1,559	)		(26,690	)		(1,039	)

Personal Investment Class		(29,749	)		(128	)		(2,178	)		(195	)

Cash Management Class		(319	)		(29	)		(11,012	)		(490	)

Reserve Class		(71,516	)		(7,454	)		(10,273	)		(2,280	)

Resource Class		(360	)		(17	)		(2,938	)		(208	)

Corporate Class		(14,153	)		(774	)		(32	)		(4	)

Total distributions from distributable earnings		(4,933,278	)		(133,186	)		(629,361	)		(17,194	)


Share transactions-net:
Institutional Class		38,941,402			(306,942,642	)		78,490,605			(32,730,801	)

Private Investment Class		(78,490	)		220,502			5,209,668			(580,210	)

Personal Investment Class		8,907,420			3,070,903			133,658			(1,906,614	)

Cash Management Class		(174,408	)		(87,640	)		(851,665	)		(893,331	)

Reserve Class		(32,341,061	)		19,907,010			(1,439,232	)		(10,596,705	)

Resource Class		198			(51,953	)		(716,611	)		(1,527,247	)

Corporate Class		(1,691,615	)		(5,409,097	)		19			-

Net increase (decrease) in net assets resulting from share transactions		13,563,446			(289,292,917	)		80,826,442			(48,234,908	)

Net increase (decrease) in net assets		13,433,839			(289,245,613	)		80,826,442			(48,234,908	)


Net assets:
Beginning of year		1,161,648,191			1,450,893,804			151,808,219			200,043,127

End of year	$	1,175,082,030		$	1,161,648,191		$	232,634,661		$	151,808,219

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


32		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			Return of capital			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 08/31/22		$1.0004		$0.0019		$(0.0001	)		$0.0018			$(0.0020	)		$ -			$ -			$(0.0020	)		$1.0002		0.18	%		$ 175		0.46	%		1.09	%		0.20	%
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
Invesco STIC Prime Portfolio
Year ended 08/31/22		1.0000		0.0020		0.0000			0.0020			(0.0018	)		-			(0.0002	)		(0.0020	)		1.0000		0.20			70		0.42			1.15			0.34
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
Invesco Treasury Portfolio
Year ended 08/31/22		1.00		0.00		0.00			0.00			(0.00	)		-			-			(0.00	)		1.00		0.19			987,384		0.39			1.08			0.21
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
Invesco Government & Agency Portfolio
Year ended 08/31/22		1.00		0.00		(0.00	)		0.00			(0.00	)		-			-			(0.00	)		1.00		0.21			598,751		0.42			1.03			0.23
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
Invesco Treasury Obligations Portfolio
Year ended 08/31/22		1.00		0.00		(0.00	)		(0.00	)		(0.00	)		-			-			(0.00	)		1.00		0.16			42,147		0.35			1.08			0.24
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
Invesco Tax-Free Cash Reserve Portfolio
Year ended 08/31/22		1.00		0.00		-			0.00			(0.00	)		-			-			(0.00	)		1.00		0.06			14,785		0.41			1.24			0.12
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			(0.000	)		-			-			(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

^(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.


33		Short-Term Investments Trust

Notes to Financial Statements

August 31, 2022

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 normally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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


34		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.

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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments


35		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 (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, 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 and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses 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, 2022, 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%


36		Short-Term Investments Trust


	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 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, 2022, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


	Expense Limitation


Invesco Liquid Assets Portfolio	$	839,352


Invesco STIC Prime Portfolio		301,276


Invesco Treasury Portfolio		7,035,844


Invesco Government & Agency Portfolio		1,730,545


Invesco Treasury Obligations Portfolio		333,450


Invesco Tax-Free Cash Reserve Portfolio		302,421

Voluntary fee waivers for the year ended August 31, 2022 are shown below:


	Fund Level		Private Investment Class		Personal Investment Class		Cash Management Class		Reserve Class		Resource Class		Corporate Class


Invesco Liquid Assets Portfolio	$	98,734	$	4,760	$	34	$	1,074	$	1,206	$	309	$	3


Invesco STIC Prime Portfolio		82,545		915		311		206		491		1		4


Invesco Treasury Portfolio		11,717,027		518,670		1,157,113		208,147		7,972,623		51,028		42,572


Invesco Government & Agency Portfolio		27,703,436		911,921		57,615		374,418		3,045,451		106,195		128,674


Invesco Treasury Obligations Portfolio		536,300		19,938		27,410		61		414,286		83		544


Invesco Tax-Free Cash Reserve Portfolio		99,306		14,819		4,105		1,861		104,414		1,256		2


37		Short-Term Investments Trust


	Private Investment Class	Personal Investment Class	Cash Management Class	Reserve Class	Resource Class	Corporate Class


Invesco Liquid Assets Portfolio	0.30%	0.55%	0.08%	0.87%	0.20%	0.03%


Invesco STIC Prime Portfolio	0.30%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Treasury Portfolio	0.30%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Government & Agency Portfolio	0.30%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Treasury Obligations Portfolio	0.25%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Tax-Free Cash Reserve Portfolio	0.25%	0.55%	0.08%	0.87%	0.16%	0.03%

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	$ 22,055,624	$ 16,400,013	$-


Invesco STIC Prime Portfolio	8,610,216	14,201,999	-


Invesco Tax-Free Cash Reserve Portfolio	241,775,804	207,889,996	-

NOTE 5–Trustees’ and Officers’ Fees and Benefits


38		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, 2022 and 2021:


	2022						2021
	Ordinary Income*		Ordinary Income-Tax- Exempt		Return of Capital		Ordinary Income*		Ordinary Income-Tax- Exempt		Return of Capital


Invesco Liquid Assets Portfolio	$	9,991,934	$	-	$	-	$	1,034,618	$	-	$-


Invesco STIC Prime Portfolio		1,661,497		-		165,488		24,474		-	-


Invesco Treasury Portfolio		96,074,616		-		-		2,248,785		-	-


Invesco Government & Agency Portfolio		325,968,052		-		-		9,964,680		-	-


Invesco Treasury Obligations Portfolio		4,933,278		-		-		133,186		-	-


Invesco Tax-Free Cash Reserve Portfolio		-		629,361		-		5,579		11,615	-

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

Tax Components of Net Assets at Period-End:


	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets


Invesco Liquid Assets Portfolio	$	-	$	(2,200,732	)	$	(243,916	)	$	(9,051)		$	1,747,484,102	$	1,745,030,403


Invesco STIC Prime Portfolio		-		(580,144	)		(5,360	)		-			324,067,657		323,482,153


Invesco Treasury Portfolio		284,026		(1,459,786	)		-			(3,918,575	)		24,879,025,429		24,873,931,094


Invesco Government & Agency Portfolio		1,351,614		(789,869	)		-			(28,544,744	)		69,080,969,965		69,052,986,966


Invesco Treasury Obligations Portfolio		56,908		(69,452	)		(8,870	)		(156,629	)		1,175,260,073		1,175,082,030


Invesco Tax-Free Cash Reserve Portfolio		-		(200,621	)		-			(19,092	)		232,854,374		232,634,661


39		Short-Term Investments Trust

The Funds have a capital loss carryforward as of August 31, 2022, as follows:


	Short-Term		Long-Term
	Not Subject to		Not Subject to
Fund	Expiration		Expiration	Total*


Invesco Liquid Assets Portfolio	$	9,051	$ -	$	9,051


Invesco Treasury Portfolio		3,918,575	-		3,918,575


Invesco Government & Agency Portfolio		28,544,744	-		28,544,744


Invesco Treasury Obligations Portfolio		132,371	24,258		156,629


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, 2022
										Net
										Unrealized
	Federal		Unrealized			Unrealized				Appreciation
	Tax Cost*		Appreciation			(Depreciation)				(Depreciation)


Invesco Liquid Assets Portfolio	$	1,747,632,225		$	115,759		$	(359,675	)	$	(243,916	)


Invesco STIC Prime Portfolio		324,098,563			-			(5,360	)		(5,360	)


Invesco Treasury Obligations Portfolio		1,176,918,982			-			(8,870	)		(8,870	)

NOTE 9–Reclassification of Permanent Differences


	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest


Invesco Liquid Assets Portfolio		$	407,812			$	-			$	(407,812	)


Invesco STIC Prime Portfolio			166,112				(624	)			(165,488	)


Invesco Treasury Portfolio			44,131				(46,858	)			2,727


Invesco Government & Agency Portfolio			(1	)			3				(2	)


Invesco Treasury Obligations Portfolio			-				-				-


Invesco Tax-Free Cash Reserve Portfolio			59,675				-				(59,675	)

NOTE 10–Share Information

Invesco Liquid Assets Portfolio


			Summary of Share Activity


	Years ended August 31,
	2022^(a)				2021
	Shares		Amount		Shares		Amount


Sold:
Institutional Class		16,021,220,223	$	16,021,997,196		17,486,805,323	$	17,494,025,296


Private Investment Class		173		173		371,715		371,900


Cash Management Class		1		1		6,058		6,061


Reserve Class		7,065		7,068		79,579		79,611


Corporate Class		-		-		1,001		1,001


CAVU Securities Class^(b)		1		1		99,962		100,002


40		Short-Term Investments Trust

NOTE 10–Share Information–(continued)


				Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount



Issued as reinvestment of dividends:
Institutional Class		331,500		$	331,481			182,613		$	182,698


Private Investment Class		3,597			3,597			207			207


Cash Management Class		5,971			5,971			359			359


Reserve Class		174			174			28			28


Resource Class		599			599			37			37


Corporate Class		70			70			13			13



Reacquired:
Institutional Class		(16,635,655,012	)		(16,636,609,365	)		(17,688,475,913	)		(17,695,782,305	)


Private Investment Class		(1,822,166	)		(1,822,177	)		(1,020,552	)		(1,021,000	)


Cash Management Class		(1,207,094	)		(1,207,189	)		(30,840	)		(30,854	)


Reserve Class		(47,789	)		(47,792	)		(142,165	)		(142,221	)


Resource Class		(114,803	)		(114,839	)		(3,373	)		(3,374	)


Corporate Class		(425	)		(424	)		(16,529	)		(16,536	)


Net increase (decrease) in share activity		(617,277,915	)	$	(617,455,455	)		(202,142,477	)	$	(202,229,077	)

^(a)	45% 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.


41		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco STIC Prime Portfolio


				Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		1,898,258,845		$	1,898,293,281			1,439,605,312		$	1,439,605,312


Private Investment Class		66,475			66,475			17,500			17,500


Personal Investment Class		45			45			-			-


Cash Management Class		47,921			47,925			7,472			7,472


Reserve Class		1			1			4			4


Corporate Class		-			-			1,000			1,000



Issued as reinvestment of dividends:
Institutional Class		718,725			718,729			14,063			14,063


Private Investment Class		961			961			91			91


Personal Investment Class		131			131			27			27


Cash Management Class		351			351			15			15


Reserve Class		62			62			7			7


Resource Class		1			1			7			7


Corporate Class		64			64			4			4



Reacquired:
Institutional Class		(1,798,225,673	)		(1,798,252,661	)		(1,538,652,493	)		(1,538,652,493	)


Private Investment Class		(215,296	)		(215,297	)		(688,627	)		(688,627	)


Personal Investment Class		(1,624	)		(1,624	)		(302,518	)		(302,518	)


Cash Management Class		(175,291	)		(175,297	)		(15,280	)		(15,280	)


Reserve Class		(16,836	)		(16,838	)		(18,413	)		(18,413	)


Resource Class		-			-			(122,212	)		(122,212	)


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


Net increase (decrease) in share activity		100,458,862		$	100,466,309			(100,155,041	)	$	(100,155,041	)

^(a)


42		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Portfolio


				Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		132,066,034,066		$	132,066,034,066			209,389,908,080		$	209,389,908,080


Private Investment Class		1,001,410,898			1,001,410,898			564,708,648			564,708,648


Personal Investment Class		2,236,178,971			2,236,178,971			1,460,181,973			1,460,181,973


Cash Management Class		1,488,319,714			1,488,319,714			834,202,437			834,202,437


Reserve Class		3,559,612,942			3,559,612,942			2,267,218,779			2,267,218,779


Resource Class		215,964,855			215,964,855			271,542,723			271,542,723


Corporate Class		4,502,000,934			4,502,000,934			4,259,846,179			4,259,846,179


CAVU Securities Class^(b)		12,888,063,731			12,888,063,731			1,619,862,326			1,619,862,326



Issued as reinvestment of dividends:
Institutional Class		10,223,078			10,223,078			497,496			497,496


Private Investment Class		184,233			184,233			11,961			11,961


Personal Investment Class		398,914			398,914			28,558			28,558


Cash Management Class		1,071,516			1,071,516			39,490			39,490


Reserve Class		971,014			971,014			56,643			56,643


Resource Class		130,138			130,138			4,380			4,380


Corporate Class		261,029			261,029			26,745			26,745


CAVU Securities Class		1,880			1,880			-			-



Reacquired:
Institutional Class		(127,745,395,500	)		(127,745,395,500	)		(211,513,212,367	)		(211,513,212,367	)


Private Investment Class		(923,593,550	)		(923,593,550	)		(683,697,201	)		(683,697,201	)


Personal Investment Class		(1,920,776,704	)		(1,920,776,704	)		(1,476,924,076	)		(1,476,924,076	)


Cash Management Class		(1,546,770,652	)		(1,546,770,652	)		(753,986,380	)		(753,986,380	)


Reserve Class		(3,440,814,516	)		(3,440,814,516	)		(1,981,210,671	)		(1,981,210,671	)


Resource Class		(191,904,982	)		(191,904,982	)		(854,014,690	)		(854,014,690	)


Corporate Class		(4,294,751,493	)		(4,294,751,493	)		(5,126,958,746	)		(5,126,958,746	)


CAVU Securities Class		(12,877,833,985	)		(12,877,833,985	)		(1,072,821,385	)		(1,072,821,385	)


Net increase (decrease) in share activity		5,028,986,531		$	5,028,986,531			(2,794,689,098	)	$	(2,794,689,098	)

^(a)

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


43		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Government & Agency Portfolio


				Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		454,339,645,288		$	454,339,645,288			287,998,117,369		$	287,998,117,369


Private Investment Class		1,778,974,054			1,778,974,054			1,566,476,737			1,566,476,737


Personal Investment Class		97,861,174			97,861,174			8,460,874			8,460,874


Cash Management Class		1,341,733,532			1,341,733,532			1,020,500,616			1,020,500,616


Reserve Class		2,373,222,673			2,373,222,673			1,184,114,517			1,184,114,517


Resource Class		1,481,464,937			1,481,464,937			1,448,949,173			1,448,949,173


Corporate Class		10,354,778,887			10,354,778,887			2,472,495,311			2,472,495,311


CAVU Securities Class^(b)		77,360,488,467			77,360,488,467			11,182,358,336			11,182,358,336



Issued as reinvestment of dividends:
Institutional Class		49,592,996			49,592,996			2,364,199			2,364,199


Private Investment Class		747,946			747,946			77,027			77,027


Personal Investment Class		55,691			55,691			1,664			1,664


Cash Management Class		463,867			463,867			62,947			62,947


Reserve Class		542,028			542,028			96,732			96,732


Resource Class		486,110			486,110			22,306			22,306


Corporate Class		1,161,309			1,161,309			20,996			20,996


CAVU Securities Class		7,176,754			7,176,754			68,987			68,987



Reacquired:
Institutional Class		(442,662,747,076	)		(442,662,747,076	)		(268,795,922,713	)		(268,795,922,713	)


Private Investment Class		(1,707,506,123	)		(1,707,506,123	)		(1,642,674,819	)		(1,642,674,819	)


Personal Investment Class		(67,927,807	)		(67,927,807	)		(12,632,377	)		(12,632,377	)


Cash Management Class		(947,276,029	)		(947,276,029	)		(704,092,281	)		(704,092,281	)


Reserve Class		(2,183,262,634	)		(2,183,262,634	)		(1,177,156,626	)		(1,177,156,626	)


Resource Class		(1,464,792,242	)		(1,464,792,242	)		(1,474,219,663	)		(1,474,219,663	)


Corporate Class		(10,895,201,454	)		(10,895,201,454	)		(1,421,688,484	)		(1,421,688,484	)


CAVU Securities Class		(73,955,994,664	)		(73,955,994,664	)		(9,740,577,642	)		(9,740,577,642	)


Net increase in share activity		15,303,687,684		$	15,303,687,684			21,915,223,186		$	21,915,223,186

^(a)

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


44		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Obligations Portfolio


				Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		2,034,763,395		$	2,034,763,395			1,758,486,047		$	1,758,486,047


Private Investment Class		4,862,034			4,862,034			8,037,650			8,037,650


Personal Investment Class		25,412,787			25,412,787			6,051,798			6,051,798


Reserve Class		237,156,939			237,156,939			332,356,357			332,356,357


Resource Class		891,607			891,607			52,034			52,034


Corporate Class		-			-			129			129



Issued as reinvestment of dividends:
Institutional Class		1,208,158			1,208,158			69,137			69,137


Private Investment Class		25,960			25,960			1,543			1,543


Personal Investment Class		13,163			13,163			102			102


Cash Management Class		185			185			27			27


Reserve Class		26,868			26,868			7,165			7,165


Resource Class		-			-			3			3


Corporate Class		8,385			8,385			774			774



Reacquired:
Institutional Class		(1,997,030,151	)		(1,997,030,151	)		(2,065,497,826	)		(2,065,497,826	)


Private Investment Class		(4,966,484	)		(4,966,484	)		(7,818,691	)		(7,818,691	)


Personal Investment Class		(16,518,530	)		(16,518,530	)		(2,980,997	)		(2,980,997	)


Cash Management Class		(174,593	)		(174,593	)		(87,667	)		(87,667	)


Reserve Class		(269,524,868	)		(269,524,868	)		(312,456,512	)		(312,456,512	)


Resource Class		(891,409	)		(891,409	)		(103,990	)		(103,990	)


Corporate Class		(1,700,000	)		(1,700,000	)		(5,410,000	)		(5,410,000	)


Net increase (decrease) in share activity		13,563,446		$	13,563,446			(289,292,917	)	$	(289,292,917	)

^(a)

In addition, 51% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


45		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio


				Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		264,322,787		$	264,322,787			147,021,640		$	147,021,640


Private Investment Class		8,658,509			8,658,509			2,274,008			2,274,008


Personal Investment Class		4,144,947			4,144,947			7,107,975			7,107,975


Cash Management Class		4,995,075			4,995,075			6,420,817			6,420,817


Reserve Class		44,954,869			44,954,869			28,135,345			28,135,345


Resource Class		-			-			394,392			394,392



Issued as reinvestment of dividends:
Institutional Class		203,648			203,648			7,749			7,749


Private Investment Class		10,734			10,734			832			832


Personal Investment Class		619			619			195			195


Cash Management Class		1,959			1,959			230			230


Reserve Class		2,238			2,238			2,280			2,280


Resource Class		1,890			1,890			205			205


Corporate Class		19			19			-			-



Reacquired:
Institutional Class		(186,035,830	)		(186,035,830	)		(179,760,190	)		(179,760,190	)


Private Investment Class		(3,459,575	)		(3,459,575	)		(2,855,050	)		(2,855,050	)


Personal Investment Class		(4,011,908	)		(4,011,908	)		(9,014,784	)		(9,014,784	)


Cash Management Class		(5,848,699	)		(5,848,699	)		(7,314,378	)		(7,314,378	)


Reserve Class		(46,396,339	)		(46,396,339	)		(38,734,330	)		(38,734,330	)


Resource Class		(718,501	)		(718,501	)		(1,921,844	)		(1,921,844	)


Net increase (decrease) in share activity		80,826,442		$	80,826,442			(48,234,908	)	$	(48,234,908	)

^(a)


46		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, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights of the Reserve Class for each of the five years in the period ended August 31, 2022 (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, 2022, 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, 2022 and each of the financial highlights of the Reserve Class for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 26, 2022


47		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, 2022 through August 31, 2022.

Actual expenses

Hypothetical example for comparison purposes


				HYPOTHETICAL
		ACTUAL		(5% annual return before expenses)
Reserve Class	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)¹	Expenses Paid During Period²	Ending Account Value (08/31/22)	Expenses Paid During Period²	Annualized Expense Ratio
Invesco Liquid Assets Portfolio	$1,000.00	$1,002.10	$3.89	$1,021.32	$3.92	0.77%
Invesco STIC Prime Portfolio	1,000.00	1,002.00	3.84	1,021.37	3.87	0.76
Invesco Treasury Portfolio	1,000.00	1,001.80	3.33	1,021.88	3.36	0.66
Invesco Government & Agency Portfolio	1,000.00	1,002.00	3.78	1,021.42	3.82	0.75
Invesco Treasury Obligations Portfolio	1,000.00	1,001.50	3.28	1,021.93	3.31	0.65
Invesco Tax-Free Cash Reserve Portfolio	1,000.00	1,000.60	3.63	1,021.58	3.67	0.72

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.


48		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

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials


49		Short-Term Investments Trust

B.	Fund Investment Performance

Invesco Government & Agency Portfolio

Invesco Liquid Assets Portfolio

Invesco STIC Prime Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period, equal to the performance of the Index for the three year period and reasonably comparable to 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, 2021 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 equal to the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as

Invesco Treasury Obligations Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco Treasury Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio


50		Short-Term Investments Trust

Invesco Liquid Assets Portfolio

accounts have all-inclusive fee structures, which are not easily un-bundled.

Invesco STIC Prime Portfolio


51		Short-Term Investments Trust

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 there were only four other funds in the Fund’s expense group.

Invesco Treasury Obligations Portfolio

Invesco Treasury Portfolio


52		Short-Term Investments Trust

the Fund’s total expense ratio and its various components.

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

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,


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, 2022:

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	95.79%	0.00%	0.00%	0.07%	0.00%


Invesco STIC Prime Portfolio	98.68%	0.00%	0.00%	0.00%	0.00%


Invesco Treasury Portfolio	100.00%	0.00%	0.00%	40.21%	0.00%


Invesco Government & Agency Portfolio	100.00%	0.00%	0.00%	43.13%	0.00%


Invesco Treasury Obligations Portfolio	100.00%	0.00%	0.00%	100.00%	0.00%


Invesco Tax-Free Cash Reserve Portfolio	0.00%	0.00%	0.00%	0.00%	100.00%

* The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

Non-Resident Alien Shareholders


	Qualified Short-Term Gains	Qualified Interest Income**


Invesco Liquid Assets Portfolio	$ -	0.00%


Invesco STIC Prime Portfolio	624	0.00%


Invesco Treasury Portfolio	-	100.00%


Invesco Government & Agency Portfolio	-	100.00%


Invesco Treasury Obligations Portfolio	-	100.00%


Invesco Tax-Free Cash Reserve Portfolio	-	0.00%

** The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year.


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)	190	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
Beth Ann Brown – 1968 Trustee and Chair	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	190	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) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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	190	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)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of 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	190	Insperity, Inc. (formerly known as Administaff) (human resources provider); Member of Regional Board of Directors and Board of Directors, 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	190	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; 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	190	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	190	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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)
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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	190	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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	190	None
Ann Barnett Stern²– 1957 Trustee	2017	President and Chief Executive Officerr, Houston Endowment, Inc. a private philanthropic institution (private philanthropic institution) Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP & Andrews and Kurth LLP	190	Trustee and Board Vice Chair of Holdsworth Center (non-profit); Trustee and Chair of Nomination/Governance Committee, Good Reason Houston, (non-profit); Trustee and Investment Committee member of University of Texas Law School Foundation (non-profit); Board Member of Greater Houston Partnership (non-profit); Advisory Board member, Baker Institute for Public Policy at Rice University (non-profit) Formerly: Director and Audit Committee Member of Federal Reserve Bank of Dallas
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	190	None
Daniel S. Vandivort –1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management, 1994-2007; Trustee and Chair, Weiss Peck and Greer Funds Board, 2004-2005; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management, 1984-1994.	190	Formerly: Trustee and Governance Chair, Oppenheimer Funds, 2014-2019; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America, 2016-2019

²Effective September 14, 2022, Ms. Ann Barnett Stern resigned as a Trustee of the Trust.


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
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; 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
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); 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: Senior Vice President, Invesco Distributors, Inc.; 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
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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) 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


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–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; 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
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.; Senior Vice President, The Invesco Funds; 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.; 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


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)
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 and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A
			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 77002-5021

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-6		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

Fund holdings and proxy voting information

800 659 1005, option 1, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.




SEC file numbers: 811-02729 and 002-58287	Invesco Distributors, Inc.	CM-STIT-AR-7




		Annual Report to Shareholders		August 31, 2022

		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, 2022, and is based on total net assets. Unless otherwise stated, all data is 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			27

Financial Highlights			33

Notes to Financial Statements			34

Report of Independent Registered Public Accounting Firm			47

Fund Expenses			48

Approval of Investment Advisory and Sub-Advisory Contracts			49

Tax Information			54

Trustees and Officers			T-1


2

Fund Data



Resource Class data as of 8/31/22

FUND	WEIGHTED AVERAGE MATURITY		WEIGHTED AVERAGE LIFE	TOTAL NET ASSETS
	Range During Reporting Period	At Reporting Period End	At Reporting Period End
Invesco Liquid Assets¹	13 - 52 days	17 days	35 days	$	247.9 thousand
Invesco STIC Prime¹	2 - 14 days	6 days	7 days		0.4 thousand
Invesco Treasury²	4 - 58 days	4 days	93 days		77.4 million
Invesco Government & Agency²	14 - 56 days	14 days	105 days		135.0 million
Invesco Treasury Obligations²	30 - 55 days	36 days	91 days		98.3 thousand
Invesco Tax-Free Cash Reserve³	8 - 15 days	9 days	9 days		760.0 thousand

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.

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 8/31/22
	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	47.9%	73.7%	77.1%	64.6%	4.4%	87.2%
8 - 30	19.7	23.8	3.0	1.5	31.1	7.2
31 - 60	4.9	2.5	2.2	1.9	28.2	5.6
61 - 90	10.9	0.0	2.6	10.2	22.1	0.0
91 - 180	16.6	0.0	0.0	5.2	3.0	0.0
181+	0.0	0.0	15.1	16.6	11.2	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, 2022

Invesco Liquid Assets Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Commercial Paper-40.49%^(a)
Asset-Backed Securities - Fully Supported-0.58%
Ridgefield Funding Co., LLC (CEP - BNP Paribas S.A.) (SOFR + 0.52%)^(b)(c)(d)		2.86%		02/15/2023	$	10,000	$	10,000,000



Asset-Backed Securities - Fully Supported Bank-7.45%
Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.28%)^(b)(c)(d)		2.66%		11/21/2022		40,000		40,006,000


Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (1 mo. FEDL + 0.12%)^(b)(c)(d)		2.53%		09/01/2022		20,000		20,000,000


Matchpoint Finance PLC (SOFR + 0.45%) (Ireland)^(b)(c)(d)		2.79%		11/17/2022		20,000		20,007,380


Nieuw Amsterdam Receivables Corp. B.V. (CEP - Cooperatieve Rabobank UA) (Netherlands)^(b)(c)		2.51%		09/21/2022		30,000		29,956,600


Versailles Commercial Paper LLC (CEP - Natixis S.A.) (SOFR + 0.30%)^(b)(c)(d)		2.63%		01/09/2023		20,000		20,003,550


								129,973,530



Diversified Banks-23.02%
ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.34%		10/03/2022		30,000		29,935,293


Barclays Bank PLC^(c)		2.36%		09/26/2022		20,000		19,966,012


Barclays Bank PLC^(c)		2.55%		09/23/2022		50,000		49,924,867


DBS Bank Ltd. (Singapore)^(b)(c)		2.49%		09/16/2022		10,000		9,989,480


DBS Bank Ltd. (Singapore)^(b)(c)		2.91%		11/14/2022		30,000		29,820,000


DBS Bank Ltd. (Singapore)^(b)(c)		3.35%		01/17/2023		20,000		19,739,607


Korea Development Bank^(c)		3.19%		01/05/2023		20,000		19,773,093


Korea Development Bank^(c)		3.19%		01/06/2023		10,000		9,885,369


Mitsubishi UFJ Trust & Banking Corp.^(b)(c)		2.59%		09/20/2022		70,000		69,909,155


Skandinaviska Enskilda Banken AB (SOFR + 0.40%) (Sweden)^(b)(c)(d)		2.74%		11/17/2022		70,000		70,015,605


Svenska Handelsbanken AB (Sweden)^(b)(c)		0.34%		11/03/2022		22,850		22,746,251


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%) (Canada)^(b)(c)(d)		1.92%		09/06/2022		10,000		9,999,848


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.45%) (Canada)^(b)(c)(d)		2.73%		12/30/2022		15,000		15,002,940


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.46%) (Canada)^(c)(d)		2.85%		02/15/2023		25,000		25,019,600


								401,727,120



Diversified Capital Markets-4.01%
Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.40%)^(c)(d)		2.77%		01/12/2023		60,000		60,009,000


Great Bear Funding LLC (1 mo. OBFR + 0.40%)^(c)(d)		2.77%		01/12/2023		10,000		10,001,500


								70,010,500



Investment Banking & Brokerage-1.71%
Goldman Sachs International^(b)		0.45%		11/15/2022		30,000		29,820,197



Specialized Finance-3.72%
CDP Financial, Inc. (Canada)^(b)(c)		2.10%		09/14/2022		45,000		44,959,067


KEB Hana Bank^(b)(c)		2.26%		09/20/2022		20,000		19,973,556


								64,932,623


Total Commercial Paper (Cost $706,722,043)								706,463,970



Certificates of Deposit-22.98%
Australia & New Zealand Banking Group Ltd. (Cayman Islands)^(c)		2.32%		09/01/2022		52,000		52,000,000


Banco Santander S.A.^(c)		3.14%		12/15/2022		10,000		10,017,135


Cooperatieve Rabobank U.A. (Cayman Islands)^(c)		2.30%		09/01/2022		52,000		52,000,000


Credit Agricole Corporate & Investment Bank^(c)		2.30%		09/01/2022		53,000		53,000,000


Goldman Sachs Bank USA (SOFR + 0.21%)^(d)		2.58%		09/16/2022		30,000		30,001,272

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Korea Development Bank (SOFR + 0.57%)^(c)(d)		2.91%		02/10/2023	$	25,000	$	25,015,814


Korea Development Bank (SOFR + 0.55%) (South Korea)^(c)(d)		2.89%		02/15/2023		5,000		5,002,726


Norinchukin Bank^(c)		2.39%		09/02/2022		70,000		70,000,236


Skandinaviska Enskilda Banken AB^(c)		2.30%		09/01/2022		17,000		17,000,000


Toronto-Dominion Bank (The)^(c)		3.21%		01/09/2023		15,000		15,005,457


Westpac Banking Corp.^(c)		0.44%		11/23/2022		5,000		4,972,453


Woori Bank^(c)		2.38%		09/08/2022		50,000		50,000,594


Woori Bank^(c)		2.25%		09/23/2022		17,000		16,998,470


Total Certificates of Deposit (Cost $401,000,000)								401,014,157



Variable Rate Demand Notes-5.36%^(e)
Credit Enhanced-5.36%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)(d)(f)		2.67%		04/01/2047		9,100		9,099,999


Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(d)(f)		2.38%		05/01/2037		2,400		2,400,000


University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		2.33%		08/01/2045		82,040		82,040,000


Total Variable Rate Demand Notes (Cost $93,539,999)								93,539,999


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-68.83% (Cost $1,201,262,042)								1,201,018,126



					Repurchase Amount
Repurchase Agreements-31.31%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $125,058,819 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, non-agency asset-backed securities, corporate obligations and U.S. Treasury obligations valued at $129,922,546; 0.00% - 7.00%; 01/06/2023 - 05/20/2072)^(c)(h)		2.42%		09/07/2022		15,007,058		15,000,000


BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $25,011,910 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, agency and non-agency asset-backed securities and corporate obligations valued at $25,555,105; 0.45% -7.88%; 04/03/2023 - 05/20/2072)^(c)(h)		2.45%		09/07/2022		10,004,764		10,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/25/2022, aggregate maturing value of $65,031,092 (collateralized by non-agency asset-backed securities and corporate obligations valued at $70,914,260; 0.00% - 13.00%; 05/15/2023 - 09/01/2119)^(c)(h)		2.46%		09/01/2022		25,011,958		25,000,000


Citigroup Global Markets, Inc., joint open agreement dated 03/28/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $110,083,744; 0.00% - 10.97%; 11/10/2023 - 03/27/2062)⁽ⁱ⁾		2.89%		09/01/2022		45,111,700		45,000,000


Citigroup Global Markets, Inc., joint open agreement dated 08/11/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $203,594,466; 0.00% - 7.75%; 11/15/2026 - 10/25/2066)⁽ⁱ⁾		2.89%		09/01/2022		13,021,882		13,000,000


Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $400,184,333 (collateralized by agency and non-agency mortgage-backed securities, agency and non-agency asset-backed securities, corporate obligations, commercial paper and U.S. Treasury obligations valued at $422,240,222; 0.00% - 15.00%; 09/06/2022 - 05/15/2097)^(c)(h)		2.37%		09/01/2022		20,009,217		20,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/05/2022, aggregate maturing value of $10,025,083 (collateralized by an non-agency-backed asset-backed security, corporate obligations and non-agency mortgage-backed securities valued at $10,560,000; 3.39% - 7.00%; 09/09/2024 - 06/15/2050)^(c)		2.58%		09/09/2022		2,005,017		2,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by corporate obligations valued at $110,000,070; 7.72% - 9.50%; 10/01/2022 - 02/15/2029)⁽ⁱ⁾		2.62%		09/01/2022		65,146,629		65,000,000

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,784,179; 4.13% - 7.50%; 11/01/2022 - 05/15/2061)⁽ⁱ⁾	2.52%	09/01/2022	$	7,015,188	$	7,000,000


J.P. Morgan Securities LLC, joint term agreement dated 07/22/2022, aggregate maturing value of $105,007,875 (collateralized by non-agency asset-backed securities, a corporate obligation and non-agency mortgage-backed securities valued at $114,262,653; 2.67% -7.36%; 05/15/2024 - 06/25/2047)^(j)	2.70%	09/01/2022		15,001,125		15,000,000


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $500,031,944 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,071; 0.00% - 5.50%; 08/25/2027 -06/16/2061)	2.30%	09/01/2022		85,005,431		85,000,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2022, aggregate maturing value of $290,140,972 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $318,943,657; 2.50% - 15.50%; 01/15/2023 -11/15/2095)^(c)(h)	2.50%	09/07/2022		53,025,764		53,000,000


RBC Dominion Securities Inc., joint agreement dated 08/31/2022, aggregate maturing value of $1,500,095,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,000; 0.25% - 5.50%; 09/30/2022 -06/25/2059)	2.30%	09/01/2022		16,371,229		16,370,183


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $62,815,397; 0.00% - 12.00%; 11/15/2022 - 05/15/2097)⁽ⁱ⁾	2.50%	09/01/2022		25,001,736		25,000,000


Societe Generale, joint open agreement dated 08/20/2021 (collateralized by corporate obligations valued at $92,505,932; 0.00% - 11.88%; 09/19/2022 - 08/15/2062)^(c)(i)	2.43%	09/01/2022		65,004,388		65,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2022, aggregate maturing value of $200,012,833 (collateralized by agency mortgage-backed securities valued at $204,000,000; 1.50% - 7.00%; 03/15/2032 - 08/01/2052)	2.31%	09/01/2022		85,005,454		85,000,000


Total Repurchase Agreements (Cost $546,370,183)						546,370,183


TOTAL INVESTMENTS IN SECURITIES^(k)(l)-100.14% (Cost $1,747,632,225)						1,747,388,309


OTHER ASSETS LESS LIABILITIES-(0.14)%						(2,357,906	)


NET ASSETS-100.00%					$	1,745,030,403


Investment Abbreviations:

CEP		-Credit Enhancement Provider
FEDL		-Federal Funds Effective Rate
LOC		-Letter of Credit
OBFR		-Overnight Bank Funding Rate
RB		-Revenue Bonds
SOFR		-Secured Overnight Financing Rate
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, 2022

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, 2022.

^(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, 2022.

^(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)	Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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

^(l)


Entities	Percentage


Societe Generale S.A.		5.2%


J.P. Morgan Chase & Co.		5.0


Skandinaviska Enskilda Banken AB		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, 2022

Invesco STIC Prime Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Certificates of Deposit-29.37%
Australia & New Zealand Banking Group Ltd. (Cayman Islands)^(a)		2.32%		09/01/2022	$	13,000	$	13,000,000


Banco Santander S.A. (SOFR + 0.45%) (Spain)^(a)(b)		2.50%		10/03/2022		8,000		8,001,773


Cooperatieve Rabobank U.A. (Cayman Islands)^(a)		2.30%		09/01/2022		13,000		13,000,000


Credit Agricole Corporate & Investment Bank^(a)		2.30%		09/01/2022		7,000		7,000,000


DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt Am Main (Germany)^(a)		2.29%		09/01/2022		13,000		13,000,000


Mizuho Securities (USA) LLC^(a)		2.32%		09/01/2022		15,000		15,000,000


Skandinaviska Enskilda Banken AB^(a)		2.30%		09/01/2022		13,000		13,000,000


Svenska Handelsbanken^(a)		2.29%		09/01/2022		13,000		13,000,000


Total Certificates of Deposit (Cost $95,001,855)								95,001,773



Commercial Paper-26.55%^(c)
Asset-Backed Securities - Fully Supported-4.01%
Bennington Stark Capital Co. LLC^(a)(d)		2.41%		09/09/2022		5,000		4,997,016


Ionic Capital III Trust^(a)		2.41%		09/20/2022		8,000		7,989,191


								12,986,207



Asset-Backed Securities - Fully Supported Bank-12.66%
Cancara Asset Securitisation LLC^(a)		2.43%		09/27/2022		3,000		2,994,382


Chesham Finance LLC (Multi - CEP’s)^(a)(d)		2.51%		09/22/2022		8,000		7,988,032


Concord Minutemen Capital Co. LLC^(a)(d)		2.35%		09/01/2022		2,000		1,999,874


Concord Minutemen Capital Co. LLC^(a)(d)		2.35%		09/06/2022		7,000		6,997,299


Ebury Finance LLC (Multi - CEP’s)^(a)(d)		2.51%		09/22/2022		8,000		7,988,032


LMA-Americas LLC^(a)(d)		2.45%		09/20/2022		8,000		7,988,964


Sheffield Receivables Co. LLC^(a)(d)		2.39%		09/22/2022		5,000		4,992,358


								40,948,941



Diversified Banks-4.94%
DBS Bank Ltd. (Singapore)^(a)(d)		2.49%		09/16/2022		8,000		7,991,583


Federation des Caisses Desjardins du Quebec (Canada)^(a)(d)		2.44%		09/22/2022		8,000		7,988,360


								15,979,943



Diversified Capital Markets-2.47%
Columbia Funding Co. LLC^(d)		2.41%		09/20/2022		3,000		2,995,947


Mackinac Funding Co. LLC^(a)(d)		2.51%		09/15/2022		5,000		4,995,021


								7,990,968



Specialized Finance-2.47%
KEB Hana Bank^(a)(d)		2.41%		09/01/2022		8,000		7,999,490


Total Commercial Paper (Cost $85,910,827)								85,905,549



Variable Rate Demand Notes-5.28%^(e)
Credit Enhanced-5.28%
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD RB (LOC - FHLB of Indianapolis)^(f)(g)		1.77%		12/01/2039		730		730,000


Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(a)(d)(g)		2.67%		04/01/2047		7,800		7,800,000


Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(g)		2.38%		05/01/2037		2,950		2,950,000


Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB (LOC - FHLMC)^(f)(g)		1.58%		06/01/2041		890		890,000

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


10		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco STIC Prime Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Credit Enhanced-(continued)
Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank N.A.)^(d)(g)		2.55%		01/01/2033	$	4,700	$	4,700,000


Total Variable Rate Demand Notes (Cost $17,070,000)								17,070,000


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-61.20% (Cost $197,982,682)								197,977,322



					Repurchase Amount
Repurchase Agreements-38.99%^(h)
BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $125,058,819 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, non-agency asset-backed securities, corporate obligations and U.S. Treasury obligations valued at $129,922,546; 0.00% - 7.00%; 01/06/2023 - 05/20/2072)^(a)(i)		2.42%		09/07/2022		3,001,412		3,000,000


BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $25,011,910 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, agency and non-agency asset-backed securities and corporate obligations valued at $25,555,105; 0.45% - 7.88%; 04/03/2023 -05/20/2072)^(a)(i)		2.45%		09/07/2022		3,001,429		3,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/25/2022, aggregate maturing value of $65,031,092 (collateralized by non-agency asset-backed securities and corporate obligations valued at $70,914,260; 0.00% - 13.00%; 05/15/2023 - 09/01/2119)^(a)(i)		2.46%		09/01/2022		5,002,392		5,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/05/2022, aggregate maturing value of $10,025,083 (collateralized by an non-agency-backed asset-backed security, corporate obligations and non-agency mortgage-backed securities valued at $10,560,000; 3.39% - 7.00%; 09/09/2024 - 06/15/2050)^(a)(i)		2.58%		09/09/2022		8,020,067		8,000,000


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,784,179; 4.13% - 7.50%; 11/01/2022 - 05/15/2061)^(j)		2.52%		09/01/2022		8,017,358		8,000,000


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $500,031,944 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,071; 0.00% - 5.50%; 08/25/2027 - 06/16/2061)		2.30%		09/01/2022		30,001,917		30,000,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2022, aggregate maturing value of $290,140,972 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $318,943,657; 2.50% - 15.50%; 01/15/2023 - 11/15/2095)^(a)(i)		2.50%		09/07/2022		10,004,861		10,000,000


RBC Dominion Securities Inc., joint agreement dated 08/31/2022, aggregate maturing value of $1,500,095,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,000; 0.25% - 5.50%; 09/30/2022 - 06/25/2059)		2.30%		09/01/2022		24,117,422		24,115,881


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $62,815,397; 0.00% - 12.00%; 11/15/2022 - 05/15/2097)^(a)(j)		2.50%		09/01/2022		5,000,347		5,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2022, aggregate maturing value of $200,012,833 (collateralized by agency mortgage-backed securities valued at $204,000,000; 1.50% - 7.00%; 03/15/2032 - 08/01/2052)		2.31%		09/01/2022		30,001,925		30,000,000


Total Repurchase Agreements (Cost $126,115,881)								126,115,881


TOTAL INVESTMENTS IN SECURITIES^(k)(l)-100.19% (Cost $324,098,563)								324,093,203


OTHER ASSETS LESS LIABILITIES-(0.19)%								(611,050	)


NET ASSETS-100.00%							$	323,482,153

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, 2022

Invesco STIC Prime Portfolio–(continued)

Investment Abbreviations:


CEP		-Credit Enhancement Provider
FHLB		-Federal Home Loan Bank
FHLMC		-Federal Home Loan Mortgage Corp.
LOC		-Letter of Credit
RB		-Revenue Bonds
SOFR		-Secured Overnight Financing Rate
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: France: 10.8%; Sweden: 8.0%; Switzerland: 7.7%; Canada: 7.4%; Japan: 7.1%; other countries less than 5% each: 26.9%.

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2022.

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

^(d)

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, 2022 was $87,421,976, which represented 27.03% of the Fund’s Net Assets.

^(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, 2022.

^(f)	Security subject to the alternative minimum tax.

^(g)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(h)	Principal amount equals value at period end. See Note 1I.

⁽ⁱ⁾	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(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, 2022

Invesco Treasury Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-22.85%
U.S. Treasury Bills-3.81%^(a)
U.S. Treasury Bills		0.12%		09/08/2022	$	100,000	$	99,997,764


U.S. Treasury Bills		1.76%		09/29/2022		500,000		499,319,444


U.S. Treasury Bills		2.12%		10/13/2022		350,000		349,138,417


								948,455,625



U.S. Treasury Floating Rate Notes-16.50%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		355,000		354,998,397


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		250,500		250,505,365


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		200,000		200,004,851


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		560,000		560,000,585


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.02%)^(b)		2.89%		01/31/2024		200,000		200,114,336


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.08%)^(b)		2.83%		04/30/2024		450,000		449,989,855


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024		2,088,500		2,087,618,487


								4,103,231,876



U.S. Treasury Notes-2.54%
U.S. Treasury Notes		1.50%		09/15/2022		150,000		150,081,402


U.S. Treasury Notes		1.38%		10/15/2022		200,000		200,311,469


U.S. Treasury Notes		1.88%		10/31/2022		180,000		180,524,852


U.S. Treasury Notes		2.00%		10/31/2022		100,000		100,311,695


								631,229,418


Total U.S. Treasury Securities (Cost $5,682,916,919)								5,682,916,919


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-22.85% (Cost $5,682,916,919)								5,682,916,919



					Repurchase Amount
Repurchase Agreements-77.26%^(c)
ABN AMRO Bank N.V., agreement dated 08/31/2022, maturing value of $450,028,750 (collateralized by U.S. Treasury obligations valued at $459,000,055; 0.13% - 3.13%; 08/15/2023 - 11/15/2047)		2.30%		09/01/2022		450,028,750		450,000,000


BMO Capital Markets Corp., agreement dated 08/31/2022, maturing value of $300,017,083 (collateralized by U.S. Treasury obligations valued at $306,000,052; 0.00% - 3.25%; 11/08/2022 - 11/15/2051)		2.05%		09/01/2022		300,017,083		300,000,000


BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30%		09/01/2022		12,200,779,444		12,200,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,250,079,861 (collateralized by U.S. Treasury obligations valued at $1,275,000,012; 0.00% - 5.38%; 10/27/2022 -02/15/2042)		2.30%		09/01/2022		1,250,079,861		1,250,000,000

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


13		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Treasury Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)	2.05%	09/01/2022	$	150,008,542	$	150,000,000


Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2022, maturing value of $150,008,333 (collateralized by U.S. Treasury obligations valued at $153,000,068; 1.25% - 2.88%; 04/30/2024 - 10/31/2028)	2.00%	09/01/2022		150,008,333		150,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)	1.00%	09/01/2022		252,007,000		252,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 - 11/15/2045)^(d)	2.32%	09/07/2022		100,045,768		100,000,656


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(d)	2.32%	09/07/2022		473,638,567		473,425,000


Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/31/2022, maturing value of $100,044,819 (collateralized by U.S. Treasury obligations valued at $102,006,477; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)^(d)	2.31%	09/07/2022		100,044,819		100,000,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $190,949,752 (collateralized by U.S. Treasury obligations valued at $194,268,500; 0.00%; 05/15/2029 - 08/15/2037)	2.31%	09/01/2022		190,949,752		190,937,500


Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2022, maturing value of $277,705,318 (collateralized by U.S. Treasury obligations valued at $282,133,500; 0.00%; 11/15/2039 - 02/15/2045)	2.31%	09/01/2022		277,705,318		277,687,500


RBC Dominion Securities Inc., agreement dated 08/31/2022, maturing value of $800,051,111 (collateralized by U.S. Treasury obligations valued at $816,000,003; 0.00% - 6.38%; 09/30/2022 - 08/15/2052)	2.30%	09/01/2022		800,051,111		800,000,000


RBC Dominion Securities Inc., term agreement dated 08/03/2022, maturing value of $300,653,083 (collateralized by U.S. Treasury obligations valued at $306,000,026; 0.13% - 6.38%; 09/30/2022 - 08/15/2052)^(d)	2.31%	09/06/2022		300,653,083		300,000,000


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(d)	2.30%	09/01/2022		325,290,694		325,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(d)	2.30%	09/07/2022		85,038,014		85,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)	2.30%	09/01/2022		75,004,792		75,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 - 05/15/2052)^(d)	2.30%	09/01/2022		100,044,722		100,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 - 02/15/2050)	2.30%	09/01/2022		1,439,977,519		1,439,885,526


Total Repurchase Agreements (Cost $19,218,936,182)						19,218,936,182


TOTAL INVESTMENTS IN SECURITIES-100.11% (Cost $24,901,853,101)						24,901,853,101


OTHER ASSETS LESS LIABILITIES-(0.11)%						(27,922,007	)


NET ASSETS-100.00%					$	24,873,931,094

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, 2022

Invesco Treasury Portfolio–(continued)

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, 2022.

^(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, 2022

Invesco Government & Agency Portfolio


	Interest Rate			Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-27.76%
U.S. Treasury Bills-13.45%^(a)
U.S. Treasury Bills		0.08	%		09/08/2022	$	75,000	$	74,998,906


U.S. Treasury Bills		2.29	%		10/04/2022		5,000		4,989,550


U.S. Treasury Bills		0.09%-0.10	%		10/06/2022		860,000		859,923,073


U.S. Treasury Bills		2.50	%		10/18/2022		3,000		2,990,248


U.S. Treasury Bills		2.20	%		11/01/2022		1,000,000		996,297,639


U.S. Treasury Bills		2.51	%		11/03/2022		525,000		522,712,311


U.S. Treasury Bills		2.25	%		11/08/2022		750,000		746,840,833


U.S. Treasury Bills		2.60	%		11/10/2022		100,000		99,498,333


U.S. Treasury Bills		2.62	%		11/15/2022		670,000		666,370,834


U.S. Treasury Bills		2.63	%		11/17/2022		733,000		728,908,027


U.S. Treasury Bills		2.76	%		11/25/2022		500,000		496,763,554


U.S. Treasury Bills		2.71	%		11/29/2022		800,000		794,679,778


U.S. Treasury Bills		2.75	%		12/06/2022		600,000		595,631,998


U.S. Treasury Bills		1.78	%		12/08/2022		600,000		597,120,433


U.S. Treasury Bills		2.81	%		12/13/2022		650,000		644,829,975


U.S. Treasury Bills		2.92	%		12/20/2022		600,000		594,701,665


U.S. Treasury Bills		2.96	%		01/26/2023		750,000		741,057,500


U.S. Treasury Bills		1.18	%		02/23/2023		121,000		120,311,813


									9,288,626,470



U.S. Treasury Floating Rate Notes-13.86%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96	%		10/31/2022		730,000		730,003,334


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		2.95	%		01/31/2023		312,400		312,432,328


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94	%		04/30/2023		1,330,000		1,330,056,967


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93	%		07/31/2023		206,000		206,006,090


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94	%		10/31/2023		1,038,679		1,038,709,970


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		2.89	%		01/31/2024		180,000		179,956,151


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		2.83	%		04/30/2024		3,564,000		3,560,385,309


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94	%		07/31/2024		2,214,000		2,213,247,714


									9,570,797,863



U.S. Treasury Notes-0.45%
U.S. Treasury Notes		1.50	%		09/15/2022		210,000		210,113,048


U.S. Treasury Notes		1.75	%		09/30/2022		100,000		100,132,293


									310,245,341


Total U.S. Treasury Securities (Cost $19,169,669,674)									19,169,669,674



U.S. Government Sponsored Agency Securities-7.28%
Federal Farm Credit Bank (FFCB)-4.32%
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		2.38	%		10/07/2022		30,000		30,000,000

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, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.34%		10/21/2022	$	20,000	$	20,000,000


Federal Farm Credit Bank (SOFR + 0.08%)^(b)		2.37%		11/03/2022		35,000		35,000,000


Federal Farm Credit Bank (SOFR + 0.02%)^(b)		2.31%		06/12/2023		75,000		75,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		07/07/2023		143,000		143,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/08/2023		155,000		155,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/18/2023		21,500		21,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		09/20/2023		25,000		25,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/27/2023		60,000		60,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		12/15/2023		24,500		24,498,405


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		01/04/2024		229,000		229,000,000


Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.35%		01/10/2024		75,500		75,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		01/25/2024		15,000		15,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		02/05/2024		100,000		100,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		02/20/2024		80,000		80,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		02/23/2024		162,000		162,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		03/08/2024		95,000		95,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		03/15/2024		431,000		431,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		03/18/2024		445,000		445,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		04/04/2024		195,000		195,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		04/25/2024		345,000		345,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		05/09/2024		160,000		160,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		05/24/2024		62,000		62,000,000


								2,983,498,405



Federal Home Loan Bank (FHLB)-2.51%
Federal Home Loan Bank		1.85%		09/23/2022		150,000		149,831,333


Federal Home Loan Bank		2.01%		10/14/2022		375,000		374,104,167


Federal Home Loan Bank		1.44%		11/07/2022		1,215,000		1,211,766,412


								1,735,701,912



Federal National Mortgage Association (FNMA)-0.17%
Federal National Mortgage Association		1.86%		09/21/2022		115,000		114,881,806



U.S. International Development Finance Corp. (DFC)-0.28%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		06/15/2025		14,400		14,400,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		07/15/2025		15,667		15,666,669


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2025		3,421		3,421,053


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2026		4,250		4,250,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2026		7,083		7,083,333


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/30/2027		11,455		11,454,546


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		02/15/2028		12,222		12,222,222

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, 2022

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 Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		11/15/2028	$	56,818	$	56,818,182


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.35%		05/15/2030		7,111		7,111,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.90%		10/15/2030		7,333		7,333,333


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.47%		07/09/2026		20,400		20,400,000


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		03/15/2030		34,875		34,875,000


								195,035,338


Total U.S. Government Sponsored Agency Securities (Cost $5,029,117,461)								5,029,117,461


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-35.04% (Cost $24,198,787,135)								24,198,787,135



					Repurchase Amount
Repurchase Agreements-65.08%^(d)
BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30%		09/01/2022		37,002,363,889		37,000,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,750,111,806 (collateralized by U.S. Treasury obligations valued at $1,785,000,044; 0.13% - 6.13%; 03/31/2024 - 02/15/2052)		2.30%		09/01/2022		1,750,111,806		1,750,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)		2.05%		09/01/2022		350,019,931		350,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)		1.00%		09/01/2022		900,025,000		900,000,000


ING Financial Markets, LLC, joint term agreement dated 07/28/2022, aggregate maturing value of $501,796,667 (collateralized by agency mortgage-backed securities valued at $510,000,000; 1.50% - 8.00%; 08/01/2028 -09/01/2057)		2.31%		09/22/2022		401,437,333		400,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/27/2022 (collateralized by agency mortgage-backed securities valued at $918,000,002; 1.00% - 7.50%; 09/20/2027 - 02/16/2063)^(e)		2.32%		09/01/2022		786,568,038		785,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 -11/15/2045)^(f)		2.32%		09/07/2022		170,078,734		170,002,044


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(f)		2.32%		09/07/2022		1,051,599,174		1,051,125,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $434,162,857 (collateralized by U.S. Treasury obligations valued at $441,112,430; 0.00%; 02/15/2026 - 11/15/2043)		2.31%		09/01/2022		434,162,857		434,135,000

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, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(f)	2.30%	09/01/2022	$	300,268,333	$	300,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(f)	2.30%	09/07/2022		100,044,722		100,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)	2.30%	09/01/2022		100,006,389		100,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 - 05/15/2052)^(f)	2.30%	09/01/2022		135,060,375		135,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 -02/15/2050)	2.30%	09/01/2022		1,259,958,205		1,259,877,713


Total Repurchase Agreements (Cost $44,935,139,757)						44,935,139,757


TOTAL INVESTMENTS IN SECURITIES-100.12% (Cost $69,133,926,892)						69,133,926,892


OTHER ASSETS LESS LIABILITIES-(0.12)%						(80,939,926	)


NET ASSETS-100.00%					$	69,052,986,966

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, 2022.

^(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, 2022.

^(d)	Principal amount equals value at period end. See Note 1I.

^(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.

^(f)	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

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


19		Short-Term Investments Trust

Schedule of Investments

August 31, 2022

Invesco Treasury Obligations Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-100.16%
U.S. Treasury Bills-84.76%^(a)
U.S. Treasury Bills		1.82%-2.06%		09/06/2022	$	54,300	$	54,286,133


U.S. Treasury Bills		1.23%		09/08/2022		10,000		9,997,608


U.S. Treasury Bills		2.04%-2.28%		09/13/2022		73,400		73,345,895


U.S. Treasury Bills		2.03%-2.15%		09/15/2022		82,500		82,431,857


U.S. Treasury Bills		1.25%-2.27%		09/20/2022		113,000		112,874,211


U.S. Treasury Bills		1.28%-2.31%		09/27/2022		87,000		86,872,643


U.S. Treasury Bills		1.39%-2.29%		10/04/2022		52,000		51,909,268


U.S. Treasury Bills		1.85%-2.24%		10/06/2022		33,700		33,635,803


U.S. Treasury Bills		1.51%-2.42%		10/11/2022		70,000		69,825,820


U.S. Treasury Bills		2.11%		10/13/2022		24,000		23,940,920


U.S. Treasury Bills		2.32%-2.50%		10/18/2022		89,500		89,214,567


U.S. Treasury Bills		2.49%		10/20/2022		4,500		4,484,871


U.S. Treasury Bills		2.07%		10/25/2022		14,000		13,956,740


U.S. Treasury Bills		2.54%		10/27/2022		45,000		44,823,600


U.S. Treasury Bills		2.20%		11/01/2022		24,000		23,911,143


U.S. Treasury Bills		2.51%		11/03/2022		30,000		29,869,275


U.S. Treasury Bills		2.24%		11/08/2022		24,000		23,898,907


U.S. Treasury Bills		2.55%-2.60%		11/10/2022		40,800		40,597,079


U.S. Treasury Bills		2.62%		11/15/2022		12,000		11,935,000


U.S. Treasury Bills		2.63%		11/17/2022		20,000		19,888,350


U.S. Treasury Bills		2.74%		11/22/2022		40,000		39,752,178


U.S. Treasury Bills		2.71%		11/29/2022		25,000		24,833,743


U.S. Treasury Bills		2.81%		12/13/2022		20,000		19,840,922


U.S. Treasury Bills		1.18%		02/23/2023		4,000		3,977,153


U.S. Treasury Bills		3.00%		07/13/2023		6,000		5,846,648


								995,950,334



U.S. Treasury Floating Rate Notes-15.40%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		45,000		44,999,800


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		2.95%		01/31/2023		11,000		11,000,764


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		19,000		19,000,509


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		17,500		17,500,388


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		30,000		30,000,601


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.02%)^(b)		2.89%		01/31/2024		8,000		7,998,051


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.08%)^(b)		2.83%		04/30/2024		25,500		25,474,783

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, 2022

Invesco Treasury Obligations Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Floating Rate Notes-(continued)
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024		$ 25,000	$	24,984,882


								180,959,778


TOTAL INVESTMENTS IN SECURITIES-100.16% (Cost $ 1,176,910,112)								1,176,910,112


OTHER ASSETS LESS LIABILITIES-(0.16)%								(1,828,082	)


NET ASSETS-100.00%							$	1,175,082,030

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, 2022.

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, 2022

Invesco Tax-Free Cash Reserve Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Municipal Obligations-99.87%
Alabama-7.40%
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)^(a)(b)(c)		1.75%		07/01/2040	$	11,220	$	11,220,000


Mobile Downtown Redevelopment Authority (The) (Austal USA LLC); Series 2011 B, Ref. VRD RB (LOC - Bank of America N.A.)^(b)(c)(d)		1.72%		05/01/2041		6,000		6,000,000


								17,220,000


Arizona-4.87%
Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC - Bank Of America N.A.)^(b)(c)		1.03%		01/01/2046		6,000		6,000,000


Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		1.67%		06/15/2031		2,685		2,685,000


Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001 A, Ref. VRD RB (CEP - FNMA)^(b)		1.67%		06/15/2031		2,645		2,645,000


								11,330,000



California-3.22%
California (State of);
Series 2022 A-1		1.13%		09/15/2022		6,500		6,498,670


Series 2022 A-5		1.13%		09/15/2022		1,000		1,000,000


								7,498,670



Colorado-0.35%
Boulder (County of), CO (Imagine); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		1.63%		02/01/2031		825		825,000



Delaware-1.70%
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		09/01/2036		2,525		2,525,000


Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67%		05/01/2036		1,430		1,430,000


								3,955,000



District of Columbia-1.67%
District of Columbia (Georgetown University); Series 2007 C-2, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)		1.66%		04/01/2041		1,200		1,200,000


District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.48%		08/15/2038		2,695		2,695,000


								3,895,000



Florida-3.97%
Orange (County of), FL Convention Center (Nemours Foundation); Series 2009 C-2, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.60%		01/01/2037		4,100		4,100,000


Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.75%		11/01/2036		2,725		2,725,000


Palm Beach (County of), FL (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.70%		07/01/2032		2,400		2,400,000


								9,225,000



Georgia-2.12%
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)^(a)(b)(c)		1.68%		11/01/2030		1,920		1,920,000

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


22		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate			Maturity Date		Principal Amount (000)		Value


Georgia-(continued)
Private Colleges & Universities Authority (Emory University); Series 2022 B, VRD RB (SIFMA Municipal Swap Index + 0.03%)^(b)		1.46%			09/01/2052	$	3,000	$	3,000,000


									4,920,000



Illinois-11.19%
Illinois (State of) Development Finance Authority (St. Ignatius College); Series 2002, VRD RB (LOC - PNC Bank, N.A.)^(b)(c)		1.51%			06/01/2032		1,650		1,650,000


Illinois (State of) Development Finance Authority (YMCA Metropolitan Chicago); Series 2001, VRD RB (LOC - BMO Harris N.A.)^(a)(b)(c)		1.60%			06/01/2029		5,800		5,800,000


Illinois (State of) Educational Facilities Authority (The Adler Planetarium); Series 1997, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.56%			04/01/2031		725		725,000


Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB^(b)		1.47%			12/01/2046		5,730		5,730,000


Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))^(b)(c)		1.50%			01/01/2037		2,600		2,600,000


Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)^(b)(c)		1.68%			10/01/2033		2,625		2,625,000


Illinois (State of) Finance Authority (YMCA Metropolitan Chicago); Series 2004, VRD RB (LOC - BMO Harris Bank N.A.)^(a)(b)(c)		1.60%			06/01/2034		2,735		2,735,000


Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)^(b)(c)		1.65%			01/01/2041		4,160		4,160,000


									26,025,000



Indiana-5.28%
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)^(b)(c)		1.75%			08/01/2037		3,285		3,285,000


Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)^(a)(b)(c)		1.64%			06/01/2035		6,000		6,000,000


Indianapolis (City of), IN (Capital Place Apartments, Covington Square Apartments and the Woods at Oak Crossing); Series 2008, VRD RB (CEP - FNMA)^(b)		1.62%			05/15/2038		3,000		3,000,000


									12,285,000



Iowa-2.15%
Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB (LOC - Korea Devlopment Bank)^(a)(b)(c)(d)		1.77%			12/01/2041		5,000		5,000,000



Louisiana-2.66%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.63%			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)		1.60	%		07/01/2047		4,085		4,085,000


Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))^(b)(c)		1.46	%		07/01/2047		1,100		1,100,000


									6,185,000



Maryland-5.59%
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program);
Series 1985 B, VRD RB (LOC - TD Bank N.A.)^(a)(b)(c)		1.48	%		04/01/2035		5,000		5,000,000


Montgomery (County of), MD;
Series 2022 B, Commerical Paper Notes (LOC - JPMorgan Chase Bank N.A.)^(c)		1.33	%		10/04/2022		5,000		5,000,000


Series 2022 B, Commerical Paper Notes (LOC - State Street Bank and Trust Company)^(c)		1.33	%		10/04/2022		3,000		3,000,000


									13,000,000

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


23		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate			Maturity Date		Principal Amount (000)		Value


Massachusetts-1.29%
Massachusetts (Commonwealth of) Department of Transportation; Series 2010 A-1, VRD Metropolitan Highway System RB (LOC - TD Bank, N.A.)^(a)(b)(c)		1.49	%		01/01/2037	$	3,000	$	3,000,000



Michigan-2.72%
Michigan State University Board of Trustees;
Series 2000 A-1, VRD RB^(b)		1.56	%		08/15/2030		3,620		3,620,000


Series 2000 A-2, VRD RB^(b)		1.56	%		08/15/2030		2,705		2,705,000


									6,325,000



Minnesota-3.08%
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)^(b)		1.75	%		10/15/2033		1,175		1,175,000


Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)^(b)		1.67	%		11/01/2035		3,600		3,600,000


St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP - FHLMC)^(b)		1.67	%		10/01/2033		2,385		2,385,000


									7,160,000



Mississippi-1.97%
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.);
Series 2010 C, VRD IDR^(b)		1.46	%		12/01/2030		585		585,000


Series 2010 E, VRD IDR^(b)		1.46	%		12/01/2030		4,000		4,000,000


									4,585,000



Missouri-1.93%
Bridgeton (City of), MO Industrial Development Authority (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)^(b)(c)		1.67	%		11/01/2037		1,320		1,320,000


Kansas City (City of), MO (H Roe Bartle); Series 2008 F, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		1.49	%		04/15/2025		1,915		1,915,000


Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)^(b)(c)		1.82	%		08/01/2038		1,260		1,260,000


									4,495,000



New York-4.61%
Metropolitan Transportation Authority; Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.68	%		11/15/2046		7,115		7,115,000


New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC - Mizuho Bank Ltd.)^(a)(b)(c)		1.50	%		05/01/2039		3,600		3,600,000


									10,715,000



North Carolina-1.31%
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1992 A, VRD RB^(b)		1.47	%		06/01/2027		3,055		3,055,000



Ohio-2.72%
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)^(b)(c)		1.67	%		08/02/2038		2,650		2,650,000


Ohio State University (The); Series 2014 B-1, VRD RB^(b)		1.53	%		12/01/2034		3,670		3,670,000


									6,320,000



Pennsylvania-1.71%
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67	%		06/01/2037		1,225		1,225,000


Haverford Township School District; Series 2009, VRD GO Bonds (LOC - TD Bank N.A.)^(a)(b)(c)		1.65	%		03/01/2030		450		450,000

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, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)


	Interest Rate			Maturity Date		Principal Amount (000)		Value


Pennsylvania-(continued)
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)^(b)(c)		1.67	%		10/15/2025	$	310	$	310,000


Philadelphia (City of), PA; Series 2022 A, Commerical Paper Notes (LOC - Barclays Bank PLC)^(a)(c)		1.60	%		09/27/2022		2,000		2,000,000


									3,985,000



Rhode Island-1.89%
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB^(b)		1.67	%		09/01/2043		4,400		4,400,000



Texas-14.79%
Board of Regents of the University of Texas System; Series 2008 B, VRD RB^(b)		1.50	%		08/01/2025		1,115		1,115,000


Garland (City of), TX; Series 2022, Commerical Paper Notes (LOC - Barclays Bank PLC)^(a)(c)		1.55	%		09/15/2022		1,200		1,200,000


Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.69	%		02/15/2042		6,200		6,200,000


Houston (City of), TX; Series 2022 H-2, Commerical Paper Notes		1.73	%		09/07/2022		5,000		5,000,000


Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)^(a)(b)(c)		1.68	%		05/15/2034		5,250		5,250,000


San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.68	%		04/01/2026		1,520		1,520,000


Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC)^(b)		1.73	%		05/01/2042		3,125		3,125,000


Texas A&M University; Series 2022 B		1.25	%		10/05/2022		5,000		5,000,000


University of Texas System Board of Regents; Series 2022 A, Commerical Paper Notes		1.85	%		09/16/2022		6,000		6,000,000


									34,410,000



Virginia-1.72%
Norfolk (City of), VA; Series 2007, VRD GO Bonds^(b)		1.46	%		08/01/2037		4,000		4,000,000



Washington-2.37%
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC - FHLB of San Francisco)^(b)(c)		1.49	%		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)		1.49	%		11/01/2047		2,145		2,145,000


									5,520,000



West Virginia-3.09%
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America N.A.)^(b)(c)		1.69	%		07/01/2039		745		745,000


West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Truist Bank)^(b)(c)		1.74	%		01/01/2034		6,445		6,445,000


									7,190,000



Wisconsin-2.50%
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)^(b)(c)		1.68	%		10/01/2042		3,160		3,160,000


Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital); Series 2004, VRD RB (LOC - JPMorgan Chase Bank N.A.)^(b)(c)		1.50%			08/15/2034		2,660		2,660,000


									5,820,000


TOTAL INVESTMENTS IN SECURITIES^(e)(f)-99.87% (Cost $232,343,670)									232,343,670


OTHER ASSETS LESS LIABILITIES-0.13%									290,991


NET ASSETS-100.00%								$	232,634,661

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, 2022

Invesco Tax-Free Cash Reserve Portfolio–(continued)

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
SIFMA		- Securities Industry and Financial Markets Association
VRD		- Variable Rate Demand
YMCA		- Young Men’s Christian Association

Notes to Schedule of Investments:

^(a)	The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 11.1%; other countries less than 5% each: 15.6%.

^(b)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2022.

^(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)

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, 2022 was $11,000,000, which represented 4.73% of the Fund’s Net Assets.

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

^(f)


Entities	Percentage


Toronto-Dominion Bank		6.6%


PNC Bank N.A.		6.4


Federal Home Loan Mortgage Corporation		5.7


Bank of America N.A.		5.5

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


26		Short-Term Investments Trust

Statement of Assets and Liabilities

August 31, 2022


													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	$	1,201,018,126		$	197,977,322		$	5,682,916,919		$	24,198,787,135		$	1,176,910,112		$	232,343,670

Repurchase agreements, at value and cost		546,370,183			126,115,881			19,218,936,182			44,935,139,757			-			-

Cash		109,373			-			216,168			-			13,410			2,937

Receivable for:
Investments sold		-			-			-			-			-			230,000

Fund shares sold		-			-			3,426,958			12,440,927			-			-

Interest		1,498,126			114,844			15,648,843			39,762,105			427,495			353,878

Fund expenses absorbed		48,750			22,441			611,241			1,310,208			-			59,007

Investment for trustee deferred compensation and retirement plans		2,981,769			796,703			1,794,578			818,710			83,864			274,694

Other assets		-			132,222			406,980			2,382			791			29,200

Total assets		1,752,026,327			325,159,413			24,923,957,869			69,188,261,224			1,177,435,672			233,293,386


Liabilities:
Payable for:
Fund shares reacquired		-			-			1,436,975			4,312,518			-			-

Amount due custodian		-			-			-			75,388			-			-

Dividends		3,429,582			734,622			40,854,222			119,874,158			1,992,687			268,283

Accrued fees to affiliates		327,192			67,040			5,261,976			9,664,368			232,590			64,888

Accrued trustees’ and officers’ fees and benefits		5,177			3,013			24,875			75,569			4,088			2,853

Accrued operating expenses		38,091			24,350			390,285			209,322			26,751			29,818

Trustee deferred compensation and retirement plans		3,195,882			848,235			2,058,442			1,062,935			97,526			292,883

Total liabilities		6,995,924			1,677,260			50,026,775			135,274,258			2,353,642			658,725

Net assets applicable to shares outstanding	$	1,745,030,403		$	323,482,153		$	24,873,931,094		$	69,052,986,966		$	1,175,082,030		$	232,634,661


Net assets consist of:
Shares of beneficial interest	$	1,747,484,102		$	324,067,657		$	24,879,025,429		$	69,080,969,965		$	1,175,260,073		$	232,854,374

Distributable earnings (loss)		(2,453,699	)		(585,504	)		(5,094,335	)		(27,982,999	)		(178,043	)		(219,713	)

	$	1,745,030,403		$	323,482,153		$	24,873,931,094		$	69,052,986,966		$	1,175,082,030		$	232,634,661

Net Assets:
Institutional Class	$	1,741,681,355		$	322,472,595		$	21,420,556,964		$	61,165,374,792		$	1,102,134,048		$	196,759,517

Private Investment Class	$	1,072,938		$	457,312		$	381,788,814		$	577,941,151		$	14,564,541		$	14,764,249

Personal Investment Class	$	10,248		$	91,404		$	580,830,893		$	39,333,209		$	12,718,457		$	1,810,611

Cash Management Class	$	1,720,159		$	369,022		$	394,771,725		$	1,142,406,020		$	78,579		$	3,744,588

Reserve Class	$	175,005		$	70,263		$	987,384,416		$	598,751,170		$	42,146,780		$	14,785,359

Resource Class	$	247,941		$	386		$	77,389,574		$	135,003,087		$	98,294		$	760,040

Corporate Class	$	22,778		$	21,171		$	473,991,784		$	542,615,409		$	3,341,331		$	10,297

CAVU Securities Class	$	99,979		$	-		$	557,216,925		$	4,851,562,128		$	-		$	-

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


27		Short-Term Investments Trust

Statement of Assets and Liabilities–(continued)

August 31, 2022


									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		1,741,404,031		322,466,007		21,422,696,205		61,190,061,271		1,102,245,734		196,737,460

Private Investment Class		1,072,769		457,303		381,826,938		578,174,331		14,566,279		14,762,695

Personal Investment Class		10,246		91,402		580,888,890		39,349,084		12,720,093		1,810,436

Cash Management Class		1,719,889		369,015		394,811,148		1,142,867,105		78,588		3,744,177

Reserve Class		174,978		70,262		987,483,019		598,992,752		42,152,444		14,784,054

Resource Class		247,902		386		77,397,299		135,057,575		98,305		759,958

Corporate Class		22,774		21,170		474,039,115		542,834,320		3,341,703		10,296

CAVU Securities Class		99,963		-		557,272,567		4,853,520,238		-		-

Net asset value, offering and redemption price per share for each class	$	1.0002	$	1.0000	$	1.00	$	1.00	$	1.00	$	1.00

Cost of Investments	$	1,747,632,225	$	324,098,563	$	24,901,853,101	$	69,133,926,892	$	1,176,910,112	$	232,343,670

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


28		Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2022


													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	$	13,644,622		$	2,284,794		$	128,028,516		$	395,970,368		$	6,615,247		$	959,588


Expenses:
Advisory fees		3,122,309			449,298			32,265,270			60,899,961			1,503,064			363,316

Administrative services fees		933,129			133,092			9,470,158			26,994,896			497,724			80,410

Custodian fees		40,769			21,744			543,746			726,135			12,003			4,168

Distribution fees:
Private Investment Class		7,695			1,538			949,886			1,691,410			37,328			29,069

Personal Investment Class		56			509			1,991,022			147,296			58,197			8,227

Cash Management Class		1,945			361			376,542			674,250			91			3,393

Reserve Class		1,800			711			11,418,685			4,727,590			553,248			149,700

Resource Class		540			-			96,179			248,617			161			2,277

Corporate Class		7			7			70,495			221,276			1,054			4

Transfer agent fees		187,339			26,958			1,935,916			5,480,996			101,526			16,349

Trustees’ and officers’ fees and benefits		33,400			20,107			172,056			472,464			26,153			19,234

Registration and filing fees		100,319			80,466			857,680			874,196			95,458			95,946

Reports to shareholders		16,135			11,893			63,345			60,302			13,166			25,783

Professional services fees		50,201			38,656			145,043			320,773			49,349			37,674

Other		102,516			58,218			300,901			520,409			65,519			22,861

Total expenses		4,598,160			843,558			60,656,924			104,060,571			3,014,041			858,411

Less: Fees waived and expenses reimbursed		(945,472	)		(385,749	)		(28,703,024	)		(34,058,255	)		(1,332,072	)		(528,184	)

Net expenses		3,652,688			457,809			31,953,900			70,002,316			1,681,969			330,227

Net investment income		9,991,934			1,826,985			96,074,616			325,968,052			4,933,278			629,361

Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		3,959			624			(3,886,562	)		(28,543,577	)		(129,607	)		-

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(406,836	)		(5,126	)		-			-			-			-

Net realized and unrealized gain (loss)		(402,877	)		(4,502	)		(3,886,562	)		(28,543,577	)		(129,607	)		-

Net increase in net assets resulting from operations	$	9,589,057		$	1,822,483		$	92,188,054		$	297,424,475		$	4,803,671		$	629,361

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


29		Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021


	Invesco Liquid Assets Portfolio						Invesco STIC Prime Portfolio
	2022			2021			2022			2021

Operations:
Net investment income	$	9,991,934		$	1,034,618		$	1,826,985		$	24,474

Net realized gain		3,959			2,613			624			552

Change in net unrealized appreciation (depreciation)		(406,836	)		(496,709	)		(5,126	)		(2,800	)

Net increase in net assets resulting from operations		9,589,057			540,522			1,822,483			22,226


Distributions to shareholders from distributable earnings:
Institutional Class		(9,973,378	)		(1,033,839	)		(1,657,807	)		(24,275	)

Private Investment Class		(6,754	)		(318	)		(1,550	)		(92	)

Personal Investment Class		(32	)		(4	)		(240	)		(31	)

Cash Management Class		(9,759	)		(359	)		(1,672	)		(52	)

Reserve Class		(378	)		(29	)		(130	)		(11	)

Resource Class		(1,017	)		(40	)		(3	)		(9	)

Corporate Class		(112	)		(13	)		(95	)		(4	)

CAVU Securities Class		(504	)		(16	)		-			-

Total distributions from distributable earnings		(9,991,934	)		(1,034,618	)		(1,661,497	)		(24,474	)


Return of capital:
Institutional Class		-			-			(165,120	)		-

Private Investment Class		-			-			(154	)		-

Personal Investment Class		-			-			(24	)		-

Cash Management Class		-			-			(167	)		-

Reserve Class		-			-			(13	)		-

Resource Class		-			-			(1	)		-

Corporate Class		-			-			(9	)		-

Total return of capital		-			-			(165,488	)		-

Total distributions		(9,991,934	)		(1,034,618	)		(1,826,985	)		(24,474	)


Share transactions-net:
Institutional Class		(614,280,688	)		(201,574,311	)		100,759,349			(99,033,118	)

Private Investment Class		(1,818,407	)		(648,893	)		(147,861	)		(671,036	)

Personal Investment Class		-			-			(1,448	)		(302,491	)

Cash Management Class		(1,201,217	)		(24,434	)		(127,021	)		(7,793	)

Reserve Class		(40,550	)		(62,582	)		(16,775	)		(18,402	)

Resource Class		(114,240	)		(3,337	)		1			(122,205	)

Corporate Class		(354	)		(15,522	)		64			4

CAVU Securities Class		1			100,002			-			-

Net increase (decrease) in net assets resulting from share transactions		(617,455,455	)		(202,229,077	)		100,466,309			(100,155,041	)

Net increase (decrease) in net assets		(617,858,332	)		(202,723,173	)		100,461,807			(100,157,289	)


Net assets:
Beginning of year		2,362,888,735			2,565,611,908			223,020,346			323,177,635

End of year	$	1,745,030,403		$	2,362,888,735		$	323,482,153		$	223,020,346

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–(continued)

For the years ended August 31, 2022 and 2021


	Invesco Treasury Portfolio						Invesco Government & Agency Portfolio

	2022			2021			2022			2021

Operations:

Net investment income	$	96,074,616		$	2,248,785		$	325,968,052		$	9,964,680

Net realized gain (loss)		(3,886,562	)		30,818			(28,543,577	)		542,485

Net increase in net assets resulting from operations		92,188,054			2,279,603			297,424,475			10,507,165


Distributions to shareholders from distributable earnings:

Institutional Class		(85,408,911	)		(2,005,555	)		(295,190,284	)		(9,402,663	)

Private Investment Class		(1,268,453	)		(35,458	)		(2,186,097	)		(120,583	)

Personal Investment Class		(1,167,413	)		(28,813	)		(110,536	)		(2,025	)

Cash Management Class		(1,843,731	)		(42,921	)		(3,324,668	)		(128,425	)

Reserve Class		(2,122,002	)		(62,101	)		(1,225,131	)		(105,814	)

Resource Class		(267,315	)		(18,705	)		(863,585	)		(32,727	)

Corporate Class		(1,170,294	)		(41,758	)		(2,699,107	)		(52,287	)

CAVU Securities Class		(2,826,497	)		(13,474	)		(20,368,644	)		(120,156	)

Total distributions from distributable earnings		(96,074,616	)		(2,248,785	)		(325,968,052	)		(9,964,680	)


Share transactions-net:

Institutional Class		4,330,861,644			(2,122,806,791	)		11,726,491,208			19,204,558,855

Private Investment Class		78,001,581			(118,976,592	)		72,215,877			(76,121,055	)

Personal Investment Class		315,801,181			(16,713,545	)		29,989,058			(4,169,839	)

Cash Management Class		(57,379,422	)		80,255,547			394,921,370			316,471,282

Reserve Class		119,769,440			286,064,751			190,502,067			7,054,623

Resource Class		24,190,011			(582,467,587	)		17,158,805			(25,248,184	)

Corporate Class		207,510,470			(867,085,822	)		(539,261,258	)		1,050,827,823

CAVU Securities Class		10,231,626			547,040,941			3,411,670,557			1,441,849,681

Net increase (decrease) in net assets resulting from share transactions		5,028,986,531			(2,794,689,098	)		15,303,687,684			21,915,223,186

Net increase (decrease) in net assets		5,025,099,969			(2,794,658,280	)		15,275,144,107			21,915,765,671


Net assets:
Beginning of year		19,848,831,125			22,643,489,405			53,777,842,859			31,862,077,188

End of year	$	24,873,931,094		$	19,848,831,125		$	69,052,986,966		$	53,777,842,859

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, 2022 and 2021


	Invesco Treasury Obligations Portfolio						Invesco Tax-Free Cash Reserve Portfolio

	2022			2021			2022			2021

Operations:
Net investment income	$	4,933,278		$	133,186		$	629,361		$	17,194

Net realized gain (loss)		(129,607	)		47,304			-			-

Net increase in net assets resulting from operations		4,803,671			180,490			629,361			17,194


Distributions to shareholders from distributable earnings:

Institutional Class		(4,768,439	)		(123,225	)		(576,238	)		(12,978	)

Private Investment Class		(48,742	)		(1,559	)		(26,690	)		(1,039	)

Personal Investment Class		(29,749	)		(128	)		(2,178	)		(195	)

Cash Management Class		(319	)		(29	)		(11,012	)		(490	)

Reserve Class		(71,516	)		(7,454	)		(10,273	)		(2,280	)

Resource Class		(360	)		(17	)		(2,938	)		(208	)

Corporate Class		(14,153	)		(774	)		(32	)		(4	)

Total distributions from distributable earnings		(4,933,278	)		(133,186	)		(629,361	)		(17,194	)


Share transactions-net:

Institutional Class		38,941,402			(306,942,642	)		78,490,605			(32,730,801	)

Private Investment Class		(78,490	)		220,502			5,209,668			(580,210	)

Personal Investment Class		8,907,420			3,070,903			133,658			(1,906,614	)

Cash Management Class		(174,408	)		(87,640	)		(851,665	)		(893,331	)

Reserve Class		(32,341,061	)		19,907,010			(1,439,232	)		(10,596,705	)

Resource Class		198			(51,953	)		(716,611	)		(1,527,247	)

Corporate Class		(1,691,615	)		(5,409,097	)		19			-

Net increase (decrease) in net assets resulting from share transactions		13,563,446			(289,292,917	)		80,826,442			(48,234,908	)

Net increase (decrease) in net assets		13,433,839			(289,245,613	)		80,826,442			(48,234,908	)


Net assets:

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

End of year	$	1,175,082,030		$	1,161,648,191		$	232,634,661		$	151,808,219

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


32		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			Return of capital			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 08/31/22		$1.0004		$0.0039		$(0.0000	)		$0.0039			$(0.0041	)		$ -			$ -			$(0.0041	)		$1.0002		0.39	%		$ 248		0.26	%		0.42	%		0.40	%
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
Invesco STIC Prime Portfolio
Year ended 08/31/22		1.0000		0.0047		0.0000			0.0047			(0.0043	)		-			(0.0004	)		(0.0047	)		1.0000		0.47			0		0.15			0.44			0.61
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
Invesco Treasury Portfolio
Year ended 08/31/22		1.00		0.00		(0.00	)		0.00			(0.00	)		-			-			(0.00	)		1.00		0.39			77,390		0.20			0.37			0.40
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
Invesco Government & Agency Portfolio
Year ended 08/31/22		1.00		0.00		(0.00	)		0.00			(0.00	)		-			-			(0.00	)		1.00		0.43			135,003		0.20			0.32			0.45
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
Invesco Treasury Obligations Portfolio
Year ended 08/31/22		1.00		0.00		(0.00	)		0.00			(0.00	)		-			-			(0.00	)		1.00		0.36			98		0.21			0.37			0.37
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
Invesco Tax-Free Cash Reserve Portfolio
Year ended 08/31/22		1.00		0.00		-			0.00			(0.00	)		-			-			(0.00	)		1.00		0.25			760		0.22			0.53			0.31
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

^(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.


33		Short-Term Investments Trust

Notes to Financial Statements

August 31, 2022

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


34		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.


35		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.

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, 2022, 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%


36		Short-Term Investments Trust


	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 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, 2022, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


		Expense Limitation


Invesco Liquid Assets Portfolio		$ 839,352


Invesco STIC Prime Portfolio		301,276


Invesco Treasury Portfolio		7,035,844


Invesco Government & Agency Portfolio		1,730,545


Invesco Treasury Obligations Portfolio		333,450


Invesco Tax-Free Cash Reserve Portfolio		302,421

Voluntary fee waivers for the year ended August 31, 2022 are shown below:


	Fund Level		Private Investment Class		Personal Investment Class		Cash Management Class		Reserve Class		Resource Class		Corporate Class


Invesco Liquid Assets Portfolio	$	98,734	$	4,760	$	34	$	1,074	$	1,206	$	309	$	3


Invesco STIC Prime Portfolio		82,545		915		311		206		491		1		4


Invesco Treasury Portfolio		11,717,027		518,670		1,157,113		208,147		7,972,623		51,028		42,572


Invesco Government & Agency Portfolio		27,703,436		911,921		57,615		374,418		3,045,451		106,195		128,674


Invesco Treasury Obligations Portfolio		536,300		19,938		27,410		61		414,286		83		544


Invesco Tax-Free Cash Reserve Portfolio		99,306		14,819		4,105		1,861		104,414		1,256		2


37		Short-Term Investments Trust


	Private Investment Class	Personal Investment Class	Cash Management Class	Reserve Class	Resource Class	Corporate Class


Invesco Liquid Assets Portfolio	0.30%	0.55%	0.08%	0.87%	0.20%	0.03%


Invesco STIC Prime Portfolio	0.30%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Treasury Portfolio	0.30%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Government & Agency Portfolio	0.30%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Treasury Obligations Portfolio	0.25%	0.55%	0.08%	0.87%	0.16%	0.03%


Invesco Tax-Free Cash Reserve Portfolio	0.25%	0.55%	0.08%	0.87%	0.16%	0.03%

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		$ 22,055,624		$ 16,400,013	$-


Invesco STIC Prime Portfolio		8,610,216		14,201,999	-


Invesco Tax-Free Cash Reserve Portfolio		241,775,804		207,889,996	-

NOTE 5–Trustees’ and Officers’ Fees and Benefits


38		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, 2022 and 2021:


	2022						2021
	Ordinary Income*		Ordinary Income-Tax- Exempt		Return of Capital		Ordinary Income*		Ordinary Income-Tax- Exempt		Return of Capital


Invesco Liquid Assets Portfolio	$	9,991,934	$	-	$	-	$	1,034,618	$	-	$-


Invesco STIC Prime Portfolio		1,661,497		-		165,488		24,474		-	-


Invesco Treasury Portfolio		96,074,616		-		-		2,248,785		-	-


Invesco Government & Agency Portfolio		325,968,052		-		-		9,964,680		-	-


Invesco Treasury Obligations Portfolio		4,933,278		-		-		133,186		-	-


Invesco Tax-Free Cash Reserve Portfolio		-		629,361		-		5,579		11,615	-

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

Tax Components of Net Assets at Period-End:


	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets


Invesco Liquid Assets Portfolio	$	-	$	(2,200,732	)	$	(243,916	)	$	(9,051	)	$	1,747,484,102	$	1,745,030,403


Invesco STIC Prime Portfolio		-		(580,144	)		(5,360	)		-			324,067,657		323,482,153


Invesco Treasury Portfolio		284,026		(1,459,786	)		-			(3,918,575	)		24,879,025,429		24,873,931,094


Invesco Government & Agency Portfolio		1,351,614		(789,869	)		-			(28,544,744	)		69,080,969,965		69,052,986,966


Invesco Treasury Obligations Portfolio		56,908		(69,452	)		(8,870	)		(156,629	)		1,175,260,073		1,175,082,030


Invesco Tax-Free Cash Reserve Portfolio		-		(200,621	)		-			(19,092	)		232,854,374		232,634,661


39		Short-Term Investments Trust

The Funds have a capital loss carryforward as of August 31, 2022, as follows:


	Short-Term		Long-Term
	Not Subject to		Not Subject to
Fund	Expiration		Expiration		Total*


Invesco Liquid Assets Portfolio	$	9,051	$	-	$	9,051


Invesco Treasury Portfolio		3,918,575		-		3,918,575


Invesco Government & Agency Portfolio		28,544,744		-		28,544,744


Invesco Treasury Obligations Portfolio		132,371		24,258		156,629


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, 2022
	Federal Tax Cost*		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)


Invesco Liquid Assets Portfolio	$	1,747,632,225	$	115,759	$	(359,675)	$	(243,916)


Invesco STIC Prime Portfolio		324,098,563		-		(5,360)		(5,360)


Invesco Treasury Obligations Portfolio		1,176,918,982		-		(8,870)		(8,870)

NOTE 9–Reclassification of Permanent Differences


	Undistributed Net Investment Income (Loss)		Undistributed Net Realized Gain (Loss)		Shares of Beneficial Interest


Invesco Liquid Assets Portfolio		$407,812		$ -		$(407,812)


Invesco STIC Prime Portfolio		166,112		(624)		(165,488)


Invesco Treasury Portfolio		44,131		(46,858)		2,727


Invesco Government & Agency Portfolio		(1)		3		(2)


Invesco Treasury Obligations Portfolio		-		-		-


Invesco Tax-Free Cash Reserve Portfolio		59,675		-		(59,675)

NOTE 10–Share Information

Invesco Liquid Assets Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)				2021
	Shares		Amount		Shares		Amount


Sold:
Institutional Class		16,021,220,223	$	16,021,997,196		17,486,805,323	$	17,494,025,296


Private Investment Class		173		173		371,715		371,900


Cash Management Class		1		1		6,058		6,061


Reserve Class		7,065		7,068		79,579		79,611


Corporate Class		-		-		1,001		1,001


CAVU Securities Class^(b)		1		1		99,962		100,002


40		Short-Term Investments Trust

NOTE 10–Share Information–(continued)


	Summary of Share Activity
	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Issued as reinvestment of dividends:

Institutional Class		331,500		$	331,481			182,613		$	182,698


Private Investment Class		3,597			3,597			207			207


Cash Management Class		5,971			5,971			359			359


Reserve Class		174			174			28			28


Resource Class		599			599			37			37


Corporate Class		70			70			13			13



Reacquired:

Institutional Class		(16,635,655,012	)		(16,636,609,365	)		(17,688,475,913	)		(17,695,782,305	)


Private Investment Class		(1,822,166	)		(1,822,177	)		(1,020,552	)		(1,021,000	)


Cash Management Class		(1,207,094	)		(1,207,189	)		(30,840	)		(30,854	)


Reserve Class		(47,789	)		(47,792	)		(142,165	)		(142,221	)


Resource Class		(114,803	)		(114,839	)		(3,373	)		(3,374	)


Corporate Class		(425	)		(424	)		(16,529	)		(16,536	)


Net increase (decrease) in share activity		(617,277,915	)	$	(617,455,455	)		(202,142,477	)	$	(202,229,077	)

^(a)	45% 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.


41		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco STIC Prime Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		1,898,258,845		$	1,898,293,281			1,439,605,312		$	1,439,605,312


Private Investment Class		66,475			66,475			17,500			17,500


Personal Investment Class		45			45			-			-


Cash Management Class		47,921			47,925			7,472			7,472


Reserve Class		1			1			4			4


Corporate Class		-			-			1,000			1,000



Issued as reinvestment of dividends:
Institutional Class		718,725			718,729			14,063			14,063


Private Investment Class		961			961			91			91


Personal Investment Class		131			131			27			27


Cash Management Class		351			351			15			15


Reserve Class		62			62			7			7


Resource Class		1			1			7			7


Corporate Class		64			64			4			4



Reacquired:
Institutional Class		(1,798,225,673	)		(1,798,252,661	)		(1,538,652,493	)		(1,538,652,493	)


Private Investment Class		(215,296	)		(215,297	)		(688,627	)		(688,627	)


Personal Investment Class		(1,624	)		(1,624	)		(302,518	)		(302,518	)


Cash Management Class		(175,291	)		(175,297	)		(15,280	)		(15,280	)


Reserve Class		(16,836	)		(16,838	)		(18,413	)		(18,413	)


Resource Class		-			-			(122,212	)		(122,212	)


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


Net increase (decrease) in share activity		100,458,862		$	100,466,309			(100,155,041	)	$	(100,155,041	)

^(a)


42		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		132,066,034,066		$	132,066,034,066			209,389,908,080		$	209,389,908,080


Private Investment Class		1,001,410,898			1,001,410,898			564,708,648			564,708,648


Personal Investment Class		2,236,178,971			2,236,178,971			1,460,181,973			1,460,181,973


Cash Management Class		1,488,319,714			1,488,319,714			834,202,437			834,202,437


Reserve Class		3,559,612,942			3,559,612,942			2,267,218,779			2,267,218,779


Resource Class		215,964,855			215,964,855			271,542,723			271,542,723


Corporate Class		4,502,000,934			4,502,000,934			4,259,846,179			4,259,846,179


CAVU Securities Class^(b)		12,888,063,731			12,888,063,731			1,619,862,326			1,619,862,326



Issued as reinvestment of dividends:
Institutional Class		10,223,078			10,223,078			497,496			497,496


Private Investment Class		184,233			184,233			11,961			11,961


Personal Investment Class		398,914			398,914			28,558			28,558


Cash Management Class		1,071,516			1,071,516			39,490			39,490


Reserve Class		971,014			971,014			56,643			56,643


Resource Class		130,138			130,138			4,380			4,380


Corporate Class		261,029			261,029			26,745			26,745


CAVU Securities Class		1,880			1,880			-			-



Reacquired:
Institutional Class		(127,745,395,500	)		(127,745,395,500	)		(211,513,212,367	)		(211,513,212,367	)


Private Investment Class		(923,593,550	)		(923,593,550	)		(683,697,201	)		(683,697,201	)


Personal Investment Class		(1,920,776,704	)		(1,920,776,704	)		(1,476,924,076	)		(1,476,924,076	)


Cash Management Class		(1,546,770,652	)		(1,546,770,652	)		(753,986,380	)		(753,986,380	)


Reserve Class		(3,440,814,516	)		(3,440,814,516	)		(1,981,210,671	)		(1,981,210,671	)


Resource Class		(191,904,982	)		(191,904,982	)		(854,014,690	)		(854,014,690	)


Corporate Class		(4,294,751,493	)		(4,294,751,493	)		(5,126,958,746	)		(5,126,958,746	)


CAVU Securities Class		(12,877,833,985	)		(12,877,833,985	)		(1,072,821,385	)		(1,072,821,385	)


Net increase (decrease) in share activity		5,028,986,531		$	5,028,986,531			(2,794,689,098	)	$	(2,794,689,098	)

^(a)

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


43		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Government & Agency Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		454,339,645,288		$	454,339,645,288			287,998,117,369		$	287,998,117,369


Private Investment Class		1,778,974,054			1,778,974,054			1,566,476,737			1,566,476,737


Personal Investment Class		97,861,174			97,861,174			8,460,874			8,460,874


Cash Management Class		1,341,733,532			1,341,733,532			1,020,500,616			1,020,500,616


Reserve Class		2,373,222,673			2,373,222,673			1,184,114,517			1,184,114,517


Resource Class		1,481,464,937			1,481,464,937			1,448,949,173			1,448,949,173


Corporate Class		10,354,778,887			10,354,778,887			2,472,495,311			2,472,495,311


CAVU Securities Class^(b)		77,360,488,467			77,360,488,467			11,182,358,336			11,182,358,336



Issued as reinvestment of dividends:
Institutional Class		49,592,996			49,592,996			2,364,199			2,364,199


Private Investment Class		747,946			747,946			77,027			77,027


Personal Investment Class		55,691			55,691			1,664			1,664


Cash Management Class		463,867			463,867			62,947			62,947


Reserve Class		542,028			542,028			96,732			96,732


Resource Class		486,110			486,110			22,306			22,306


Corporate Class		1,161,309			1,161,309			20,996			20,996


CAVU Securities Class		7,176,754			7,176,754			68,987			68,987



Reacquired:
Institutional Class		(442,662,747,076	)		(442,662,747,076	)		(268,795,922,713	)		(268,795,922,713	)


Private Investment Class		(1,707,506,123	)		(1,707,506,123	)		(1,642,674,819	)		(1,642,674,819	)


Personal Investment Class		(67,927,807	)		(67,927,807	)		(12,632,377	)		(12,632,377	)


Cash Management Class		(947,276,029	)		(947,276,029	)		(704,092,281	)		(704,092,281	)


Reserve Class		(2,183,262,634	)		(2,183,262,634	)		(1,177,156,626	)		(1,177,156,626	)


Resource Class		(1,464,792,242	)		(1,464,792,242	)		(1,474,219,663	)		(1,474,219,663	)


Corporate Class		(10,895,201,454	)		(10,895,201,454	)		(1,421,688,484	)		(1,421,688,484	)


CAVU Securities Class		(73,955,994,664	)		(73,955,994,664	)		(9,740,577,642	)		(9,740,577,642	)


Net increase in share activity		15,303,687,684		$	15,303,687,684			21,915,223,186		$	21,915,223,186

^(a)

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


44		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Obligations Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		2,034,763,395		$	2,034,763,395			1,758,486,047		$	1,758,486,047


Private Investment Class		4,862,034			4,862,034			8,037,650			8,037,650


Personal Investment Class		25,412,787			25,412,787			6,051,798			6,051,798


Reserve Class		237,156,939			237,156,939			332,356,357			332,356,357


Resource Class		891,607			891,607			52,034			52,034


Corporate Class		-			-			129			129



Issued as reinvestment of dividends:
Institutional Class		1,208,158			1,208,158			69,137			69,137


Private Investment Class		25,960			25,960			1,543			1,543


Personal Investment Class		13,163			13,163			102			102


Cash Management Class		185			185			27			27


Reserve Class		26,868			26,868			7,165			7,165


Resource Class		-			-			3			3


Corporate Class		8,385			8,385			774			774



Reacquired:
Institutional Class		(1,997,030,151	)		(1,997,030,151	)		(2,065,497,826	)		(2,065,497,826	)


Private Investment Class		(4,966,484	)		(4,966,484	)		(7,818,691	)		(7,818,691	)


Personal Investment Class		(16,518,530	)		(16,518,530	)		(2,980,997	)		(2,980,997	)


Cash Management Class		(174,593	)		(174,593	)		(87,667	)		(87,667	)


Reserve Class		(269,524,868	)		(269,524,868	)		(312,456,512	)		(312,456,512	)


Resource Class		(891,409	)		(891,409	)		(103,990	)		(103,990	)


Corporate Class		(1,700,000	)		(1,700,000	)		(5,410,000	)		(5,410,000	)


Net increase (decrease) in share activity		13,563,446		$	13,563,446			(289,292,917	)	$	(289,292,917	)

^(a)

In addition, 51% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.


45		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		264,322,787		$	264,322,787			147,021,640		$	147,021,640


Private Investment Class		8,658,509			8,658,509			2,274,008			2,274,008


Personal Investment Class		4,144,947			4,144,947			7,107,975			7,107,975


Cash Management Class		4,995,075			4,995,075			6,420,817			6,420,817


Reserve Class		44,954,869			44,954,869			28,135,345			28,135,345


Resource Class		-			-			394,392			394,392



Issued as reinvestment of dividends:
Institutional Class		203,648			203,648			7,749			7,749


Private Investment Class		10,734			10,734			832			832


Personal Investment Class		619			619			195			195


Cash Management Class		1,959			1,959			230			230


Reserve Class		2,238			2,238			2,280			2,280


Resource Class		1,890			1,890			205			205


Corporate Class		19			19			-			-



Reacquired:
Institutional Class		(186,035,830	)		(186,035,830	)		(179,760,190	)		(179,760,190	)


Private Investment Class		(3,459,575	)		(3,459,575	)		(2,855,050	)		(2,855,050	)


Personal Investment Class		(4,011,908	)		(4,011,908	)		(9,014,784	)		(9,014,784	)


Cash Management Class		(5,848,699	)		(5,848,699	)		(7,314,378	)		(7,314,378	)


Reserve Class		(46,396,339	)		(46,396,339	)		(38,734,330	)		(38,734,330	)


Resource Class		(718,501	)		(718,501	)		(1,921,844	)		(1,921,844	)


Net increase (decrease) in share activity		80,826,442		$	80,826,442			(48,234,908	)	$	(48,234,908	)

^(a)


46		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, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights of the Resource Class for each of the five years in the period ended August 31, 2022 (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, 2022, 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, 2022 and each of the financial highlights of the Resource Class for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 26, 2022


47		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, 2022 through August 31, 2022.

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
Resource Class	(03/01/22)	(08/31/22)¹	Period²	(08/31/22)	Period²	Ratio
Invesco Liquid Assets Portfolio	$1,000.00	$1,004.30	$1.82	$1,023.39	$1.84	0.36%
Invesco STIC Prime Portfolio	1,000.00	1,004.60	0.96	1,024.25	0.97	0.19
Invesco Treasury Portfolio	1,000.00	1,003.80	1.67	1,023.54	1.68	0.33
Invesco Government & Agency Portfolio	1,000.00	1,004.20	1.52	1,023.69	1.53	0.30
Invesco Treasury Obligations Portfolio	1,000.00	1,003.60	1.67	1,023.54	1.68	0.33
Invesco Tax-Free Cash Reserve Portfolio	1,000.00	1,002.40	1.87	1,023.34	1.89	0.37

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.


48		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

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials


49		Short-Term Investments Trust

B.	Fund Investment Performance

Invesco Government & Agency Portfolio

Invesco Liquid Assets Portfolio

Invesco STIC Prime Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period, equal to the performance of the Index for the three year period and reasonably comparable to 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, 2021 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 equal to the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as

Invesco Treasury Obligations Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco Treasury Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio


50		Short-Term Investments Trust

Invesco Liquid Assets Portfolio

accounts have all-inclusive fee structures, which are not easily un-bundled.

Invesco STIC Prime Portfolio


51		Short-Term Investments Trust

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 there were only four other funds in the Fund’s expense group.

Invesco Treasury Obligations Portfolio

Invesco Treasury Portfolio


52		Short-Term Investments Trust

the Fund’s total expense ratio and its various components.

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

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,


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, 2022:

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		95.79%		0.00%		0.00%		0.07%		0.00%
Invesco STIC Prime Portfolio		98.68%		0.00%		0.00%		0.00%		0.00%
Invesco Treasury Portfolio		100.00%		0.00%		0.00%		40.21%		0.00%
Invesco Government & Agency Portfolio		100.00%		0.00%		0.00%		43.13%		0.00%
Invesco Treasury Obligations Portfolio		100.00%		0.00%		0.00%		100.00%		0.00%
Invesco Tax-Free Cash Reserve Portfolio		0.00%		0.00%		0.00%		0.00%		100.00%

* The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

Non-Resident Alien Shareholders


	Qualified Short-Term Gains			Qualified Interest Income**


Invesco Liquid Assets Portfolio		$	-		0.00	%
Invesco STIC Prime Portfolio			624		0.00	%
Invesco Treasury Portfolio			-		100.00	%
Invesco Government & Agency Portfolio			-		100.00	%
Invesco Treasury Obligations Portfolio			-		100.00	%
Invesco Tax-Free Cash Reserve Portfolio			-		0.00	%

** The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year.


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	190	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
Beth Ann Brown – 1968 Trustee and Chair	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	190	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) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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	190	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)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of 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	190	Insperity, Inc. (formerly known as Administaff) (human resources provider); Member of Regional Board of Directors and Board of Directors, 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	190	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; 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	190	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	190	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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)
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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	190	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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	190	None
Ann Barnett Stern²– 1957 Trustee	2017	President and Chief Executive Officerr, Houston Endowment, Inc. a private philanthropic institution (private philanthropic institution) Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP & Andrews and Kurth LLP	190	Trustee and Board Vice Chair of Holdsworth Center (non-profit); Trustee and Chair of Nomination/Governance Committee, Good Reason Houston, (non-profit); Trustee and Investment Committee member of University of Texas Law School Foundation (non-profit); Board Member of Greater Houston Partnership (non-profit); Advisory Board member, Baker Institute for Public Policy at Rice University (non-profit) Formerly: Director and Audit Committee Member of Federal Reserve Bank of Dallas
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	190	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management, 1994-2007; Trustee and Chair, Weiss Peck and Greer Funds Board, 2004-2005; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management, 1984-1994.	190	Formerly: Trustee and Governance Chair, Oppenheimer Funds, 2014-2019; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America, 2016-2019

²	Effective September 14, 2022, Ms. Ann Barnett Stern resigned as a Trustee of the Trust.


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
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; 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
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); 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: Senior Vice President, Invesco Distributors, Inc.; 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
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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) 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


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–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; 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
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.; Senior Vice President, The Invesco Funds; 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.; 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


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)
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 and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A
			N/A	N/A


T-6		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




SEC file numbers: 811-02729 and 002-58287	Invesco Distributors, Inc.	CM-STIT-AR-4




		Annual Report to Shareholders		August 31, 2022

		CAVU Securities Class
		Short-Term Investments Trust (STIT)
		Invesco Liquid Assets Portfolio
		Invesco Treasury Portfolio
		Invesco Government & Agency Portfolio

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, 2022, and is based on total net assets. Unless otherwise stated, all data is 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			17

Financial Highlights			22

Notes to Financial Statements			23

Report of Independent Registered Public Accounting Firm			31

Fund Expenses			32

Approval of Investment Advisory and Sub-Advisory Contracts			33

Tax Information			38

Trustees and Officers			T-1


2

Fund Data



CAVU Securities Class data as of 8/31/22

FUND	WEIGHTED AVERAGE MATURITY		WEIGHTED AVERAGE LIFE	TOTAL NET ASSETS
	Range During Reporting Period	At Reporting Period End	At Reporting Period End
Invesco Liquid Assets¹	13 - 52 days	17 days	35 days	$	100.0 thousand
Invesco Treasury²	4 - 58 days	4 days	93 days		557.2 million
Invesco Government & Agency²	14 - 56 days	14 days	105 days		4.9 billion

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 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 8/31/22
	Invesco Liquid Assets Portfolio	Invesco Treasury Portfolio	Invesco Government & Agency Portfolio
1 - 7	47.9%	77.1%	64.6%
8 - 30	19.7	3.0	1.5
31 - 60	4.9	2.2	1.9
61 - 90	10.9	2.6	10.2
91 - 180	16.6	0.0	5.2
181+	0.0	15.1	16.6

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, 2022

Invesco Liquid Assets Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Commercial Paper-40.49%^(a)
Asset-Backed Securities - Fully Supported-0.58%
Ridgefield Funding Co., LLC (CEP - BNP Paribas S.A.) (SOFR + 0.52%)^(b)(c)(d)		2.86%		02/15/2023	$	10,000	$	10,000,000



Asset-Backed Securities - Fully Supported Bank-7.45%
Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.28%)^(b)(c)(d)		2.66%		11/21/2022		40,000		40,006,000


Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (1 mo. FEDL + 0.12%)^(b)(c)(d)		2.53%		09/01/2022		20,000		20,000,000


Matchpoint Finance PLC (SOFR + 0.45%) (Ireland)^(b)(c)(d)		2.79%		11/17/2022		20,000		20,007,380


Nieuw Amsterdam Receivables Corp. B.V. (CEP - Cooperatieve Rabobank UA) (Netherlands)^(b)(c)		2.51%		09/21/2022		30,000		29,956,600


Versailles Commercial Paper LLC (CEP - Natixis S.A.) (SOFR + 0.30%)^(b)(c)(d)		2.63%		01/09/2023		20,000		20,003,550


								129,973,530



Diversified Banks-23.02%
ANZ New Zealand (Int’l) Ltd.^(b)(c)		0.34%		10/03/2022		30,000		29,935,293


Barclays Bank PLC^(c)		2.36%		09/26/2022		20,000		19,966,012


Barclays Bank PLC^(c)		2.55%		09/23/2022		50,000		49,924,867


DBS Bank Ltd. (Singapore)^(b)(c)		2.49%		09/16/2022		10,000		9,989,480


DBS Bank Ltd. (Singapore)^(b)(c)		2.91%		11/14/2022		30,000		29,820,000


DBS Bank Ltd. (Singapore)^(b)(c)		3.35%		01/17/2023		20,000		19,739,607


Korea Development Bank^(c)		3.19%		01/05/2023		20,000		19,773,093


Korea Development Bank^(c)		3.19%		01/06/2023		10,000		9,885,369


Mitsubishi UFJ Trust & Banking Corp.^(b)(c)		2.59%		09/20/2022		70,000		69,909,155


Skandinaviska Enskilda Banken AB (SOFR + 0.40%) (Sweden)^(b)(c)(d)		2.74%		11/17/2022		70,000		70,015,605


Svenska Handelsbanken AB (Sweden)^(b)(c)		0.34%		11/03/2022		22,850		22,746,251


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%) (Canada)^(b)(c)(d)		1.92%		09/06/2022		10,000		9,999,848


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.45%) (Canada)^(b)(c)(d)		2.73%		12/30/2022		15,000		15,002,940


Toronto-Dominion Bank (The) (1 mo. FEDL + 0.46%) (Canada)^(c)(d)		2.85%		02/15/2023		25,000		25,019,600


								401,727,120



Diversified Capital Markets-4.01%
Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.40%)^(c)(d)		2.77%		01/12/2023		60,000		60,009,000


Great Bear Funding LLC (1 mo. OBFR + 0.40%)^(c)(d)		2.77%		01/12/2023		10,000		10,001,500


								70,010,500



Investment Banking & Brokerage-1.71%
Goldman Sachs International^(b)		0.45%		11/15/2022		30,000		29,820,197



Specialized Finance-3.72%
CDP Financial, Inc. (Canada)^(b)(c)		2.10%		09/14/2022		45,000		44,959,067


KEB Hana Bank^(b)(c)		2.26%		09/20/2022		20,000		19,973,556


								64,932,623


Total Commercial Paper (Cost $706,722,043)								706,463,970



Certificates of Deposit-22.98%
Australia & New Zealand Banking Group Ltd. (Cayman Islands)^(c)		2.32%		09/01/2022		52,000		52,000,000


Banco Santander S.A.^(c)		3.14%		12/15/2022		10,000		10,017,135


Cooperatieve Rabobank U.A. (Cayman Islands)^(c)		2.30%		09/01/2022		52,000		52,000,000


Credit Agricole Corporate & Investment Bank^(c)		2.30%		09/01/2022		53,000		53,000,000


Goldman Sachs Bank USA (SOFR + 0.21%)^(d)		2.58%		09/16/2022		30,000		30,001,272

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Korea Development Bank (SOFR + 0.57%)^(c)(d)		2.91%		02/10/2023	$	25,000	$	25,015,814


Korea Development Bank (SOFR + 0.55%) (South Korea)^(c)(d)		2.89%		02/15/2023		5,000		5,002,726


Norinchukin Bank^(c)		2.39%		09/02/2022		70,000		70,000,236


Skandinaviska Enskilda Banken AB^(c)		2.30%		09/01/2022		17,000		17,000,000


Toronto-Dominion Bank (The)^(c)		3.21%		01/09/2023		15,000		15,005,457


Westpac Banking Corp.^(c)		0.44%		11/23/2022		5,000		4,972,453


Woori Bank^(c)		2.38%		09/08/2022		50,000		50,000,594


Woori Bank^(c)		2.25%		09/23/2022		17,000		16,998,470


Total Certificates of Deposit (Cost $401,000,000)								401,014,157



Variable Rate Demand Notes-5.36%^(e)
Credit Enhanced-5.36%
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)^(b)(c)(d)(f)		2.67%		04/01/2047		9,100		9,099,999


Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)^(d)(f)		2.38%		05/01/2037		2,400		2,400,000


University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB		2.33%		08/01/2045		82,040		82,040,000


Total Variable Rate Demand Notes (Cost $93,539,999)								93,539,999


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-68.83% (Cost $1,201,262,042)								1,201,018,126



					Repurchase Amount
Repurchase Agreements-31.31%^(g)
BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $125,058,819 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, non-agency asset-backed securities, corporate obligations and U.S. Treasury obligations valued at $129,922,546; 0.00% - 7.00%; 01/06/2023 - 05/20/2072)^(c)(h)		2.42%		09/07/2022		15,007,058		15,000,000


BMO Capital Markets Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $25,011,910 (collateralized by agency and non-agency mortgage-backed securities, U.S. government sponsored agency obligations, agency and non-agency asset-backed securities and corporate obligations valued at $25,555,105; 0.45% - 7.88%; 04/03/2023 - 05/20/2072)^(c)(h)		2.45%		09/07/2022		10,004,764		10,000,000


BNP Paribas Securities Corp., joint term agreement dated 08/25/2022, aggregate maturing value of $65,031,092 (collateralized by non-agency asset-backed securities and corporate obligations valued at $70,914,260; 0.00% - 13.00%; 05/15/2023 - 09/01/2119)^(c)(h)		2.46%		09/01/2022		25,011,958		25,000,000


Citigroup Global Markets, Inc., joint open agreement dated 03/28/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $110,083,744; 0.00% - 10.97%; 11/10/2023 - 03/27/2062)⁽ⁱ⁾		2.89%		09/01/2022		45,111,700		45,000,000


Citigroup Global Markets, Inc., joint open agreement dated 08/11/2022 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $203,594,466; 0.00% - 7.75%; 11/15/2026 - 10/25/2066)⁽ⁱ⁾		2.89%		09/01/2022		13,021,882		13,000,000


Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $400,184,333 (collateralized by agency and non-agency mortgage-backed securities, agency and non-agency asset-backed securities, corporate obligations, commercial paper and U.S. Treasury obligations valued at $422,240,222; 0.00% - 15.00%; 09/06/2022 - 05/15/2097)^(c)(h)		2.37%		09/01/2022		20,009,217		20,000,000


Credit Suisse Securities (USA) LLC, joint term agreement dated 08/05/2022, aggregate maturing value of $10,025,083 (collateralized by an non-agency-backed asset-backed security, corporate obligations and non-agency mortgage-backed securities valued at $10,560,000; 3.39% - 7.00%; 09/09/2024 - 06/15/2050)^(c)		2.58%		09/09/2022		2,005,017		2,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by corporate obligations valued at $110,000,070; 7.72% - 9.50%; 10/01/2022 - 02/15/2029)⁽ⁱ⁾		2.62%		09/01/2022		65,146,629		65,000,000

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, 2022

Invesco Liquid Assets Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,784,179; 4.13% - 7.50%; 11/01/2022 - 05/15/2061)⁽ⁱ⁾	2.52%	09/01/2022	$	7,015,188	$	7,000,000


J.P. Morgan Securities LLC, joint term agreement dated 07/22/2022, aggregate maturing value of $105,007,875 (collateralized by non-agency asset-backed securities, a corporate obligation and non-agency mortgage-backed securities valued at $114,262,653; 2.67% -7.36%; 05/15/2024 - 06/25/2047)^(j)	2.70%	09/01/2022		15,001,125		15,000,000


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $500,031,944 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,071; 0.00% - 5.50%; 08/25/2027 -06/16/2061)	2.30%	09/01/2022		85,005,431		85,000,000


RBC Capital Markets LLC, joint term agreement dated 08/31/2022, aggregate maturing value of $290,140,972 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $318,943,657; 2.50% - 15.50%; 01/15/2023 -11/15/2095)^(c)(h)	2.50%	09/07/2022		53,025,764		53,000,000


RBC Dominion Securities Inc., joint agreement dated 08/31/2022, aggregate maturing value of $1,500,095,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,000; 0.25% - 5.50%; 09/30/2022 -06/25/2059)	2.30%	09/01/2022		16,371,229		16,370,183


Societe Generale, joint open agreement dated 08/06/2019 (collateralized by non-agency asset-backed securities, corporate obligations and non-agency mortgage-backed securities valued at $62,815,397; 0.00% - 12.00%; 11/15/2022 - 05/15/2097)⁽ⁱ⁾	2.50%	09/01/2022		25,001,736		25,000,000


Societe Generale, joint open agreement dated 08/20/2021 (collateralized by corporate obligations valued at $92,505,932; 0.00% - 11.88%; 09/19/2022 - 08/15/2062)^(c)(i)	2.43%	09/01/2022		65,004,388		65,000,000


Wells Fargo Securities, LLC, joint agreement dated 08/31/2022, aggregate maturing value of $200,012,833 (collateralized by agency mortgage-backed securities valued at $204,000,000; 1.50% - 7.00%; 03/15/2032 - 08/01/2052)	2.31%	09/01/2022		85,005,454		85,000,000


Total Repurchase Agreements (Cost $546,370,183)						546,370,183


TOTAL INVESTMENTS IN SECURITIES^(k)(l)-100.14% (Cost $1,747,632,225)						1,747,388,309


OTHER ASSETS LESS LIABILITIES-(0.14)%						(2,357,906	)


NET ASSETS-100.00%					$	1,745,030,403

Investment Abbreviations:


CEP		-Credit Enhancement Provider
FEDL		-Federal Funds Effective Rate
LOC		-Letter of Credit
OBFR		-Overnight Bank Funding Rate
RB		-Revenue Bonds
SOFR		-Secured Overnight Financing Rate
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, 2022

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, 2022.

^(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, 2022.

^(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)	Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

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

^(l)


Entities	Percentage


Societe Generale S.A.		5.2%


J.P. Morgan Chase & Co.		5.0


Skandinaviska Enskilda Banken AB		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, 2022

Invesco Treasury Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-22.85%
U.S. Treasury Bills-3.81%^(a)
U.S. Treasury Bills		0.12%		09/08/2022	$	100,000	$	99,997,764


U.S. Treasury Bills		1.76%		09/29/2022		500,000		499,319,444


U.S. Treasury Bills		2.12%		10/13/2022		350,000		349,138,417


								948,455,625



U.S. Treasury Floating Rate Notes-16.50%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		355,000		354,998,397


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		250,500		250,505,365


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		200,000		200,004,851


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		560,000		560,000,585


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.02%)^(b)		2.89%		01/31/2024		200,000		200,114,336


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.08%)^(b)		2.83%		04/30/2024		450,000		449,989,855


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024		2,088,500		2,087,618,487


								4,103,231,876



U.S. Treasury Notes-2.54%
U.S. Treasury Notes		1.50%		09/15/2022		150,000		150,081,402


U.S. Treasury Notes		1.38%		10/15/2022		200,000		200,311,469


U.S. Treasury Notes		1.88%		10/31/2022		180,000		180,524,852


U.S. Treasury Notes		2.00%		10/31/2022		100,000		100,311,695


								631,229,418


Total U.S. Treasury Securities (Cost $5,682,916,919)								5,682,916,919


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-22.85% (Cost $5,682,916,919)								5,682,916,919



					Repurchase Amount
Repurchase Agreements-77.26%^(c)
ABN AMRO Bank N.V., agreement dated 08/31/2022, maturing value of $450,028,750 (collateralized by U.S. Treasury obligations valued at $459,000,055; 0.13% - 3.13%; 08/15/2023 - 11/15/2047)		2.30%		09/01/2022		450,028,750		450,000,000


BMO Capital Markets Corp., agreement dated 08/31/2022, maturing value of $300,017,083 (collateralized by U.S. Treasury obligations valued at $306,000,052; 0.00% - 3.25%; 11/08/2022 - 11/15/2051)		2.05%		09/01/2022		300,017,083		300,000,000


BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30%		09/01/2022		12,200,779,444		12,200,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,250,079,861 (collateralized by U.S. Treasury obligations valued at $1,275,000,012; 0.00% - 5.38%; 10/27/2022 - 02/15/2042)		2.30%		09/01/2022		1,250,079,861		1,250,000,000

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


10		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Treasury Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)	2.05%	09/01/2022	$	150,008,542	$	150,000,000


Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/31/2022, maturing value of $150,008,333 (collateralized by U.S. Treasury obligations valued at $153,000,068; 1.25% - 2.88%; 04/30/2024 - 10/31/2028)	2.00%	09/01/2022		150,008,333		150,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)	1.00%	09/01/2022		252,007,000		252,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 - 11/15/2045)^(d)	2.32%	09/07/2022		100,045,768		100,000,656


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(d)	2.32%	09/07/2022		473,638,567		473,425,000


Mitsubishi UFJ Trust & Banking Corp., term agreement dated 08/31/2022, maturing value of $100,044,819 (collateralized by U.S. Treasury obligations valued at $102,006,477; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)^(d)	2.31%	09/07/2022		100,044,819		100,000,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $190,949,752 (collateralized by U.S. Treasury obligations valued at $194,268,500; 0.00%; 05/15/2029 - 08/15/2037)	2.31%	09/01/2022		190,949,752		190,937,500


Prudential Legacy Insurance Company of New Jersey, agreement dated 08/31/2022, maturing value of $277,705,318 (collateralized by U.S. Treasury obligations valued at $282,133,500; 0.00%; 11/15/2039 - 02/15/2045)	2.31%	09/01/2022		277,705,318		277,687,500


RBC Dominion Securities Inc., agreement dated 08/31/2022, maturing value of $800,051,111 (collateralized by U.S. Treasury obligations valued at $816,000,003; 0.00% - 6.38%; 09/30/2022 - 08/15/2052)	2.30%	09/01/2022		800,051,111		800,000,000


RBC Dominion Securities Inc., term agreement dated 08/03/2022, maturing value of $300,653,083 (collateralized by U.S. Treasury obligations valued at $306,000,026; 0.13% - 6.38%; 09/30/2022 - 08/15/2052)^(d)	2.31%	09/06/2022		300,653,083		300,000,000


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(d)	2.30%	09/01/2022		325,290,694		325,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(d)	2.30%	09/07/2022		85,038,014		85,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)	2.30%	09/01/2022		75,004,792		75,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 - 05/15/2052)^(d)	2.30%	09/01/2022		100,044,722		100,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 - 02/15/2050)	2.30%	09/01/2022		1,439,977,519		1,439,885,526


Total Repurchase Agreements (Cost $19,218,936,182)						19,218,936,182


TOTAL INVESTMENTS IN SECURITIES-100.11% (Cost $24,901,853,101)						24,901,853,101


OTHER ASSETS LESS LIABILITIES-(0.11)%						(27,922,007	)


NET ASSETS-100.00%					$	24,873,931,094

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, 2022

Invesco Treasury Portfolio–(continued)

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, 2022.

^(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, 2022

Invesco Government & Agency Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-27.76%
U.S. Treasury Bills-13.45%^(a)
U.S. Treasury Bills		0.08%		09/08/2022	$	75,000	$	74,998,906


U.S. Treasury Bills		2.29%		10/04/2022		5,000		4,989,550


U.S. Treasury Bills		0.09%-0.10%		10/06/2022		860,000		859,923,073


U.S. Treasury Bills		2.50%		10/18/2022		3,000		2,990,248


U.S. Treasury Bills		2.20%		11/01/2022		1,000,000		996,297,639


U.S. Treasury Bills		2.51%		11/03/2022		525,000		522,712,311


U.S. Treasury Bills		2.25%		11/08/2022		750,000		746,840,833


U.S. Treasury Bills		2.60%		11/10/2022		100,000		99,498,333


U.S. Treasury Bills		2.62%		11/15/2022		670,000		666,370,834


U.S. Treasury Bills		2.63%		11/17/2022		733,000		728,908,027


U.S. Treasury Bills		2.76%		11/25/2022		500,000		496,763,554


U.S. Treasury Bills		2.71%		11/29/2022		800,000		794,679,778


U.S. Treasury Bills		2.75%		12/06/2022		600,000		595,631,998


U.S. Treasury Bills		1.78%		12/08/2022		600,000		597,120,433


U.S. Treasury Bills		2.81%		12/13/2022		650,000		644,829,975


U.S. Treasury Bills		2.92%		12/20/2022		600,000		594,701,665


U.S. Treasury Bills		2.96%		01/26/2023		750,000		741,057,500


U.S. Treasury Bills		1.18%		02/23/2023		121,000		120,311,813


								9,288,626,470



U.S. Treasury Floating Rate Notes-13.86%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		2.96%		10/31/2022		730,000		730,003,334


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		2.95%		01/31/2023		312,400		312,432,328


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.94%		04/30/2023		1,330,000		1,330,056,967


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		2.93%		07/31/2023		206,000		206,006,090


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		10/31/2023		1,038,679		1,038,709,970


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		2.89%		01/31/2024		180,000		179,956,151


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		2.83%		04/30/2024		3,564,000		3,560,385,309


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		2.94%		07/31/2024		2,214,000		2,213,247,714


								9,570,797,863



U.S. Treasury Notes-0.45%
U.S. Treasury Notes		1.50%		09/15/2022		210,000		210,113,048


U.S. Treasury Notes		1.75%		09/30/2022		100,000		100,132,293


								310,245,341


Total U.S. Treasury Securities (Cost $19,169,669,674)								19,169,669,674



U.S. Government Sponsored Agency Securities-7.28%
Federal Farm Credit Bank (FFCB)-4.32%
Federal Farm Credit Bank (SOFR + 0.09%)^(b)		2.38%		10/07/2022		30,000		30,000,000

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


13		Short-Term Investments Trust

Schedule of Investments–(continued)

August 31, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.34%		10/21/2022	$	20,000	$	20,000,000


Federal Farm Credit Bank (SOFR + 0.08%)^(b)		2.37%		11/03/2022		35,000		35,000,000


Federal Farm Credit Bank (SOFR + 0.02%)^(b)		2.31%		06/12/2023		75,000		75,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		07/07/2023		143,000		143,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/08/2023		155,000		155,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/18/2023		21,500		21,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		09/20/2023		25,000		25,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		2.32%		09/27/2023		60,000		60,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		12/15/2023		24,500		24,498,405


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		01/04/2024		229,000		229,000,000


Federal Farm Credit Bank (SOFR + 0.06%)^(b)		2.35%		01/10/2024		75,500		75,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.32%		01/25/2024		15,000		15,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		02/05/2024		100,000		100,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		02/20/2024		80,000		80,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		02/23/2024		162,000		162,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		03/08/2024		95,000		95,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		03/15/2024		431,000		431,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		2.33%		03/18/2024		445,000		445,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.33%		04/04/2024		195,000		195,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		04/25/2024		345,000		345,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		05/09/2024		160,000		160,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		2.34%		05/24/2024		62,000		62,000,000


								2,983,498,405



Federal Home Loan Bank (FHLB)-2.51%
Federal Home Loan Bank		1.85%		09/23/2022		150,000		149,831,333


Federal Home Loan Bank		2.01%		10/14/2022		375,000		374,104,167


Federal Home Loan Bank		1.44%		11/07/2022		1,215,000		1,211,766,412


								1,735,701,912



Federal National Mortgage Association (FNMA)-0.17%
Federal National Mortgage Association		1.86%		09/21/2022		115,000		114,881,806



U.S. International Development Finance Corp. (DFC)-0.28%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		06/15/2025		14,400		14,400,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		07/15/2025		15,667		15,666,669


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2025		3,421		3,421,053


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2026		4,250		4,250,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/15/2026		7,083		7,083,333


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		09/30/2027		11,455		11,454,546


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		02/15/2028		12,222		12,222,222

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, 2022

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 Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		11/15/2028	$	56,818	$	56,818,182


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.35%		05/15/2030		7,111		7,111,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(c)		2.90%		10/15/2030		7,333		7,333,333


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.47%		07/09/2026		20,400		20,400,000


U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)^(c)		2.46%		03/15/2030		34,875		34,875,000


								195,035,338


Total U.S. Government Sponsored Agency Securities (Cost $5,029,117,461)								5,029,117,461


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-35.04% (Cost $24,198,787,135)								24,198,787,135



					Repurchase Amount
Repurchase Agreements-65.08%^(d)
BofA Securities, Inc., joint agreement dated 08/31/2022, aggregate maturing value of $400,023,889 (collateralized by U.S. Treasury obligations valued at $408,000,001; 1.38% - 4.38%; 05/15/2040 - 11/15/2051)		2.15%		09/01/2022		200,011,944		200,000,000


Federal Reserve Bank of New York, joint agreement dated 08/31/2022, aggregate maturing value of $54,303,469,167 (collateralized by U.S. Treasury obligations valued at $54,303,469,345; 0.13% - 2.38%; 09/15/2023 - 02/15/2031)		2.30%		09/01/2022		37,002,363,889		37,000,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/31/2022, maturing value of $1,750,111,806 (collateralized by U.S. Treasury obligations valued at $1,785,000,044; 0.13% - 6.13%; 03/31/2024 - 02/15/2052)		2.30%		09/01/2022		1,750,111,806		1,750,000,000


Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 08/31/2022, aggregate maturing value of $500,028,472 (collateralized by U.S. Treasury obligations valued at $510,000,130; 1.63%; 05/15/2031)		2.05%		09/01/2022		350,019,931		350,000,000


Goldman Sachs & Co., joint agreement dated 08/31/2022, aggregate maturing value of $1,152,032,000 (collateralized by U.S. Treasury obligations valued at $1,175,040,002; 0.00% - 5.25%; 09/01/2022 - 02/15/2052)		1.00%		09/01/2022		900,025,000		900,000,000


ING Financial Markets, LLC, joint term agreement dated 07/28/2022, aggregate maturing value of $501,796,667 (collateralized by agency mortgage-backed securities valued at $510,000,000; 1.50% - 8.00%; 08/01/2028 -09/01/2057)		2.31%		09/22/2022		401,437,333		400,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/27/2022 (collateralized by agency mortgage-backed securities valued at $918,000,002; 1.00% - 7.50%; 09/20/2027 - 02/16/2063)^(e)		2.32%		09/01/2022		786,568,038		785,000,000


Metropolitan Life Insurance Co., joint term agreement dated 08/31/2022, aggregate maturing value of $350,169,913 (collateralized by U.S. Treasury obligations valued at $355,812,473; 0.00%; 08/15/2027 - 11/15/2045)^(f)		2.32%		09/07/2022		170,078,734		170,002,044


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/31/2022, aggregate maturing value of $1,736,157,847 (collateralized by U.S. Treasury obligations valued at $1,772,542,842; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(f)		2.32%		09/07/2022		1,051,599,174		1,051,125,000


Prudential Insurance Co. of America, agreement dated 08/31/2022, maturing value of $434,162,857 (collateralized by U.S. Treasury obligations valued at $441,112,430; 0.00%; 02/15/2026 - 11/15/2043)		2.31%		09/01/2022		434,162,857		434,135,000

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, 2022

Invesco Government & Agency Portfolio–(continued)


	Interest Rate	Maturity Date	Repurchase Amount		Value


Royal Bank of Canada, joint term agreement dated 08/18/2022, aggregate maturing value of $625,559,028 (collateralized by U.S. Treasury obligations valued at $637,500,034; 0.25% - 3.38%; 08/15/2023 - 02/15/2048)^(f)	2.30%	09/01/2022	$	300,268,333	$	300,000,000


Royal Bank of Canada, joint term agreement dated 08/31/2022, aggregate maturing value of $185,082,736 (collateralized by U.S. Treasury obligations valued at $188,700,063; 0.13% - 2.75%; 03/31/2023 - 02/15/2041)^(f)	2.30%	09/07/2022		100,044,722		100,000,000


Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,494; 0.00% - 3.25%; 09/01/2022 - 05/15/2032)^(e)	2.30%	09/01/2022		100,006,389		100,000,000


Standard Chartered Bank, joint term agreement dated 08/25/2022, aggregate maturing value of $1,000,447,222 (collateralized by U.S. Treasury obligations valued at $1,020,456,176; 0.13% - 3.63%; 09/30/2022 - 05/15/2052)^(f)	2.30%	09/01/2022		135,060,375		135,000,000


Sumitomo Mitsui Banking Corp., joint agreement dated 08/31/2022, aggregate maturing value of $3,650,233,194 (collateralized by U.S. Treasury obligations valued at $3,723,000,008; 0.00% - 2.88%; 11/03/2022 - 02/15/2050)	2.30%	09/01/2022		1,259,958,205		1,259,877,713


Total Repurchase Agreements (Cost $44,935,139,757)						44,935,139,757


TOTAL INVESTMENTS IN SECURITIES-100.12% (Cost $69,133,926,892)						69,133,926,892


OTHER ASSETS LESS LIABILITIES-(0.12)%						(80,939,926	)


NET ASSETS-100.00%					$	69,052,986,966

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, 2022.

^(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, 2022.

^(d)	Principal amount equals value at period end. See Note 1I.

^(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.

^(f)	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

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


16		Short-Term Investments Trust

Statement of Assets and Liabilities

August 31, 2022


	Invesco Liquid			Invesco Treasury			Invesco Government
	Assets Portfolio			Portfolio			& Agency Portfolio

Assets:
Investments in unaffiliated securities, at value	$	1,201,018,126		$	5,682,916,919		$	24,198,787,135

Repurchase agreements, at value and cost		546,370,183			19,218,936,182			44,935,139,757

Cash		109,373			216,168			-

Receivable for:
Fund shares sold		-			3,426,958			12,440,927

Interest		1,498,126			15,648,843			39,762,105

Fund expenses absorbed		48,750			611,241			1,310,208

Investment for trustee deferred compensation and retirement plans		2,981,769			1,794,578			818,710

Other assets		-			406,980			2,382

Total assets		1,752,026,327			24,923,957,869			69,188,261,224


Liabilities:
Payable for:
Fund shares reacquired		-			1,436,975			4,312,518

Amount due custodian		-			-			75,388

Dividends		3,429,582			40,854,222			119,874,158

Accrued fees to affiliates		327,192			5,261,976			9,664,368

Accrued trustees’ and officers’ fees and benefits		5,177			24,875			75,569

Accrued operating expenses		38,091			390,285			209,322

Trustee deferred compensation and retirement plans		3,195,882			2,058,442			1,062,935

Total liabilities		6,995,924			50,026,775			135,274,258

Net assets applicable to shares outstanding	$	1,745,030,403		$	24,873,931,094		$	69,052,986,966


Net assets consist of:
Shares of beneficial interest	$	1,747,484,102		$	24,879,025,429		$	69,080,969,965

Distributable earnings (loss)		(2,453,699	)		(5,094,335	)		(27,982,999	)

	$	1,745,030,403		$	24,873,931,094		$	69,052,986,966


Net Assets:
Institutional Class	$	1,741,681,355		$	21,420,556,964		$	61,165,374,792

Private Investment Class	$	1,072,938		$	381,788,814		$	577,941,151

Personal Investment Class	$	10,248		$	580,830,893		$	39,333,209

Cash Management Class	$	1,720,159		$	394,771,725		$	1,142,406,020

Reserve Class	$	175,005		$	987,384,416		$	598,751,170

Resource Class	$	247,941		$	77,389,574		$	135,003,087

Corporate Class	$	22,778		$	473,991,784		$	542,615,409

CAVU Securities Class	$	99,979		$	557,216,925		$	4,851,562,128

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


17		Short-Term Investments Trust

Statement of Assets and Liabilities–(continued)

August 31, 2022


	Invesco Liquid		Invesco Treasury		Invesco Government
	Assets Portfolio		Portfolio		& Agency Portfolio


Shares outstanding, no par value, unlimited number of shares authorized:

Institutional Class		1,741,404,031		21,422,696,205		61,190,061,271

Private Investment Class		1,072,769		381,826,938		578,174,331

Personal Investment Class		10,246		580,888,890		39,349,084

Cash Management Class		1,719,889		394,811,148		1,142,867,105

Reserve Class		174,978		987,483,019		598,992,752

Resource Class		247,902		77,397,299		135,057,575

Corporate Class		22,774		474,039,115		542,834,320

CAVU Securities Class		99,963		557,272,567		4,853,520,238

Net asset value, offering and redemption price per share for each class	$	1.0002	$	1.00	$	1.00

Cost of Investments	$	1,747,632,225	$	24,901,853,101	$	69,133,926,892

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


18		Short-Term Investments Trust

Statements of Operations

For the year ended August 31, 2022


	Invesco Liquid			Invesco Treasury			Invesco Government
	Assets Portfolio			Portfolio			& Agency Portfolio

Investment income:
Interest	$	13,644,622		$	128,028,516			$395,970,368


Expenses:
Advisory fees		3,122,309			32,265,270			60,899,961

Administrative services fees		933,129			9,470,158			26,994,896

Custodian fees		40,769			543,746			726,135

Distribution fees:
Private Investment Class		7,695			949,886			1,691,410

Personal Investment Class		56			1,991,022			147,296

Cash Management Class		1,945			376,542			674,250

Reserve Class		1,800			11,418,685			4,727,590

Resource Class		540			96,179			248,617

Corporate Class		7			70,495			221,276

Transfer agent fees		187,339			1,935,916			5,480,996

Trustees’ and officers’ fees and benefits		33,400			172,056			472,464

Registration and filing fees		100,319			857,680			874,196

Reports to shareholders		16,135			63,345			60,302

Professional services fees		50,201			145,043			320,773

Other		102,516			300,901			520,409

Total expenses		4,598,160			60,656,924			104,060,571

Less: Fees waived and expenses reimbursed		(945,472	)		(28,703,024	)		(34,058,255	)

Net expenses		3,652,688			31,953,900			70,002,316

Net investment income		9,991,934			96,074,616			325,968,052

Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		3,959			(3,886,562	)		(28,543,577	)

Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(406,836	)		-			-

Net realized and unrealized gain (loss)		(402,877	)		(3,886,562	)		(28,543,577	)

Net increase in net assets resulting from operations	$	9,589,057		$	92,188,054			$297,424,475

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


19		Short-Term Investments Trust

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021


	Invesco Liquid Assets Portfolio						Invesco Treasury Portfolio
	2022			2021			2022			2021

Operations:
Net investment income	$	9,991,934		$	1,034,618		$	96,074,616		$	2,248,785

Net realized gain (loss)		3,959			2,613			(3,886,562	)		30,818

Change in net unrealized appreciation (depreciation)		(406,836	)		(496,709	)		-			-

Net increase in net assets resulting from operations		9,589,057			540,522			92,188,054			2,279,603


Distributions to shareholders from distributable earnings:
Institutional Class		(9,973,378	)		(1,033,839	)		(85,408,911	)		(2,005,555	)

Private Investment Class		(6,754	)		(318	)		(1,268,453	)		(35,458	)

Personal Investment Class		(32	)		(4	)		(1,167,413	)		(28,813	)

Cash Management Class		(9,759	)		(359	)		(1,843,731	)		(42,921	)

Reserve Class		(378	)		(29	)		(2,122,002	)		(62,101	)

Resource Class		(1,017	)		(40	)		(267,315	)		(18,705	)

Corporate Class		(112	)		(13	)		(1,170,294	)		(41,758	)

CAVU Securities Class		(504	)		(16	)		(2,826,497	)		(13,474	)

Total distributions from distributable earnings		(9,991,934	)		(1,034,618	)		(96,074,616	)		(2,248,785	)


Share transactions-net:
Institutional Class		(614,280,688	)		(201,574,311	)		4,330,861,644			(2,122,806,791	)

Private Investment Class		(1,818,407	)		(648,893	)		78,001,581			(118,976,592	)

Personal Investment Class		-			-			315,801,181			(16,713,545	)

Cash Management Class		(1,201,217	)		(24,434	)		(57,379,422	)		80,255,547

Reserve Class		(40,550	)		(62,582	)		119,769,440			286,064,751

Resource Class		(114,240	)		(3,337	)		24,190,011			(582,467,587	)

Corporate Class		(354	)		(15,522	)		207,510,470			(867,085,822	)

CAVU Securities Class		1			100,002			10,231,626			547,040,941

Net increase (decrease) in net assets resulting from share transactions		(617,455,455	)		(202,229,077	)		5,028,986,531			(2,794,689,098	)

Net increase (decrease) in net assets		(617,858,332	)		(202,723,173	)		5,025,099,969			(2,794,658,280	)


Net assets:
Beginning of year		2,362,888,735			2,565,611,908			19,848,831,125			22,643,489,405

End of year	$	1,745,030,403		$	2,362,888,735		$	24,873,931,094		$	19,848,831,125

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


20		Short-Term Investments Trust

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2022 and 2021


	Invesco Government & Agency Portfolio

	2022			2021

Operations:
Net investment income	$	325,968,052		$	9,964,680

Net realized gain (loss)		(28,543,577	)		542,485

Net increase in net assets resulting from operations		297,424,475			10,507,165


Distributions to shareholders from distributable earnings:
Institutional Class		(295,190,284	)		(9,402,663	)

Private Investment Class		(2,186,097	)		(120,583	)

Personal Investment Class		(110,536	)		(2,025	)

Cash Management Class		(3,324,668	)		(128,425	)

Reserve Class		(1,225,131	)		(105,814	)

Resource Class		(863,585	)		(32,727	)

Corporate Class		(2,699,107	)		(52,287	)

CAVU Securities Class		(20,368,644	)		(120,156	)

Total distributions from distributable earnings		(325,968,052	)		(9,964,680	)


Share transactions-net:
Institutional Class		11,726,491,208			19,204,558,855

Private Investment Class		72,215,877			(76,121,055	)

Personal Investment Class		29,989,058			(4,169,839	)

Cash Management Class		394,921,370			316,471,282

Reserve Class		190,502,067			7,054,623

Resource Class		17,158,805			(25,248,184	)

Corporate Class		(539,261,258	)		1,050,827,823

CAVU Securities Class		3,411,670,557			1,441,849,681

Net increase in net assets resulting from share transactions		15,303,687,684			21,915,223,186

Net increase in net assets		15,275,144,107			21,915,765,671


Net assets:
Beginning of year		53,777,842,859			31,862,077,188

End of year	$	69,052,986,966		$	53,777,842,859

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


21		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
Year ended 08/31/22		$	1.0004		$	0.0048		$	(0.0000	)		$	0.0048		$	(0.0050	)		$	1.0002		0.49	%		$	100		0.18	%		0.22	%		0.48	%
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
Year ended 08/31/22			1.00			0.00			0.00				0.00			(0.00	)			1.00		0.46				557,217		0.13			0.21			0.47
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
Year ended 08/31/22			1.00			0.01			(0.00	)			0.01			(0.01	)			1.00		0.51				4,851,562		0.11			0.16			0.54
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.

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

^(d)	Annualized.

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


22		Short-Term Investments Trust

Notes to Financial Statements

August 31, 2022

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.

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 normally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 and not reliable are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.


23		Short-Term Investments Trust

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.

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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of each Fund that holds securities of that entity will be adversely impacted.


24		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.

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 Treasury Portfolio	0.15%	0.15%	0.15%


Invesco Government & Agency Portfolio	0.10%	0.10%	0.10%

For the year ended August 31, 2022, 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, 2022, 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”):


		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 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, 2022, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:


	Expense Limitation


Invesco Liquid Assets Portfolio	$	839,352


Invesco Treasury Portfolio		7,035,844


Invesco Government & Agency Portfolio		1,730,545


25		Short-Term Investments Trust

Voluntary fee waivers for the year ended August 31, 2022 are shown below:


			Private		Personal		Cash
			Investment		Investment		Management		Reserve		Resource		Corporate
	Fund Level		Class		Class		Class		Class		Class		Class


Invesco Liquid Assets Portfolio	$	98,734	$	4,760	$	34	$	1,074	$	1,206	$	309	$	3


Invesco Treasury Portfolio		11,717,027		518,670		1,157,113		208,147		7,972,623		51,028		42,572


Invesco Government & Agency Portfolio		27,703,436		911,921		57,615		374,418		3,045,451		106,195		128,674

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	$22,055,624	$16,400,013	$-

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.

NOTE 6–Cash Balances


26		Short-Term Investments Trust

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, 2022 and 2021:


	2022		2021
	Ordinary		Ordinary
	Income*		Income*


Invesco Liquid Assets Portfolio	$	9,991,934	$	1,034,618


Invesco Treasury Portfolio		96,074,616		2,248,785


Invesco Government & Agency Portfolio		325,968,052		9,964,680

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

Tax Components of Net Assets at Period-End:


						Net
						Unrealized
	Undistributed		Temporary			Appreciation						Shares of
	Ordinary		Book/Tax			(Depreciation)-			Capital Loss			Beneficial		Total
	Income		Differences			Investments			Carryforwards			Interest		Net Assets


Invesco Liquid Assets Portfolio	$	-	$	(2,200,732	)	$	(243,916	)	$	(9,051	)	$	1,747,484,102	$	1,745,030,403


Invesco Treasury Portfolio		284,026		(1,459,786	)		-			(3,918,575	)		24,879,025,429		24,873,931,094


Invesco Government & Agency Portfolio		1,351,614		(789,869	)		-			(28,544,744	)		69,080,969,965		69,052,986,966

The Funds have a capital loss carryforward as of August 31, 2022, as follows:


	Not Subject to
Fund	Expiration		Total*


Invesco Liquid Assets Portfolio	$	9,051	$	9,051


Invesco Treasury Portfolio		3,918,575		3,918,575


Invesco Government & Agency Portfolio		28,544,744		28,544,744

*	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, 2022
				Net
				Unrealized
	Federal	Unrealized	Unrealized	Appreciation
	Tax Cost*	Appreciation	(Depreciation)	(Depreciation)


Invesco Liquid Assets Portfolio	$1,747,632,225	$115,759	$(359,675)	$(243,916)

*	For Invesco Liquid Assets Portfolio, Invesco Treasury Portfolio and Invesco Government & Agency 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 taxable overdistributions and dividend redesignations, on August 31, 2022, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and shares of beneficial interest. These reclassifications had no effect on the net assets or the distributable earnings of each Fund.


27		Short-Term Investments Trust


	Undistributed Net			Undistributed Net			Shares of
	Investment Income (Loss)			Realized Gain (Loss)			Beneficial Interest


Invesco Liquid Assets Portfolio		$407,812			$ -			$(407,812)


Invesco Treasury Portfolio		44,131			(46,858	)		2,727


Invesco Government & Agency Portfolio		(1	)		3			(2)

NOTE 10–Share Information

Invesco Liquid Assets Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		16,021,220,223		$	16,021,997,196			17,486,805,323		$	17,494,025,296


Private Investment Class		173			173			371,715			371,900


Cash Management Class		1			1			6,058			6,061


Reserve Class		7,065			7,068			79,579			79,611


Corporate Class		-			-			1,001			1,001


CAVU Securities Class^(b)		1			1			99,962			100,002



Issued as reinvestment of dividends:
Institutional Class		331,500			331,481			182,613			182,698


Private Investment Class		3,597			3,597			207			207


Cash Management Class		5,971			5,971			359			359


Reserve Class		174			174			28			28


Resource Class		599			599			37			37


Corporate Class		70			70			13			13



Reacquired:
Institutional Class		(16,635,655,012	)		(16,636,609,365	)		(17,688,475,913	)		(17,695,782,305	)


Private Investment Class		(1,822,166	)		(1,822,177	)		(1,020,552	)		(1,021,000	)


Cash Management Class		(1,207,094	)		(1,207,189	)		(30,840	)		(30,854	)


Reserve Class		(47,789	)		(47,792	)		(142,165	)		(142,221	)


Resource Class		(114,803	)		(114,839	)		(3,373	)		(3,374	)


Corporate Class		(425	)		(424	)		(16,529	)		(16,536	)


Net increase (decrease) in share activity		(617,277,915	)	$	(617,455,455	)		(202,142,477	)	$	(202,229,077	)

^(a)	45% 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.


28		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Treasury Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		132,066,034,066		$	132,066,034,066			209,389,908,080		$	209,389,908,080


Private Investment Class		1,001,410,898			1,001,410,898			564,708,648			564,708,648


Personal Investment Class		2,236,178,971			2,236,178,971			1,460,181,973			1,460,181,973


Cash Management Class		1,488,319,714			1,488,319,714			834,202,437			834,202,437


Reserve Class		3,559,612,942			3,559,612,942			2,267,218,779			2,267,218,779


Resource Class		215,964,855			215,964,855			271,542,723			271,542,723


Corporate Class		4,502,000,934			4,502,000,934			4,259,846,179			4,259,846,179


CAVU Securities Class^(b)		12,888,063,731			12,888,063,731			1,619,862,326			1,619,862,326



Issued as reinvestment of dividends:
Institutional Class		10,223,078			10,223,078			497,496			497,496


Private Investment Class		184,233			184,233			11,961			11,961


Personal Investment Class		398,914			398,914			28,558			28,558


Cash Management Class		1,071,516			1,071,516			39,490			39,490


Reserve Class		971,014			971,014			56,643			56,643


Resource Class		130,138			130,138			4,380			4,380


Corporate Class		261,029			261,029			26,745			26,745


CAVU Securities Class		1,880			1,880			-			-



Reacquired:
Institutional Class		(127,745,395,500	)		(127,745,395,500	)		(211,513,212,367	)		(211,513,212,367	)


Private Investment Class		(923,593,550	)		(923,593,550	)		(683,697,201	)		(683,697,201	)


Personal Investment Class		(1,920,776,704	)		(1,920,776,704	)		(1,476,924,076	)		(1,476,924,076	)


Cash Management Class		(1,546,770,652	)		(1,546,770,652	)		(753,986,380	)		(753,986,380	)


Reserve Class		(3,440,814,516	)		(3,440,814,516	)		(1,981,210,671	)		(1,981,210,671	)


Resource Class		(191,904,982	)		(191,904,982	)		(854,014,690	)		(854,014,690	)


Corporate Class		(4,294,751,493	)		(4,294,751,493	)		(5,126,958,746	)		(5,126,958,746	)


CAVU Securities Class		(12,877,833,985	)		(12,877,833,985	)		(1,072,821,385	)		(1,072,821,385	)


Net increase (decrease) in share activity		5,028,986,531		$	5,028,986,531			(2,794,689,098	)	$	(2,794,689,098	)

^(a)

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


29		Short-Term Investments Trust

NOTE 10–Share Information–(continued)

Invesco Government & Agency Portfolio


	Summary of Share Activity


	Years ended August 31,
	2022^(a)						2021
	Shares			Amount			Shares			Amount


Sold:
Institutional Class		454,339,645,288		$	454,339,645,288			287,998,117,369		$	287,998,117,369


Private Investment Class		1,778,974,054			1,778,974,054			1,566,476,737			1,566,476,737


Personal Investment Class		97,861,174			97,861,174			8,460,874			8,460,874


Cash Management Class		1,341,733,532			1,341,733,532			1,020,500,616			1,020,500,616


Reserve Class		2,373,222,673			2,373,222,673			1,184,114,517			1,184,114,517


Resource Class		1,481,464,937			1,481,464,937			1,448,949,173			1,448,949,173


Corporate Class		10,354,778,887			10,354,778,887			2,472,495,311			2,472,495,311


CAVU Securities Class^(b)		77,360,488,467			77,360,488,467			11,182,358,336			11,182,358,336



Issued as reinvestment of dividends:
Institutional Class		49,592,996			49,592,996			2,364,199			2,364,199


Private Investment Class		747,946			747,946			77,027			77,027


Personal Investment Class		55,691			55,691			1,664			1,664


Cash Management Class		463,867			463,867			62,947			62,947


Reserve Class		542,028			542,028			96,732			96,732


Resource Class		486,110			486,110			22,306			22,306


Corporate Class		1,161,309			1,161,309			20,996			20,996


CAVU Securities Class		7,176,754			7,176,754			68,987			68,987



Reacquired:
Institutional Class		(442,662,747,076	)		(442,662,747,076	)		(268,795,922,713	)		(268,795,922,713	)


Private Investment Class		(1,707,506,123	)		(1,707,506,123	)		(1,642,674,819	)		(1,642,674,819	)


Personal Investment Class		(67,927,807	)		(67,927,807	)		(12,632,377	)		(12,632,377	)


Cash Management Class		(947,276,029	)		(947,276,029	)		(704,092,281	)		(704,092,281	)


Reserve Class		(2,183,262,634	)		(2,183,262,634	)		(1,177,156,626	)		(1,177,156,626	)


Resource Class		(1,464,792,242	)		(1,464,792,242	)		(1,474,219,663	)		(1,474,219,663	)


Corporate Class		(10,895,201,454	)		(10,895,201,454	)		(1,421,688,484	)		(1,421,688,484	)


CAVU Securities Class		(73,955,994,664	)		(73,955,994,664	)		(9,740,577,642	)		(9,740,577,642	)


Net increase in share activity		15,303,687,684		$	15,303,687,684			21,915,223,186		$	21,915,223,186

^(a)

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


30		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, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights of the CAVU Securities Class for the year ended August 31, 2022 and for the period December 18, 2020 (commencement date) 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, 2022, 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, 2022 and each of the financial highlights of the CAVU Securities Class for the year ended August 31, 2022 and for the period December 18, 2020 (commencement date) through 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 26, 2022


31		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, 2022 through August 31, 2022.

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
CAVU Securities Class	(03/01/22)	(08/31/22)¹	Period²	(08/31/22)	Period²	Ratio
Invesco Liquid Assets Portfolio	$1,000.00	$1,005.20	$0.91	$1,024.30	$0.92	0.18%
Invesco Treasury Portfolio	1,000.00	1,004.60	1.06	1,024.15	1.07	0.21
Invesco Government & Agency Portfolio	1,000.00	1,004.90	0.76	1,024.45	0.77	0.15

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.


32		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

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials


33		Short-Term Investments Trust

B.	Fund Investment Performance

Invesco Government & Agency Portfolio

Invesco Liquid Assets Portfolio

Invesco STIC Prime Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period, equal to the performance of the Index for the three year period and reasonably comparable to 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, 2021 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 equal to the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as

Invesco Treasury Obligations Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

Invesco Treasury Portfolio

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco Government & Agency Portfolio


34		Short-Term Investments Trust

Invesco Liquid Assets Portfolio

accounts have all-inclusive fee structures, which are not easily un-bundled.

Invesco STIC Prime Portfolio


35		Short-Term Investments Trust

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 there were only four other funds in the Fund’s expense group.

Invesco Treasury Obligations Portfolio

Invesco Treasury Portfolio


36		Short-Term Investments Trust

the Fund’s total expense ratio and its various components.

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

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,


37		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, 2022:


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		95.79	%		0.00	%		0.00	%		0.07	%		0.00	%
Invesco Treasury Portfolio		100.00	%		0.00	%		0.00	%		40.21	%		0.00	%
Invesco Government & Agency Portfolio		100.00	%		0.00	%		0.00	%		43.13	%		0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.


Non-Resident Alien Shareholders
	Qualified Short-Term Gains	Qualified Interest Income**


Invesco Liquid Assets Portfolio	$-	0.00%


Invesco Treasury Portfolio	-	100.00%


Invesco Government & Agency Portfolio	-	100.00%

** The above percentages are based on income dividends paid to shareholders during each Fund’s fiscal year.


38		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	190	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
Beth Ann Brown – 1968 Trustee and Chair	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	190	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) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
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	190	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)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of 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	190	Insperity, Inc. (formerly known as Administaff) (human resources provider); Member of Regional Board of Directors and Board of Directors, 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	190	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; 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	190	Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; Board member of Johns Hopkins Bioethics Institute	190	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


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)
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 Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	190	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 and Director, ON Semiconductor Corporation (semiconductor manufacturing)	190	None
Ann Barnett Stern²– 1957 Trustee	2017	President and Chief Executive Officerr, Houston Endowment, Inc. a private philanthropic institution (private philanthropic institution) Formerly: Executive Vice President, Texas Children’s Hospital; Vice President, General Counsel and Corporate Compliance Officer, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP & Andrews and Kurth LLP	190	Trustee and Board Vice Chair of Holdsworth Center (non-profit); Trustee and Chair of Nomination/Governance Committee, Good Reason Houston, (non-profit); Trustee and Investment Committee member of University of Texas Law School Foundation (non-profit); Board Member of Greater Houston Partnership (non-profit); Advisory Board member, Baker Institute for Public Policy at Rice University (non-profit) Formerly: Director and Audit Committee Member of Federal Reserve Bank of Dallas
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver - Daniels College of Business; and Managing Partner, KPMG LLP	190	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management, 1994-2007; Trustee and Chair, Weiss Peck and Greer Funds Board, 2004-2005; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management, 1984-1994.	190	Formerly: Trustee and Governance Chair, Oppenheimer Funds, 2014-2019; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America, 2016-2019

²	Effective September 14, 2022, Ms. Ann Barnett Stern resigned as a Trustee of the Trust.


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
Officers
Sheri Morris – 1964 President and Principal Executive Officer	1999	Director, Invesco Trust Company; 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
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); 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: Senior Vice President, Invesco Distributors, Inc.; 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
Andrew R. Schlossberg –1974 Senior Vice President	2019	Senior Vice President, Invesco Group Services, Inc.; 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) 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


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–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; 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
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.; Senior Vice President, The Invesco Funds; 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.; 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


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)
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 and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds; and Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets) Formerly, Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett	N/A	N/A
			N/A	N/A


T-6		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

Fund holdings and proxy voting information




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., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Pursuant to PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, PricewaterhouseCoopers LLC (“PwC”) advised the Registrant’s Audit Committee of the following two matters identified since the previous annual Form N-CSR filing that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that one PwC Senior Associate and one PwC Partner each held financial interests directly in an investment company within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively the “Invesco Funds Investment Company Complex”) that were inconsistent with the requirements of Rule 2-01(c)(1) of SEC Regulation S-X. In reporting each matter to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the financial interests were not material to the net worth of each individual or his or her respective immediate family members and the Funds’ audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions In addition, PwC considered that the audit services performed by the PwC Senior Associate were reviewed by team members at least two levels higher than the individual and the individual did not have any decision making responsibility for matters that materially affected the audit and that the PwC Partner provided non-audit services that were not relied upon by the audit engagement team in the audits of the financial statements of the Funds. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded individually for each matter and in the aggregate, that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PwC billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.


	Fees Billed for Services Rendered to the Registrant for fiscal year end 2022		Fees Billed for Services Rendered to the Registrant for fiscal year end 2021
Audit Fees	$	121,950	$	121,950
Audit-Related Fees	$	0	$	0
Tax Fees⁽¹⁾	$	96,671	$	97,386
All Other Fees	$	0	$	0

Total Fees	$	218,621	$	219,336

(1)	Tax Fees for the fiscal years ended August 31, 2022 and August 31, 2021 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 2022 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 2021 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees⁽¹⁾	$	760,000	$	821,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0

Total Fees	$	760,000	$	821,000

(1)	Audit-Related Fees for the fiscal years ended 2022 and 2021 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.

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

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

III.

General and Specific Pre-Approval of Non-Audit Fund Services

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

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV.

Non-Audit Service Types

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

Audit-Related Services

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

Tax Services

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

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

Other Services

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

Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

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

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

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

fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.

VI.

Pre-Approved Fee Levels or Established Amounts

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

VII.

Delegation

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

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

VIII.

Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

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

IX.

Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

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

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

•

Management functions;

•

Human resources;

•

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

•

Legal services;

•

Expert services unrelated to the audit;

•

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

•

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

•

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

•

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

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

•

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

•

Financial information systems design and implementation;

•

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

•

Actuarial services; and

•

Internal audit outsourcing services.

(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 $6,812,000 for the fiscal year ended August 31, 2022 and $5,966,000 for the fiscal year ended August 31, 2021. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,668,671 for the fiscal year ended August 31, 2022 and $6,884,386 for the fiscal year ended August 31, 2021.

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 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 18, 2022, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 18, 2022, the Registrant’s disclosure controls and procedures were reasonably designed 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, 2022

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, 2022


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		November 4, 2022

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 Invesco Short Term Investment 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, 2022		/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 Invesco Short Term Investment Trust;

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 the performing the equivalent functions):

(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, 2022		/s/ Adrien Deberghes
		Adrien Deberghes, Principal Financial Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of Invesco Short Term Investment Trust (the “Company”) on Form N-CSR for the period ended August 31, 2022, 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, 2022		/s/ Sheri Morris
		Sheri Morris, Principal Executive Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of Invesco Short Term Investment Trust (the “Company”) on Form N-CSR for the period ended August 31, 2022, 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, 2022		/s/ Adrien Deberghes
		Adrien Deberghes, Principal Financial Officer